青島希尼爾翻譯公司（www.shreekrishnajewellers.com）整理發(fā)布2015-12-07

希尼爾翻譯公司（www.shreekrishnajewellers.com）2015年12月7日了解到：10月，中國(guó)人民銀行駐歐洲首席代表包明友在倫敦發(fā)表了演講。在演講接近高潮的時(shí)候，他告訴在場(chǎng)的商界領(lǐng)袖，中國(guó)的金融業(yè)不僅需要適應(yīng)變化，還要發(fā)揮領(lǐng)導(dǎo)作用。Building up to the climax of a speech in London in October, Bao Mingyou, the People’s Bank of China’s chief representative in Europe, told his audience of business leaders his country’s financial sector needed not only to adapt, but to take the lead.

“The process of renminbi liberalisation will be pushed ahead,” he said, before listing a series of financial reforms already undertaken — on renminbi rates and on the issuing of certificates of deposits and lending rates, among others. “人民幣自由化的的進(jìn)程將繼續(xù)推進(jìn)，”他表示。之后他列舉了一系列已經(jīng)著手進(jìn)行的金融改革，涉及人民幣匯率、放開(kāi)存貸款利率管制等方面。

Then came the climax. “This is the time for you to be more engaged and you will benefit in the long run,” he finished. 隨后就是這次演講的高潮部分?！案魑皇菚r(shí)候更多地參與進(jìn)來(lái)，從長(zhǎng)遠(yuǎn)看，你將會(huì)從中受益，”他總結(jié)道。

This was no wake-up call for London. Of all the world’s financial centres, London has positioned itself strongly to capitalise on China’s increasing inclination towards financial reform. Just to ram home the message, the red carpet was well and truly rolled out for President Xi Jinping’s state visit to the UK in October. 對(duì)倫敦來(lái)說(shuō)，這樣的提醒并無(wú)必要。在世界各大金融中心中，倫敦一直堅(jiān)定地尋求充分利用中國(guó)日漸增強(qiáng)的金融改革意識(shí)。為了強(qiáng)化這一訊息，英國(guó)十分隆重地接待了10月到訪的中國(guó)國(guó)家主席習(xí)近平。

On top of the requisite trade and investment deals that accompany such trips, China formally applied to become a member of the European Bank for Reconstruction and Development, which the UK welcomed. It also chose London as the first financial centre outside China to issue its sovereign debt. 除了這類(lèi)訪問(wèn)通常伴隨的貿(mào)易和投資協(xié)議以外，中國(guó)還正式申請(qǐng)加入歐洲復(fù)興開(kāi)發(fā)銀行(EBRD)，英國(guó)對(duì)此表示歡迎。中國(guó)還選擇倫敦作為首個(gè)發(fā)行人民幣主權(quán)債券的海外金融中心。

That move would increase liquidity in London’s renminbi bond market, says City of London policy chairman Mark Boleat, as well as help develop a pricing benchmark and attract other high-rated issuances. 倫敦金融城(City of London)政策與資源委員會(huì)主席包墨凱(Mark Boleat)表示，此舉將增強(qiáng)倫敦人民幣債券市場(chǎng)的流動(dòng)性，還有助于制定定價(jià)基準(zhǔn)，吸引其他高信用評(píng)級(jí)證券在倫敦發(fā)行。

London is fast becoming an outpost of the Chinese financial system. Chinese banks have become agents for renminbi clearing payments in London and a host of Chinese financial houses have taken up membership of the London Stock Exchange. The Agricultural Bank of China has issued green bonds in London. 倫敦正迅速成為中國(guó)金融體系的前哨。一些中資銀行已成為倫敦的人民幣清算支付代理機(jī)構(gòu)，一些中國(guó)金融機(jī)構(gòu)也成為了倫敦證券交易所(LSE)的會(huì)員。中國(guó)農(nóng)業(yè)銀行(ABC)在倫敦發(fā)行了綠色債券。

