06.07.2015 - China sovereign wealth fund overseas returns fall, but assets swell by US$93b
Assets at sovereign wealth fund China Investment Corp grew by US$93 billion to nearly US$750 billion last year, it reported, although subdued global growth slowed returns on its overseas portfolio. CIC was created in 2007 with US$200 billion to make better use of foreign exchange reserves, which have grown to US$3.73 trillion as of March this year. Its total assets expanded to US$746.73 billion by the end of 2014, an increase of US$93.5 billion, CIC said in its annual report. But returns on the overseas portfolio dropped to 5.47 percent, down from 9.33 percent in 2013 and the weakest since 2011, according to the document. “During 2014, the global economy recovered at a slower speed than expected,'' Ding Xuedong, chairman and chief executive officer of CIC, said in the report...............................................Full Article: Source
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