皇冠体育app

(Agencies)
Updated: 2007-09-27 11:37

皇冠体育app's new sovereign wealth fund with a registered capital of US$200 billion will start operations on September 29, the 皇冠体育app Securities News reported today.

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The agency's board will comprise 11 members, including three executive directors and two independent directors, the newspaper said in a front page report, citing unidentified sources.

The chairman of the agency will be Lou Jiwei, a former deputy finance minister, and the general manager will be Gao Xiqing, vice-chairman of 皇冠体育app's national pension fund, the report said.

The independent directors are former finance minister Liu Zhongli, and Wang Chunzheng, deputy head of the National Development and Reform Commission, 皇冠体育app's top economic planner, the newspaper said.

皇冠体育app is establishing the fund in an effort to increase the investment returns on its mounting foreign exchange reserves, which reached nearly US$1.4 trillion at the end of July.

The Standing Committee of the National People's Congress in June approved the issuance of 1.55 trillion yuan (US$206 billion) in special treasury bonds to fund the new agency.