China Investment Corporation (CIC) has reportedly received capital injection of US$50 billion from China's central bank. [www.people.com.cn]
Lou Jiwei, board chairman and chief executive officer of China's sovereign wealth fund, declined to comment on recent reports that the fund has received a US$50 billion capital injection from China's central bank, Economic Information reported Tuesday. The capital injection is expected to bring CIC's asset value to US$46 billion, based on the latest data available.
The capital injection was approved before the beginning of this year, according to domestic media. The fund received the money from the People's Bank of China (PBOC) after the Chinese Lunar New Year holiday in January, Caixin.com previously reported.
Founded in 2007, CIC is designed to invest part of China's huge foreign exchange reserves to diversify risk and produce greater returns.
China's business press carried the story above on Tuesday.
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