离岸市场

然而，汇丰（hsbc）的crystalzhao表示，收益率的下跌，足以吸引中国国内有借款需求的人将目光投向离岸市场。

The drop has been sufficient to entice Chinese borrowers to look offshore , however , says crystal Zhao of HSBC .

然后美国政府有帮助地强制执行了Q条例和利息平衡税，两项鼓励投资者把大量的美元投放到美国外的离岸市场的措施。

Then the American government helpfully imposed Regulation Q and the Interest Equalisation Tax , two measures that encouraged investors to hold a lot of their dollars offshore .

如果企业计划想在离岸市场发行人民币债券，要获得中国国家外汇管理局（Safe）批准可能极其困难，所以它们主要通过香港子公司发行。

Because it can be so tough to get approval from SAFE , the Chinese foreign exchange regulator , to issue bonds in the offshore market , companies mainly sell debt through their Hong Kong subsidiaries .

高盛（GoldmanSachs）的看法是，离岸市场中国股票的价格到今年年底时会比目前水平高出28%，这一增幅比它预期的在岸市场中国股票同期涨幅高出一倍。

Goldman Sachs tips offshore Chinese shares to end the year 28 per cent higher from current levels , twice the increase it expects onshore .

美国和欧洲的ETF投资者很早以前就有投资中国企业股票的渠道，但仅限于通过衍生品的方式，或者仅涉及在香港以及其他离岸市场上市的中国公司。

US and European ETF investors have long had access to shares of Chinese companies , but only through derivatives or via Hong Kong and other offshore listings .

交易撮合者表示，英国银行劳埃德（lloyds）和德国轿车与摩托车制造商宝马（bmw）这两家公司，便将发行点心债券筹到的资金兑换为本国货币，并把这笔钱留在离岸市场。

According to dealmakers , Lloyds , the UK bank , and BMW , the German manufacturer of cars and motorcycles , are two companies that have swapped the proceeds of dim sum bonds into their home currencies and kept the funds offshore .

这使地产开发商转向了影子银行或者离岸市场。

That has led developers to the shadow market or offshore .

人民币离岸市场对于香港来说究竟有多重要？

Just how important is the offshore yuan market to Hong Kong ?

从理论上讲，资本项目可兑换的实现可以不需要离岸市场。

Theoretically , capital account convertibility can be pursued without an offshore market .

本文对香港人民币离岸市场形成与发展的研究分为七个部分。第一部分为导论。

This paper is divided into seven parts : Section one is the introduction .

货币市场基金的资产转移至不受监管的离岸市场也将带来不良影响。

Shifting money fund assets offshore to the unregulated sector would also be undesirable .

然而美国公司仍有超过1500亿美元海外利润尚在离岸市场。

Well over $ 150 billion of American companies ' foreign profits still sit offshore .

其二，香港人民币离岸市场的发展是人民币资本项目加速开放的重要诱因。

Second , CNH is an important incentive to accelerate the opening of the RMB capital account .

人民币只能通过受控渠道主要是贸易渠道在在岸和离岸市场之间流动。

The currency flows be-tween the onshore and offshore markets only through controlled channels , mainly trade .

穆迪的数据显示，最高评级的房地产开发商仅去年就在离岸市场获得了290亿美元的新融资。

Top-rated developers raised $ 29bn in new offshore funding last year alone , according to Moody ' s.

点心债券流动性不强的另一个原因在于离岸市场上人民币的供给量有限。

Another reason for thin liquidity is that the supply of Renminbi in the offshore market is limited .

香港人民币离岸市场发展过程中的预期风险主要有两个根源，即政策取向问题和市场预期问题。

The expected risk in CNH has two main causes which are the policy orientation and the market expectations .

鉴于离岸市场上以人民币计价的金融资产少之又少，除了低收益的存款之外，大部分投资者的选择很少。

Given the dearth of renminbi-denominated financial assets available offshore , most investors have few options besides low-yielding deposits .

不过，分析师认为，越来越多的中国投资者正在寻求通过在岸和离岸市场的股价差异获利。

However , analysts believe Chinese investors are increasingly looking to capitalise on the price gaps between onshore and offshore markets .

香港人民币离岸市场是促进人民币国际化的重要途径，但对人民币国际化进程以及目标的实现，只有促进作用而无决定作用。

CNH is an important way to promote the internationalization of the RMB , but it does not play a decisive role .

这是因为中国仍保留着广泛的资本管制，对在岸与离岸市场之间的人民币流动构成了限制。

This is because China retains extensive capital controls that limit the   flow of renminbi between the onshore and offshore markets .

而如果离岸市场的利率更高，那么大陆投资者就会设法把手头的资金转向海外。

If interest rates are higher offshore , investors on the mainland will find opportunities to move their yuan in the other direction .

因为中国内地的收益率更高，在岸市场更多的投资机会将逐渐推高离岸市场的收益率。

As Chinese interest rates are higher , more investment opportunities in the onshore markets will tend to move up the offshore rates .

在这一部分中，详细地论述了建立人民币离岸市场对国内金融体系所造成的影响及其对策。

Renminbi OFC may open up the scope and depth of domestic financial market , and may make Chinese financial market more developed .

近两个月来，人民币离岸市场远期汇率所显示的升值速度已大幅放缓。

Over the last two months , the offshore forward market for the Chinese currency has shown a much slower rate of appreciation .

如果人民币在境外达到一定的流通规模，就会客观上要求一个离岸市场来办理相关业务。

If the outside of RMB flow reaches a certain size , it will objectively require an offshore market to handle the related businesses .

很多地产开发商前往离岸市场筹集资金，是因为中国内地对于土地收购以及土地开发如何融资设有严格规定。

Many property developers went offshore to raise money because of strict rules in China about how land acquisition and development can be financed .

这就为企业创造了机会，利用内地与离岸市场的定价差异获取丰厚利润，有些途径合法，有些则不合法。

It has created lucrative opportunities through both legal and illegal routes for companies to exploit pricing differentials between the mainland and offshore markets .

中国公司现在能以人民币收购国外公司，外资公司也可以将在离岸市场的融资投入他们在大陆的运营。

Chinese companies can now buy foreign ones with yuan ; foreign firms can invest yuan raised offshore in their operations on the mainland .

虽然目前在岸业务占我们财富管理业务的95%，但随着我们深入离岸市场，这种局面也许很快就会改变。

While onshore accounts for 95 per cent of our wealth management business now , that may change soon as we are pushing into that market .