SINGAPORE:
Temasek Holdings on Tuesday warned of
further pressure on financial markets due to the European debt crisis.
In a
letter published on its website relating to its position on investments in
Chinese banks, Temasek said markets "may be entering a period of stress in
the next 12 to 24 months due to the Euro zone crisis".
Temasek
was responding to a letter published in TODAY newspaper on May 18 urging the
Singapore investment company to disclose its exposure to China's banking
industry.
Within
the past two months, Temasek has reduced its holdings in Bank of China (BOC)
and China Construction Bank (CCB) while increasing its stake in ICBC.
Temasek
said "after the recent rebalancing of our stakes", Hong Kong Stock
Exchange reports show Temasek's H-share holdings in ICBC (5.3 per cent), CCB
(7.4 per cent) and BOC (3.7 per cent).
The
investment company said its investment decisions are based on its
"fundamental assessment of long term value".
China
is in a transition towards a more "balanced and sustainable growth
path", the company said.
"There
will be some near term risks as well as opportunities for Temasek as we
continue to invest and divest steadily," Temaseks said.
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CNA/wm
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