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Taiwan Central Bank: FX Reserves Not for Sovereign Wealth Fund

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reservesTaiwan’s central bank, Central Bank of the Republic of China (Taiwan), said it would not be appropriate to transfer the country’s foreign exchange reserves into a sovereign wealth fund. As of June 2014, Taiwan’s foreign exchange reserves stood at US$ 423.45 billion. The central bank stated that 71% of those reserves are allocated to domestic bonds and equities. Taiwan’s foreign exchange reserves are comparable in size to Hong Kong and South Korea. However, the island’s reserves dwarf China’s massive pool of foreign exchange reserves.

Taiwan’s foreign reserves keep growing. A key input is from the use of foreign exchange reserves investment income.

Government officials at the central bank believe that the goals of a sovereign wealth fund greatly differ than the objectives of a country’s foreign exchange reserves.

GIC Raises Stake in China Oilfield Services

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On November 14 2018, Singapore’s GIC Private Limited acquired 2,982,000 H- shares in China Oilfield Services Ltd at an average price of HK$ 6.9883. GIC increased its ownership in China Oilfield Services to 9.07% from 8.91%. China Oilfield Services is an oilfield services company. It is a majority owned subsidiary of Chinese state owned company CNOOC Group.

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Carlyle Group Completes Deal on 19.9 Percent Stake in Fortitude Re

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More private equity firms are scooping up reinsurance assets. The Carlyle Group finalized its acquisition of a 19.9% stake in Fortitude Group Holdings, LLC, whose group companies operate as Fortitude Re (formerly DSA Re) from American International Group, Inc. (AIG) The transaction was first announced on August 1, 2018. Part of this deal included Fortitude Re inking an investment management agreement (IMA) whereby US$ 6 billion of assets will be committed into a variety of Carlyle investment strategies.

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RDIF, Indorama Corporation, and Yadran Oil Ink Joint Investment in Tartarstan

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The Russian Direct Investment Fund (RDIF), and Singapore-based Indorama Corporation Pte Ltd, a chemical corporation in Asia, and JSC Yadran-Oil, the company authorized by the Government of the Republic of Tatarstan, have agreed to jointly implement investment projects in Russia. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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