Chinese SWF CIC ramping up overseas investments
BEIJING |
BEIJING Aug 29 (Reuters) - China Investment Corp is investing as much overseas each month this year as it did in all of 2008, Lou Jiwei, the chairman of the sovereign wealth fund, said on Saturday.
CIC was established in 2007 with $200 billion in assets, a sum that had grown to $298 billion by the end of 2008, according to its annual report released on Aug. 7.
The report said CIC held 87.4 percent of its portfolio in cash or cash equivalents last year. (Reporting by Zhou Xin and Alan Wheatley; Editing by Sanjeev Miglani)
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