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CIC Not To Support New FX Fund

China’s sovereign wealth fund, China Investment Corporation, is not willing to set up any new FX-reserve investment funds.

China’s sovereign wealth fund (SWF), China Investment Corporation (CIC), is not willing to set up any new FX-reserve investment funds, Market Watch reports, citing Caixin Media. In April, the Chinese central bank was planning to unveil a variety of new funds, including special-purpose investment funds and a FX stabilization fund, dedicated to FX interventions.

CIC has covered most investment sectors, said Jin Liqun, Chairman of CIC’s board of supervisors. China’s FX reserves totaled $3.0447 trillion at the end of March, up $197.4 billion from the end of last year.

Click here for the story from Market Watch.

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