Only a year ago, Beijing pundits were betting on how long it would take for the management of China Investment Corp, the country's sovereign wealth fund, to lose their jobs.
The fund appeared to be paralysed by the financial crisis. Its reputation was also in tatters after its initial high-profile, loss-making investments in Morgan Stanley and US private equity firm Blackstone.
Now, in a stunning turnround, the fund has performed so well by most accounts over the past year that speculation in Beijing this winter centres on the timing and size of another cash injection for CIC from China's $2,273bn in foreign exchange reserves.
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