1、浙江万 里学院 商学 院 外文 文献原文 1 毕业论文外文翻译 译文 标题：香港成为人民币国际化的实验基地 资料来源 : http:/ideas.repec.org 作者：拉胡尔雅各布 人民币在香港的崛起是一部双城记。一个是香港企业界的高级金融城，人民币在贸易融资和企业债券发行中使用规模的迅速增长，引得这里的银行家们兴奋地谈论不停。人民币目前尚未实现完全可兑换，因此中国政府正以香港作为实验室，允许跨国公司持有并交易人民币计价产品。正如中国已故领导人邓小平 30 年前将毗邻香港的深圳列为海外制造业投资的“经济特区”一样，香港现在正被用作人民币进一步国际化的 实验基地。 在另一个香港，人们继续用港
2、元支付租金和薪资，使用港元购物，尽管很多零售商都乐意接受内地游客的人民币。汇丰银行 (HSBC)香港业务行政总裁马凯博 (Mark McCombe)问道：“问题是，这是代表着板块构造的改变，还是仅仅是多了一种货币选择？”答案介于两者之间。人民币的吸引力主要在于投机。人民币被视为一个必然会赢的赌注，人民币兑美元汇率将继续上升，而港元目前盯住美元。 1997 年 7 月，根据“一国两制”的方针，香港这个前英国殖民地回归中国。同时香港基本法开始施行，时效为 50 年。香港基本法称“港元为 法定货币，继续流通”。尽管如此，押注于人民币升值的香港投机者急剧增多，尽管这里的标准银行账户早就开始提供多币种存
3、款机会。 过去一年，人民币占香港零售存款基础的比例从 0.1%飙升至 4%左右。就在去年圣诞前夕，香港事实上的央行香港金管局 (Hong Kong Monetary Authority)宣布，截至去年 11 月底，香港人民币存款额增至 2800 亿元人民币，一年内增长 246%。 2009 年年中，中国内地企业首次被允许以人民币结算进出口贸易，当时中国政府旨在采取措施减轻对美元的依赖。而最近，内地企业又刚刚获准将人 民币汇往海外用于支付并购和投资交易。有资格进行跨境人民币贸易结算的中国内地出口商的数量最近从 365家跃升至 6.7万家，因为中国人民银行 (PBOC)希望大幅扩充该计划。用于跨境
4、贸易结算的人民币总汇款额从去年 10 月的 686亿元人民币升至 11 月的 937 亿元。 为扩大人民币在海外的供应，中国政府与 8 家央行签订了货币互换协议，总额达 8000 亿元人民币，分别是阿根廷、白俄罗斯、香港、冰岛、印尼、马来西亚、新加坡和韩国央行。香港金管局是唯一一家已知的已启动互换协议的央浙江万 里学院 商学 院 外文 文献原文 2 行。去年 10 月，香港金管局动用了 2000 亿元人民币互换 额度中的 100 亿元，使该地区商业银行多了一条为客户获取人民币的新渠道。 汇丰和渣打银行 (Standard Chartered)等银行已开发了以人民币计价的投资产品，并为跨国公司安
5、排了“点心”债券 (dim sum)发行。然而，人民币金融产品在香港的增长仍受到严格限制。中国政府采取管制措施，阻止进出内地的人民币投资资本自由流动。与贸易不同，每笔资本流动都需要获得审批。马凯博表示：“中国央行不希望他们的货币被用于投机。他们希望将其用于贸易。这是他们现在的路线。” 如果在香港持有的人民币无法投资于中国内地，那么除了 预期其升值之外，在香港以低收益率储蓄存款和债券的形式持有人民币几乎是毫无意义的。 香港的富有内地投资者的看法完全不同。正是因为人民币不可自由兑换，因此，他们大举涌入香港房地产市场以及推而广之的港元市场。房地产经纪人Alvin Yeung 表示，在他的客户中，约有
6、五分之一为内地人。在浏览其账目时，他指出了两笔出售给内地客户的交易，一套 842 平方英尺、售价 2100 万港元的公寓，还有一套售价 2600 万港元的公寓。这些拥有“名铸” (The Masterpiece)之类自负名号和壮丽海景的高价优质房地产，几乎从不对外出 租。 Alvin Yeung 解释称，内地客户购买房产是为了将资金转移出境，并希望得到在香港拥有房产而带来的炫耀的资本。他补充称：“（他们认为），如果我把房子出租，那就等于向其他人表明，我需要钱。因此，我不会出租。他们总是说，钱不是问题。”他指出，内地客户通常会全款购买，而且在兑换港元方面似乎没有任何问题。 这反映了香港作为中转站
7、的灵活特点：它在人民币国际化进程中发挥着关键作用，同时也为寻找可自由兑换货币和境外庇护所的内地富人提供了一种保护。 浙江万 里学院 商学 院 外文 文献原文 3 外文文献原文 Title: Hong Kong becomes a lab for a currency experiment Material Source:http:http/ideas.repec.org Author:Rahul Jacob T he rise of the renminbi in Hong Kong is a tale of two cities. One is the city of high financ
8、e in Hong Kongs business district where bankers are abuzz with excitement at the rapid increase in the use of Chinas currency for trade finance and corporate bond issues.With the mainland currency not fully convertible, Beijing is using Hong Kong as a laboratory where international companies can hol
9、d and trade renminbi-denominated products. In a mirror-image of the way that Deng Xiaoping, the late Chinese leader, designated Shenzhen, the Chinese city bordering Hong Kong, as a “special economic zone” for overseas manufacturing investment 30 years ago, Hong Kong is being used as a testing ground
10、 for further liberalisation of the renminbi. In the other Hong Kong, rents and salaries continue to be paid in Hong Kong dollars and shoppers still use the currency, although many retailers happily accept renminbi from mainland Chinese tourists. “The question is does this represent a tectonic plate
11、shifting or is this just another currency option?” asks Mark McCombe, chief executive of HSBCs Hong Kong operations.The answer is somewhere in between. The renminbis attraction is primarily speculative. Chinas currency is viewed as a sure bet that will continue to appreciate against the US dollar, t
12、o which the Hong Kong dollar is pegged. The territorys mini-constitution, which took effect for 50 years in July 1997 when the former British colony reverted to Chinese sovereignty under a “one country, two systems” formula, states “the Hong Kong dollar as legal tender . . . shall continue to circul
