China Investment Corp (CIC), the country’s sovereign wealth fund, expects to recoup a US$5 billion investment in a US money-market fund, the Wall Street Journal reported. CIC said on Wednesday that it had requested the money be withdrawn from Reserve Primary Fund shortly before the fund froze redemptions, and that the fund "has confirmed in writing that it will return CIC’s full capital and interest." CIC held the investment in Reserve Primary Fund through an affiliate, Stable Investment Corp. Reserve Primary Fund, the flagship of Reserve Management Corp, last month became the first money-market fund in 14 years to have its asset value fall below US$1 per share.
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