China Investment Corp (CIC) executive vice president Li Keping has been chosen to replace Gao Xiqing, who is retiring.
The news was reported by the Wall Street Journal, which cited people familiar with the matter.
In July last year CIC named deputy secretary-general Ding Xuedong as its new chairman, which is the fund’s most senior position.
Beijing-headquartered CIC was established in September 2007 with the issuance of special bonds worth RMB1.55tn by the Ministry of Finance.
These were used to acquire approximately $200bn of China’s foreign exchange reserves and formed the foundation of its registered capital. It now has over $482bn in capital under management.
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