13、ate”. Nonetheless, the increase in punters in Hong Kong betting on a rise in the renminbi has been dramatic, even in a city where the standard bank account has long provided the opportunity to hold deposits in a dizzying array of currencies. Over the past year, the renminbis share of Hong Kongs reta
14、il deposit base has rocketed from 0.1 per cent to about 4 per cent. Just before Christmas, the territorys de facto central bank, the Hong Kong Monetary Authority, announced that renminbi 浙江万 里学院 商学 院 外文 文献原文 4 deposits in the city had increased to Rmb280bn at the end of November, up 246 per cent in
15、a year.Chinese companies were first allowed to settle import and export deals in renminbi in the middle of 2009, when Beijing moved to reduce its reliance on the US dollar. Companies have just been given the right to remit renminbi overseas for acquisitions and investments.The number of mainland exp
16、orters eligible for cross-border renminbi trade settlement recently rose to 67,000 from only 365 as the Peoples Bank of China (PBOC) sought to expand the scheme exponentially. Total renminbi remittance for cross-border trade settlement climbed to Rmb93.7bn in November from Rmb68.6bn in October. To b
17、oost renminbi availability overseas, Beijing has signed currency swap agreements with eight central banks in Argentina, Belarus, Hong Kong, Iceland, Indonesia, Malaysia, Singapore and South Korea totalling Rmb800bn. The HKMA is the only central bank known to have activated its swap. The authority dr
18、ew down Rmb10bn of its Rmb200bn swap line in October, opening a new channel through which commercial banks in the city can obtain renminbi for clients. Banks such as HSBC and Standard Chartered have created renminbi-denominated investment products and arranged “dim sum” bond sales, so-named after th
19、e citys famous culinary fare, for multinational companies.There remains, however, a critical constraint to the growth of renminbi financial products in Hong Kong. Beijing has controls preventing money flowing in and out of the mainland for investment purposes. Unlike with trade, capital flows requir
20、e approval on a case-by-case basis.“ The PBOC dont want their currency being used for speculation. They want it used for trade. Thats the journey they are on,” says Mr McCombe. Apart from appreciation, there is little point holding renminbi in Hong Kong in low-yielding deposit accounts and bonds if
21、it cannot be invested in the mainland. Wealthy mainland investors in Hong Kong have a different calculus altogether. It is precisely because the renminbi is not freely convertible that they have been piling into the Hong Kong real estate market and, by extension, the Hong Kong dollar.Alvin Yeung, an
22、 estate agent, says about a fifth of his clients are mainland Chinese. Looking through his accounts, he points to the sales of an 842 sq ft flat for HK$21m and another for HK$26m to mainland clients. This and other high-priced trophy properties at developments with immodest names such as “The Master
23、piece” and glittering harbour views are almost never rented out. Mr Yeungs mainland clients, he explains, are buying properties to move the 浙江万 里学院 商学 院 外文 文献原文 5 money across the border and for the bragging rights that come with owning a flat in Hong Kong. “They think If I rent it out, it shows oth
24、er people I need the money. Therefore I wont rent it out. They always say, Money is no problem,” Mr Yeung adds, noting that his mainland clients usually pay for their properties without taking mortgages and seem to have no problem acquiring Hong Kong dollars. It is characteristic of Hong Kongs agility as an entrept that, while playing a pivotal role in the renminbis internationalisation, it also provides a hedge for rich mainland Chinese seeking convertible currencies and offshore havens.
