Blackstone Group has secured approval from Shanghai authorities for a program to invest money raised abroad in China without seeking permission from the foreign exchange regulator, Bloomberg reports. Blackstone’s $765 million domestic fund was approved for the Qualified Foreign Limited Partner program. Earlier, Blackstone required approval from the State Administration of Foreign Exchange for changing dollars into yuan for every deal it made. The QFLP program allows private equity firms to convert foreign currency into yuan, keep it with a custodian bank and then invest it without applying for SAFE approval for each deal.

Click here for the story from Bloomberg.