CIC denies reports of huge losses

China Investment Corporation (CIC), the country's $200 billion sovereign wealth fund, yesterday denied media reports that it has incurred major losses in its investment in Reserve Primary, a US money market fund.

CIC confirmed previous media reports that it had invested in the US fund through its arm, Stable Investment, but said it had withdrawn all its money before the latter suspended withdrawals last month amid the worsening US financial turmoil.

"The fund has confirmed through written documents that it will pay back both principal and interest of our investment," CIC said in a statement on its website.