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亚洲银行面临挑战 Tide of change could engulf Asia’s banks

更新时间:2013-01-10    来源/发布:www.en369.cn    作者/编辑:英语作文网

亚洲银行面临挑战 Tide of change could engulf Asia’s banks

In its most recent regulatory filing late last year, Focus Media , a Chinese advertising company listed in New York, disclosed details of the financing that will facilitate a deal to take it private.
在去年末提交的最新监管申报文件中,在纽约上市的中国广告公司分众传媒(Focus Media)披露了支持其回归私有计划的融资安排细节。
The $3.1bn transaction is the largest-ever buyout in China, according to Dealogic. The buyers – alongside the chairman of the company – include three private equity houses, Carlyle, Citic Capital and FountainVest, a local group founded by Frank Tang, a former Goldman Sachs and Temasek executive.
Dealogic数据显示,价值31亿美元的分众传媒私有化是中国史上最大的一笔收购案。除了公司董事长,其他买家还包括凯雷(Carlyle)、中信资本(Citic Capital)和方源资本(FountainVest)三家私募股权公司。方源资本是中国本土的私募股权公司,创始人为唐葵(Frank Tang),他曾经在高盛(Goldman Sachs)和淡马锡(Temasek)担任高管。
The largest portion of the $1.5bn in debt financing, meanwhile, comes from China Development Bank and China Minsheng Bank – a policy bank and a second-tier but relatively commercial bank respectively. Traditionally such leveraged lending has not been associated with either category.
而15亿美元债务融资中的最大部分来自中国国家开发银行(CDB)和中国民生银行(China Minsheng Bank)。前者是一家政策银行,后者是一家商业化程度较高的二线银行。传统上,此类杠杆贷款与这两类机构无缘。
But the long-term growth rate is slowing in China. Even Beijing is concluding that whatever growth there is can no longer come from debt-driven investment in infrastructure and other areas, and must come instead from domestic consumption. So banks in China will have to seek out new opportunities.
但是中国的长期增长率已开始放慢。就连中国政府也得出结论:无论能够实现多少增长,都不再能来自基建等领域的债务推动投资,而必须来自国内消费。因此,中国的银行将不得不寻找新的机会。
The challenge is not unique to China. Banks have long been considered a proxy for growth in their home markets. This year is likely to be challenging for many banks in Asia as growth slows across the region. The bearish case was outlined in a recent Morgan Stanley report, which noted that as deficits grow, on the current account side or the fiscal side, the quality of the Chinese banks’ balance sheets will deteriorate; it added that their deposit growth and liquidity will also suffer.
面临这一挑战的并非只有中国。长时间以来,银行一直被视为本土市场增长的代表。随着亚洲各地增长放缓,今年该地区的许多银行将面临挑战。摩根士丹利(Morgan Stanley)不久前发布的一份报告,概述了这一悲观分析。该报告称,随着赤字上升(无论是在经常账户还是财政方面),中国各银行资产负债表的质量将会恶化;报告还补充道,这些银行的存款增长和流动性也将受到影响。
That in turn leaves less capital as a cushion and puts upward pressure on interest rates. Exports have been dropping, demographic trends are turning more negative and productivity growth is lagging. Current account surpluses, which were more than 7 per cent of gross domestic product in 2007, are likely to be about 2 per cent for 2012.

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