#China Invests $500 Million in Blackstone Fund The State Administration of Foreign Exchange, an arm of China's central bank that oversees the country's $3.2 #TRILLION LINGLING WEI @WSJ #bennyquetell @resilient_ent #resilientmediaentertainment #PrivateEquity

BEIJING—China's currency-reserves manager has committed $500 million to a real-estate private-equity fund managed by Blackstone Group LP, according to people familiar with the matter, as China seeks to diversify its mammoth foreign-exchange holdings into higher-yielding assets.

The State Administration of Foreign Exchange, an arm of China's central bank that oversees the country's $3.2 trillion in foreign-exchange reserves, in recent years have been increasingly looking for investments in private equity as a way to enhance returns on the reserves. China boasts the world's largest currency reserves, much of which have been parked in ultra-low-yielding assets such as U.S. government bonds.

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