China launches state investment company to manage forex
China on Saturday launched its long-awaited state investment company which is intended to manage around 200 billion dollars of its massive foreign exchange reserves.
By Agencies |
BEIJING: China on Saturday launched its long-awaited state investment company which is intended to manage around 200 billion dollars of its massive foreign exchange reserves.
The China Investment Company will be headed by Lou Jiwei, a former vice finance minister.
China's reserves, the world's largest, surpassed 1.33 trillion dollars at the end of June, with about 70 percent generally believed to be held in US dollar denominated paper, principally US government bonds.
The new agency, tasked with diversifying and maximising returns on part of the country's huge forex reserves, already invested three billion dollars of foreign exchange reserves in US private equity group Blackstone in May despite
not yet being formally launched.
The China Investment Company will be headed by Lou Jiwei, a former vice finance minister.
China's reserves, the world's largest, surpassed 1.33 trillion dollars at the end of June, with about 70 percent generally believed to be held in US dollar denominated paper, principally US government bonds.
The new agency, tasked with diversifying and maximising returns on part of the country's huge forex reserves, already invested three billion dollars of foreign exchange reserves in US private equity group Blackstone in May despite
not yet being formally launched.
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