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.

　　中國主要主權財富基金的國內子公司昨日完成了首宗債券發售，從銀行間市場籌集400億元人民幣（合59億美元）。該機構正準備協助重組一些全球最大型銀行的資本結構。

　　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.

　　在中國投資公司(CIC)的國內子公司——中央匯金公司(Central Huijin Investments)計劃進行的一系列債券發售中，這是第一宗交易，目的是從銀行間債券市場籌集總共1875億元人民幣，然后將這些資金注入中國各大國有控股銀行。

　　But analysts have derided the exercise for its circular nature and voiced concerns that the bond sales will increase risks in the banking system.

　　但分析師們譏笑了這一操作的循環性，并表示擔心，這些債券發售將增加銀行體系的風險。

　　This is because large state-controlled banks themselves were estimated to have bought more than 80 per cent of Huijin’s first bond issue yesterday, according to a senior Chinese bond analyst.

　　據中國一名資深債券分析師介紹，這是因為各大國有控股銀行昨日自己買下了匯金首批發行的逾80%的債券。

　　This means that new assets are being created on the balance sheets of Huijin and the banks without new cash entering the system.

　　這意味著新的資產正在匯金和各大銀行的資產負債表上創造出來，而整個體系并無新資金注入。

　　“There is a certain circularity about this that seems strange,” said an analyst from an international bank. “The banks are basically funding themselves.”

　　“這種操作有某種循環性，看上去有點怪異，”某海外銀行的分析師表示。“從本質上說，這些銀行在給自己注資。”

　　Adding to concerns over the bond sale were reports from bond traders that Huijin had ordered the very banks it plans to recapitalise to subscribe heavily to the bond issue.

　　令人對這宗發債更加擔憂的是，一些債券交易員稱，匯金曾責令自己計劃重組資本結構的那些銀行大舉認購此次發債。

　　Huijin holds controlling stakes on behalf of the state in nearly all of China’s largest banks, including China Construction Bank, Agricultural Bank of China and Bank of China.

　　匯金代表國家持有中國幾乎所有大銀行的控股股份，包括中國建設銀行(China Construction Bank)、中國農業銀行(Agricultural Bank of China)和中國銀行(Bank of China)。

　　Last month Agricultural Bank sold shares to the public in Hong Kong and Shanghai in the world’s largest initial public offering yet.

　　上月，農行在全球迄今最大的首次公開發行(IPO)中，在香港和上海股市向公眾發售股票。

　　The rest of China’s largest lenders have announced plans to raise tens of billions of dollars to repair their balance sheets following an unprecedented government-directed lending binge last year.

　　中國其它幾家大銀行均已宣布籌資計劃，擬籌集數百億美元資金修補各自的資產負債表。此前，中國各銀行在去年遵照政府指令，進行了規模空前的大舉放貸。

　　Huijin said it plans to use the proceeds from its bond sales to recapitalise policy lenders Export-Import Bank of China and China Export and Credit Insurance Corp on behalf of the state. It also promised to subscribe to the bulk of the upcoming rights issues of BoC, CCB and Industrial and Commercial Bank of China, the world’s largest bank by market value.

　　匯金表示，計劃利用發債所得資金，代表國家重組中國進出口銀行(Export-Import Bank of China)和中國出口信用保險公司(China Export and Credit Insurance Corp)這兩家政策性銀行的資本結構。該機構還承諾，將在中行、建行和全球市值最大銀行——中國工商銀行(ICBC)將要進行的配股發行中，認購大部分股票。

　　Huijin’s bond sale yesterday included Rmb20bn worth of seven-year bonds with an annual interest rate of 3.16 per cent and Rmb20bn of 20-year bonds with an interest rate of 4.05 per cent.

　　匯金昨日發售的債券包括200億元人民幣的7年期債券，年利率為3.16%；還有200億元人民幣的20年期債券，年利率為4.05%。

　　Huijin was expected to sell an additional Rmb6bn in seven-year bonds and Rmb8bn in 20-year bonds as interbank investors exercised an over- allotment quota.

　　隨著銀行間市場的投資者行使超額配售選擇權，預期匯金還將發售60億元人民幣的7年期債券和80億元人民幣的20年期債券。

　　Some senior financial officials have complained in the past that Huijin exerts undue influence over the country’s largest banks and its position as the largest shareholder in most of them raises serious issues about their corporate governance structure.

　　中國一些高級金融官員過去曾抱怨稱，匯金對中國各大銀行具有太大的影響力，而該機構作為多數大銀行最大股東的地位，給這些銀行的公司治理結構帶來了嚴重問題。