控制資本外逃 中國加強人民幣海外交易審查

SHANGHAI — As an exodus of money adds to the pressure on a slowing economy, regulators are trying to put the brakes on overseas use of China’s currency by increasing the scrutiny of certain overseas deals.

上海——資金的大量外逃，給已經放緩的中國經濟帶來了更大的壓力，監管機構正在加強對某些海外交易的審查，以便阻止中國貨幣在海外的使用。

The decision to restrict overseas use of the renminbi represents a setback in China’s long-term drive to turn the currency into a rival to the dollar and euro in the global marketplace.

限制人民幣在海外的使用，這個決定意味着中國長期以來推動人民幣在全球市場上與美元和歐元競爭努力的倒退。

Beijing had pursued a greater role for the renminbi as a way to increase its economic influence.

北京之前希望讓人民幣發揮更大的作用，以便增強其經濟影響力。

Part of the renminbi’s appeal in international finance was that most Chinese companies could borrow and spend it overseas while seldom seeking approval from financial regulators in Beijing.

人民幣在國際金融中的一個吸引力在於，大多數中國公司可以在海外借款和消費，不再需要經過中國金融監管機構的批准。

But that leniency created a problem for China.

但是，這種寬鬆給中國帶來了一個問題。

The currency flowed out of the country in recent months and then traded heavily overseas, beyond the control of China’s regulators.

最近幾個月，人民幣大量流出中國，然後在海外大量進行交易，超出了中國監管機構的控制。

The situation has contributed to the currency’s steady weakening against the strong dollar this autumn.

這種情況推動人民幣今年秋天相對於堅挺的美元匯率穩步下跌。

That weakness, in turn, has prompted some Chinese businesses and households to move even more money out of the country before its value can erode further.

人民幣走弱反過來又促使一些中國企業和家庭在人民幣的幣值進一步下降之前，將更多的資金轉移至境外。

The authorities, under the relentless pressures of capital outflows, are poised to impose extensive restrictions on capital movements, marking a reversal of the gradual liberalizations introduced in recent years, Fred Hu, the chairman of the Primavera Capital Group, an investment firm based in Beijing and Hong Kong, wrote in an email reply to questions.

在資本外流的持續壓力下，當局準備對資本流動施加更加廣泛的限制，這標誌着近年來逐步推進的自由化的逆轉，北京和香港春華資本董事長鬍祖六(Fred Hu)在回覆提問的電郵中寫道。

While such capital controls may be intended to be temporary, he wrote, they will introduce mounting uncertainties for Chinese outbound investments.

雖然對資本的這種控制可能是暫時的，他寫道，但是這會給中國的對外投資帶來不確定性。

In an effort to slow the exodus, an affiliate of China’s central bank, the State Administration of Foreign Exchange, issued a directive to bankers on Monday that amounted to additional scrutiny.

爲了減緩資本外逃，中國央行附屬機構國家外匯管理局本週一向銀行業發佈了一項指令，要求加大審查力度。

The directive, which was quickly and broadly circulated within China’s financial community, told banks that their domestic customers must check with the Beijing regulator before transferring $5 million or more — in dollars or renminbi — out of the country.

該指令在中國金融界迅速傳播開來，指令中說，國內客戶如果要將價值500萬美元以上的美元或人民幣轉出該國，必須向北京的監管機構上報。

The rules will also cover renminbi that is sitting in overseas accounts, which had previously escaped most regulation.

規定還涵蓋了海外賬戶裏的人民幣，以前這些賬戶逃避了大多數監管。

The People’s Bank of China in Shanghai is facing great pressure to keep a balance between inflows to and outflows from China, said the directive, referring to the Shanghai office of the central bank.

該指令稱，上海的人民銀行面臨着巨大壓力，要在資金流入和流出之間保持平衡。

The directive said that 5.1 trillion renminbi, or $740 billion, sluiced out of China in the first 10 months of this year while only 3.1 trillion came back into the country.

該指令說，今年前10個月，中國流出5.1萬億人民幣，相當於7400億美元，流入資金只有3.1萬億美元。

The State Administration of Foreign Exchange declined Tuesday evening to respond to a faxed question regarding offshore renminbi, suggesting that the question should be submitted instead to the People’s Bank of China.

國家外匯管理局本週二晚上拒絕回答有關離岸人民幣問題的傳真，建議這個問題應該去問央行。

The central bank did not respond to questions late Tuesday evening.

央行週二晚上沒有回覆提問。

Government directives are not supposed to be public in China.

在中國，政府指令按理不應該公開。

In a sign of government irritation at the unauthorized distribution, censors reached into private WeChat social media accounts on Tuesday and deleted copies of the directive.

