2010-09-11 10:48

BEIJING - China Investment Corporation (CIC), the country's sovereign wealth fund, said Friday that it has recovered all its investment in the Reserve Primary Fund, a US money market fund that was crippled after the bankruptcy of Lehman Brothers in 2008.

The CIC had invested a total of $5.3 billion in the Reserve Primary Fund in 2008, and moved to claim all its money back before the fund suspended redemption in September that year because of its losses on debt issued by the Lehman Brothers, said a CIC statement on its website.

The Reserve Primary Fund has returned the CIC's investment in seven batches, and all the investment was recovered by July this year, said the statement.

By the end of last year, the sovereign wealth fund had invested a total of $79 billion globally from the country's huge foreign exchange reserve since its founding in 2007, according to the CIC's annual report released in July this year.

In 2008, the financial crisis caused a slowdown in the CIC's overseas investment, which amounted to only $4.8 billion, and its overseas investment posted a 2.1 percent loss in the same year.

In 2009, the CIC reversed its losses in the previous year and recorded an 11.7 percent return on its overseas investment.