Chinese banks are using ethically labelled bonds to refinance existing loans, helping to propel the country to become the world’s biggest issuer of green paper.
中国各银行正利用贴有道德标签的债券为现有贷款再融资，此举将帮助推动中国成为全球最大绿色债券发行国。
Green bond issuance is at a record high and China became the largest source of new paper in the third quarter of this year, taking it to the joint-largest source of issuance in the year to date, along with France.
中国的绿色债券发行规模达到创纪录高点，今年第三季度，中国成为全球最大绿色新债发行国，并让中国与法国并列成为今年迄今最大绿色债券发行国。
Financial institutions issued three-quarters of green bonds in China since the market first emerged in 2014, a Financial Times analysis of data from the credit rating agency Moody’s has found.
英国《金融时报》对信贷评级机构穆迪(Moody’s)的数据进行的分析发现，自2014年绿色债券市场出现以来，金融机构在中国发行的绿色债券占四分之三。
When raising the cash, banks are reserving the right to use it to refinance existing lending rather than using it to finance new projects, some of the bonds’ documentation suggests. Many of the refinanced loans are not labelled as green.
一些债券的文件显示，在募集资金时，银行保留了利用绿色债券为现有贷款再融资的权利，而不是利用它们为新项目融资。很多得到再融资的贷款并没有绿色标签。