Lenders can issue RMB bonds in HK

时间：2007-01-12 06:57:20

（单词翻译:单击）

Jan.11 - The central government yesterday gave the approval for mainland lenders to issue renminbi bonds in Hong Kong, marking a breakthrough in its currency polices and paving the way for a fully1-convertible2 yuan.

 

The mainland has thus opened up the capital account in an overseas center for the first time after it did so on the current account a few years ago.

 

The capital account tracks the movement of funds for investments and loans in an economy, while the current account tracks flows of transactions such as in goods, services and interest payments.

 

At a press conference, Hong Kong Financial Secretary Henry Tang said the special administrative3 region (SAR) would discuss details next week with the People's Bank of China, the mainland's central bank.

 

The central government is also studying whether to allow the use of the yuan to settle payments for mainland exports to Hong Kong, he said, adding no timetable has been set.

 

Hong Kong Chief Executive Donald Tsang welcomed the move. "This new category of renminbi business is conducive4 to business opportunities for banks and enhancing financial flows between Hong Kong and the mainland," he said.

 

Local economists6 forecast more openings and a greater role for Hong Kong in the reform of the country's foreign exchange regime.

 

"The RMB bond issue is a significant opening of yuan-denominated services," said Frances Cheung, an economist5 with Standard Chartered Bank. "We foresee more openings in the future."

 

Some even predict the central government may soon allow the yuan to be fully convertible in the city on a pilot basis.

 

Hong Kong is seen as a test ground for the mainland to exercise greater flexibility7 in its foreign exchange regime and offshore8 yuan businesses. The SAR has become a proxy9 for foreign investors10 to bet on yuan appreciation11.

 

Four types of yuan businesses deposit, withdrawal12, exchange and remittance13 have been allowed in the SAR from February 2004. By November, a total of 22.6 billion yuan ($2.89 billion) was held by 40 Hong Kong banks as deposit.

 

The deregulation will definitely benefit mainland banks, which offers them a new fund-raising channel apart from listing and retail14 banking15, economists said.

 

Three policy banks China Development Bank, The Import-Export Bank of China and Agricultural Development Bank of China could be the first batch16 of financial houses to be allowed to conduct the business, said an analyst17 who declined to be named. "Mainland commercial banks have various ways to tap Hong Kong's equity18 market," he told China Daily. "It is policy banks that urgently need fund-raising channels," he added.

 
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点击收听单词发音收听单词发音  

1 fully Gfuzd     
adv.完全地，全部地，彻底地；充分地
参考例句：
  • The doctor asked me to breathe in,then to breathe out fully.医生让我先吸气，然后全部呼出。
  • They soon became fully integrated into the local community.他们很快就完全融入了当地人的圈子。
2 convertible aZUyK     
adj.可改变的，可交换，同意义的；n.有活动摺篷的汽车
参考例句：
  • The convertible sofa means that the apartment can sleep four.有了这张折叠沙发，公寓里可以睡下4个人。
  • That new white convertible is totally awesome.那辆新的白色折篷汽车简直棒极了。
3 administrative fzDzkc     
adj.行政的，管理的
参考例句：
  • The administrative burden must be lifted from local government.必须解除地方政府的行政负担。
  • He regarded all these administrative details as beneath his notice.他认为行政管理上的这些琐事都不值一顾。
4 conducive hppzk     
adj.有益的，有助的
参考例句：
  • This is a more conducive atmosphere for studying.这样的氛围更有利于学习。
  • Exercise is conducive to good health.体育锻炼有助于增强体质。
5 economist AuhzVs     
n.经济学家，经济专家，节俭的人
参考例句：
  • He cast a professional economist's eyes on the problem.他以经济学行家的眼光审视这个问题。
  • He's an economist who thinks he knows all the answers.他是个经济学家，自以为什么都懂。
6 economists 2ba0a36f92d9c37ef31cc751bca1a748     
n.经济学家，经济专家( economist的名词复数 )
参考例句：
  • The sudden rise in share prices has confounded economists. 股价的突然上涨使经济学家大惑不解。
  • Foreign bankers and economists cautiously welcomed the minister's initiative. 外国银行家和经济学家对部长的倡议反应谨慎。 来自《简明英汉词典》
7 flexibility vjPxb     
n.柔韧性，弹性，（光的）折射性，灵活性
参考例句：
  • Her great strength lies in her flexibility.她的优势在于她灵活变通。
  • The flexibility of a man's muscles will lessen as he becomes old.人老了肌肉的柔韧性将降低。
8 offshore FIux8     
adj.海面的，吹向海面的；adv.向海面
参考例句：
  • A big program of oil exploration has begun offshore.一个大规模的石油勘探计划正在近海展开。
  • A gentle current carried them slowly offshore.和缓的潮流慢慢地把他们带离了海岸。
9 proxy yRXxN     
n.代理权，代表权；（对代理人的）委托书；代理人
参考例句：
  • You may appoint a proxy to vote for you.你可以委托他人代你投票。
  • We enclose a form of proxy for use at the Annual General Meeting.我们附上委任年度大会代表的表格。
10 investors dffc64354445b947454450e472276b99     
n.投资者，出资者( investor的名词复数 )
参考例句：
  • a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
  • a cash bonanza for investors 投资者的赚钱机会
11 appreciation Pv9zs     
n.评价；欣赏；感谢；领会，理解；价格上涨
参考例句：
  • I would like to express my appreciation and thanks to you all.我想对你们所有人表达我的感激和谢意。
  • I'll be sending them a donation in appreciation of their help.我将送给他们一笔捐款以感谢他们的帮助。
12 withdrawal Cfhwq     
n.取回，提款；撤退，撤军；收回，撤销
参考例句：
  • The police were forced to make a tactical withdrawal.警方被迫进行战术撤退。
  • They insisted upon a withdrawal of the statement and a public apology.他们坚持要收回那些话并公开道歉。
13 remittance zVzx1     
n.汇款，寄款，汇兑
参考例句：
  • Your last month's salary will be paid by remittance.最后一个月的薪水将通过汇寄的方式付给你。
  • A prompt remittance would be appreciated.速寄汇款不胜感激。
14 retail VWoxC     
v./n.零售；adv.以零售价格
参考例句：
  • In this shop they retail tobacco and sweets.这家铺子零售香烟和糖果。
  • These shoes retail at 10 yuan a pair.这些鞋子零卖10元一双。
15 banking aySz20     
n.银行业，银行学，金融业
参考例句：
  • John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
  • He possesses an extensive knowledge of banking.他具有广博的银行业务知识。
16 batch HQgyz     
n.一批(组，群)；一批生产量
参考例句：
  • The first batch of cakes was burnt.第一炉蛋糕烤焦了。
  • I have a batch of letters to answer.我有一批信要回复。
17 analyst gw7zn     
n.分析家，化验员；心理分析学家
参考例句：
  • What can you contribute to the position of a market analyst?你有什么技能可有助于市场分析员的职务？
  • The analyst is required to interpolate values between standards.分析人员需要在这些标准中插入一些值。
18 equity ji8zp     
n.公正，公平，（无固定利息的）股票
参考例句：
  • They shared the work of the house with equity.他们公平地分担家务。
  • To capture his equity,Murphy must either sell or refinance.要获得资产净值，墨菲必须出售或者重新融资。

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