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CIC gets its money back from collapsed US cash trust

The China Investment Corporation has recovered all of its $5.3 billion invested in a US money market fund, the Primary Fund, which collapsed and suspended redemptions in 2008.The CIC, China’s $300 billion sovereign fund, announced this week that the final of seven payments had been received from the fund in July.

According to its last public report, for calendar 2009, the CIC had $39 billion in cash and deposits and cash management products at December 31.

The fund’s total investments in financial assets was $93 billion, at the time, compared with $201 billion in “long-term” equity investments, which includes the direct holdings in Chinese banks owned by CIC subsidiary Central Huijin.

The CIC earned a return of 11.7 per cent on its global portfolio in 2009, against minus 2.1 per cent in 2008.

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