"The Chinese government is to use $3bn of its vast foreign exchange reserves to buy a 9.9 per cent stake in Blackstone, the US buy-out fund, in an unprecedented move that underlines Beijing's desire to tap into the private equity boom. "
"The investment will coincide with Blackstone's landmark $40bn stock market listing, expected in the next few months, and will allow the private equity group to nearly double its original target of raising $4bn.
Stephen Schwarzman, Blackstone's chief executive, hailed the deal - the first time Beijing has invested its foreign reserve in a commercial transaction - as an "historic event that changes the paradigm in global capital flows"."
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