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American hedge fund manager looks to raise millions in China's new fund

News from Beijing reports that American hedge fund manager, Ray Dalio is looking forward to launching a new China fund. Which could raise over 488.8 million dollars.

This new fund is expected to take place through a local subsidiary. Reports on Tuesday hold that this new fund aims at raising a total of 3 billion yuan currency which is 488.8 million dollars.

Dalio's Bridgewater associates as it stands is the highest hedge fund in the world. And holds under its cover, over 223 billion dollars assets, under management.

Back in 2018, Bridgewater Shanghai-based wholly-owned subsidiary launched its first onshore China products for investors in the mainland.

This activity helped the Chinese government gain more grounds in the market, as it was known to be China investment

However, Bridgewater China did not immediately respond to a CNBC request for comments on these news reports.

Nevertheless, Dalio, a popular man in China, was frequently speaking about investment opportunities in the country.

In one of his speeches, he encouraged global investors to keep and protect their money in China... as an important part of their portfolio. Along with U.S holdings.

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