Safe’s stock investments spark questions

Unexpected moves by China’s State Administration of Foreign Exchange (Safe) into domestic equities have raised questions about its motivations, with some saying the reserves manager is pulling back from some overseas investments. A Hong Kong fund industry executive told AsianInvestor that the reserve manager was withdrawing from some foreign mandates and had been putting money into onshore renminbi assets since last September.  Shanghai-based consultancy Z-Ben Advisors estimated…