China’s currency regulator has named a Pacific Investment Management Co. hedge fund manager as its new chief investment officer.
Changhong Zhu will take up his post at the helm of the Reserve Management Dept. of China’s State Administration of Foreign Exchange in February, PIMCO said. SAFE manages $2.3 trillion, including the world’s largest foreign-exchange reserves. China owns nearly $800 billion in U.S. Treasuries.
Zhu has been at PIMCO for a decade, most recently managing its Absolute Return hedge fund strategies. He’ll be succeeded at the Newport Beach, Calif., firm by founder Bill Gross.
“While we are sad to see Changhong leave PIMCO, we are proud that his leadership and investment abilities are being recognized in his appointment to such an important role in his country,” Gross said in a statement.