Singapore's Oversea-Chinese Banking Corporation Ltd launched its first yuan venture capital fund under the Qualified Foreign Limited Partner program, which allows foreign funds to strike venture capital deals in China.

The $1 billion fund will focus on start-ups in industries including agriculture, consumer spending and healthcare.

The yuan QFLP program gives incentives for investors to hold yuan offshore and boosts the currency's global application.

gaochangxin@chinadaily.com.cn