China’s sovereign wealth fund made profits of more than US$10 billion on its overseas investments last year, Reuters reported, citing state media. The China Business News claimed on Monday that China Investment Corporation’s (CIC) unaudited return on its foreign investment projects could exceed 10% in 2009, up from -2.1% in 2008. CBN quoted an unnamed government official as saying: "In 2009, CIC’s unaudited paper profit on overseas investments exceeded $10 billion, and not just $10.1 billion or $10.2 billion." CIC’s executive vice president Jesse Wang said last week that CIC had relatively little cash on hand after finishing up most of its investments for 2009; he also said that the fund’s performance had been positive.
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