Temasek defends China holdings amid big losses

Singapore state fund Temasek – now the biggest investor in Chinese banks, according to Standard & Poor’s – has defended those holdings, despite their solid contribution to its worst annual return since the 2008 financial crisis. Meanwhile, the company plans to further boost its exposure to technology stocks, and is setting up a San Francisco office as part of a continued reshaping of its portfolio. After Temasek’s investment team was praised for expanding its international f…