8/26/2019, 10:13 AM (Source: TeleTrader)
more TeleTrader news

US pension fund urged not to invest in Chinese companies - report

United States senators on Monday urged the Federal Retirement Thrift Investment Board (FRTIB) to reverse its 2017 decision, under which the Board's resources will be up for investment in a number of Chinese companies, the Financial Times reported, citing a letter addressed to the FRTIB. The investment shift would direct the funds to the MSCI All Country World Index, which includes a number of controversial Chinese companies, such as AviChina and China Mobile, according to senators.

In a letter, senators Marco Rubio and Jeanne Shaheen, told the FRTIB Chairman Michael Kennedy that "the paychecks of members of the US Armed Services and other federal government employees" are being used to support Chinese state-controlled companies. They urged Kennedy to reverse the decision "immediately" and thus prevent the exposure of some $50 billion of US government pensions to "severe and undisclosed" risk of ending up as an investment in Chinese companies.

Breaking the News / GG