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Chinese Government Contemplates New Agency to Help Manage FX Reserves

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ChinaHow does one efficiently manage US$ 3.5 trillion in foreign exchange reserves? People’s Bank of China (PBOC) Governor Zhou Xiaochuan assigned a division of China’s State Administration of Foreign Exchange (SAFE) to analyze the feasibility of creating a new agency to help manage China’s gargantuan pool of reserves. This would be in addition to the China Investment Corporation (CIC) and SAFE Investment Company. A major question looms in that how much would need to be managed proactively? A huge allotment of reserves would still need to be liquid.

Currently, SAFE is the lead on managing foreign reserves abroad.

The CIC had a positive year posting a 10.6% return – with assets growing to US$ 575.2 billion at year’s end. The thought of creating a third agency/entity may add complexity to the reporting structure.

CDPQ Boosts Stake in Azure Power

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Disclosed on October 17, 2018, Caisse de dépôt et placement du Québec (CDPQ), through CDPQ Infrastructures Asia Pte Ltd., increased its stake in Azure Power Global Limited, a listed Indian solar power producer. CDPQ increased its ownership in Azure Power to 40.3% ownership by a US$ 100 million commitment in a recent capital raise. Post-deal, CDPQ has invested US$ 240 million in Azure Power.

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Invesco Lost a Big SWF Equity Mandate

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Invesco celebrated its landmark acquisition to acquire OppenheimerFunds from MassMutual. Invesco faced some outflows on its active management side of the business. In the third quarter of 2018, Invesco had outflows from two sovereign wealth funds, which totaled approximately US$ 2.5 billion. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Sky News Reveals CPPIB Eyeing Gatwick Airport

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Mark Kleinman of Sky News revealed that the Canada Pension Plan Investment Board (CPPIB) is seeking to purchase a stake in Gatwick airport. The transaction could be more than £3 billion GBP, as CPPIB seeks to acquire a 42% in the airport from Global Infrastructure Partners. Furthermore, CPPIB would invest more capital into the airport if the deal goes through.

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