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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World China may strip sovereign wealth fund of bank stakes AFP - 2 hours 7 minutes ago Send IM Story Print China may strip sovereign wealth fund of bank stakes BEIJING (AFP) - – China is considering stripping the country's 300-billion-dollar sovereign wealth fund of banking stakes to help it get around some US investment restrictions, a report said Tuesday. The proposal would mean China Investment Corp would no longer be responsible for holding the state's majority stakes in China's largest banks, the Financial Times reported, citing unnamed sources. It would end CIC's status as a bank holding company in the eyes of the US Federal Reserve and free the Chinese wealth fund of certain restrictions when making investments, the report said. CIC is believed to be targeting equities, bonds and real estate deals in the US market, it said. The wealth fund currently holds shares in China's major lenders, securities firms and insurers through its domestic investment arm Central Huijin, which was set up in 2003 and transferred to CIC upon its creation in 2007. CIC was established to invest overseas some of Chinas massive foreign exchange reserves -- which stood at 2.447 trillion dollars at the end of March -- partly to gain better returns. The bank stakes were valued at around 70 billion dollars in 2007 and the bank dividends have been a major source of CIC's returns as most of its other investments are too young to have had significant yields, the report said. It is unclear whether the sovereign wealth fund would be compensated for the loss of the bank holdings. The report said some senior policy makers were pushing for Huijin to be spun out of CIC and handed ownership of the governments stakes in financial groups. Recommend Send IM Story Print Related Articles Greenpeace names, shames companies over deforestation AFP - 10 minutes ago Ex-IMF economist Rogoff sees China property bubble Reuters - 23 minutes ago Toyota to invest $100 mln for India parts output Reuters - 23 minutes ago Russian rouble flat, market looks for momentum Reuters - 25 minutes ago Bajaj Auto says tie-up with Renault-Nissan intact Reuters - 27 minutes ago News Search Top Stories Chavanel in yellow as Schlecks, Armstrong crash Argentina claims victory on bond deal Clinton vows support for Georgia, slams Russian 'occupation' Greece on target to tackle deficit Lower German deficit an example for Europe: Berlin More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended Reclusive top mathematician turns down prize, again Japanese probe yields insights into Moon's inner life Lady Gaga leads race to get 10 million on Facebook Paris Hilton arrested after Brazil World Cup match: reports BP oil spill costs spike above $3 bln More Most Viewed » Reclusive top mathematician turns down prize, again Aussie men shoot each other in buttocks 'to see if it hurts' Amputee cat gets bionic legs Fans gather for Michael Jackson death anniversary Who's right - the dolphin or the octopus? More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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