China’s Foreign Exchange Administration Opens First US Office

China’s State Administration of Foreign Exchange (SAFE), which manages its currency reserves, has set up an office in New York, according to the Wall Street Journal. The New York branch is expected to invest in private equity, real estate and other alternative asset classes to diversify the country’s portfolio, which is weighted heavily toward US government debt. The new office is separate from another SAFE entity that buys mostly US government debt, and is the first of its kind in the United States.