| Huijin to fund Exim, Sinosure |
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| Thursday,September 17,2009 Posted: 18:11 BJT(11 GMT) |
| From:China Daily Article type:Reproduced |
China Central Huijin Investment Ltd, the domestic arm of China's sovereign wealth fund, will be the institution that recapitalizes the Export-Import Bank of China, domestic media reported yesterday.
The website of Caijing magazine cited unidentified sources as saying that Huijin, now part of China Investment Corp (CIC), has also received approval from the country's cabinet to inject funds into the China Export & Credit Insurance Corp (Sinosure).
CIC was set up in September 2007 with $200 billion of foreign currency reserves transferred from the central bank.
The amount of capital injection in both cases was not decided yet, Caijing reported.
The magazine said the move would enhance Huijin's role as a government vehicle to control equity stakes in key financial institutions, and that the upcoming recapitalization would help China's export sector, which was hit hard by the global slowdown.
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