CIC Set For Up To $200bn In Fresh Funds |
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April 25, 2011
China Investment Corp, the Chinese sovereign wealth fund, will soon receive $100bn-$200bn in new funds from the government, according to three people familiar with the matter.
China Investment Corp, the Chinese sovereign wealth fund, will soon receive $100bn-$200bn in new funds from the government, according to three people familiar with the matter.
CIC, which has already fully allocated the $110bn it had available for offshore investments, is to get the new money as Beijing seeks to reduce its exposure to US government debt. "There has been bureaucratic bickering for a year," said one person familiar with the matter. "It has been difficult to resolve."
Recently, a number of senior officials, including China's central bank governor, have said the country's foreign exchange reserves are excessive and beyond "reasonable requirements".
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