CS 瑞士信贷第一波士顿：中国 外汇储备将用于新投资

02.06 5页 英文

06 February 2007 Economics Research

The State Foreign Exchange Investment Corp. is expected to receive $210 bn from $1.07 tn FX reserves to become China’s multi-strategy investment vehicle. It will mainly focus on global blue chip companies through direct and portfolio investments, but can also invest in physical energy and commodities. It is likely to be the main government entity in the future receiving the bulk of new reserves. MoF is expected to replace PBoC to carry out FX intervention, funded by the issuance of special treasury bills. Central Huijin Investment Corp., which bought the majority stakes in local banks and securities companies with its FX reserves, may receive an additional $100bn for future investments. Meanwhile, the FX Reserves Bureau is likely to be spun off from the State Administration of Foreign Exchange. It may even pursue an overseas registration and focus on managing the remaining $700 bn reserves, mainly in foreign government bonds