China plans to build the state foreign exchange investment company in 2007, Shanghai Securities News reported on Monday.

 

Zhou Xiaochuan, governor of the People's Bank of China, the central bank, has confirmed that Lou Jiwei is heading the preparatory leading group for the establishment of the company, the newspaper reported.

 

Lou was appointed by the State Council as its Deputy Secretary-General, a position with ministerial status earlier this month, from the position as vice-minister of finance.

 

The investment company will launch US$200 billion to 250 billion of RMB-nominated bonds upon its first issuance for the strategic investment of energy enterprises like CNOOC, according to the report.

 

(Xinhua News Agency March 12, 2007)