China’s sovereign wealth fund has picked a top bank executive and civil servant as its new chairman, ending a two-year hiatus without one.
Peng Chun, chairman of Bank of Communications, one of the country’s biggest lenders, will soon join China Investment Corp, as the fund is known, according to several people familiar with the matter.
The appointment of Mr Peng comes at a difficult period for CIC, which has about $940bn in assets but has lost influence in recent years as its financial firepower has waned. Because CIC has a mandate to invest outside China, it has historically not been seen as a stepping stone to greater power locally.
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