China Investment Corporation
Encyclopedia
China Investment Corporation (CIC) is a sovereign wealth fund
responsible for managing part of the People's Republic of China's foreign exchange reserves
. CIC was established in 2007 with approximately US$200 billion of assets under management
, making it one of the largest sovereign wealth funds. Since then, CIC's assets have grown to $410 billion at the end of 2010.
of Singapore. The state-owned Central Huijin Investment Corporation
was merged into the new company as a wholly owned subsidiary company.
The Corporation aims to invest in around fifty large-sized enterprises across the world. Special treasury bonds were issued to create the capital that the CIC needed. 1,550.35 billion yuan ($207.91 billion) was issued in this bond sale. The bond process was completed in December 2007. According to Lou Jiwei, the CIC needs to make a profit of 300 million Yuan every day just to pay the interest
on the bonds and operation costs. The low cost of capital of CIC leads to contentions that its investments are effectively subsidized by the Chinese government therefore creating an unfair advantage for CIC versus others seeking to compete for the same acquisition targets. The CIC paid its first interest on the bonds in February 2008 where it paid 12.9 billion yuan.
In 2010, CIC established a new subsidiary, CIC International (Hong Kong) Co in Hong Kong and appointed Lawrence Lau as its Chairman.
In 2011, CIC established its first foreign office in Toronto
, choosing it over financial centres such as New York or London as its first office. Felix Chee will be the chief representative officer
. The China Investment Corporation is seen as being "firmly entrenched" in the political establishment as the composition of its Board of Directors implies "considerable influence on the part of China’s Ministry of Finance."
Americas
Europe
, the nation's top economic planner. Fu Ziying is assistant to the Minister of Commerce
. Liu Shiyu is a central bank
vice governor, Hu Xiaolian head of the State Administration of Foreign Exchange
and Liu Zhongli was former finance minister.
Yang Qingwei is currently department head of fixed assets investment with the NDRC. Xie Ping is now the general manager of the Central Huijin Investment Corporation and Wang Jianxi a vice board chairman of the Central Huijin.
Hu Huaibang, Commissioner of Discipline Inspection with the China Banking Regulatory Commission
, took the post as chief supervisor.
Lou Jiwei worked his way up, starting in the People's Liberation Army Navy
and becoming the deputy minister of finance.
Xie Ping, "The Iron Fist" reorganized much of the Chinese banking system, and now firmly controls it.
Wang Jianxi holds a doctorate in accounting and lived in the United Kingdom and the United States and adopted the American first name 'Jesse'.
Previously, the Lou, Xie & Wang used $60 billion in currency reserves to clear all the bad loans from the books of the three largest state banks, allowing for stock market flotations in Hong Kong. These banks have rejoined the ranks of the world's leading financial institutions.
of the US$ on world currency markets
has provided poor returns, prompting the Chinese to create the CIC to manage China's investment in equities.
Credit Suisse
predicted CIC would only take a 5-10 per cent stake in each company, remaining a passive investor to avoid political hassles in overseas markets. CIC bought a $3 billion stake in Blackstone
, one of the largest US private equity firm
s. CIC has refrained from influencing Blackstone's investment strategy. The company will mainly pursue combined investments in overseas financial markets.
CIC is thought to engage in building influence for the government by buying up significant stakes in companies that have influence in western governments including airline companies as also target firms that have heavily invested in China. The investments would help the government to influence the policies of multinational companies and to protect China's interests in international spheres.
Market watchdogs want to know what would happen if China, Russia and Arab countries were to systematically acquire significant holdings in sensitive industries such as telecommunications, energy and defense
.
The new fund has been placed under the authority of Chinese Premier Wen Jiabao.
Lou has been assigned the rank of a minister. During daily operations, he will answer to a host of other agencies, including the powerful National Development and Reform Commission, a successor to the former influential State Planning Commission. Lou said CIC will operate on the principle of "commercial operation", and will abide by local laws of countries where it invests.
The state media had earlier speculated that the company will invest $67bn to buy the assets of Central Huijin, the investment arm of the central bank which holds shares in most state-run banks. It was later reported that Huijin was acquired by CIC from the State Administration of Foreign Exchange
for $200 billion.
China's leadership has debated the right strategy for the government investment fund. Vice Premier
Zeng Peiyan
has suggested that China should invest in natural resources to increase its strategic reserves. Other high-ranking party officials would rather see the country acquire shares in high-tech companies to help China more rapidly close the gap with leading industrialized nations.
