【英语财经】英国财相力主伦敦参与人民币国际化 Osborne moves to boost London renminbi trade

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2014-6-19 07:02

小艾摘要: George Osborne’s efforts to put London at the centre of the fast-growing renminbi trade progressed this week with the launch of direct trading between the British and Chinese currencies and a fresh p ...
Osborne moves to boost London renminbi trade
George Osborne’s efforts to put London at the centre of the fast-growing renminbi trade progressed this week with the launch of direct trading between the British and Chinese currencies and a fresh push for UK investors to tap China’s markets.

The UK chancellor was hosting Li Keqiang, China’s premier, and Zhou Xiaochuan, central bank governor, at a forum to boost bilateral financial ties.

China is keen to expand its banks’ activities in the UK, while London – the biggest centre in the $5tn a day foreign exchange market – wants to cement its place as the main western hub for offshore renminbi business, as Beijing promotes international use of the currency and gradually opens its capital markets.

“The number of historic changes in our financial world are few,” said Mr Osborne,?comparing?the ren-minbi’s rise to the dollar's emergence as the global reserve currency after the first world war. He added: “Bluntly, I want the City to facilitate that change and be central to it.”

Mr Li said the UK should “seize on this momentum to consolidate its position as one of the most important offshore renminbi markets outside Asia”.

The start of direct trading between sterling and the renminbi – agreed during an earlier bilateral visit – echoes deals reached to make the renminbi directly convertible against the yen, Australian dollar and New Zealand dollar. The creation of a new currency pair tends to have limited effect at first, because liquidity is higher when each currency is traded against the dollar. But if it gains traction, it should eventually make foreign exchange transactions simpler and less costly.

HSBC said it had received approval from the People’s Bank of China to be a market maker for renminbi trading against the pound.

Mr Osborne also said the UK government’s export finance agency would now support businesses exporting to China by providing guarantees for transactions denominated in renminbi – with work on a first big transaction under way.

He said two UK-based asset managers – subsidiaries of HSBC and BlackRock – had won licences to make renminbi-denominat-ed investments in Chinese securities. China granted UK-based institutions a Rmb80bn (£7.57bn) quota to invest in its onshore markets last October, but qualifying to use the scheme has proved a slow process. Mr Osborne also noted the appointment of China Construction Bank as the renminbi clearing bank in London – filling a gap in trading infrastructure.

He wants London to play a bigger part in China’s gradual opening of capital markets. He said London should seek links between stock exchanges, similar to those being built between Hong Kong and Shanghai, and explore ways for Chinese investors to access London’s capital markets.

英国财政大臣乔治?奥斯本(George Osborne)让伦敦置身于快速发展的人民币离岸交易中心的努力,本周取得进展。人民币对英镑直接交易启动,推动英国投资者试水中国市场的新举措出台。

奥斯本在一个促进双边金融联系的论坛上接待了中国总理李克强和中国央行行长周小川。

随着中国政府推动人民币国际化并逐步开放其资本市场,中国热切希望扩大本国银行在英国的活动,而伦敦则希望巩固其作为西方主要离岸人民币业务交易中心的地位。在日交易额达到5万亿美元的外汇市场,伦敦是最大的交易中心。

奥斯本表示:“我们的金融世界很少发生历史性的变化,”他将人民币崛起与一战后美元成为全球储备货币相提并论。他补充称:“坦率地说,我希望伦敦金融城为这一变化提供平台,并在其中占据中心地位。”

李克强表示,英国应该“抓住这种动力,巩固其作为亚洲以外最重要的离岸人民币市场之一的地位”。

在早先双边访问期间达成的开展英镑与人民币直接交易的协议,与之前达成的让人民币与日元、澳元和新西兰元直接兑换的协议类似。创建一种新的货币配对往往一开始效果有限,因为各种货币对美元交易的流动性更高。但如果货币配对逐渐积累起势头,它最终会让外汇交易更加简便,也会降低交易成本。

汇丰(HSBC)表示,它已经获得中国央行的批准,成为人民币对英镑交易的做市商。

奥斯本还表示,英国政府的出口融资机构将会通过为人民币计价交易提供担保,来支持企业对华出口——目前正在推动首笔巨额交易。

他说,两家总部位于英国的资产管理公司——汇丰和贝莱德(BlackRock)的子公司——已经获得以人民币投资中国证券的牌照。去年10月,中国授予英国机构800亿元人民币(合75.7亿英镑)投资于本国在岸市场的额度,但事实证明,该计划的使用资格申请审批缓慢。奥斯本还指出,中国建设银行(CCB)已被任命为人民币在伦敦的清算银行——这弥补了英国的人民币交易基础设施缺陷。

奥斯本希望伦敦在中国逐步开放资本市场的过程中发挥更大的作用。他表示,伦敦应该寻求两国股票交易所实现互联互通,就像香港和上海正在建立的那种联系,并探索让中国投资者进入伦敦资本市场的途径。

译者/邹策

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