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CIC gets back funds it lost in investment
By Winny Wang |
September 11, 2010, Saturday
|
Print Edition
Print Edition
CHINA Investment Corp said yesterday that it had recovered its entire investment in a United States money market fund that imploded in 2008.
The country's US$300 billion sovereign wealth fund invested US$5.3 billion in the Primary Fund under the Reserves in 2008, but the fund suspended redemptions after it collapsed in the wake of Lehman Brothers' bankruptcy later that year.
The fund returned the money to CIC in seven payments and CIC had recovered all its investment by July, it said on its website yesterday.
CIC, formed in 2007 to invest the country's foreign exchange reserves, has quickened its pace of overseas investments since May 2009. The rate of return on its global portfolio was 11.7 percent last year, compared to a negative 2.1 percent in 2008.
Reuters cited unnamed sources recently as saying China is considering restructuring CIC to further enhance its overseas assets portfolio.
An informed source said the government plans to divide CIC into three sections, with two focusing primarily on equities and strategic resources investments.
The country's US$300 billion sovereign wealth fund invested US$5.3 billion in the Primary Fund under the Reserves in 2008, but the fund suspended redemptions after it collapsed in the wake of Lehman Brothers' bankruptcy later that year.
The fund returned the money to CIC in seven payments and CIC had recovered all its investment by July, it said on its website yesterday.
CIC, formed in 2007 to invest the country's foreign exchange reserves, has quickened its pace of overseas investments since May 2009. The rate of return on its global portfolio was 11.7 percent last year, compared to a negative 2.1 percent in 2008.
Reuters cited unnamed sources recently as saying China is considering restructuring CIC to further enhance its overseas assets portfolio.
An informed source said the government plans to divide CIC into three sections, with two focusing primarily on equities and strategic resources investments.
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