Friday, June 15, 2007
China to set up firm for managing forex reserves
BEIJING: China plans a special firm to manage one fifth of its forex reserves, laying the foundations of a behemoth that will handle more money than the biggest mutual fund in the world, state media said on Friday. The State Foreign Exchange Investment Company is expected to be in charge of $210 billion, or more than the Growth Fund of Americas approximately $160 billion of assets, according to the reports. The State Council proposed at the national finance work conference (last month) to set up a special forex investment institution, an official with Central Huijin Investment Co, a government investment arm, told AFP. The State Foreign Exchange Investment Company will get its $210 billion as part of a plan to divide Chinas $1.07 trillion of reserves into three portions, the Southern Weekly paper said, giving no sources.
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