As UK Treasury official Katharine Braddick said: “The UK financial centre has tremendous influence.” 正如英國(guó)財(cái)政部(UK Treasury)官員凱瑟琳?布拉迪克(Katharine Braddick)所說(shuō)的：“英國(guó)的金融中心擁有巨大的影響力?！?span id="fznv7bvjx7t" class="style43">

The competition for Chinese investment in Europe is fierce, says André Loesekrug-Pietri, founder of A Capital, the private equity fund management company. The US had its own red carpet visit from President Xi in September. 私募股權(quán)基金管理公司A Capital的創(chuàng)始人龍德望(André Loesekrug-Pietri)表示，在歐洲，爭(zhēng)奪中國(guó)投資的競(jìng)爭(zhēng)十分激烈。

European countries need to compete for “the first Rmb bond, the Rmb clearing capital, the listing place for Chinese firms, the best friend of this, the first to officially recognise that, etc,” says Mr Loesekrug-Pietri. 歐洲各國(guó)需要爭(zhēng)奪“首只人民幣債券、人民幣清算之都、中國(guó)企業(yè)的上市地、這方面的最友好關(guān)系、那方面的首個(gè)官方認(rèn)可等等，”龍德望說(shuō)。

But they must co-ordinate policies, markets and wealth to show the Chinese that Europe is a serious partner, he says. 但他表示，歐洲國(guó)家必須協(xié)調(diào)政策、市場(chǎng)和財(cái)富，以向中方表明，歐洲是一個(gè)嚴(yán)肅的合作伙伴。

China has no particular preference among potential global financial partners. All are relevant, as it seeks to develop the renminbi and build its liquidity. The renminbi may have climbed from 20th most used currency three years ago to fourth, overtaking the yen in the process, according to Swift, the payments services provider. But it is still dwarfed in size by the dollar and the euro. 中國(guó)對(duì)潛在的全球金融合作伙伴沒(méi)有特別的偏好。在尋求發(fā)展人民幣，建立人民幣流動(dòng)性的過(guò)程中，所有伙伴都是相關(guān)的。根據(jù)支付服務(wù)提供商——環(huán)球銀行金融電信協(xié)會(huì)(SWIFT)的數(shù)據(jù)，人民幣已從3年前第20位最常用貨幣攀升至第4大最常用貨幣，超過(guò)日元。但美元和歐元的使用量仍然讓人民幣相形見(jiàn)絀。

London has inbuilt advantages to benefit from China’s thirst for renminbi business — it straddles time-zones from Asia to the Americas and is the centre of the global foreign exchange market. 倫敦?fù)碛蝎@益于中國(guó)對(duì)人民幣業(yè)務(wù)渴求的固有優(yōu)勢(shì)——英國(guó)的時(shí)區(qū)處于亞洲和美洲之間，倫敦還是全球外匯市場(chǎng)的中心。

Hence, China is expected to extend its FX trading hours for the onshore renminbi to 11pm to overlap with European trading times. 因此，預(yù)計(jì)中國(guó)將把在岸人民幣市場(chǎng)外匯交易時(shí)段延長(zhǎng)至晚上11點(diǎn)，以和歐洲的交易時(shí)段重疊。

But for China to become the fifth member of the elite Special Drawing Rights basket of currencies and acquire reserve currency status, it has had to persuade global financial markets its reforms are serious and long-lasting. 但是，為成為精英的特別提款權(quán)(SDR)貨幣籃子的第5名成員，獲得儲(chǔ)備貨幣的身份，近年中國(guó)不得不說(shuō)服全球金融市場(chǎng)相信，中國(guó)的改革是嚴(yán)肅和長(zhǎng)期性的。

That persuasion game is far from over. “If they start to slow down on the reform process, people start to lose interest,” says Paul Mackel, who heads emerging markets FX research for HSBC. 這一說(shuō)服任務(wù)還遠(yuǎn)未完成?！耙坏┲袊?guó)開(kāi)始放緩改革進(jìn)程，人們就會(huì)失去興趣，”匯豐(HSBC)新興市場(chǎng)外匯研究部門(mén)主管保羅?梅克爾(Paul Mackel)表示。

