This is a (one more!) question I have had to ask myself when dealing with the passive structure "someone is said to do/be doing/have done something"... which definitely is a tricky structure as it uses both a verb in the passive voice in the main clause and one in either the active or the passive voice in the subordinate clause.
What does the sentence
People said that the cyclist was performing at a surprisingly high level.
become in the passive?
The cyclist was said to be performing at a surprisingly high level.
The cyclist was said to have been performing at a surprisingly high level.
the correct tense sequence?
I know that the adjective 'correct' will make native speakers of English shudder, but never mind…
Since the two actions of 'saying' and 'performing' are simultaneous, I would incline towards the first answer... Would the second one not imply that the action of 'performing' came earlier than the one of 'saying'?
An even 'nightmarisher' sentence which has just come to my sick English teacher's mind is 'People said that the injured racing driver was being operated on at the very moment.', turned into 'The racing driver was said to be being operated on at the very moment.' rather than 'The racing driver was said to have been being operated on at the very moment.'