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Chinese leaders appoint ICBC vice president to CIC

Chinese leaders appoint ICBC vice president to CIC

(30 May 2013 – China) Industrial & Commercial Bank of China (ICBC) vice president Li Xiaopeng has been appointed as head of China Investment Corporation (CIC).

CIC is China’s sovereign wealth fund, worth over US$410 billion (A$429 billion) in assets.

Chinese leaders appointed Li as head of the board at CIC, which is responsible for monitoring the behaviour of the fund’s directors and executives.

The appointment was made by the State Council, China’s cabinet.

Li joined ICBC in 1984 when Chinese banks were growing quickly. He worked his way up at ICBC, eventually becoming a vice president.

CIC was created in 2007 to help China diversify its vast foreign exchange reserves, much of which it has long kept in low-yielding instruments such as United States Treasuries.

Chinese leaders have singled out better management of China's US$3.4 trillion in foreign exchange reserves, the world's largest, as a priority for the financial sector.

CIC is a sovereign wealth fund responsible for managing part of China's foreign exchange reserves.

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