China plans to incorporate 3 of its big managers of bad debts into sovereign wealth fund

<p>China's official Xinhua News Agency reported Sunday that the country plans to merge three of its biggest state-owned managers of bad debts into China Investment Corp. (CIC).</p><ul><li>China Cinda Asset Management Co., </li><li>China Orient Asset Management Co.</li><li>China Great Wall Asset Management Co. </li></ul><p>Xinhua cited unnamed sources. </p><p>***</p><p>CIC is China's US$1.24 trillion sovereign wealth fund</p><p>CIC was originally created to oversee investment of a portion of China’s foreign currency reserves</p><p>A unit of CIC, Central Huijin Investment Ltd., has been the primary vehicle for holding the Chinese Communist Party state’s stake in many of the country’s largest financial institutions. </p>

This article was written by Eamonn Sheridan at www.forexlive.com.