ICBC wants forex pie for banks
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The chairman also said ICBC had no plans to buy a stake in Taiwan's Cathay Financial Holding Co. Media reports had earlier said ICBC planned to spend $3 billion to buy 20 percent of Cathay Financial.
Jiang's comments on forex reserves come at a time when there has been a lot of discussions on how to effectively use the funds, pegged at around $2.3 trillion by September this year.
Sources indicated that China Investment Corporation (CIC), the nation's $300 billion sovereign wealth fund, could get a fresh $200 billion capital injection from the forex kitty early next year to fuel its overseas investments in natural resources, technology and consumer-centric sectors.
The fund is also the largest shareholder of the nation's State-owned banks. CIC holds 35.4 percent, 57.1 percent and 67.5 percent respectively in ICBC, China Construction Bank and Bank of China through its domestic investment arm Central Huijin.