Three years ago, dealers working for China Aviation Oil
in Singapore
, China's sole supplier of aviation fuel, suffered losses of $500 million from miscalculations and rising oil prices.
CIC bought a US $3 billion stake of Blackstone Group
in June and a 9.9 per cent stake of Morgan Stanley
worth US$ 5 billion on December 19, 2007.
The Chinese Internet community regularly vents its anger over government losses of the people's money, and there is widespread skepticism among Chinese party leaders and the public over the extent to which the country should get involved in global equities investments. Western investment banks
Goldman Sachs
and Morgan Stanley will provide expert knowledge to China's state-sponsored venture capital
ists.
On March 2, 2009, Chinese media reported that the CIC was shifting its investment strategy to focus more on real estate, resources, and other areas more tied to the "real economy".
Sovereign wealth fund
A sovereign wealth fund is a state-owned investment fund composed of financial assets such as stocks, bonds, property, precious metals or other financial instruments. Sovereign wealth funds invest globally. Some of them have grabbed attention making bad investments in several Wall Street financial...
responsible for managing part of the People's Republic of China's foreign exchange reserves
Foreign exchange reserves
Foreign-exchange reserves in a strict sense are 'only' the foreign currency deposits and bonds held by central banks and monetary authorities. However, the term in popular usage commonly includes foreign exchange and gold, Special Drawing Rights and International Monetary Fund reserve positions...
. CIC was established in 2007 with approximately US$200 billion of assets under management
Assets under management
Assets under management is a financial term used denote the market value of funds being managed by a financial instutition on behalf of its clients, investors, depositors, etc. This metric is a sign of size and success against competition...
, making it one of the largest sovereign wealth funds. Since then, CIC's assets have grown to $410 billion at the end of 2010.
History
The People's Republic of China has US$2.5 trillion in currency reserves. The China Investment Corporation was established with the intent of utilizing these reserves for the benefit of the state, modeled according to Temasek HoldingsTemasek Holdings
Temasek Holdings is an investment company owned by the government of Singapore. With an international staff of 380 people, it manages a portfolio of about S$193 billion at end of March 2011, focused primarily in Asia...
of Singapore. The state-owned Central Huijin Investment Corporation
Central Huijin Investment
Central Huijin Investment Ltd. established on December 26, 2003 is an investment company owned by the government of the People's Republic of China. It is a wholly owned subsidiary of China Investment Corporation with its own Board of Directors and Board of Supervisors. Central Huijin's principal...
was merged into the new company as a wholly owned subsidiary company.
The Corporation aims to invest in around fifty large-sized enterprises across the world. Special treasury bonds were issued to create the capital that the CIC needed. 1,550.35 billion yuan ($207.91 billion) was issued in this bond sale. The bond process was completed in December 2007. According to Lou Jiwei, the CIC needs to make a profit of 300 million Yuan every day just to pay the interest
Interest
Interest is a fee paid by a borrower of assets to the owner as a form of compensation for the use of the assets. It is most commonly the price paid for the use of borrowed money, or money earned by deposited funds....
on the bonds and operation costs. The low cost of capital of CIC leads to contentions that its investments are effectively subsidized by the Chinese government therefore creating an unfair advantage for CIC versus others seeking to compete for the same acquisition targets. The CIC paid its first interest on the bonds in February 2008 where it paid 12.9 billion yuan.
In 2010, CIC established a new subsidiary, CIC International (Hong Kong) Co in Hong Kong and appointed Lawrence Lau as its Chairman.
In 2011, CIC established its first foreign office in Toronto
Toronto
Toronto is the provincial capital of Ontario and the largest city in Canada. It is located in Southern Ontario on the northwestern shore of Lake Ontario. A relatively modern city, Toronto's history dates back to the late-18th century, when its land was first purchased by the British monarchy from...
, choosing it over financial centres such as New York or London as its first office. Felix Chee will be the chief representative officer
Governance
The management and board of the China Investment Corporation ultimately reports to the State Council of the People's Republic of ChinaState Council of the People's Republic of China
The State Council of the People's Republic of China , which is largely synonymous with the Central People's Government after 1954, is the chief administrative authority of the People's Republic of China. It is chaired by the Premier and includes the heads of each governmental department and agency...
