Peng Chun, former chairman of the Bank of Communications Co. Ltd., has been appointed the chair of China Investment Corp. (CIC), which manages part of the investment of the nation’s foreign exchange reserves and is the world’s second largest wealth management fund by assets, reported Caixin.
Prior to Peng’s appointment, the post had been unoccupied for over two years.
The Organization Department of the Communist Party made the announcement this week at CIC’s headquarter, along with the promotion of CIC Executive Vice President Ju Weimin, replacing Tu Guangshao.