China’s Sovereign Wealth Fund Welcomes ECB Stimulus

May 23, 2014 Share Print 0

The chairman of China’s massive sovereign wealth fund has said that monetary easing in the euro zone would be “good news” and open up market opportunities.

China Investment Corporation (CIC), which is responsible for managing some of the country’s massive currency reserves, was founded in 2007 and has $575 billion of assets under management, according to the Sovereign Wealth Fund Institute, and is the fourth-largest wealth fund of its kind in the world.

Chairman Ding Xuedong, speaking to CNBC at the St. Petersburg International Economic Forum, said that that any upcoming stimulus measures announced by the European Central Bank (ECB) would be justified.

“I think ECB’s position is reasonable, and we will take that into consideration when we look at market opportunities in Europe. I think on the whole it may be good news for us,” he told CNBC Friday.

via CNBC

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.