Safe CIO hands in his notice

30 January 2014   Category: News, Asia, China   By Asia Asset Management

Zhu Changhong, chief investment officer of China’s State Administration of Foreign Exchange (Safe), has reportedly resigned from his position, according to a report from the Wall Street Journal

Mr. Zhu joined Safe from Pimco four years ago to oversee the management of the country’s foreign reserves. Local media cited a statement from Safe, which revealed Mr. Zhu would wrap up his commitments to the agency by the end of the month (January).

According to the statement, Mr. Zhu’s departure has gone “according to plan”. It also said he “played an important and outstanding role in managing the country’s reserves”.

Safe is an administrative agency of the Chinese government tasked with managing the state’s foreign exchange reserves. It is the world fifth largest sovereign wealth fund with total AUM of around US$567.9 billion, according to the figures from SWF Institute from the end of 2013.