Central Huijin, controlled by the central bank and the foreign exchange administration, now plays an active role in placing the money in various investments denominated mainly in dollars.
The company's directors and supervisors will come from the foreign exchange administration, the finance ministry and the central bank, giving these agencies a continuing role in the two banks' ownership and financial management even after they sell stock.
Since July the State Administration of Foreign Exchange (SAFE) has demanded more information on export earnings.
First, there are financial investments by the state, through bodies such as CIC and the State Administration of Foreign Exchange (SAFE), which looks after the country's vast foreign reserves.
Hong Kong newspapers called the death of Li Fuxiang, 47, director of the State Administration of Foreign Exchange, a suicide, prompted either by his failing health or a corruption investigation centering on one of Mr. Li's predecessors.
"To stick to the policy is in the interests of our country," Mr. Zhu said in a speech to officials who run China's state administration of foreign exchange, reported by state-run news media on Sunday.
The United States should "put its own house in order before blaming others" for its trade deficit, said Wei Benhua, deputy director of the State Administration of Foreign Exchange, which manages China's currency reserves.
The bulk of China's investment in the United States consists of bonds issued by the Treasury and government-sponsored enterprises and purchased by the State Administration of Foreign Exchange, which is part of the People's Bank of China.
But on Thursday, a statement by the People's Bank of China dismissed reports that the State Administration of Foreign Exchange, which is responsible for assets of more than $600 billion, was evaluating its investment in euro zone debt, reflecting concerns that some European nations might eventually default on their debts.
The State Administration of Foreign Exchange, which is part of the central bank, issued draft regulations on Monday that would make it considerably easier for private companies to raise dollars in China to spend on overseas investments — a step that would lessen the need for the Chinese government to buy up those dollars.
However, the comments by Guan Tao of the State Administration of Foreign Exchange were quickly removed from the website at his request.
