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China Slams Western Financial Firms
China’s $200 billion sovereign wealth fund, China Investment Corp. (CIC), doesn’t plan to open its wallet to foreign financial firms and banks any time soon.
Still mindful of losing about $6 billion of the $8 billion CIC invested in Morgan Stanley (MS) and Blackstone last year, chairman Lou Jiwei not only bluntly rejected the notion of putting the government’s money into banks outside of its homeland, but did so citing an overwhelming fear.
"I don’t dare to invest in financial institutions now," Lou, said today (Wednesday) at a conference in Hong Kong, Bloomberg reported. "The policies of the developed nations…
4Dec2008 | Money Morning | 0 comments | Continued
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