|
When China Rules the WorldIn early 2007 the government announced the formation of the China Investment Corporation, a new state agency to oversee investment of $200 billion of China ’s foreign currency reserves — similar to Temasek Holdings, the Singapore government’s successful investment agency, which manages a $108 billion global portfolio of investments. [573] To test the water, the new agency placed $3 billion of its holdings with Blackstone, the US-based private equity group, thereby signalling Beijing ’s intention to switch some of its investments from US Treasury bonds into more risky equity holdings. [574] In fact it has since emerged that the State Administration of Foreign Exchange, which oversees China ’s reserves, has itself been investing rather more widely than was previously believed. [575] These moves herald China ’s rise as a major global financial player. [576] In the second half of 2007, as the credit crunch began to bite, China Development Bank took a significant stake in the UK-based Barclays Bank [577] and Citic Securities formed a strategic alliance with the US investment bank Bear Stearns before the latter went bust. [578] Three Chinese banks were also in talks about acquiring a stake in Standard Chartered, the UK-based emerging markets lender. [579] But most of this came to nought as the Chinese increasingly realized the likely severity of the credit crunch and the potential threat it represented to any stakes in Western financial institutions that it might purchase ...» | Код для вставки книги в блог HTML
phpBB
текст
|
|