. The China Investment Corporation is seen as being "firmly entrenched" in the political establishment as the composition of its Board of Directors implies "considerable influence on the part of China’s Ministry of Finance."
Board of Directors
- Chairman & CEO - Lou Jiwei
- Vice Chairman, President & CIO - Gao XiqingGao XiqingGao Xiqing is the Vice Chairman, President and Chief Investment Officer of the China Investment Corporation, China's sovereign investment fund.-Early life and career:...
- Executive Director, Executive Vice President & COO - Zhang Hongli
- Non-Executive Director - Zhang XiaoqiangZhang XiaoqiangZhang Xiaoqiang is Vice Minister of the National Development and Reform Commission.-Biography:Zhang Xiaoqiang began to work in 1969, and graduated from the Economics Department of Peking University in 1982. Now he is Vice Minister and Member of Leading Party Members’ Group, in National...
- Non-Executive Director - Li YongLi Yong (politician)Li Yong is the current Vice-Minister of the Ministry of Finance of China.-Biography:Li was born in 1951 at Jining, Shandong province to Han parents. He joined the Communist Party of China in 1973...
- Non-Executive Director - Fu Ziying
- Non-Executive Director - Liu ShiyuLiu ShiyuLiu Shiyu is a Chinese banker. Mr. Liu graduated from Tsinghua University and received a master's degree in Management Engineering.-Career:*June 2006 Deputy Governor of the People's Bank of China *July 2004 Assistant Governor of PBC...
- Non-Executive Director - Hu XiaolianHu XiaolianHu Xiaolian is the Deputy Governor of the People's Bank of China and the former director of the State Administration of Foreign Exchange in China. Hu was ranked 23rd on The Wall Street Journals "The 50 Women to Watch 2007" list...
- Independent Director - Liu ZhongliLiu ZhongliLiu Zhongli is the former Minister of Finance of the People's Republic of China, and former director of State Administration of Taxation of PRC. He also served as first president of National Council for Social Security Fund of PRC...
- Independent Director - Wang Chunzheng
- Employee Director - Li XinLi XinLi Xin , courtesy name Shiye , nickname Tongzhui , was a duke of the Chinese state Western Liáng. He succeeded his father Li Gao in 417 and aggressively tried to pursue campaigns against rival Northern Liang's prince Juqu Mengxun, but fell into a trap set by Juqu Mengxun in 420 and was killed in...
Board of Supervisors
- Chairman of Board of Supervisors - Jin Liqun
- Supervisor - Linghu An
- Supervisor - Wang Huaqing
- Supervisor - Fan Fuchun
- Employee Supervisor - Cui Guangqing
Executive Committee
- Chairman & CEO - Lou Jiwei
- Vice Chairman, President & CIO - Gao Xiqing
- Chairman of Board of Supervisors - Jin Liqun
- Executive Director, Executive Vice President & COO - Zhang Hongli
- Executive Vice President - Peng Chun
- Executive Vice President & Deputy COO - Fan Yifei
- Executive Vice President & Deputy CIO - Xie Ping
- Executive Vice President & CRO - Wang Jianxi
- Member of the Executive Committee - Liang XiangLiang XiangLiang Xiang was a politician of the People's Republic of China. He was originally from the city of Kaiping, in Guangdong province...
International Advisory Council
Asia- Zeng PeiyanZeng PeiyanZeng Peiyan is a Chinese politician. He was a member of the Politburo of the Communist Party of China from 2002 to 2007 and was a Vice-premier from 2003 to 2008.-Early life and career:...
(China) - Frederick MaFrederick MaFrederick Ma Si-hang , is the chairman of a China Strategic Group . As a former Secretary for Commerce and Economic Development of the Hong Kong Special Administrative Region, he was a popular figure with the public and with legislators of all parties...
(Hong Kong, China) - Taizo Nishimuro (Japan)
- Yingyi Qian (China)
- Andrew ShengAndrew ShengDatuk Seri Panglima Andrew Sheng is a Malaysian accountant. He served as chairman of the Hong Kong Securities and Futures Commission before his replacement by Martin Wheatley in 2005.-Early life:...
(Malaysia) - Joseph YamJoseph YamThe Honourable Joseph Yam Chi-kwong, GBM, GBS, CBE, JP is a Hong Kong statistician, economist and civil servant. Yam was the Chief Executive of the Hong Kong Monetary Authority from April 1993 to 1 October 2009.-Biography:...
