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BIZCHINA / Top Biz News
China's forex investment company?may debut this week
(Xinhua)
Updated: 2007-09-10 13:49
China Investment Co Ltd, the State forex investment company to make
better use of the country's huge foreign exchange reserve, is expected to
start operation this week, said Monday's China Securities Journal.
Senior management of the company will include Lou Jiwei, Gao Xiqing,
Zhang Hongli, Xie Ping and Hu Zuliu, said "informed" sources.
Lou is currently a deputy secretary-general of the State Council, or the
cabinet; Gao is a vice chairman of the National Council for Social
Security Fund; Zhang is a vice finance minister; Xie is the general
manager of the Central Huijin Investment Corporation and Hu is the
general manager of Goldman Sachs Group (Asia) Ltd.
In an interview with the newspaper in Dalian, Hu did not give
confirmation to the news that he would join the company, but offered his
advice that the company should not aim too high in terms of returns in
the beginning stage when it is still short of personnel and risk
management capability.
He said the company should have 100 to 200 investment specialists and
about 1,000 employees in other fields, including IT, risk management and
legal affairs.
At the end of last month,?the Ministry of Finance announced it would use
forex purchased with returns from a 600 billion-yuan (US$67.79 billion)
special treasury bond sale to finance the China Investment Co Ltd.
China's forex reserve had reached US$1.33 trillion by the end of June.
(For more biz stories, please visit Industry Updates)
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