Last month, China Investment Corp, the Chinese sovereign wealth fund, took a $1bn minority state in Hong Kong-based Noble Group, a big commodities shipping, trading and processing company.
The move was hardly front-page news in Europe or the US. Yet it highlights a trend that could potentially have striking implications for investment flows across the western world in the coming years.
Just two years ago, when CIC first sprang to life, it put most of its swelling pot of funds into financial assets in America, echoing a westward focus that has traditionally prevailed in much of the Asian sovereign wealth fund world.
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