Feb. 13, 2012 (China Knowledge) - China Investment Corp, or CIC, China's sovereign wealth fund responsible for managing part of China's foreign exchange reserves, has received a US$50 billion capital injection from the country's central bank, People's Bank of China
, or PBOC
, said a person familiar with the matter.
The person added that CIC acquired the fund from PBOC
after the Lunar New Year holiday in January. A spokesperson for the central bank declined to comment on the news.
The value of the sovereign wealth fund increased from US$410 billion to US$460 billion, which would boost the fund's overseas investment, especially in debt-laden European economies and resource-rich Latin America, said analysts.
In 2011, CIC unveiled several investment plans in the international market, which included a cooperative agreement worth EUR 2.3 billion inked with GDF Suez S.A., a French multinational energy company.
Last year, CIC also invested US$1 billion in Russian Direct Investment Fund, established by the Russian government.