FOREIGN EXCHANGE | Staff Reporter, China

People's Bank of China to create $300b investment vehicle

According to Reuters, the vehicle will target investments in the US and Europe.

Reuters' sources noted that China's central bank plans to create a new vehicle to manage investment funds worth a total of $300 billion to improve returns on the world's largest stockpile of foreign exchange reserves.

The details for the investment vehicle are still under discussion but the people who will manage it have already been agreed upon.

"The investment vehicle would be affiliated with China's State Administration of Foreign Exchange (SAFE), the part of the central bank in charge of the daily management of China's $3.2 trillion in foreign exchange reserves," said Reuters.

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