The Chilean government is to invest up to $5.9bn in international equities and corporate bonds as it seeks to diversify assets held in two funds set up as part of a counter-cyclical approach to economic policy.

Chile, a big copper exporter, has benefited enormously from rising demand from China and a fourfold rise in the price of the metal in the past five years. Andrés Velasco, the finance minister, said the changes followed on recommendations made by an independent panel formed to advise the government and were “designed to improve returns, predictability and security”.