China finance vice-minister to oversee part of forex reserves - report |
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Wed, 14 Feb 2007 01:45
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BEIJING (XFN-ASIA) - China's plans to establish a body to manage more aggressively a portion of its 1,000 bln usd in foreign reserves are taking shape, with the vice-minister of finance seen taking charge of the new office, the Financial Times reported.Lou Jiwei has been in discussions to take a position which could see him overseeing a 200 bln usd global investment fund, the FT said, citing advisers to the Chinese government.However, the final form of the fund remains unsettled, and is unlikely to be finalized before the annual meeting of the National People's Congress early next month, the report added.Under one proposal before the State Council, China's cabinet, Lou would head a single institution responsible for managing investments both at home and overseas, the report said.Such a body would incorporate investment companies now under the People's Bank of China, the central bank, which have controlling stakes in a number of the country's largest banks and brokerage houses.Shareholdings in large state banks held by the PBoC's biggest investment company, Central Huijin Investment, were secured using funds from the reserves.However, the PBoC has argued that companies such as Huijin had done a good job in reforming the banks and should remain autonomous, the report said, citing officials familiar with the discussions.The government is considering establishing two institutions, both with a ministerial level status and reporting to the State Council, the report added.virginie.mangin@xinhuafinance.com
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