The Bank of China is a Chinese majority state-owned commercial bank headquartered in Beijing and the tenth largest bank in the world.
CITIC Group Corporation Ltd.,formerly the China International Trust Investment Corporation (CITIC),is a state-owned investment company of the People's Republic of China,established by Rong Yiren in 1979 with the approval of Deng Xiaoping. Its headquarters are in Chaoyang District,Beijing. As of 2019,it is China's biggest state-run conglomerate with one of the largest pools of foreign assets in the world.
The People's Insurance Company (Group) of China Limited,known as PICC Group or just PICC,is a Chinese listed insurer. The Chinese Central Government is the controlling shareholder.
Central Huijin Investment Co.,Ltd. is a Chinese sovereign fund formerly owned by the government of the People's Republic of China. Established in 2003,five years later it became a wholly-owned subsidiary of China Investment Corporation,with its own Board of Directors and Board of Supervisors. Central Huijin's principal shareholder rights are exercised on behalf of the State Council. Central Huijin is an organization by which the Chinese government can act as a shareholder for the "big four" state-owned banks,thereby improving corporate governance and initiating reforms of the banking industry.
CITIC Limited is a conglomerate headquartered in Hong Kong. Its shares are listed on the Main Board of the Hong Kong Stock Exchange,and it is a constituent of the Hang Seng Index. 58% of its issued shares are owned by the Chinese state-owned CITIC Group.
Qualified Domestic Institutional Investor,also known as QDII,is a scheme relating to the capital market set up to allow financial institutions to invest in offshore markets such as securities and bonds. Similar to QFII,it is a transitional arrangement which provides limited opportunities for domestic investors to access foreign markets at a stage where a country/territory's currency is not traded or floated completely freely and where capital is not able to move completely freely in and out of the country.
The foreign exchange reserves of China are the state of foreign exchange reserves held by the People's Republic of China,comprising cash,bank deposits,bonds,and other financial assets denominated in currencies other than China's national currency. As of January 2024,China's foreign exchange reserves totaled US$3.22 trillion,which is the highest foreign exchange reserves of any country.
A sovereign wealth fund (SWF),sovereign investment fund,or social wealth fund is a state-owned investment fund that invests in real and financial assets such as stocks,bonds,real estate,precious metals,or in alternative investments such as private equity fund or hedge funds. Sovereign wealth funds invest globally. Most SWFs are funded by revenues from commodity exports or from foreign-exchange reserves held by the central bank.
China's banking sector had CN¥319.7 trillion in assets at the end of 2020. The "big four/five" state-owned commercial banks are the Bank of China,the China Construction Bank,the Industrial and Commercial Bank of China,and the Agricultural Bank of China,all of which are among the largest banks in the world As of 2018. The Bank of Communications is sometimes included. Other notable big and also the largest banks in the world are China Merchants Bank and Ping An Bank.
The history of banking in China includes the business of dealing with money and credit transactions in China.
China Investment Corporation is a sovereign wealth fund that manages part of China's foreign exchange reserves. China's largest sovereign fund,CIC was established in 2007 with about US$200 billion of assets under management,a number that grew to US$1,200 billion in 2021 and US$1,350 billion in 2023.
The Qualified Foreign Institutional Investor program,one of the first efforts to internationalize the RMB,represents China's effort to allow,on a selective basis,global institutional investors to invest in its RMB denominated capital market. Once licensed,foreign investors are permitted to buy RMB-denominated "A shares" in China's mainland Shanghai and Shenzhen stock exchanges. Thus foreign investors benefit from an opportunity to invest onshore,which is otherwise often insulated from the rest of the world,and subject to capital controls governing the movement of assets in-and-out of the country.
China Asset Management Co.,Ltd. is one of China's biggest fund families. The company offers investment managers of National Social Security Fund,corporate annuities,Listed Open-end Fund (LOF),Qualified Domestic Institutional Investor (QDII) funds and Qualified Foreign Institutional Investor (QFII) funds,etc. It is the first exchange-traded fund (ETF) manager in China,and the sole investment manager of Asian Bond Fund China Fund. The company is the first in the industry to initiate the investment philosophy of Research Creates Value.
Since the late-2000s,the People's Republic of China (PRC) has sought to internationalize its official currency,the Renminbi (RMB). RMB internationalization accelerated in 2009 when China established the dim sum bond market and expanded Cross-Border Trade RMB Settlement Pilot Project,which helps establish pools of offshore RMB liquidity. The RMB was the 8th-most-traded currency in the world in 2013 and the 7th-most-traded in early 2014. By the end of 2014,RMB ranked 5th as the most traded currency,according to SWIFT's report,at 2.2% of SWIFT payment behind JPY (2.7%),GBP (7.9%),EUR (28.3%) and USD (44.6%). In February 2015,RMB became the second most used currency for trade and services,and reached the ninth position in forex trading. The RMB Qualified Foreign Institutional Investor (RQFII) quotas were also extended to five other countries —the UK,Singapore,France,Korea,Germany,and Canada,each with the quotas of ¥80 billion except Canada and Singapore (¥50bn). Previously,only Hong Kong was allowed,with a ¥270 billion quota.
The Silk Road Fund is a China Government Guidance Fund to foster increased investment in countries along the Belt and Road Initiative,an economic development initiative primarily covering Eurasia. The Chinese government pledged US$40 billion for the creation of the investment fund established on 29 December 2014.
CSC Financial Co.,Ltd. trading as China Securities,is a Chinese investment bank and brokerage firm established by CITIC Securities and China Jianyin Investment in 2005 in a 60–40 ratio,as a successor of bankrupted China Securities Co.,Ltd. (CSC). However,the firm now majority owned by Jianyin Investment's parent company Central Huijin Investment and an asset managing subsidiary of Beijing Municipal People's Government.
Taian Taishan Investment Co.,Ltd. is a Chinese sovereign wealth fund of Tai'an,Shandong Province. The sole shareholder of the company was Tai'an Finance Bureau. Despite not listed,the company issued bonds to finance in 2011 and again in 2013 for a total of CN¥2.8 billion.
The Exchange Fund of Hong Kong is the primary investment arm and de facto sovereign wealth fund of the Hong Kong Monetary Authority. First established in 1935 in order to provide backing to the issuance of Hong Kong dollar banknotes,over the years the role of the Fund has continually expanded to now include management of fiscal reserves,foreign currency reserves,real estate investments,and private equity.
Sovereign funds of China are mechanisms through which the Chinese state acts as a market participant with the goals of supporting key domestic economic sectors,advancing strategic interests internationally,and diversifying its foreign exchange reserves.
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