China Investment Corp (CIC), the country’s US$200 billion sovereign wealth fund, is targeting single-digit annual returns on its investments, Reuters reported, citing a CIC executive. "We think we’re quite conservative at this time. I think [CIC’s investment goal for returns] is about mid-one-digit, or slightly above one digit," said CIC’s executive vice president Jesse Wang. Speaking at a fund manager conference in Hong Kong, Wang also defended CIC’s reputation, saying it is one the world’s most transparent sovereign funds. Most of China’s US$1.65 trillion in foreign exchange reserves is currently invested in low-risk assets like US Treasuries, which provide lower returns than CIC is targeting. Wang said last month that CIC would consider investing in Hong Kong assets such as private equity funds.