|No need to have a heart attack about China’s financial system, says Singapore state investment firm Temasek Holdings. The $192 billion investor loves banks, keeping nearly a third of its assets in financial firms. There are stakes in China Construction Bank and Industrial and Commercial Bank of China , not to mention big chunks of non-Chinese banks such as Standard Chartered and Singapore’s DBS.
Temasek had a subpar year, with a total return of just 1.5%, below its cost of capital, weighed down by Asia’s crummy stock markets. Temasek’s executives were sanguine Tuesday at the annual release of its results that China’s banks had ample capability to weather a financial storm. Nevertheless, it can’t hurt to hedge your bets.........................................Full Article: Source