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.

　　中国主要主权财富基金的国内子公司昨日完成了首宗债券发售，从银行间市场筹集400亿元人民币（合59亿美元）。该机构正准备协助重组一些全球最大型银行的资本结构。

　　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.

　　在中国投资公司(CIC)的国内子公司——中央汇金公司(Central Huijin Investments)计划进行的一系列债券发售中，这是第一宗交易，目的是从银行间债券市场筹集总共1875亿元人民币，然后将这些资金注入中国各大国有控股银行。

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

　　但分析师们讥笑了这一操作的循环性，并表示担心，这些债券发售将增加银行体系的风险。

　　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.

　　据中国一名资深债券分析师介绍，这是因为各大国有控股银行昨日自己买下了汇金首批发行的逾80%的债券。

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

　　这意味着新的资产正在汇金和各大银行的资产负债表上创造出来，而整个体系并无新资金注入。

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

　　“这种操作有某种循环性，看上去有点怪异，”某海外银行的分析师表示。“从本质上说，这些银行在给自己注资。”

　　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.

　　令人对这宗发债更加担忧的是，一些债券交易员称，汇金曾责令自己计划重组资本结构的那些银行大举认购此次发债。

　　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.

　　汇金代表国家持有中国几乎所有大银行的控股股份，包括中国建设银行(China Construction Bank)、中国农业银行(Agricultural Bank of China)和中国银行(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，农行在全球迄今最大的首次公开发行(IPO)中，在香港和上海股市向公众发售股票。

　　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.

　　中国其它几家大银行均已宣布筹资计划，拟筹集数百亿美元资金修补各自的资产负债表。此前，中国各银行在去年遵照政府指令，进行了规模空前的大举放贷。

　　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.

　　汇金表示，计划利用发债所得资金，代表国家重组中国进出口银行(Export-Import Bank of China)和中国出口信用保险公司(China Export and Credit Insurance Corp)这两家政策性银行的资本结构。该机构还承诺，将在中行、建行和全球市值最大银行——中国工商银行(ICBC)将要进行的配股发行中，认购大部分股票。

　　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.

　　汇金昨日发售的债券包括200亿元人民币的7年期债券，年利率为3.16%；还有200亿元人民币的20年期债券，年利率为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.

　　随着银行间市场的投资者行使超额配售选择权，预期汇金还将发售60亿元人民币的7年期债券和80亿元人民币的20年期债券。

　　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.

　　中国一些高级金融官员过去曾抱怨称，汇金对中国各大银行具有太大的影响力，而该机构作为多数大银行最大股东的地位，给这些银行的公司治理结构带来了严重问题。