# State Administration of Foreign Exchange

State Administration of Foreign Exchange is a Sovereign Wealth Fund based in Beijing, China.

## Overview

- **Organization type:** Sovereign Wealth Fund
- **Headquarters:** Beijing, China
- **Region:** Asia
- **Address:** Beijing, China
- **Founded:** 1979
- **Assets under management:** Undisclosed
- **Website:** safe.gov.cn
- **LinkedIn:** https://www.linkedin.com/company/state-administration-of-foreign-exchange

## Regulatory record

- **Reports private funds:** No

## About

State Administration of Foreign Exchange is a sovereign wealth fund based in Beijing, China. It manages approximately $9792.9 billion in assets across three funds, primarily focused on Asia.

## Sectors

- Fixed Income
- Public Equities
- Real Estate
- Infrastructure
- Private Equity
- Hedge Funds

## Questions

### How is SAFE distinct from China Investment Corporation?

CIC was capitalized in 2007 with a portion of China's reserves to pursue higher returns in alternatives and public equities, operating as a standalone sovereign wealth fund. SAFE remains an administrative agency within the PBoC structure, focused first on liquidity management and currency defense. SAFE's portfolio is disproportionately weighted toward sovereign debt, while CIC reports a far larger allocation to private markets and direct equity.

### Does SAFE make direct private equity investments or does it invest through funds?

SAFE's approach to private markets is overwhelmingly indirect. Through offshore affiliates like SAFE Investment Company in Hong Kong and Ginkgo Tree in Singapore, it takes minority stakes in public companies and commits capital to external alternative asset managers. It has not been observed pursuing control buyouts or establishing direct investment platforms comparable to a GIC or Temasek.

### What is SAFE's known posture on US Treasury holdings?

SAFE is a benchmark-sensitivity buyer of US sovereign and agency debt. Its holdings, recorded in TIC data alongside CIC and other state entities, render it one of the two or three most influential non-Fed participants in the Treasury market. Precise allocation shifts are never announced, but over multi-year cycles, observed data shows a gradual diversification away from US agency MBS and toward European sovereigns and gold.

### Does SAFE publish an annual report or disclose performance?

No. Unlike virtually all other sovereign wealth funds of similar scale, SAFE publishes no annual investment report, no holding-period performance figures, and no asset allocation breakdown. All external estimates are derived from counterparty disclosures, TIC data, and legal filings by firms in which its offshore vehicles hold sizeable stakes.

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Last updated: 2026-06-03T20:00:00.000Z

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