How do you spend $1,810bn? That is the question facing China's State Administration of Foreign Exchange. The world's largest investment fund, it has grown by $400bn this year alone. Having reserves far in excess of what it needed for insurance and currency interventions, it rightly decided to diversify and set up the China Investment Corporation, the country's $200bn sovereign wealth fund. As the Financial Times reveals today, however, Safe itself has been investing abroad. Its foreign equity positions are greater than those of CIC. This raises questions for the developed world and China.
外管局行事更爲隱祕，掌控的資金也遠遠超過中投。考慮到中國外匯儲備快速增加，可能很快就會超過其它所有國家的主權基金總額。然而，雖然外管局一直煞費苦心的保持緘默，但似乎迄今僅收購了多家西方企業的一小部分股權。而且，沒有跡象表明外管局已投資於任何高度敏感或具有戰略重要性的資產。
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