Reforms will keep coming. China last month launched a cross-border system for clearing renminbi payments to speed up and clarify a laborious process. 改革措施還將繼續(xù)出臺(tái)。中國(guó)上月啟動(dòng)了人民幣跨境支付系統(tǒng)，以加快和理順耗時(shí)耗力的人民幣支付清算過(guò)程。

SDR admission is largely symbolic, says Mr Mackel. “It’s a coming of age for the currency, an acknowledgment that the Chinese authorities have done a lot of reform. But it’s probably a quality of assurance to stay on the reform path.” 梅克爾表示，人民幣加入SDR基本上只具有象征意義?！斑@標(biāo)志著人民幣走向成熟，是對(duì)中國(guó)當(dāng)局

But it is also a question of confidence. The market clearly took fright at the August 11 policy shift from the PBoC which changed the way it calculates the daily RMB rate-setting band, and resulted in a dramatic fall in the currency. 采取大量改革舉措的認(rèn)可。但這很可能也是鼓勵(lì)中國(guó)繼續(xù)走改革道路的質(zhì)量保證?！?span id="fznv7bvjx7t" class="style43">

That has subsequently led the market to give its full attention to the PBoC. Since that marked August depreciation, the renminbi has largely stayed in the same trading band, suggesting the PBoC has been seeking a period of calm while the International Monetary Fund deliberates over China’s SDR application. 但這也是一個(gè)信心問(wèn)題。市場(chǎng)明顯因?yàn)橹袊?guó)央行8月11日的政策轉(zhuǎn)變而受到驚嚇。那天中國(guó)央行決定改變?nèi)嗣駧艆R率中間價(jià)報(bào)價(jià)機(jī)制，致使人民幣戲劇性走低。

Does a positive SDR outcome for China from the IMF presage a resumption of renminbi depreciation? 這使市場(chǎng)密切關(guān)注中國(guó)央行。自8月顯著貶值后，人民幣基本處于同一個(gè)交易區(qū)間，似乎表明中國(guó)央行試圖在國(guó)際貨幣基金組織(IMF)考慮中國(guó)加入SDR的申請(qǐng)時(shí)保持一段平靜期。

Many analysts assume the currency will weaken next year. “SDR is not going to stop that,” says Mr Mackel. “A period of calm will be temporary, and if anything we will be going back to the fundamental direction of the exchange rate — and that’s for the currency to weaken against the dollar.” 人民幣成功加入SDR是否預(yù)示著人民幣將再次開(kāi)始貶值？

If China is to get the world to trade more in the renminbi, it may need the market to become used not just to a declining currency but one that moves around more frequently. 許多分析師認(rèn)為，人民幣明年將走軟?！凹尤隨DR也無(wú)法阻止這一趨勢(shì)，”梅克爾說(shuō)，“一段時(shí)間的平靜期是暫時(shí)的，如果說(shuō)有什么改變的話，我們將回歸匯率的根本走勢(shì)——也就是人民幣相對(duì)于美元走軟?！?span id="fznv7bvjx7t" class="style43">

One step at a time. The world’s financial markets may be gearing up for a more engaged renminbi, but is not yet ready for a volatile one. 如果中國(guó)要讓世界更多地使用人民幣進(jìn)行貿(mào)易，中國(guó)或許不僅需要市場(chǎng)習(xí)慣人民幣走軟，還需要市場(chǎng)習(xí)慣人民幣更加頻繁的波動(dòng)。

一步一步來(lái)。世界金融市場(chǎng)或許在準(zhǔn)備迎接人民幣的更大參與，但還沒(méi)有準(zhǔn)備好應(yīng)對(duì)更加動(dòng)蕩的人民幣。青島翻譯公司