China Investment Corp., the nation’s sovereign wealth fund, is trying to cut an “over-reliance” on U.S. debt as an economic recovery in the world’s biggest economy drives up interest rates, Chairman Lou Jiwei said.
China Investment Corp., which helps manage the world’s largest foreign-currency reserves, will make a profit on its overseas investments this year after a loss in 2011, according to Jesse Wang, executive vice president of the sovereign wealth fund.
China’s $300 billion sovereign wealth fund is asking the government for more funds after a 10 percent mark-to-market loss in May and June amid the European debt crisis, said Executive Vice President Jesse Wang .
China Investment Corp., the nation’s sovereign wealth fund, received $30 billion of capital from the State Administration of Foreign Exchange by the end of last year, Executive Vice President Jesse Wang said.
Investors outside the U.S. have boosted their holdings of longer-maturity Treasuries to the highest level since the credit markets froze in 2008, helping curb rising yields amid concern inflation is accelerating.
China’s sovereign wealth fund may give “indirect” support to Europe through investments without being the nation’s main route for any aid, said Jesse Wang, the executive vice president of China Investment Corp.