Chinese banks are borrowing record amounts from international bond investors, as they seek to shore up their balance sheets ahead of strict new rules for capital requirements.

中资银行正向国际债券投资者借入创纪录规模的资金，在严格的资本金新规实施之前巩固它们的资产负债表状况。

Mainland financial institutions have borrowed more than $14bn in offshore credit markets this year, according to Dealogic, smashing the previous full-year high of $9bn in 2013.

Dealogic的数据显示，今年以来，中国内地金融机构在境外信贷市场借款已逾140亿美元，远超之前的全年纪录——2013年的90亿美元。

The move to tap global bond investors is part of a broader effort to improve capital adequacy ratios (CAR) across the Chinese banking sector, diversify investor bases and boost the balance sheets of operations outside the mainland.

利用全球债券投资者的资金，是中国银行业提高资本充足率、推动投资者群体多样化、改善境外业务资产负债表状况的一部分举措。

Many of the recent bond deals have been completed by offshore branches, including Asia’s first ever Basel III-compliant bond, sold by a Hong Kong subsidiary of ICBC.

近期许多债券交易由境外分支机构完成，例如中国工商银行(ICBC)在香港的子公司发行了亚洲首只符合《巴塞尔协议III》(Basel III)规则的债券。

“Basel III is prompting banks to raise capital levels and assess optimal capital composition, and that is likely to act as a catalyst for greater levels of offshore issuance,” said Nik Dhanani, global head of capital solutions at HSBC.

“《巴塞尔协议III》正促使银行提高资本金水平，评估资本构成的最优方案，这有望成为离岸发债增加的催化剂，”汇丰银行(HSBC)资本解决方案全球主管尼克•达纳尼(Nik Dhanani)表示。

China’s banking regulator has set an aggressive timetable for its lenders to meet new capital requirements set out in the Basel III guidelines. The largest banks must have a tier one CAR of 9.5 per cent by 2018, while smaller banks have a slightly lower threshold.

中国银行业监管机构为国内银行设置了紧凑的时间表，它们需满足《巴塞尔协议III》关于资本金的新要求。到2018年，大型银行一级资本充足率必须不低于9.5%，而较小的银行要求略低。

Barclays estimates that mainland lenders will have to raise as much as Rmb1tn ($160bn) in the coming years to meet the targets.

巴克莱(Barclays)估计，为了达标，内地银行必须在未来几年募资1万亿元人民币（约合1600亿美元）。

Jan Dehn, head of research at Ashmore Investment Management, said that the debt sale trend reflects China’s “cautious” approach to its banking system.

安石投资管理公司(Ashmore Investment Management)研究主管简•德恩(Jan Dehn)表示，债务发售趋势反映出中国对其银行体系的“谨慎”策略。

“China does not want to see its banking system end up in a situation like the western banking system,” he said. “There’s likely to be more issuance of capital and a build-up of reserves over coming years.”

“中国不希望它的银行体系陷入西方银行体系那样的处境，”他表示，“未来几年，中国银行业有可能发行更多资本，积累准备金。”

Banks across the globe have been moving to shore up their balance sheets as tougher regulations come into force after the financial crisis.

随着金融危机后更严格的监管法规实施，全球各地的银行采取行动，巩固它们的资产负债表。

Chinese banks have more limited options to raise new funding than their western counterparts, partly due to domestic rules on rights issues, which bar lenders from selling new shares at a discount to book value.

比起西方银行，中资银行募集新资金的途径更有限，这在一定程度上是因为中国国内对配股发行的规定。这些规定禁止银行以低于账面价值的价格发售新股。

With almost all Chinese banks currently trading below that level, the equity market is in effect closed to them.

由于中国几乎所有银行的股价均低于账面价值，股市融资的大门实际上已经对它们关闭。

The banks have also been given the greenlight this year to sell preferred shares, initially to domestic shareholders, to boost funding. Two of the biggest banks – Agricultural Bank of China and Bank of China – have already announced plans to raise up to $29bn through such channels, with other large banks expected to follow.

今年，银行还被允许发行优先股（初期仅面向国内股东），以增加融资。中国农业银行(Agricultural Bank of China)和中国银行(Bank of China)已经宣布计划发行优先股，募集最高达到290亿美元的资金，而其他大银行预计将紧随二者的脚步。

Most Chinese banks appear to have healthy balance sheets by global standards, with the big four lenders enjoying a tier one CAR of at least 9.5 per cent, says data from CLSA.

里昂证券(CLSA)的数据显示，以全球标准衡量，中国大部分银行似乎拥有健康的资产负债表，“四大行”的一级资本充足率均在9.5%以上。