香港各銀行競相加息備戰"滬港通"
Offshore renminbi interest rates in Hong Kong have climbed to near record highs this week as banks compete for funds in preparation for the launch of a highly anticipated trading link that will grant investors there unprecedented access to China’s mainland equity market.
香港離岸人民幣利率本週大幅攀升，接近歷史高點，這是因爲香港各銀行爭相吸收資金，以備戰期待已久的“滬股通”。“滬港通”將首次允許中國境外投資者直接投資於中國內地股票市場。
HSBC, Citigroup and Standard Chartered are among the banks that have raised interest rates on time deposits in recent days, following even more aggressive rate increases by the Hong Kong units of mainland lenders including Bank of China and Citic Bank.
近些天來，包括匯豐(HSBC)、花旗集團(Citigroup)和渣打(Standard Chartered)等多家銀行提高了利率。而包括中國銀行(BoC)和中信銀行(Citic Bank)在內的多家中國內地銀行的香港分支機構，提高利率的幅度更大。The rise in CNH rates has occurred even as onshore renminbi interest rates have fallen in recent weeks due to a series of cash injections by China’s central bank.
離岸人民幣利率上升的同時，由於中國央行連續注資，近幾週中國內地人民幣利率已有所下降。
The Hong Kong-Shanghai stock connect did not launch in late October as expected. But exchange officials in both Hong Kong and Shanghai have said technical preparations are complete, and market participants still expect the programme to begin within weeks or months.
“滬港通”並未按計劃在10月末開通。但香港和上海兩地的外匯官員都表示，技術準備已完畢，而市場參與者仍希望它在未來幾周或幾個月內開通。Unlike China’s Qualified Foreign Institutional Investor (QFII) programme – the stock connect scheme does not provide a mechanism for converting foreign currency into renminbi.
跟中國的合格境外機構投資者(QFII)制度不同，“滬港通”不提供將外幣兌換爲人民幣的機制。Instead, Hong Kong participants will source renminbi in the CNH market, which is unregulated but also segregated from the onshore renminbi (CNY) market. CNH deposits in Hong Kong reached Rmb944bn ($154bn) by the end of September, with cross-border renminbi trade settlement the main driver of CNH accumulation in banks in the territory.
參加“滬港通”的香港投資者需要從離岸人民幣市場上獲得人民幣，這一市場不受監管，但與在岸人民幣市場並不連通。截至9月底，香港離岸人民幣存款達到9440億元人民幣（合1540億美元），跨境貿易人民幣結算是香港地區各銀行離岸人民幣不斷積累的主要動因。The growth of the renminbi QFII (RQFII) programme, has increased demand somewhat. The rise of the offshore renminbi bond market – known as dim sum bonds – has also helped.
人民幣合格境外機構投資者(RQFII)制度的發展，在一定程度上增加了市場對離岸人民幣的需求。被稱爲“點心債”(dim sum bond)的離岸人民幣債券市場的壯大，也發揮了類似作用。The impending launch of the stock connect, which is less restrictive than RQFII and offers a much broader range of assets than the dim sum market, is further boosting demand for CNH. That suggests onshore and offshore renminbi interest rates are on course for further convergence.
即將啓動的“滬港通”將進一步刺激市場對離岸人民幣的需求。“滬港通”比RQFII的限制更少，可投資資產範圍遠不止於點心債市場，這預示着在岸與離岸人民幣匯率將進一步趨同。
