中國向美國提供人民幣證券投資額度
Beijing is to grant US asset managers a Rmb250bn ($38bn) quota to invest in renminbi-denominpated Chinese securities, handing a sop to Washington while also facilitating capital inflows at a time of pressure on the currency.
北京方面將給予美國資產管理公司2500億元人民幣（合380億美元）的人民幣計價中國證券的投資額度，在向華盛頓方面展現善意的同時，也在人民幣承壓之際爲資本流入提供便利。
The government has been steadily liberalising its capital account but moves have been more assymetric since last August’s devaluation of its currency — when spooked foreign investors and domestic savers sought to move money out of the country, prompting a clampdown on outflows and deregulation on inflows.
中國政府一直在穩步開放資本賬戶，但是自去年8月的人民幣貶值以來，這方面的舉動比較不對稱；那次貶值導致受到驚嚇的外國投資者和國內儲戶想方設法把資金轉移到境外，進而促使官方採取行動遏制資本流出，放鬆資本流入。
Government data released yesterday showed that China’s foreign exchange reserves dropped by $28bn in May, although when measured in real terms — stripping out valuation impact — reserves rose by $9bn, the first time they have inched up in seven months.
昨日發佈的政府數據顯示，5月中國外匯儲備下降280億美元，但按照實際價值衡量（剔除估值影響），外匯儲備增加了90億美元，這是七個月來首次微幅上升。
For recipients of the quota, the latest move is largely symbolic. US asset managers such as BlackRock already access China’s capital markets through their Hong Kong or other overseas operations, although according to Chris Powers, of Shanghai-based consultancy Z-Ben Advisors, it should lead to more US investors’ money flowing in. It is also unclear how many will avail themselves of the quota, given currency jitters.
最新舉措對於獲得額度的機構基本上是象徵性的，美國資產管理公司如貝萊德(BlackRock)已經可以通過自己的香港或其他海外業務進入中國資本市場。不過據總部位於上海的澤奔諮詢(Z-Ben Advisors)的克里斯•鮑爾斯(Chris Powers)預計，此舉應該會導致更多美國投資者的資金流入。鑑於圍繞人民幣匯率的緊張情緒，尚不清楚有多少機構會使用自己的額度。
However, it added a positive note to what have sometimes been fraught Sino-US talks this week and gives a further push to the internationalisation of the renminbi. Previously, New York was conspicuous by its absence among the currency’s trading centres, which besides Hong Kong include London, Frankfurt and Singapore.
不過，此舉爲本週有時緊張的中美對話增添了正能量，並且將進一步推動人民幣國際化。此前，紐約因爲不在人民幣交易中心之列而引人注目；除香港外，人民幣境外交易中心目前包括倫敦、法蘭克福和新加坡。
The new quota for the five-year-old Renminbi Qualified Foreign Institutional Investor (RQFII) programme was unveiled by Yi Gang, deputy governor of the People’s Bank of China, during the second day of the annual Sino-US Strategic and Economic Dialogue.
實行已有五年的人民幣合格境外機構投資者(RQFII)計劃的新額度，是在年度中美戰略與經濟對話(Sino-US Strategic and Economic Dialogue)的第二天由中國人民銀行(PBoC)副行長易綱宣佈的。
It will give the US the largest RFQII quota except Hong Kong, with Rmb270bn. The move also raises the current total RQFII quota, at Rmb502bn as of end-May, by almost 50 per cent. No timeframe was given. “We think the US market is a very important one, so we issued this quota,” said Mr Yi.
此舉意味着美國將獲得除香港以外最大的RFQII額度；香港的額度是2700億元人民幣。此舉還將把截至5月底的現有RQFII總額度（5020億元人民幣）提高近50%。中國方面沒有說明時間框架。“美國是中國的一個重要市場，我們給予美國2500億元的RQFII額度，”易綱表示。
He said the renminbi regime was becoming increasingly transparent and market-driven — Beijing’s stated aim — and sought to dispel concerns that a US rise in interest rates would hurt the Chinese economy, where growth is slowing.
他表示，人民幣匯率制度正變得越來越透明和以市場爲導向，符合北京方面聲明的目標。他還試圖打消有關美國加息將損害增長已經在放緩的中國經濟的擔憂。
“Only if the US economy is improving would there be a hike,” said Mr Yi, adding that a healthy US economy would mean more US consumers buying Chinese goods.
易綱表示，如果美聯儲加息，說明美國經濟走強。他補充說，健康的美國經濟將意味着有更多美國消費者購買中國產品。
While he conceded that the flipside meant capital would flow to the US to access the higher yields on offer, Mr Yi said this would have more impact on other emerging markets as the PBoC had time to prepare its firepower.
儘管他承認，另一面美聯儲加息意味着資本會流向美國，以求獲利於較高的收益率，但易綱表示，這會對其他新興市場造成更大沖擊，因爲中國央行有足夠時間準備彈藥。
“From a central-bank monetary policy perspective, we must prepare. We’ve been talking about a rate hike for a very long time already. We’ve got enough time to prepare.”
“作爲中央銀行要從貨幣政策角度做好準備。美聯儲加息已經說了很長時間，準備的時間是有的。”
Mr Yi emphasised China’s commitment to the internationalisation of the renminbi. “We want the renminbi to be on an equal platform with other currencies: the euro, the dollar, and other emerging-market currencies.”
易綱強調了中國對人民幣國際化的承諾。他表示，希望人民幣和歐元、美元以及其他新興市場貨幣放在一個平等的平臺上。
