BBC reports:

Morgan Stanley has revealed a bigger-than-expected write-down of assets and sold a $5bn (£2.5bn) stake to a Chinese sovereign wealth fund.

The US investment bank said that it had been forced to write down $9.4bn for the three months to 30 November.

The bank said last month that it would be taking a charge of $3.7bn.

Morgan Stanley said that the injection from China Investment Corp - which equates to 9.9% of the bank - would help it to replenish its capital.

China’s willingness to invest in Morgan Stanley was seen as a vote of confidence on Wall Street and the firm’s shares rose 4% in Wednesday trading.

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