The domestic arm of China’s main sovereign wealth fund completed its first bond sale yesterday, raising Rmb40bn ($5.9bn) from the interbank market as it prepares to help recapitalise some of the world’s largest banks.
The bond sale is the first in a planned series by Central Huijin Investments, the domestic arm of China Investment Corp, which aims to raise a total of Rmb187.5bn from the interbank bond market and then hand the money to China’s largest state-controlled banks.
But analysts have derided the exercise for its circular nature and voiced concerns that the bond sales will increase risks in the banking system.
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