人民幣成中國與亞太跨境支付第一貨幣

China’s renminbi has become the main currency for payments between China and the rest of the Asia-Pacific region, more than tripling in use over the past three years and outstripping the Japanese yen, the US dollar and the Hong Kong dollar in the process, according to data from the clearing system, Swift.

清算系統“環球同業銀行金融電訊協會”(Swift)的數據顯示，人民幣已經成爲中國與亞太其他地區之間最主要的支付貨幣，過去三年間支付量增加了3倍多，超過了日元、美元和港幣。

The shift demonstrates that the Asia-Pacific region is at the forefront of the renminbi’s gathering acceptance as a currency for international trade settlement and investment. The Chinese currency was used in January-April for 31 per cent of payments between China (including Hong Kong) and the rest of the Asia-Pacific region, up from 7 per cent back in April 2012, Swift said.

這種轉變表明，亞太地區是人民幣提升作爲全球貿易結算和投資貨幣接受度的最前線。Swift稱，今年1-4月期間，在中國（包括香港）與亞太其他地區的支付中，使用人民幣的比例達到31%，較2012年4月時的7%大幅提升。

The currency’s ascent came mostly at the expense of the US dollar, which was used in just 12.3 per cent of payments in April, down from 21.7 per cent in April 2012, Swift figures show. The yen and the Hong Kong dollar were also displaced, though to a lesser degree, by the rise of the renminbi (see table).

Swift的數據顯示，人民幣使用比例上升主要影響美元，後者在4月的支付中佔比僅爲12.3%，遠低於2012年4月時的21.7%。日元和港幣的使用比例也有所下降。

Singapore, Taiwan and South Korea are now using the renminbi for the majority of their payments with China, according to Swift, while the recent induction of clearing centres in Malaysia, Thailand and Australia should underpin the trend. Out of the 26 countries in the region, only nine are “low users” — places that use the renminbi for less than 10 per cent of their transactions with China, down from 19 in 2012.

Swift表示，新加坡、臺灣和韓國如今在與中國大陸的大多數支付中都使用人民幣。近期在馬來西亞、泰國和澳大利亞設立人民幣清算中心應會支撐這一趨勢。在亞太地區26個國家，僅有9個國家爲“低用戶”地區（在與中國的交易中使用人民幣的比例不足10%），較2012年的19個國家大幅減少。

Increasingly, it is investment rather than trade that drives the renminbi’s popularity. The opening of the Shanghai-Hong Kong Stock Connect, which allows offshore investors to use renminbi to invest in Shanghai’s A-share market, has underpinned demand, while a 68 per cent year-on-year increase in foreign investors’ holdings of domestic Chinese bonds during 2014 has also spurred demand.

投資、而非貿易日益成爲推動人民幣普及的因素。“滬港通”允許境外投資者使用人民幣投資上海A股市場，它的開通有力支撐了對人民幣的需求，同時2014年境外投資者持有的中國國內債券同比增長68%，這也刺激了需求。

Such overseas interest in domestic Chinese bonds is expected to continue, say fund managers, because the yields available are far superior to those that characterise fixed-income opportunities in Europe, Japan and elsewhere in developed markets.

基金管理公司稱，由於中國債券的收益率遠高於歐洲、日本及其他發達市場以固定收益機會爲特點的債券，預計境外投資者對中國國內債券市場的興趣將繼續增加。

The China Universal Enhanced Bond Fund, for example, returned 13.12 per cent in 2014, according to China Universal, a Chinese asset manager.

例如，中國資產管理公司匯添富(China Universal)表示，2014年匯添富增強收益債券基金(China Universal Enhanced Bond Fund)的收益率爲13.12%。

“We are definitely seeing increasing interest from European investors, both retail and institutional, who are hunting for yield in a world that is not really delivering their return targets,” said Christopher Gunns, a managing director at China Universal.

“我們肯定會看到歐洲投資者日益濃厚的興趣，無論是散戶投資者還是機構投資者，他們如今正在一個無法真正實現其收益目標的世界裏尋找收益率，”匯添富的董事總經理克里斯托弗•岡恩斯(Christopher Gunns)稱。

In addition, foreign investors currently hold only a tiny share, at 1.9 per cent or Rmb672bn, of China’s total onshore bond market, suggesting ample room to boost their involvement providing that Beijing approves sufficient investment quotas.

另外，在中國整個在岸債券市場中，目前境外投資者持有的份額還非常小，僅爲1.9%或6720億人民幣。這表明，如果北京方面批准足夠的投資額度，境外投資者的參與度還有巨大提升空間。