China launches state investment company to manage forex |
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Sat, 29 Sep 2007 04:14
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BEIJING (XFN-ASIA) - China has launched its long-awaited state investment company, which is intended to manage around 200 bln usd of its 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 trln usd at the end of June, with about 70 pct generally believed to be held in US dollar denominated paper, principally US government bonds.The new agency, tasked with diversifying and maximizing returns on part of the country's huge forex reserves, already invested 3 bln usd of foreign exchange reserves in US private equity group Blackstone in May despite not yet being formally launched.afp/kmqxfnkmCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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