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CIC seeks extra $100b forex reserve for investment

By Qiang Xiaoji (chinadaily.com.cn)
Updated: 2010-03-30 17:19
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China Investment Corp (CIC), the country's $300 billion sovereign wealth fund, hopes to get an additional $100 billion foreign exchange reserve from the Ministry of Finance for entrusted investment, a source said, the China Business News reported.

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Central Huijin, the domestic investment arm of the nation's sovereign wealth fund, also proposed issuing approximately 190 billion yuan ($27.83 billion) renminbi-denominated bonds for the capital injection into the Export-Import Bank of China and China Export & Credit Insurance Corp.

The source said the plan was still under discussion and not close to reaching an agreement.

Previously, the CIC was negotiating with the Ministry of Finance, hoping to get a capital injection of $200 billion, but the proposal was not approved, the report said.