Paper says 3-way split for China's FX reserves

China is planning to set up a new agency to manage a fifth of the country's $1.07 trillion in foreign currency reserves as part of a shake-up that will divide responsibility for the stockpile among three bodies, a newspaper reported on Thursday 1 February.

The Southern Weekend, citing unidentified well-informed sources, said the new organisation would have $210 billion to invest in stocks and bonds and buy stakes in international banks and multinational companies operating in key sectors.

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