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China will merge Central Huijin Investment Co, the government's investment arm, into a new agency to better manage mounting foreign reserves, a deputy governor of the central bank said.

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The new State Investment Co will assume the responsibilities of Central Huijin, Wu Xiaoling, deputy governor of the People's Bank of China, said at a forum in Shanghai recently.

Central Huijin holds controlling stakes on behalf of the government in the nation's three-biggest State-owned banks. Central Huijin played a key role in the restructuring of State-owned banks.

Central Huijin completed bailouts to lenders such as Bank of China, China Construction Bank and Industrial and Commercial Bank of China. The three received a combined $60 billion through Huijin from the central bank.

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