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IL21: How China Manages Their FX Reserves ft. Zongyuan Zoe Liu

Top Traders Unplugged

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Establishment and Funding of China Investment Corporation

This chapter discusses the establishment and history of China Investment Corporation (CIC), a vehicle created to manage China's foreign exchange reserves in a more proactive way. It explores the unique funding structure of CIC, which involved the issuance of a special purpose bond and the transfer of foreign exchange reserves from the People's Bank of China. The chapter also touches on the evolution of CIC's investment strategy and the power dynamics between the central bank and the Ministry of Finance.

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