经济学人(1-3)

The redback abroad人民币在境外

Offshore thing离岸那些事

London wants to become a hub for trading in the yuan

伦敦想成为人民币离岸交易中心

WHEN the pound sterling reigned as the world’s dominant international currency, the City of London claimed the lion’s share of the market for sterling bills of exchange, with which foreigners financed their cross-border trade and investment. After sterling was toppled by the greenback, London then invented the “euro-dollar” market, which allowed people to deposit dollars and borrow them in an of fshore market beyond the reach of America’s capital controls. London’s banks are now readying themselves to profit from the growing offshore market in China’s currency, the yuan.

当英镑还在国际货币市场中占据统治地位的时候，伦敦城在英镑交易市场中占有很大的份额，通过英镑外国人可以进行跨国贸易和投资。在英镑被美元击败之后，伦敦创造了“欧洲美元”市场，在这个市场中人们可以在不受美国资本管制的情况下储蓄和借贷美元。现在，伦敦的银行已经做好了从不断发展的人民币离岸市场中获利的准备了。

According to the Financial Times, Wang Qishan, a Chinese vice-premier, was due to give China’s official blessing to London’s efforts during a visit to Britain this week. The offshor e business is still in its infancy, but is growing fast. China now allows yuan to circulate freely outside its borders, but not across them. Foreigners must earn yuan by selling goods to China or, in some cases, direct stakes in their companies. They can deposit these yuan in banks offshore, or invest them in offshore bonds, but they cannot invest them on the mainland without the government’s permission.

据金融时报报道，中国副总理王岐山在这周的英国之行中对伦敦方面的努力给予了赞许。人民币离岸业务仍然出去萌芽阶段，但增长迅速。中国现在允许人民币在境外自由流通，但并未放开跨境流转。外国人要获得人民币必须向中国出口货物，或者，在一些情况下，直接出售公司的股份。他们可以在境外银行中储蓄这些人民币，或者投资境外债券，但在没有政府同意的情况下不可以在中国境内进行投资。

The bulk of this offshore business now resides in Hong Kong, where yuan deposits totalled over 572 billion (almost $90 billion) in July. All of the offshore bonds launched to date have been issued in Hong Kong, where they are known as “dim sum” bonds, after the popular Cantonese dishes. Hong Kong and Macau also host the only two banks outside the mainland that can clear yuan claims with China’s central bank, the People’s Bank of Ch ina (PBOC).

人民币离岸业务很大一部分集中在香港，7月份香港人民币存款总额超过了5720亿元（约900亿美元）。所有离岸有期债券都在香港发行，这些债券被称为“点心”债券，以大受欢迎的广东菜命名。香港和澳门还拥有仅有的两家可以与央行（中国人民银行）进行人民币结算的境外银行。

Potential rivals, such as London, are unlikely to knock Hong Kong off its perch. The territory enjoys an inimitable position as an offshore, yet in-country, financial centre—its success is even written into China’s latest five-year plan. But there is little to stop other financial centres

competing for a smaller share of the offshore business. In Singapore, for example, banks now offer yuan deposits and bond funds. Its central bank is one of a dozen that have agreements with the PBOC to swap their currencies for yuan. Nigeria’s central bank hopes to set up a similar swap line; its governor would also like to park up t o 10% of the country’s $35 billion of foreign-exchange reserves in the yuan. If China wants foreigners to trade its currency, it cannot be too fussy about where they do it.

潜在的对手，如伦敦，不太可能把香港从制高点拉下。这块地区有着不可复制的地位，既是处于境外又是属于国内的金融中心，它的成功甚至被写入了中国最新的五年计划。但中国并不会过多阻止其他金融中心竞争较小的人民币离岸结算份额。比如说，新加坡的银行现在提供人民币存款和债券基金业务。其央行是众多与中国人民银行签署人民币兑换协议的央行之一。尼日利亚央行希望获得一个相似的换汇额度；其政府还希望将国家350亿美元外汇储备的10%投资于人民币。如果中国希望外国人交易其货币，那对于在哪交易就不必太大惊小怪了。

London can boast great depth of experience in foreign exchange and a convenient time zone. Now all it needs is a deep pool of yuan deposits, a generous swap line with the PBOC, an enticing menu of yuan securities, and a catchy, local name with which to market them. Egg-fried bonds, anyone?伦敦可以自豪于其丰富的外汇交易经验和便利的时区。现在它所需要的是一个有深度的人民币存款池，一个足够大的换汇额度，一个有吸引力的人民币证券清单，还有一个惹眼的有地方特色的交易名字。荷包蛋债券，有谁想要吗？