China Central Huijin Investment Ltd, the domestic arm of China's sovereign wealth fund, will be the institution that recapitalizes the Export-Import Bank of China, domestic media reported yesterday.

The website of Caijing magazine cited unidentified sources as saying that Huijin, now part of China Investment Corp (CIC), has also received approval from the country's cabinet to inject funds into the China Export & Credit Insurance Corp (Sinosure).

CIC was set up in September 2007 with $200 billion of foreign currency reserves transferred from the central bank.