"It is like the government changing assets from the left hand to the right hand," said Qiu Zhicheng, a Shanghai-based analyst at Guosen Securities.

Other sources close to the fund earlier indicated that CIC is shifting its investment strategy to focus more on short-term returns and securities with relatively high liquidity, due to the recent volatility in the global equity markets.

Recent stock market corrections in the US and Europe caused a 10 percent mark-to-market loss for the fund in May and June, CIC's Executive Vice-President Jesse Wang said.

But the company is still considering expanding its overseas investments as it is seeking a capital injection of $100 billion from the central government, Chinese media reported.

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