Western banks face snub by China fund

FT.com

By Raphael Minder in Hong Kong and Geoff Dyer and Jamil Anderlini in Beijing

China Investment Corp, the country’s sovereign wealth fund, will no longer risk investing in western financial institutions because of concerns about their viability and a lack of consistency in their governments’ policies, according to its chairman.

“Right now we don’t have the courage to invest in financial institutions because we don’t know what problems we will put ourselves into,” Lou Jiwei said on Wednesday.