China's agency "buys" Central Huijin

- Central Banking staff
- 17 Oct 2007

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"We have bought Central Huijin for $67 billion," Lou Jiwei, the chairman of China Investment Corp, the country's investment agency, told reporters on the sidelines of the 17th Communist Party Congress, the nation's key meeting which is held every five years.

Central Huijin was an agency created as an investment vehicle that could act as the main owner of China's large four state-run banks.

Reserves surge

The People's Bank of China revealed last Friday that the country's foreign exchange reserves

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