Temasek eases exposure to Chinese banks
The timing of Temasek's sell-down of a partial stakes in Bank of China and China Construction Bank certainly raised eyebrows. Singapore’s second-largest sovereign wealth fund made its move hours after Moody’s warned that the scale of local government debt posed a threat to China’s banking system, and two days before it was due to release its annual review.
It would be misguided, however, to read too much into this confluence of events. “Temasek is very commercial,” says one private equity source with first-hand experience of the fund’s operations....
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