The chief investment officer of China’s State Administration of Foreign Exchange (SAFE), Zhu Changhong, has resigned from his post at the end of January, according to media reports.
There is no information about Zhu on SAFE’s official website, and the reason behind his resignation remains unclear.
The 44-year-old Zhu joined SAFE in February 2010. Before that, he worked at U.S. investment firm Pacific Investment Management Company (PIMCO) starting from 1999. He was responsible for the firm’s hedge fund and derivatives investments.
During Zhu’s four-year tenure at SAFE, foreign-exchange reserves in China rose to a total of US$3.82 trillion at the end of 2013, a 59% increased from US$2.40 trillion in 2009 before his arrival, according to official figures.
When Zhu joined SAFE, about 45% of China’s foreign reserves were invested in U.S. government bonds. That number dropped to around 35% in September 2013.
Zhu reportedly encouraged investing more in U.S. corporate bonds, European debt, stocks and real estate.
Zhu holds a Ph.D. in physics from the University of Chicago and received his undergraduate degree from the University of Science and Technology of China.