不經授權就傳播這樣的指令似乎令政府感到惱火，本週二，檢查員要求私人微信社交媒體帳戶刪除這份指令的副本。

The rules appear to take aim at a relatively discrete set of overseas deals that largely allow companies to pull money out of the country, rather than more strategic acquisitions.

這些規則針對的似乎是一系列相對獨立的海外交易，在大部分的這種交易中，公司將資金從國內抽走，而不是進行更具戰略性質的收購。

Many Chinese companies, for example, have used their overseas subsidiaries to buy or borrow renminbi in Hong Kong, London, New York and elsewhere from the international arms of Chinese banks.

例如，很多中國公司利用其海外子公司，從中國的銀行在香港、倫敦、紐約和其他地方的海外分支機構購買或借入人民幣。

Some of them then sell the renminbi and buy dollars, in a bet that the dollar will strengthen.

然後一些公司賣出人民幣，購買美元，押注美元將走強。

The new rules will apply broadly to Chinese companies.

新的規定將廣泛適用於中國公司。

In the past, only companies with headquarters in Beijing typically had to notify the government of big moves in offshore renminbi.

之前，一般只有總部設在北京的公司才必須通知政府自己將對離岸人民幣採取大動作。

Even so, the new rules amount more to a modest tweak than an outright overhaul.

即使如此，新的規則也更多的是一個小幅調整，而不是改弦更張。

Capital controls in China already restrict the movement of money.

中國的資本管制已經限制了人民幣的流動。

Individuals, for example, are not supposed to move more than $50,000 out of the country annually.

例如，個人每年不得轉移超過5萬美元的資金至海外。

Companies, too, have limits and other approval processes.

公司也面臨限制和其他批准過程。

The latest directive basically adds another layer of approval and closes some additional escape valves.

最新指令基本上是增加了另一層限制，並關閉一些額外的資金外逃閥門。

They are not changing the rules, said Jeffrey Sun, a partner in the Shanghai office of Orrick, Herrington and Sutcliffe, a global law firm.

他們並沒有改變規則，奧睿律師事務所(Orrick, Herrington& Sutcliffe)駐上海的律師孫捷(Jeffrey Sun)說。

It’s that, internally, they need to go through this extensive process.

只是說，在內部，他們需要通過這個繁複的過程。

While Chinese regulators are increasing their scrutiny, they have been reluctant to ban overseas investment outright.

雖然中國監管機構正在加大審查力度，但他們並不願意直接禁止海外投資。

Four different regulators issued a joint public statement on Monday through the official Xinhua news agency to emphasize that it was still acceptable for Chinese companies and households to invest overseas.

四家監管機構本週一通過官方通訊社新華社發表了聯合公開聲明，強調仍然許可中國公司和家庭進行海外投資。

China’s overseas investments have played an important role in deepening China’s mutually beneficial cooperation with other countries and promoting domestic economic restructuring and upgrading, the statement said.

中國海外投資對於爲深化我國與各國互利合作、促進國內經濟轉型升級發揮了重要作用，該聲明說。

But even those more strategic deals may soon get a second look.

即便是那些更具戰略性質的交易，可能不久後也會受到審查。

Regulators are also drafting rules that would require prior approval from Beijing for very large overseas corporate acquisitions.

監管機構正在起草規則，要求大規模海外併購需要事先獲得北京的批准。

The draft rules on very large acquisitions, first reported by The Wall Street Journal last Friday and subsequently confirmed by bankers and executives who were briefed on the plans,

對於大型併購規定的草案，《華爾街日報》上週五率先進行了報道，知道內情的銀行人士和高管後來表示確有此事。

would mandate that prior approval be obtained for deals exceeding $1 billion in real estate or in industries outside the Chinese company’s main area of business.

該草案要求，涉及房地產或者中國公司主營業務之外的行業時，交易超過10億美元需要獲得事先批准。

Any acquisition would also require prior approval if it exceeded $10 billion.

所有超過100億美元的併購都需要事先申請批准。

But some bankers are skeptical that such rules will make much of a difference.

但一些銀行人士懷疑這樣規定會起多大的作用。

Most large Chinese deals, like the pending acquisition of Switzerland’s Syngenta by the state-owned China National Chemical Corporation, involve well-connected companies that have long received top-level endorsement for their bids in advance anyway.

大多數大型交易，例如國企中國化工集團收購瑞士先正達(Syngenta)的交易，涉及的公司有非常良好的人脈，它們的行動很早以前就已經獲得過最高層的提前批准了。

The companies behind these large acquisitions are themselves very influential, and many will still find ways to close targeted deals, said Brock Silvers, the chief executive of Kaiyuan Capital, a Shanghai investment advisory firm.

投資諮詢公司上海Kaiyuan Capital董事總經理布洛克•西爾沃斯(Block Silvers)說：開展這種大型收購的公司本來就有很大的影響力，很多公司仍然有辦法來完成交易。