(Hong Kong, China)
Americas
- David L. EmersonDavid EmersonDavid Lee Emerson, PC, OBC is a Canadian politician, businessman and civil servant.Emerson is a former Member of Parliament for the riding of Vancouver Kingsway. He was first elected as a Liberal and served as Minister of Industry under Prime Minister Paul Martin...
(Canada) - Merit E. JanowMerit JanowMerit E. Janow is a professor in the practice of international trade at Columbia University's School of International and Public Affairs. Professor Janow teaches graduate courses in international economic and trade policy at SIPA and international trade law and international antitrust at Columbia...
(United States of America) - John J. MackJohn J. MackJohn J. Mack is the current Chairman of the Board at Morgan Stanley, the New York-based investment bank and brokerage firm. Mack announced his retirement as Chief Executive Officer on September 10, 2009, which was effective January 1, 2010. Former Co-President James P...
(United States of America) - John L. ThorntonJohn L. ThorntonJohn Lawson Thornton is Professor and Director of Global Leadership at Tsinghua University in Beijing. He is a former President and Co-COO of Goldman Sachs. In 1983, Thornton founded and developed Goldman Sachs' European mergers and acquisitions business. He served as co-CEO of Goldman Sachs...
(United States of America) - James D. Wolfensohn (United States of America)
Europe
- Knut N. Kjaer (Norway)
- Jean Lemierre (France)
- Lord Nicholas H. Stern (United Kingdom)
Profile
Gao Xiqing is now vice chairman of the National Council for the Social Security Fund. Zhang Hongli and Li Yong are vice ministers of finance. Zhang Xiaoqiang and Wang Chunzheng are vice ministers of the National Development and Reform Commission (NDRC)National Development and Reform Commission
The National Development and Reform Commission , formerly State Planning Commission and State Development Planning Commission, is a macroeconomic management agency under the Chinese State Council, which has broad administrative and planning control over the Chinese economy...
, the nation's top economic planner. Fu Ziying is assistant to the Minister of Commerce
Ministry of Commerce of the People's Republic of China
The Ministry of Commerce of the People's Republic of China , formerly Ministry of Foreign Trade and Economic Co-operation is an executive agency of the State Council of China...
. Liu Shiyu is a central bank
People's Bank of China
The People's Bank of China is the central bank of the People's Republic of China with the power to control monetary policy and regulate financial institutions in mainland China...
vice governor, Hu Xiaolian head of the State Administration of Foreign Exchange
State Administration of Foreign Exchange
The State Administration of Foreign Exchange of the People's Republic of China is an administrative agency tasked with drafting rules and regulations governing foreign exchange market activities, and managing the state foreign exchange reserves, which at the end of July 2011 stood at $3.2 trillion...
and Liu Zhongli was former finance minister.
Yang Qingwei is currently department head of fixed assets investment with the NDRC. Xie Ping is now the general manager of the Central Huijin Investment Corporation and Wang Jianxi a vice board chairman of the Central Huijin.
Hu Huaibang, Commissioner of Discipline Inspection with the China Banking Regulatory Commission
China Banking Regulatory Commission
The China Banking Regulatory Commission is an agency of the People's Republic of China authorised by the State Council to regulate the banking sector of the PRC except the territories of Hong Kong and Macau, both of which are special administrative regions...
, took the post as chief supervisor.
Lou Jiwei worked his way up, starting in the People's Liberation Army Navy
People's Liberation Army Navy
The People's Liberation Army Navy is the naval branch of the People's Liberation Army , the military of the People's Republic of China. Until the early 1990s, the navy performed a subordinate role to the PLA Land Forces. Since then, it has undergone rapid modernisation...
and becoming the deputy minister of finance.
Xie Ping, "The Iron Fist" reorganized much of the Chinese banking system, and now firmly controls it.
Wang Jianxi holds a doctorate in accounting and lived in the United Kingdom and the United States and adopted the American first name 'Jesse'.
Previously, the Lou, Xie & Wang used $60 billion in currency reserves to clear all the bad loans from the books of the three largest state banks, allowing for stock market flotations in Hong Kong. These banks have rejoined the ranks of the world's leading financial institutions.
