人民币债券

一位参与该交易的银行家表示：人民币债券有助于更好地配合（工行面临的）汇率风险。

The CNH tranche helps better align the foreign exchange risk [ to ICBC ] , said a banker involved in the deal .

据渣打（StandardChartered）估算，全球逾50家央行已在其外汇储备中持有一定的人民币债券。

Standard Chartered estimates that more than 50 central banks already hold some renminbi bonds among their foreign currency reserves .

被称为点心债（DimSumbond）的离岸人民币债券市场的壮大，也发挥了类似作用。

The rise of the offshore renminbi bond market – known as dim sum bonds – has also helped .

中国中央国债登记结算公司（ChinaCentralDepositoryandClearingCorporation）数据显示，外国投资者如今持有的在岸中国债券多于离岸人民币债券，后者即所谓的点心债券。

Foreigners now hold more onshore Chinese debt than offshore renminbi bonds known as dim sum bonds according to data from the China Central Depository and Clearing Corporation .

尽管亚洲多数信贷市场在2012年蓬勃发展，但离岸人民币债券被称为“点心债券”（dimsum）的表现却好似坐过山车。

While most Asian credit markets boomed in 2012 , offshore renminbi bonds known as " dim sum " bonds endured a rollercoaster ride .

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 .

自2005年以来，世界银行（通过其资本投资部门国际金融公司ifc）、亚洲开发银行（asiandevelopmentbank）、以及一两家国际银行已经、或即将在中国发行少量人民币债券。

Since 2005 the World Bank ( through the International Financial Corp , its investment arm ) , the Asian Development Bank and a couple of international banks have sold or will soon sell a smattering of bonds in China .

交易撮合者表示，adb也已制定离岸发行人民币债券的计划，尽管该机构拒绝证实这一计划或透露任何细节。

Dealmakers said ADB has also drawn up plans to issue Renminbi bonds offshore , although the agency declined to confirm this or reveal any details .

场景三：香港特首曾荫权（DonaldTsang）本周表示，北京将支持在香港以多种形式发行人民币债券。

Exhibit C : Hong Kong chief executive Donald Tsang says this week that Beijing will support the issuance of renminbi-denominated bonds in the city in various ways .

其中一些是之前提到过的，比如香港首只可直接投资于内地股市的交易所交易基金（ETF），扩大离岸人民币债券发行。

Some are iterative , such as the first Hong Kong listed exchange traded funds to invest directly in Chinese stocks , or expansion of offshore renminbi bonds issuance .

发行人民币债券的是三菱UFJ本地法人化的子公司，而不是位于东京的母公司，而且筹资所得必须留在中国。

The sale is by the locally-incorporated subsidiary , rather than the Tokyo-based parent , and proceeds must stay within China .

外国央行也可以通过合格境外机构投资者（QFII）这一机制在中国国内受严格控制的市场购买人民币债券。QFII是外国投资者进入中国国内资本市场的主要渠道。

Central banks can also buy yuan papers in the tightly controlled onshore market in China through the Qualified Foreign Institutional Investors , or QFII , program the primary conduit for foreign investors to enter China 's domestic capital markets .

例如，信用评级机构穆迪（Moody’s）昨日表示，今年头九个月离岸人民币债券发行总量增至创纪录的4510亿元人民币，高于2013年全年的3760亿元人民币。

Issuance of offshore renminbi bonds , for instance , rose to a record Rmb451bn in the first nine months of the year , from Rmb376bn in all of 2013 , Moody 's , the credit rating agency , said yesterday .

guggenheim基金的价值自3周前推出以来下跌了2%，而由invescopowershares提供的、投资于高收益人民币债券的一只基金，自9月23日推出以来已下跌6%。

The Guggenheim fund has fallen 2 per cent in value since its launch three weeks ago , while a fund offered by INVESCO powershares that invests in high-yield bonds , is down 6 per cent since it launched on September 23 .

离岸人民币债券市场明显更加有利可图。

The offshore market for renminbi-denominated bonds has proved much more lucrative .

穆迪表示，例如，在岸人民币债券文件几乎不包含任何保证条款。

For instance , onshore renminbi bond documents contain virtually no covenants .

人民币债券持有者还有别的理由保持谨慎。

There are other reasons for bondholders to be cautious .

发行人民币债券应该有助于提高欧力士在中国市场的知名度。

Issuing the bond should help raise its profile in the Chinese market .

人民币债券市场近期增长快速。

The renminbi bond market has grown rapidly .

此外，瑞士银行还发行在开曼群岛注册的人民币债券基金。

Swiss banks are meanwhile offering renminbi bond funds domiciled in the Cayman Islands .

亚洲人民币债券市场的形成与展望

Theory on Forming and the Prospect of the " Asian RMB " Bond Market

中国内地和香港企业已获准在港发行人民币债券。

Chinese and Hong Kong companies have been allowed to issue renminbi bonds in Hong Kong .

合和公路基建已获准将人民币债券的所得返回中国内地。

Hopewell has permission to move the proceeds of its renminbi bond back to the mainland .

约有85%的离岸人民币债券产品的期限都在3年以下。

Some 85 per cent of all offshore renminbi debt products have a tenor below three years .

与此同时，中国借款人近来回避离岸人民币债券，也就是所谓点心债券。

Meanwhile , Chinese borrowers have shunned offshore renminbi debt , known better as dim sum bonds .

投资者对离岸人民币债券的兴趣最近几周受到众多因素的打击。

Appetite for offshore renminbi credit has been hit by a number of factors over recent weeks .

点心债券（在香港发行的人民币债券）的发行已经提速。

The issuance of dim sum bonds , renminbi-denominated paper issued in Hong Kong , has gathered pace .

确实如此，离岸人民币债券平均收益率的变动与在岸市场收益率的变动并不同步。

Indeed , on average , offshore renminbi bond yields have not moved in line with onshore yields .

该交易所目前可上市离岸人民币债券，也为人民币外汇远期合约场外交易提供清算服务。

SGX lists offshore renminbi bonds and offers the clearing of over-the-counter foreign exchange forward contracts in Renminbi .

许多人民币债券的流通量如此之小，以至于它们根本不在二级市场上交易。

Many Renminbi bonds are so small that they do not trade at all in the secondary market .