中國影子銀行風險波及淡馬錫投資

Temasek, Singapore’s state investment company, said the outlook for Europe’s economies was “mixed, with uneven structural reforms” as it reported slower growth in the value of its portfolio after taking a hit on investments in Chinese banks.

新加坡政府投資公司淡馬錫(Temasek)表示，“不均衡的結構性改革”令歐洲經濟前景“好壞不一”，由於其對中國銀行股的投資受到打擊，其投資組合價值增速放緩。

The value of Temasek’s portfolio rose 3.7 per cent to a record S$223bn (US$179bn), from S$215bn last year, when it achieved an 8.6 per cent rise in value.

淡馬錫投資組合價值增長3.7%，至創紀錄的2230億新元(合1790億美元)，去年爲2150億新元，增長8.6%。

However, Temasek’s portfolio suffered as so-called H shares in Chinese banks traded in Hong Kong have fallen amid concerns over credit quality in China and worries over the extent of the country’s shadow banking problems.

然而，淡馬錫投資組合受損的原因是，由於投資者對中國信貸質量和中國影子銀行問題的嚴重程度感到擔憂，在香港交易的中國H股出現下跌。

Singapore and China remain Temasek’s two largest exposures by underlying assets, at 31 per cent

根據基礎資產衡量，新加坡和中國仍是淡馬錫風險敞口最高的地區，分別佔31%和25%。淡馬錫有一半的新投資位於亞洲，其中多數位於中國，例如淡馬錫將其在工行(ICBC)的股份增持至8.9%，還購入了保險公司平安(Ping An)1%的股權。

and 25 per cent respectively. Half of its new investments were in Asia, of which most in turn were in China, such as an increase in its stake in the bank ICBC to 8.9 per cent, and the purchase of a 1 per cent stake in the insurer Ping An.

然而，中國中信證券(Citic Securities)前投資部門主管、去年擔任淡馬錫中國總裁的吳亦兵表示，淡馬錫並不擔心中國影子銀行體系的風險。

However Wu Yibing, former head of the investment arm of China’s Citic Securities who became the Singapore group’s China head last year, said Temasek was not concerned about the risks posed by China’s shadow banking system.

他表示：“我們確實認爲，他們擁有足夠多的政策工具來管理這個問題。”

“We do think that they have ample ammunition in terms of policy tools to manage this,” he said. Temasek also has investments in Alibaba, the Chinese e-commerce company; Li & Fung, the logistics company; Kunlun Energy; and Shanghai Pharma. The investment in Alibaba is part of the 30 per cent of Temasek’s portfolio that is invested in unlisted assets, including Lloyd’s Bank of the UK.

淡馬錫還持有中國電商企業阿里巴巴(Alibaba)、物流企業利豐(Li & Fung)、崑崙能源(Kunlun Energy)以及上海醫藥(Shanghai Pharma)的部分股權。淡馬錫對未上市資產（包括英國的勞埃德銀行(Lloyd’s Bank)）的投資佔其投資組合的30%，淡馬錫在阿里巴巴的投資就是其中的一部分。