China Wealth Fund's Overseas Assets Return 6.22%
- CIC bounces back from 2015 decline when commodity prices sank
- Sovereign wealth funds benefitting from global stock gains
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China’s $813.5 billion sovereign wealth fund posted a 6.22 percent return on its overseas investments last year, rebounding from a loss the previous year as global stocks rallied.
The return compared with a 2.96 percent decline in 2015 when commodity prices sank, Beijing-based China Investment Corp. said in its 2016 annual report released Tuesday. The gain was in line with the “close to” 6 percent return estimated in March by Chief Risk Officer Zhao Haiying. Net income, which also includes profit from stakes in China’s biggest banks, rose to $75.3 billion from $73.9 billion.