CIC allowed to invest more abroad

China’s US$200 billion sovereign wealth fund, China Investment Corp (CIC), said its allotment for investing in overseas assets had been raised by nearly 30% to US$90 billion, the Financial Times reported. The increase came after the government realized it would not need as much as previously thought to restructure failing financial institutions such as Agricultural Bank of China and China Development Bank, according to CIC investment head Gao Xiqing. Gao said the increased funds would be invested by external managers in overseas equities, fixed-income products and alternative investments such as private equity funds, hedge funds and possibly commodities.