In our September issue, we wrote about foreign private equity and securities companies that wanted to open renminbi-denominated funds in order to invest directly in Chinese companies. But it looks like Chinese funds are also looking towards US dollars as way to gain investors. Ping An Securities is looking to open up a US-dollar equity fund that targets Chinese companies which could go public within three years. The fund will make investments along side Ping An’s renminbi-denominated funds. Speaking of the renminbi, the Ministry of Commerce has just set its coupon rate on its renminbi-denominated sovereign bond issue that went on sale yesterday. The bonds will have a coupon of 2.25% to 3.30%. Two-year, three-year, and five-year bonds are available with the interest payable semi-annually in arrears. Delphi has also received some good news about its own arrears: its time in bankruptcy limbo has come to an end as Beijing approved General Motor’s purchase of the company. The deal had already received approval from US and European regulators. There are some conditions, however. Delphi is not allowed to share the trade secrets of other Chinese auto manufacturers that might give GM a competitive advantage and GM is not allowed to set unreasonable procurement conditions that would benefit Delphi but hurt other firms.