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China ‘lost billions’ on investments
FT Alphaville — China has lost tens of billions of dollars of its forex reserves through a poorly timed diversification into global equities just before world markets collapsed last year. The State Administration of Foreign Exchange, the opaque manager of nearly $2,000bn of reserves, made huge bets on global stocks early in 2007 and continued at least until July 2008, by which point SAFE had moved well over 15% of China’s reserves into riskier assets.

China plays it not-so-SAFE
FT Alphaville — ... . But I am not convinced that Wen’s comments were driven entirely by China’s worries about its Treasury portfolio either.   In fact, the FT revealed on Monday what’s really eating at Wen and his colleagues:  China has lost tens of billions of dollars of its forex reserves through a poorly timed diversification into global equities just before world markets collapsed last year. The rather curiously named SAFE - the State Administration of Foreign Exchange  (what the FT describes as “the opaque manager” of nearly $2,000bn of reserves)  - started making huge bets on global ...

Links 3/17/09
naked capitalism — ... TechCrunch (hat tip Ed). If this works, it is a major threat to Google. Stay tuned. AIG refuses to hand over workers details Times Online Fed Plans For TALF Stymied Clusterstock The Button-Down Mafia: How the Public Accounting Firms Run a Racket on Investors and Thrive While Their Clients Fail Francine McKenna, Huffington Post Private Business Sidelined by China's Stimulus Economic Observer Online (hat tip reader Michael) China lost billions buying stocks just before crash Financial Times ‘Medieval’ U.S. ...