Temasek, Singapore’s state investment company, said the outlook for Europe’s economies was “mixed, with uneven structural reforms” as it reported slower growth in the value of its portfolio after taking a hit on investments in Chinese banks.
The value of Temasek’s portfolio rose 3.7 per cent to a record S$223bn (US$179bn), from S$215bn last year, when it achieved an 8.6 per cent rise in value.
However, Temasek’s portfolio suffered as so-called H shares in Chinese banks traded in Hong Kong have fallen amid concerns over credit quality in China and worries over the extent of the country’s shadow banking problems.
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