09.12.2008 - Portfolio holds 90% cash and CIC is reluctant to invest overseas
From Chinastakes.com: Despite sharply falling global asset prices, China Investment Corporation (CIC), China’s sovereign wealth fund (SWF), seems to be running a bit scared these days as lessons from its nasty early losses, and the losses of other SWFs, from ill-timed investments in US and European financial firms have convinced it that holding cash is a preferable option. Wang Jianxi, CIC’s vice-general manager and chief risk officer, revealed last Saturday that currently 90% of CIC’s assets were in cash. .... Full Article: Source