China's state foreign exchange company, drawn wide attention recently, made its first concrete step towards establishment by holding its first preparatory meeting, China Securities reported Friday.
Lou Jiwei, deputy secretary-general of the State Council, held a meeting attended by senior officials from key economic ministries and regulators Thursday to discuss the arrangements, orientation and structure of the planned company, it said.
Lou was appointed by the State Council, the cabinet, as its Deputy Secretary-General, a position with ministerial status, earlier this month, from the position as vice-minister of finance.
Analysts estimate that Lou will likely be appointed as the president of the new company, and the general manager will possibly come from the central bank or State Administration of Foreign Exchange.
China's foreign exchange reserve reached 1.066 trillion U.S. dollars at the end of last year while the country prepared to establish a state forex investment company earlier this month.
The major aim of the planned company is to improve management of China's huge foreign exchange reserves and generate as more as possible returns on the reserves under the preconditions of security.
