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China Forex Fund Inaugurated This Week

The long-awaited launch of China Investment Co Ltd, the country's state foreign exchange investment company set up to make better use of its huge foreign exchange reserve, will be inaugurated this Friday (September 28), according to China Business News.


Lou Jiwei, current deputy secretary-general of the State Council, will act as board chairman, while Gao Xiqing, now vice chairman of the National Council for Social Security Fund, will be the general manager, the newspaper said, citing unidentified sources.


Other senior managerial staff will include Zhang Hongli, a vice finance minister, Wang Jianxi, a vice board chairman of the Central Huijin Investment Corporation, Hu Huaibang, commissioner of discipline inspection with the China Banking Regulatory Commission, Xie Ping, the general manager of the Central Huijin, and Yang Qingwei, department head of fixed assets investment with the National Development and Reform Commission.


The vice central bank governor Su Ning, who had participated in the preparations for the establishment of the company, is not going to hold a post in the company, according to the newspaper.


Previous rumours saying Hu Zuliu, the general manager of Goldman Sachs Group (Asia), would become the general manager of the research department of the company were untrue, the paper reported, citing sources close to Hu.

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