Print This Page Email This Page
CIC Denies Reports of Huge Losses in US

China Investment Corporation (CIC), the country's US$200 billion sovereign wealth fund, denied media reports on Wednesday that it has incurred major losses in its investment in Reserve Primary, a US money market fund.

CIC confirmed previous media reports that it had invested in the US fund through its arm, Stable Investment, but said it had withdrawn all its money before the latter suspended withdrawals last month amid the worsening US financial turmoil.

"The fund has confirmed through written documents that it will pay back both principal and interest of our investment," CIC said in a statement on its website.

A September 29 US Securities and Exchange Commission filing shows that Stable Investment held 11.1 percent of Reserve Primary's institutional shares worth US$5.4 billion at the beginning of the month, according to media reports, which said Stable Investment had also invested roughly US$5.9 billion in three other US money market funds.

(China Daily October 17, 2008)


Related Stories
- Chinese Companies Reported Profit Loss in Q3
- China Looks to Curb SOE Losses Through Staff Ownership
- Banks' QDII Funds Suffer Overseas Losses

Print This Page Email This Page
Xi Calls for More Creative Efforts in Pushing Rural Reforms
Taxpayers Get More Say on Spending
Shanghai to Reduce Government Vehicles on Road
China's Populous Guangdong Sees Baby Boom
Chinese Citizens up for Debate over Healthcare Reform
China to Boost Economic, Social Development in Tibetan Regions


Product Directory
China Search
Country Search
Hot Buys