Investment strategies
China has invested two-thirds of its reserves in US dollars, mostly US treasury bonds and agency bonds. The devaluationDevaluation
Devaluation is a reduction in the value of a currency with respect to those goods, services or other monetary units with which that currency can be exchanged....
of the US$ on world currency markets
Foreign exchange market
The foreign exchange market is a global, worldwide decentralized financial market for trading currencies. Financial centers around the world function as anchors of trading between a wide range of different types of buyers and sellers around the clock, with the exception of weekends...
has provided poor returns, prompting the Chinese to create the CIC to manage China's investment in equities.
Credit Suisse
Credit Suisse
The Credit Suisse Group AG is a Swiss multinational financial services company headquartered in Zurich, with more than 250 branches in Switzerland and operations in more than 50 countries.-History:...
predicted CIC would only take a 5-10 per cent stake in each company, remaining a passive investor to avoid political hassles in overseas markets. CIC bought a $3 billion stake in Blackstone
Blackstone Group
The Blackstone Group L.P. is an American-based alternative asset management and financial services company that specializes in private equity, real estate, and credit and marketable alternative investment strategies, as well as financial advisory services, such as mergers and acquisitions ,...
, one of the largest US private equity firm
Private equity firm
A private equity firm is an investment manager that makes investments in the private equity of operating companies through a variety of loosely affiliated investment strategies including leveraged buyout, venture capital, and growth capital...
s. CIC has refrained from influencing Blackstone's investment strategy. The company will mainly pursue combined investments in overseas financial markets.
CIC is thought to engage in building influence for the government by buying up significant stakes in companies that have influence in western governments including airline companies as also target firms that have heavily invested in China. The investments would help the government to influence the policies of multinational companies and to protect China's interests in international spheres.
Market watchdogs want to know what would happen if China, Russia and Arab countries were to systematically acquire significant holdings in sensitive industries such as telecommunications, energy and defense
Defense industry
The defense industry, also called the military industry, comprises government and commercial industry involved in research, development, production, and service of military materiel, equipment and facilities...
.
The new fund has been placed under the authority of Chinese Premier Wen Jiabao.
Lou has been assigned the rank of a minister. During daily operations, he will answer to a host of other agencies, including the powerful National Development and Reform Commission, a successor to the former influential State Planning Commission. Lou said CIC will operate on the principle of "commercial operation", and will abide by local laws of countries where it invests.
The state media had earlier speculated that the company will invest $67bn to buy the assets of Central Huijin, the investment arm of the central bank which holds shares in most state-run banks. It was later reported that Huijin was acquired by CIC from the State Administration of Foreign Exchange
State Administration of Foreign Exchange
The State Administration of Foreign Exchange of the People's Republic of China is an administrative agency tasked with drafting rules and regulations governing foreign exchange market activities, and managing the state foreign exchange reserves, which at the end of July 2011 stood at $3.2 trillion...
for $200 billion.
China's leadership has debated the right strategy for the government investment fund. Vice Premier
Vice Premier of the People's Republic of China
The Vice Premier of the State Council of the People's Republic of China is a high-ranking executive assistant to the Premier. There is a First-ranking Vice Premier , sometimes called Executive Vice Premier wrongly by the non-official media. It is an informal title and takes over duties of the...
Zeng Peiyan
Zeng Peiyan
Zeng Peiyan is a Chinese politician. He was a member of the Politburo of the Communist Party of China from 2002 to 2007 and was a Vice-premier from 2003 to 2008.-Early life and career:...
has suggested that China should invest in natural resources to increase its strategic reserves. Other high-ranking party officials would rather see the country acquire shares in high-tech companies to help China more rapidly close the gap with leading industrialized nations.
Three years ago, dealers working for China Aviation Oil
China Aviation Oil (Singapore) Corporation Ltd
China Aviation Oil Corporation Ltd is the largest purchaser of jet fuel in the Asia Pacific region and the key supplier of imported jet fuel to the civil aviation industry of the People's Republic of China . CAO supplies to the three key international airport in the PRC, i.e...
in Singapore
Singapore
Singapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...
, China's sole supplier of aviation fuel, suffered losses of $500 million from miscalculations and rising oil prices.
