中国汇金拟发行800亿元人民币债券

The subsidiary of China's sovereign wealth fund that controls the country's largest state-owned banks is planning to sell bonds in the interbank market for the first time in what could be the country's biggest bond issue to date, according to people familiar with the matter.

据知情人士透露，控股中国最大一些国有银行的中国主权财富基金的子公司，拟首次在银行间市场发债，这可能是该国有史以来最大的一次债券发行。

Central Huijin Investment, which holds the government's controlling stakes in lenders such as Bank of China and China Construction Bank, will use money from the planned bond sales to recapitalise state-owned financial institutions that have not yet been restructured.

中央汇金投资公司(Central Huijin Investment)代表政府持有中国银行(BoC)、中国建设银行(CCB)等银行的控股股权。它将利用从计划的债券发行中融得的资金，对尚未重组的国有金融机构进行资本结构调整。

The move would also allow the government to mop up liquidity in the system at a time of growing concerns about the formation of asset bubbles in China.

此举还能让政府在人们日益担忧中国正形成资产泡沫之际，消除金融体系中的部分流动性。

Huijin's planned bond sale could be as big as Rmb80bn ($11.7bn) and the money raised will be used to inject capital into Export-Import Bank of China and China Export and Credit Insurance Corp (also known as Sinosure), according to Bloomberg.

据彭博(Bloomberg)报道，汇金计划的债券发行可能多达800亿元人民币（合117亿美元），发债所募得的资金将用来注资中国进出口银行(Export-Import Bank of China)和中国出口信用保险公司（China Export & Credit Insurance Corporation，也称Sinosure）。

A spokesperson for Huijin had no knowledge of the planned bond sale.

汇金的一位发言人称不了解债券发行计划。

But analysts said that the plan would provide a neat way for the state to recapitalise some institutions and also remove liquidity from the system. “It is quite likely that Huijin is considering raising remninbi onshore through a bond sale so it can invest in state financial institutions that are still lacking in funds,” according to Lin Zhaohui, a senior analyst at Guotai Junan Securities.

但分析师表示，该计划将会为政府提供一个理想的方式，来调整一些金融机构的资本结构，同时还能消除金融体系中的流动性。国泰君安证券(Guotai Junan Securities)高级分析师林朝晖表示：“很有可能汇金正在考虑通过发债，在国内募集人民币资金，这样，它就可以对仍缺乏资金的国有金融机构进行投资。”

Huijin was established in 2003 to manage the recapitalisation of China's largest banks using a portion of the country's foreign exchange reserves. Huijin was later merged into China Investment Corp, the sovereign wealth fund set up late in 2007.

汇金成立于2003年，旨在用中国的部分外汇储备，来调整中国最大几家银行的资本结构。后来，汇金并入了成立于2007年末季的主权财富基金——中国投资公司(China Investment Corp)。

The government has spent hundreds of billions of dollars bailing out the country's financial institutions after years of government-directed lending left most of them technically insolvent by the late 1990s.

在数年的政府指令放贷导致多数金融机构到上世纪90年代末在技术上资不抵债后，中国政府花了数千亿美元对这些机构进行纾困。

Other institutions that have been recapitalised by Huijin and in which it holds a significant stake include Industrial and Commercial Bank of China, Agricultural Bank of China and China Development Bank.

其它已接受汇金注资、且汇金持有相当大股权的机构包括中国工商银行(ICBC)、中国农业银行(ABC)和国家开发银行(China Development Bank)。

If the Huijin bond sale goes ahead it could be the largest ever by a Chinese institution. Some other state companies and banks have said in recent months that they intend to launch larger bond sales but those have not gone ahead yet.

如果汇金的发债计划得以进行，这可能是中国机构有史以来最大的一次债券发行。其它一些国有企业及银行近月表示打算进行更大的债券发行，但迄今尚未推进相关计划。

Analysts said that any Huijin bond sale would not need its own credit rating because Huijin is essentially an arm of the state and would receive China's sovereign rating.

分析师表示，汇金的任何债券发行，都不会需要其自身的信用评级，因为汇金本质上是政府的一个部门，将得到中国的主权评级。

Huijin may eventually ask the Ministry of Finance to issue the bonds on its behalf, Bloomberg reported.

彭博报道称，汇金可能最终会要求财政部(Ministry of Finance)代其发债。