The WSJ on Friday reported that Ding Xuedong is set to be named chairman of the $500 billion China Investment Corp., according sources. It’s the 5th biggest sovereign wealth fund in the world and most likely to throw its weight around.

The story offers little insight into where he might direct funds but notes that in the past he has worked closely with officials commonly perceived as reformers and has little foreign experience.

After posting a 4.3% loss on its overseas portfolio in 2011, the fund earned a 10.6% return on the portfolio last year, which came in a year when global markets were broadly higher.

Hints on how the fund intends to invest and what it plans to do with its Treasury holdings have implications for every market in the world. If I had to guess, I would suspect they will be continuing to buy commodities and invest in infrastructure.