New head of China's CIC sovereign fund named

BEIJING - China Investment Corporation (CIC), the country's sovereign wealth fund, announced on Friday that Ding Xuedong will serve as its new chairman and chief executive officer (CEO).

Prior to this appointment, Ding, 53, served as vice finance minister and deputy secretary general of the State Council.

The announcement came after more than three months of speculation regarding the chairmanship vacancy. The fund's former chairman and CEO, Lou Jiwei, was named finance minister during a government reshuffle in March.

Analysts believe the new boss's key task will lie in bringing more returns to the country's forex reserve assets.

CIC, founded in 2007, currently has assets totalling around $500 billion, including an overseas investment portfolio of $200 billion.