Exclusive: China’s sovereign wealth fund to open first U.S. office – sources

The China Investment Corp (CIC), the government’s $747 billion sovereign wealth fund, is shifting its focus to U.S. investments and broader global ambitions as it prepares to move its North American headquarters to New York from Toronto early next year, according to people familiar with the matter.

With its major Canadian investments in the red as energy and mining companies reel from tumbling oil and metal prices, CIC is looking to cut its exposure, and could move to New York as early as March 1, one source said. Continue reading

How China successfully redrew the global financial map with AIIB

From worries that it would not raise enough funds to concerns other nations would not support it, Beijing was plagued by self-doubt when it first considered setting up the Asian Infrastructure Investment Bank (AIIB) in early 2013, two sources with knowledge of internal discussions said.

However, promises by some Middle East governments to stump up cash and the support of key European nations – to Beijing’s surprise and despite US opposition – proved a turning point in China’s plans to alter the global financial architecture.

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Russia-China Gas Pact Stirs Dream of Bridge Across Amur

Russia’s $400 billion deal to pipe natural gas across the border to China has rekindled Wu’s hope that the two nations will finally build a bridge across the frontier to bring a steady stream of customers to her door.

“They’ve been talking about a bridge for so many years,” said Wu, a 40-year-old mother of two who’s worked along the frontier for more than 20 years. “If the border trade is developed properly, we can prosper.” Continue reading

Jonathan Manthorpe: Fears grow of Japan’s stimulus provoking a currency war

As Japan sets out to double its money supply to $2.71 trillion in order to propel its economy out of two decades of stagnation there are growing concerns the program will ignite a currency war in Asia.

Among Asian manufacturers such as South Korea, China and the countries of Southeast Asia concern is building to alarm. The Japanese currency, the yen, has dropped by 25 per cent in value since the election of Prime Minister Shinzo Abe and the Liberal Democratic Party last November with a pledge to kickstart the economy. Continue reading