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Tuesday, March 20, 2007

Well, it's getting increasingly official. The name of the forex investment company will be Lianhui Company, suggesting the joint forces of the PBOC and the MOF. It will manage around 200-250 billion USD and may begin with investment in energy enterprises. I also attach, by popular demand, the google translate text. I am of course not responsible for any erroneous translations.

The following from Securities Times (Zhengquan Ribao)

国家外汇投资公司召开首次筹备会 首批投资能源类企业
2007-03-16 08:48:21
  正在参加两会的有关人士透露,新任国务院副秘书长楼继伟昨日主持召开部际联
席会议,论证国家外汇投资公司的组建筹备、定位、组织架构等问题。财政部、央行
、银监会、证监会、保监会等十多个部门的相关负责人参加了会议。这是为组建国家
外汇投资公司召开的第一次筹备会。

  有报道称,新公司将采用“联汇”这一名称。但权威人士表示,目前汇金公司下
面已经存在一个联汇公司,因此采用这一名称的可能性很小。围绕这个机构目前最核
心的问题是它的性质和定位问题。公司管理资金的规模等事项目前都没有确定,是接
下来才讨论的问题。

  今年两会期间,关于国家外汇投资公司的消息成为海内外共同关注的焦点。在3
月9日全国人大举行的新闻发布会上,财政部部长金人庆在澄清有关“马路新闻”的
同时也表示,国务院最近作了研究,考虑怎么样把正常的外汇储备和外汇投资分开来
管理。正常的外汇储备继续由外汇管理局来管理和运营,另外组建一个由国务院领导
的,而不是财政部领导的外汇投资公司。该公司将借鉴国际上的一些成功经验,包括
像新加坡淡马锡这样的公司,从事外汇的投资管理,在保证安全的前提下,尽可能使
外汇经营有更多的盈利和效益。这个公司正在筹建组织过程中。

  国家外汇管理局局长胡晓炼随后表示,总理在今年工作报告中已经提到积极探索
和拓宽外汇储备使用渠道和方式,因此,国家外汇投资公司今年年内应该会成立。至
于公司将具体管理多少规模的外汇,目前还没有讨论到这么实际的环节,因为公司组
建、人才选取、机构搭建等方面需要一个过程。

  在公司的投资渠道方面,央行副行长吴晓灵透露:“最起码汇金公司现在投资的
金融股肯定是一部分,此外,大家还谈到一些战略投资。”

  相关:国家外汇投资公司将首批对能源类企业进行投资

  来源:世华财讯

  暂定名为“联汇公司”的国家外汇投资管理公司将于年内成立,首批将发行相当
于2000亿-2500亿美元的人民币债券,同时首批投资对象为对类似于中海油
等能源企业的战略投资。

  据新华社3月14日报道,暂定名为“联汇公司”的国家外汇投资管理公司将于
年内成立。据知情人士透露,组建该公司的主要负责人为前任财政部副部长、现任国
务院副秘书长楼继伟;首批将发行相当于2000亿-2500亿美元的人民币债券
;首批投资对象为对类似于中海油等能源企业的战略投资。

  国家外汇管理局局长胡晓炼两会间隙也称,外汇投资公司将于2007年成立,
目前该公司正在紧锣密鼓地筹建之中。

  据了解,外汇投资公司之所为定名为“联汇”,主要是仿效当年“联办”的思路
。联汇公司将在央行、外汇局、财政部等多部门的协调下组建。由出任国务院副秘书
长的楼继伟负责组建,有利于从国务院层面来协调部门利益。这与财政部部长金人庆
此前表示“将由国务院统一领导”外汇投资公司的说法相符。有分析人士称,楼继伟
此后将有可能担任联汇公司董事长,未来联汇公司总经理的人选将很可能出自央行或
者外汇局。

  胡晓炼还称,新的外汇投资公司会在汇金的基础上组建,所以可能会有汇金公司
的人。她透露,“联汇公司”目前要做的工作还比较多,包括投资方向、相关的组织
结构、人才都要经过一段时间的考虑。她表示,外汇投资公司应该会考虑聘请国际上
专业的人才来管理,且不排除国际基金经理型的人才。

  据知情人士透露,联汇公司目前已经确定首批将发行相当于2000亿-250
0亿美元的人民币债券,然后向央行购买相应额度的外汇进行投资,购汇额度相当于
目前1万亿美元外汇储备的20%-25%,此后的外汇管理额度将逐步扩大。联汇
公司首批投资对象为类似于中海油等的能源型企业,投资方式为长期战略投资。不过
,胡晓炼称外汇投资规模目前仍未确定。

  业内专家指出,成立外汇投资公司的原本目的在于分流超额部分的外汇储备,进
行专业化的投资管理,以提高外汇资金运用的效率和效益。所以,如果外汇投资公司
未来成为吸收流动性的主角之一,央行目前常规调控手段的力度可能减弱,对证券市
场的冲击也会更少。

