Temasek, the Singapore state-owned investment company, is selling its shares in two of China’s biggest banks to raise as much as $3.6bn.

新加坡国有投资公司淡马锡(Temasek)将出售所持中国两家大银行的股票，以筹资至多36亿美元。

It is selling US$2.4bn of shares in Bank of China and about US$1.2bn in China Construction Bank, according to one source. The sales of the group’s stakes – also reported by Bloomberg – are thought to be part of a planned consolidation of Temasek’s portfolio of Chinese banks. Temasek was unavailable for comment.

据一名消息人士称，淡马锡将出售价值24亿美元的中国银行(Bank of China)股票，以及12亿美元的中国建设银行(China Construction Bank)股票。出售该集团所持股份——彭博社(Bloomberg)也报道了这一消息——据悉是淡马锡整合中资银行投资组合计划的一环。记者联系不到淡马锡获取其置评。

Last summer the company recruited Greg Curl, a former Bank of America executive and China Construction Bank director, to oversee its financial services operations.

去年夏季，淡马锡聘请美国银行(Bank of America)前任高管、中国建行董事格雷格•科尔(Greg Curl)执掌其金融服务业务。

In February it completed an internal review of its China strategy, looking at its legacy of holdings in the big state-owned banks.

2月份，淡马锡完成了针对其中国战略的内部审议，研究了该集团所持的中国大型国有银行的股份。

According to Temasek’s 2010 annual report, the Singapore company had 4 per cent of Bank of China, valued at HK1.05bn at the March 2010 year end, and 6 per cent of China Construction Bank, valued at HK$1.49bn.

根据淡马锡2010年年报，这家新加坡公司持有中行4%的股份，在2010年3月财年结束时价值10.5亿港元，还持有建行6%的股份，价值14.9亿港元。

On Tuesday, Moody’s Investors Service said China may have understated the debt load of local governments by Rmb3,500bn ($541bn), a hole in the country’s public finances that is likely to inflict damage on banks.

周二，评级机构穆迪投资者服务公司(Moody's Investors Service)表示，中国可能低估了地方政府的债务负担，低估幅度达到3.5万亿元人民币（合5410亿美元），中国公共财政的这一缺口可能对各银行造成损害。

In its first nationwide audit of local governments, China said last week that provinces, cities and counties owed Rmb10,700bn.

在对地方政府进行首次全国范围的审计后，中国上周称，各省市和县总共欠债10.7万亿元人民币。

At the time, many analysts praised the government, saying it was the most authoritative account yet of local debts and that it showed debt levels were manageable.

当时，许多分析师对政府的做法表示赞赏，称这是迄今对地方政府债务所作的最权威的描述，并显示出债务水平处在可控范围。

But Moody’s, a rating agency, which last year upgraded China’s sovereign rating, said it believed that the audit might have missed some highly problematic loans: those that were not properly underwritten and so could not be strictly classified as government obligations.

但是，去年曾上调中国主权评级的穆迪称，它相信此次审计可能漏掉了一些很有问题的贷款：这些贷款没有得到恰当的审批，因而在严格意义上不算政府债务。

Taking the midpoint of differing estimates previously given by the banking regulator and the central bank, Moody’s said that the loans overlooked by the audit could total Rmb3,500bn and that as many as three-quarters could turn sour.

穆迪取中国银监会和中国央行此前提供的不同估算值的中点，称上述审计遗漏的贷款总计可能达到3.5万亿元人民币，其中多达四分之三可能变成不良贷款。

That would push the bad debt ratio for banks to 8-12 per cent of all loans, up from just over 1 per cent now and worse than Moody’s had previously anticipated.

这将把中国各银行的不良贷款率推高至8%-12%，远高于目前的1%多一点，而且比穆迪先此的预期更糟糕。

“We conclude that the potential scale of problem loans at Chinese banks may be closer to our stress case than our base case. This is clearly a negative trend for creditors,” said Yvonne Zhang, one of the authors of the report.

“我们得出结论认为，相比我们的基准情形，中国各银行不良贷款的潜在规模可能更接近我们的压力情形。这对债权人来说显然是一个负面趋势，”穆迪的报告作者之一Yvonne Zhang表示。

Nevertheless, given the economy’s strong growth and the fact that banks appear to have started to get a handle on the debt problem, Ms Zhang told the Financial Times that she did not anticipate a downgrading of Moody’s stable outlook for Chinese lenders.

不过，鉴于中国经济增长强劲，以及各银行似乎已着手应对债务问题这个事实，Zhang对英国《金融时报》表示，她并不预计穆迪会下调其对中国各银行的稳定前景评级。

China’s state-owned banks answered Beijing’s call after the global financial crisis struck to open their credit taps, fuelling the economy’s recovery. There are indications that some of these loans are already in trouble. Shares of banks on the Shanghai stock exchange fell 0.5 per cent on Tuesday.

全球金融危机爆发后，中国各国有控股银行响应北京方面的号召，打开各自的信贷闸门，推动了经济复苏。目前有迹象显示，这些贷款中有一些已经陷入困境。周二，上海股市上银行类股下跌0.5%。