外國央行越發青睞人民幣債券大綱
China Development Bank Corp.'s latest dim sum bond offer in Hong Kong yielded the strongest interest yet from the world's central banks, highlighting the growing trend in which foreign countries are diversifying their foreign exchange reserves into the Chinese currency.
全球多國央行對國家開發銀行股份有限公司(China Development Bank Corp.)在香港發行的最新點心債券（即人民幣計價債券）表現出迄今爲止最強烈的興趣。這凸顯了一股日益明顯的趨勢，即這些國家正在通過配置人民幣資產實現外匯儲備的多元化。
Rising order books for offshore yuan bonds among central banks also underscore a need to seek alternative assets amid concerns over the long-term prospects of the greenback, which has remained weak for several years.
世界多國央行對離岸人民幣債券需求不斷上升同時凸顯出這樣一個事實，即由於擔心美元的長期前景，多國央行感到有必要尋求替代性資產。美元已經持續疲弱多年。
Last week, the Chinese policy lender sold 2.5 billion Chinese yuan ($394.8 million) worth of offshore yuan-denominated bonds in its second dim sum offering this year, with tenors of three and 20 years.
上週，國家開發銀行發行了價值人民幣25億元（約合3.948億美元）的離岸人民幣計價債券，這是其今年以來第二次發行點心債券。這批債券的期限分爲三年和20年兩種。
Around 58% of the CNY1.5 billion worth of three-year bonds being sold was picked up by a handful of central banks, according to people familiar with the situation, though they declined to identify specific central banks. Other buyers included banks, fund managers and private bank investors.
知情人士透露，在發行的人民幣15億元的三年期點心債券中，大約有58%被少數幾家央行認購。但這些知情人士不願披露具體央行的名字。其它買家包括銀行、基金經理和私人銀行投資者。
In announcing its bond sale last week, China Development Bank said the issue marked the first-ever investment in yuan bonds by African central banks. Meanwhile, central banks from the Middle East and Europe also subscribed for the quasi-sovereign paper, according to a banker involved in the deal.
上週在宣佈發行這批點心債券時，國家開發銀行說，這是有史以來非洲國家央行首次投資人民幣債券。與此同時，據參與交易的一位銀行家透露，中東和歐洲國家的央行也認購了這批准主權債券。Such strong interest comes as central banks last month clinched CNY2 billion worth of bonds sold in China's Ministry of Finance's CNY23 billion offshore sovereign bond. Two weeks ago, foreign central banks secured a fifth of the CNY1.75 billion dim sum bond sold by Export-Import Bank of Korea.
在國外央行對這批點心債券表現出濃厚興趣的同時，中國財政部上個月在港發行的230億元人民幣國債中，國外央行認購了其中的20億元。兩週前，韓國輸出入銀行(Export-Import Bank of Korea)發行的價值人民幣17.5億元的點心債券中，外國央行認購了其中的五分之一。
'It's a natural progression for central banks to engage in (the offshore yuan market) over time, as they look to diversify their reserves away from the U.S. dollar and euro,' said Ken Wei Wong, Asia-Pacific debt syndicate director for Barclays PLC, which was one of the underwriters for the CDB bond issue.
巴克萊集團(Barclays PLC)亞太債券承銷部董事Ken Wei Wong說，隨着時間的推移，國外央行參與離岸人民幣市場是一件很自然的事情，因爲它們希望降低美元和歐元資產的比重，實現外儲多元化。巴克萊集團是此次國家開發銀行債券發行的承銷商之一。
Central banks can also buy yuan papers in the tightly controlled onshore market in China through the Qualified Foreign Institutional Investors, or QFII, program the primary conduit for foreign investors to enter China's domestic capital markets. However, they are subject to stringent access restrictions to these markets in the form of investment quotas granted by China's foreign exchange regulator.
外國央行也可以通過合格境外機構投資者(QFII)這一機制在中國國內受嚴格控制的市場購買人民幣債券。QFII是外國投資者進入中國國內資本市場的主要渠道。然而，外國投資者在進入這些市場時都受到嚴格的准入限制，他們的投資額度不能超過中國外匯監管機構批准的上限。
Last week, Indonesia's central bank said it started buying yuan bonds in mainland China, following the moves of other central banks, such as those in Japan, South Korea, Nigeria and Saudi Arabia, which have all announced or indicated plans to diversify their currency reserves into the yuan.
上週，印尼央行表示它開始在中國內地買入人民幣債券。此前，日本、韓國、尼日利亞和沙特阿拉伯等國央行也都採取了類似的舉措。這些國外央行已經宣佈了買入人民幣債券、分散外儲資產的計劃，或表示有此計劃。
In the offshore yuan market, however, central banks and other investors don't face such harsh restrictions. Mr. Wong said he expects more central banks to participate in the offshore yuan market as the Chinese currency becomes more internationalized.
但在離岸人民幣市場，外國央行和其他投資者不需要面對如此苛刻的限制。Ken Wei Wong說，隨着人民幣國際化程度的提高，他預計有更多央行會參與離岸人民幣市場。