State Administration of Foreign Exchange investment company held its
first preparatory meeting is the first investment in energy enterprises


to participate in two categories of the sources, Lou Jiwei, the new
deputy secretary general of the State Council yesterday held a joint
inter-ministerial meeting, demonstration organized preparations for the
State Administration of Foreign Exchange investment company, location,
organizational structure and other issues. Finance, the central bank,
the China Banking Regulatory Commission, Securities Regulatory
Commission, China Insurance Regulatory Commission and other relevant
departments in charge of more than 10 people attended the meeting. This
is for the formation of the State Administration of Foreign Exchange
investment company held the first preparatory meeting. It is reported
that the new company will have a "link" to the title. But authorities
said so far, the company has been under the surface there is a link
companies Therefore, it has adopted the name is very unlikely. Focusing
on this sector is the most core issue of the nature and location. Fund
management company has not determined the size of the current issues,
the question comes down discussion. During the two sessions this year,
the State Administration of Foreign Exchange investment company on the
news became the focus of attention at home and abroad together. In
March 9th National People's Congress held a press conference. Finance
Minister Jin Renqing in clarifying the "road news," also said that the
State Council recently made a study consider how the normal way to get
separated from the management of foreign exchange reserves and foreign
investment. The foreign exchange reserves continued to normal by the
management and operation of Exchange, and form a leadership by the
State Council. instead of the Ministry of Finance led by foreign
investment companies. The company will draw on the successful
experience, including companies such as Temasek Singapore, engaged in
the investment management of the Exchange, under the premise of
guaranteeing security, as far as possible so that the profits and
foreign exchange operations more effective. The company is planning the
process of organization. Hu Xiaolian, director of the State
Administration of Foreign Exchange said then, Premier already mentioned
in this report use of foreign exchange reserves and actively explore
channels and ways to broaden and, therefore, State Administration of
Foreign Exchange investment company will be set up this year. As to how
many companies will scale specific management of foreign exchange, but
there were no discussions on the practical aspects such as the building
of the company. personnel selection, institutional structures and other
aspects of a process. In the company's investment channels, Wu
Xiaoling, vice governor of the central bank revealed : "Now at least
Huijin Investment Company shares is certainly part of the financial
investment, in addition, Members also discussed a number of strategic
investments. "Related : State Administration of Foreign Exchange and
Investment Company will be the first such enterprises to invest in
energy sources : Shihuacaixun temporarily called "Link Company," the
state will set up a foreign investment management companies. The first
batch will be issued equivalent to 200 billion yuan -2500 billion worth
of bonds CNOOC also similar to the first such investment for the energy
investment strategy. According to a Xinhua report on March 14.
tentatively entitled "Link Company," the state will set up a foreign
investment management companies. According to informed sources, the
formation of the company's former vice minister of finance mainly in
charge. Lou Jiwei, the current deputy secretary general of the State
Council; the first issue will be equivalent to 200 billion yuan -2500
billion worth of bonds; CNOOC similar to the first such investment for
the energy investment strategy. Hu Xiaolian, director of the State
Administration of Foreign Exchange also said that two gap, foreign
investment companies will be set up in 2007. At present, the company is
redoubling its efforts to erect. It is understood that foreign
investment companies to which the name "Link" was to follow the example
of the past, "Liaison Office" line of thought. The link will be in the
central bank, foreign exchange, the Ministry of Finance set up under
the coordination of other departments. By Lou Jiwei, as Deputy
Secretary General of the State Council in charge of organizing and help
from the State Council level to coordinate departmental interests.
Earlier this with the Minister of Finance Jin Renqing said "will be
unified leadership of the State Council," the foreign investment
accounts. Analysts said Lou Jiwei, then it will be possible to serve as
chairman of the Department of the company, Link general manager of the
company's future will very likely candidates from the central bank or
exchange bureau. Hu Xiaolian also said that the new foreign investment
companies established on the basis of the Exchange, the Exchange may
companies. She said, "Link company" currently has more work to be done,
including investments related to the organizational structure, After a
period of talented people to consider. She said that foreign investment
companies should consider hiring professional talent to international
management International fund managers - which does not exclude people.
According to informed sources. The link will be issued the first batch
of companies already confirmed -250 000 million U.S. dollars equivalent
to 200 billion RMB bond The amount corresponding to the central bank's
purchase of foreign exchange for investment, Currently one trillion
U.S. dollars equivalent to the amount of foreign exchange reserves to
purchase the 20% to 25%. After the amount of foreign exchange
management will be gradually expanded. Link the first batch of
investment companies such as CNOOC similar to the energy-sized
enterprises, investing for long-term strategic investment. However, Hu
Xiaolian said that the scale of foreign investment has not yet been
determined. Industry experts pointed out that the establishment of
foreign investment over the original purpose of segregation is part of
the foreign exchange reserves, conduct professional investment
management, and to improve the efficiency and effectiveness of the use
of foreign funds. Therefore, if the flow of foreign investment into the
future of the company one of the main players. At present, the central
bank's efforts to weaken the conventional control means, of the
securities markets will be affected less.


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