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China Sovereign Fund Buys Bank Shares

Central Huijin raises stakes in nations four biggest banks as valuations drop.

By Stephanie Tong, Bloomberg | Updated on October 11, 2011

China’s state-run Central Huijin Investment Ltd. began buying shares in the nation’s four biggest banks after valuations dropped below levels reached during the global financial crisis.

Central Huijin started acquiring existing stock in Industrial & Commercial Bank of China Ltd., China Construction Bank Corp., Agricultural Bank of China Ltd. and Bank of China Ltd. yesterday, according to a statement on its website. The fund will continue with “related market operations,” it said, without providing details on how much it will invest and whether it will buy the shares in Hong Kong or Shanghai.

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