中國(guó)準(zhǔn)備年底前推出“債券通”

China plans to introduce a bond trading link between Hong Kong and the mainland by year-end, according to premier Li Keqiang.

根據(jù)中國(guó)總理李克強(qiáng)的說(shuō)法，中國(guó)計(jì)劃在年底前推出香港與中國(guó)內(nèi)地債券交易互聯(lián)機(jī)制。

Dubbed “Bond Connect”, the programme would operate alongside the existing Stock Connect system that allows international and mainland investors their only direct access to each others’ markets.

這一名為“債券通”的計(jì)劃將與現(xiàn)有的兩地股市互聯(lián)機(jī)制一道運(yùn)營(yíng)，后者令國(guó)際投資者和中國(guó)內(nèi)地投資者獲得了直接進(jìn)入彼此市場(chǎng)的唯一途徑。

On Wednesday, the Chinese premier said: “We are preparing to implement for the first time this year a bond market connect between the mainland and Hong Kong,” which would allow “overseas capital to buy mainland bonds overseas for the first time”.

周三，李克強(qiáng)表示：“我們準(zhǔn)備今年在香港和內(nèi)地試行‘債券通’，也就是說(shuō)允許境外資金在境外購(gòu)買內(nèi)地的債券，這是第一次。”

He added: “This will help Hong Kong maintain its status as an international financial centre, and provide Hong Kong investors with more options.”

他還表示：“這有利于維護(hù)香港國(guó)際金融中心的地位，有利于香港居民有更多的投資渠道。”

Significantly, Bond Connect would not require international investors to open accounts onshore, but rather allow them to trade mainland bonds from their Hong Kong accounts.

值得注意的是，“債券通”將不要求國(guó)際投資者在中國(guó)內(nèi)地開(kāi)設(shè)賬戶，而允許他們通過(guò)在香港的賬戶交易內(nèi)地債券。

The scheme has long been on the wish list of Charles Li, the chief executive of the Hong Kong Stock Exchange, who is keen to position the exchange as the financial securities gateway between China and the outside world.

長(zhǎng)期以來(lái)，香港交易所(HKEx)行政總裁李小加(Charles Li)一直期望能夠建立這樣的機(jī)制。他渴望將港交所定位為中國(guó)與外部世界之間的金融證券門戶。

The premier’s blessing gives the project a big push: it was a similar announcement from China’s Mr Li that signalled the green light for the Stock Connect programme three years ago.

中國(guó)總理的首肯對(duì)該計(jì)劃來(lái)說(shuō)是個(gè)巨大的推動(dòng)：三年前李克強(qiáng)曾發(fā)布類似的聲明，為“滬港通”開(kāi)了綠燈。

The move is the latest in China’s efforts to attract international investors to its vast bond markets — the world’s third-largest, with some Rmb64tn ($9.3tn) of debt outstanding.

此舉是中國(guó)吸引國(guó)際投資者投資其巨大的債券市場(chǎng)的最新努力。中國(guó)的債市規(guī)模為全球第三大，未償債務(wù)約為64萬(wàn)億元人民幣(合9.3萬(wàn)億美元)。

Last year, China eased the approvals process for foreign fund managers to buy Chinese bonds, and just last month it removed another stumbling block by allowing them to hedge the currency risk of those purchases onshore.

去年，中國(guó)放松了外國(guó)基金管理公司購(gòu)買中國(guó)債券的審批程序。就在上月，中國(guó)還允許外國(guó)基金管理公司對(duì)沖它們?cè)谥袊?guó)內(nèi)地購(gòu)買的債券的匯率風(fēng)險(xiǎn)，移除了另一塊絆腳石。

However, foreigners still hold less than 2 per cent of Chinese debt.

不過(guò)，由外國(guó)資金持有的中國(guó)債務(wù)的占比仍不到2%。

With Bond Connect, “the aim is to provide cross-border cash bond trading and settlement connectivity with the mainland’s major onshore bond market infrastructures”, the HKEx chief said recently. “We are confident that we can deliver a unique value proposition to make existing markets connect better, without trying to reinvent the way that investors currently trade bonds.”

李小加最近表示，債券通機(jī)制“旨在連通內(nèi)地主要在岸債券市場(chǎng)基礎(chǔ)設(shè)施，提供跨境現(xiàn)貨債券交易及結(jié)算”。“相信最后提出來(lái)的方案能夠在不用改變投資者當(dāng)前買賣債券模式基礎(chǔ)上便可建立一個(gè)便捷的市場(chǎng)連通模式。”