BEIJING (AFP) — There was no champagne, no music, and just a few young women in traditional dresses.

The low-key ceremony that marked the launch of China Investment Corp. this weekend could reflect the cautious manner in which Beijing intends to unleash the largest fund in history onto the world's financial markets.

The much-anticipated corporation will be in charge of 200 billion dollars -- nearly one-sixth the nation's enormous forex reserves -- but it will not flaunt its wealth, observers said.