For three months now, China Investment Corporation (CIC), a major sovereign wealth fund tasked with investing part of the country's foreign exchange reserves, has been operating without a chairman of the board at its helm.
With few promising, low-risk investment opportunities open overseas these days, this position is being thrown around like a hot-potato that no one wants to be stuck with.
Since its founding in 2007, CIC has mostly invested in overseas infrastructure projects - such as ports, roads and railways - which might take years to start generating returns, and thus are not necessarily the sorts of things most financial institutions are clamoring to put on their books at the moment.
Meanwhile, many of the CIC's positions in the global commodities market and emerging bond markets haven't exactly panned out over the past year.
In other words, anyone who gets stuck with this position will face tremendous pressure to turn the CIC's balance sheet around.
The author is Shui Pi, an economic commentator.