CIC bought a US $3 billion stake of Blackstone Group
Blackstone Group
The Blackstone Group L.P. is an American-based alternative asset management and financial services company that specializes in private equity, real estate, and credit and marketable alternative investment strategies, as well as financial advisory services, such as mergers and acquisitions ,...
in June and a 9.9 per cent stake of Morgan Stanley
Morgan Stanley
Morgan Stanley is a global financial services firm headquartered in New York City serving a diversified group of corporations, governments, financial institutions, and individuals. Morgan Stanley also operates in 36 countries around the world, with over 600 offices and a workforce of over 60,000....
worth US$ 5 billion on December 19, 2007.
The Chinese Internet community regularly vents its anger over government losses of the people's money, and there is widespread skepticism among Chinese party leaders and the public over the extent to which the country should get involved in global equities investments. Western investment banks
Investment banking
An investment bank is a financial institution that assists individuals, corporations and governments in raising capital by underwriting and/or acting as the client's agent in the issuance of securities...
Goldman Sachs
Goldman Sachs
The Goldman Sachs Group, Inc. is an American multinational bulge bracket investment banking and securities firm that engages in global investment banking, securities, investment management, and other financial services primarily with institutional clients...
and Morgan Stanley will provide expert knowledge to China's state-sponsored venture capital
Venture capital
Venture capital is financial capital provided to early-stage, high-potential, high risk, growth startup companies. The venture capital fund makes money by owning equity in the companies it invests in, which usually have a novel technology or business model in high technology industries, such as...
ists.
On March 2, 2009, Chinese media reported that the CIC was shifting its investment strategy to focus more on real estate, resources, and other areas more tied to the "real economy".
Holdings
- Teck Resources, July 3, 2009, $3.5 Billion, 17.2 per cent stake
- Blackstone GroupBlackstone GroupThe Blackstone Group L.P. is an American-based alternative asset management and financial services company that specializes in private equity, real estate, and credit and marketable alternative investment strategies, as well as financial advisory services, such as mergers and acquisitions ,...
, May 22, 2007, US$3 billion, 9.4 per cent stake. - Morgan StanleyMorgan StanleyMorgan Stanley is a global financial services firm headquartered in New York City serving a diversified group of corporations, governments, financial institutions, and individuals. Morgan Stanley also operates in 36 countries around the world, with over 600 offices and a workforce of over 60,000....
, December 19, 2007, US$5 billion, 9.9 per cent stake - VISA, March 19, 2008, US$100 million, > 0.1 per cent stake
- China Railway Engineering CorporationChina Railway Engineering CorporationThe China Railway Engineering Corporation , or simply CREC, is a large-scale state-owned enterprise in the People's Republic of China....
, November 20, 2007, US$100 million - Noble GroupNoble GroupNoble Group Limited is a global conglomerate manager of agricultural, industrial and energy products. Noble manages a diversified portfolio of essential raw materials, integrating the sourcing, marketing, processing, financing and transportation....
, September 21, 2009, US$850 Million, 12.9 per cent stake - Nobel Oil Group, October 15, 2009, US$300 Million, 45 per cent stake
- Penn West Energy TrustPenn West Energy TrustPenn West Exploration is a Canadian oil and natural gas company based in Calgary, Alberta, one of the S&P/TSX 60, the sixty largest companies on the Toronto Stock Exchange. Until the end of 2010 it was one of the companies known as "Canroys"...
, May 13, 2010, $1.2 Billion, 5 per cent stake - GDF SuezGDF SuezGDF Suez S.A. is a French multinational energy company which operates in the fields of electricity generation and distribution, natural gas and renewable energy. The world's largest utility after taking control of Britain's International Power, the company was initially formed by the merger of Gaz...
, August 10, 2011, $3.5 Billion, x per cent stake
See also
- Sovereign wealth fundSovereign wealth fundA sovereign wealth fund is a state-owned investment fund composed of financial assets such as stocks, bonds, property, precious metals or other financial instruments. Sovereign wealth funds invest globally. Some of them have grabbed attention making bad investments in several Wall Street financial...
- State Administration of Foreign ExchangeState Administration of Foreign ExchangeThe State Administration of Foreign Exchange of the People's Republic of China is an administrative agency tasked with drafting rules and regulations governing foreign exchange market activities, and managing the state foreign exchange reserves, which at the end of July 2011 stood at $3.2 trillion...
- Foreign exchange reserves of China
- People's Bank of ChinaPeople's Bank of ChinaThe People's Bank of China is the central bank of the People's Republic of China with the power to control monetary policy and regulate financial institutions in mainland China...
- Chengdu Hi-Tech Industrial Development Zone