China SWF lost $5Billion in US money market

China's sovereign-wealth has lost an estimated $5 billion after putting the money in a U.S. money-market fund that froze redemptions following losses on its holdings, reports The Wall Street Journal.

An official at China Investment Corp. confirmed it had made the investment. As of Sept. 1, CIC owned 11.13% of institutional-class shares in the Reserve Primary Fund through a unit called Stable Investment Corp., according to a regulatory filing by the fund with the U.S. Securities and Exchange Commission. A spokeswoman for CIC declined further comment.