Sovereign wealth fund gets new head

China's sovereign wealth fund China Investment Corp has appointed a new general manager at a time of rising turbulence in global financial markets that is challenging the country's management of foreign exchange reserves.

Tu Guangshao, the deputy mayor of Shanghai, will replace Li Keping, who has served as CIC's general manager for two years, Liberation Daily, the official Shanghai Municipality newspaper, reported on Tuesday.

Tu, 57, a promoter of Chinese financial market liberalization, has extensive experience in financial regulation and risk management.