China Investment Corp, the sovereign wealth fund, will soon receive $100bn to $200bn in new funds from the government, according to three people familiar with the matter.
CIC, which has fully allocated the $110bn it had available for offshore investments, is to get the new money as Beijing seeks to reduce its exposure to US government debt. A number of senior officials, including the central bank governor, have said China’s foreign exchange reserves are beyond “reasonable requirements”.
The reserves, already the largest in the world, grew by nearly $200bn in the first quarter to top $3,000bn for the first time. In the past week, two senior government economists have said China only needs reserves of around $1,000bn.
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