CIC agrees to sovereign fund transparency code

A group of sovereign wealth funds, including the China Investment Corp (CIC), have come to a general agreement on voluntary guidelines for greater transparency and better governance standards, the Wall Street Journal reported. The International Monetary Fund’s Working Group of Sovereign Wealth Funds reached the agreement, known as the Generally Accepted Principles and Practices, at a meeting in Singapore yesterday. This was only the group’s second meeting after it first convened in May. The agreement will be finalized in September in Chile. In addition to China, the group includes funds from Abu Dhabi and the US.