China sovereign fund posts first loss in four years

Caixin reports China’s sovereign wealth fund China Investment Corp. (CIC) reported its first loss on overseas investments in four years, dragged down by falling commodity prices and non-dollar denominated assets that lost value as the US currency surged last year. CIC’s overseas investments fell 2.96% in value last year, representing its first such loss since 2011, it said in its 2015 annual report released on July 22. The loss dragged the annualized return rate for its offshore investments to 4.58% since the fund’s inception in 2007.The fund’s total assets stood at US$ 813.8 billion at the end of 2015, up from US$ 200 billion in registered capital at its founding in 2007. It has received about $80 billion in additional funding since then.