滬倫通正式啟動(dòng) 中國(guó)資本市場(chǎng)開放的大門越來越大

6月17日，中國(guó)證監(jiān)會(huì)和英國(guó)金融行為監(jiān)管局發(fā)布聯(lián)合公告，原則批準(zhǔn)上海證券交易所和倫敦證券交易所開展滬倫通業(yè)務(wù)，滬倫通正式啟動(dòng)。

Vice-Premier Hu Chunhua (center, immediately right of lectern) and British Chancellor of the Exchequer Philip Hammond (behind lectern) observe the opening of the markets at the London Stock Exchange on Monday. [Photo/Agencies]

Under the Shanghai-London Stock Connect mechanism, Shanghai-listed companies can list on the London Stock Exchange via Global Depositary Receipts (GDRs) issuance, while British companies can issue China Depositary Receipts (CDRs) on the Shanghai Stock Exchange.

在滬倫通業(yè)務(wù)機(jī)制下，上海的上市公司可以通過全球存托憑證在倫敦證券交易所上市交易，英國(guó)的上市公司可以在上海證券交易所掛牌中國(guó)存托憑證。

【知識(shí)點(diǎn)】

滬倫通(Shanghai-London Stock Connect)，即上海證券交易所與倫敦證券交易所互聯(lián)互通機(jī)制(connectivity mechanism between the Shanghai Stock Exchange and the London Stock Exchange)，符合條件的兩地上市公司可依照對(duì)方市場(chǎng)的法律法規(guī)發(fā)行存托憑證(Depositary Receipt，DR)，并在對(duì)方市場(chǎng)上市交易。

存托憑證(Depositary Receipt，DR)，指在一國(guó)證券市場(chǎng)流通的公司通過中間機(jī)構(gòu)(通常為一銀行，稱為保管銀行或受托銀行)在外國(guó)交易市場(chǎng)發(fā)行的有價(jià)證券的可轉(zhuǎn)讓憑證。存托憑證一般代表公司股票，但有時(shí)也代表債券。境外基礎(chǔ)證券發(fā)行人在中國(guó)境內(nèi)發(fā)行的存托憑證叫中國(guó)存托憑證(China Depositary Receipts，CDRs)，境內(nèi)企業(yè)在境外發(fā)行的存托憑證叫全球存托憑證(Global Depositary Receipts，GDRs)。

A quota system has also been established for the cross-border conversion business in the early stages of the program, according to a joint announcement by the CSRC and the Financial Conduct Authority.

中國(guó)證監(jiān)會(huì)和英國(guó)金融行為監(jiān)管局的聯(lián)合公告指出，起步階段，對(duì)滬倫通跨境資金實(shí)行總額度管理。

Under the system, the quota for eastbound business is set at 250 billion yuan (about $36.26 billion ), while that for westbound business stands at 300 billion yuan.

其中，東向業(yè)務(wù)總額度為2500億元人民幣;西向業(yè)務(wù)總額度為3000億元人民幣。

投資者開通滬倫通權(quán)限須滿足：前20個(gè)交易日證券賬戶及資金賬戶內(nèi)的資產(chǎn)日均不低于人民幣300萬元。

作為連接中國(guó)和英國(guó)資本市場(chǎng)的橋梁，滬倫通源起于2015年9月舉行的第七次中英經(jīng)濟(jì)財(cái)金對(duì)話(the seventh China-UK Economic and Financial Dialogue)。過去4年間，中英雙方都在為這座橋梁早日“通車”積極準(zhǔn)備。

The mechanism would be of far-reaching significance to expand channels for cross-border investment and fund-raising, boost the development of both countries' capital markets and encourage the building of Shanghai into an international financial hub, the CSRC said in a statement.

證監(jiān)會(huì)表示，啟動(dòng)滬倫通對(duì)拓寬雙向跨境投融資渠道，促進(jìn)中英兩國(guó)資本市場(chǎng)共同發(fā)展，助力上海國(guó)際金融中心建設(shè)，都將產(chǎn)生重要和深遠(yuǎn)的影響。

2014年和2016年，我國(guó)先后推出滬港通(Shanghai-Hong Kong Stock Connect)和深港通(Shenzhen-Hong Kong Stock Connect)，允許滬深和香港的投資者互相到對(duì)方市場(chǎng)直接買賣股票。

【相關(guān)詞匯】

資本市場(chǎng) capital market

機(jī)構(gòu)投資者 institutional investors

熊貓債券 Panda bonds (境外和多邊金融機(jī)構(gòu)等在華發(fā)行的人民幣債券)

海外市場(chǎng) overseas market