Korea launches reserve management agency

South Korea launched an independent agency Friday 1 July which will manage part of its foreign exchange reserves, seeking to boost investment returns.

The Korea Investment Corp. (KIC), modelled after Singapore's Government Investment Corp. (GIC), will initially manage US$20 billion in U.S. Treasuries and other debts in Europe and Asia.

The agency was formed following calls for better management of the country's increasing foreign reserve holdings.

The KIC will make every effort through its succe

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