China's Relaxed Currency Conversion Rules Aid China VCs

Because China has recently loosened its rules on converting the Chinese yuan into foreign currencies, China RMB-denominated venture capital funds have a new lease on life: they can compete with western VC funds for US and European life science deals. It couldn't come at a better time, says BioWorld (see story), because China is awash in investible cash, and the competition to enter China deals is fierce. By contrast, western companies seeking venture capital sometimes must lower their terms to entice investors. To western pharma execs, a China VC ? who doesn't argue with the term sheet and takes a mostly hands-off approach to oversight ? is a very welcome sight.

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