BIZCHINA / News
China will merge Huijin into a new investment agency
(China Daily)
Updated: 2007-07-09 08:28
China will merge Central Huijin Investment Co, the government's
investment arm, into a new agency to better manage mounting foreign
reserves, a deputy governor of the central bank said.
Related readings:
Central Huijin to merge into new forex investment agency
Central Huijin to take over Everbright Group
Treasury bond to be issued to buy forex reserve
The new State Investment Co will assume the responsibilities of Central
Huijin, Wu Xiaoling, deputy governor of the People's Bank of China, said
at a forum in Shanghai recently.
Central Huijin holds controlling stakes on behalf of the government in
the nation's three-biggest State-owned banks. Central Huijin played a key
role in the restructuring of State-owned banks.
Central Huijin completed bailouts to lenders such as Bank of China, China
Construction Bank and Industrial and Commercial Bank of China. The three
received a combined $60 billion through Huijin from the central bank.
(For more biz stories, please visit Industry Updates)
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