港股直通车

外管局于8月20日宣布了这项名为港股直通车的新计划，该计划要求投资者必须在中国银行（BankofCHina）天津分行开立交易账户。天津是中国东部城市。

The new scheme , known as the through-train to Hong Kong stocks was announced by SAFE on August 20 and required investors to open trading accounts with Bank of China 's branch in the eastern city of Tianjin .

随着企业收益提高和新股发行量增加，A股的估值水平可能逐渐会变得适中，而QDII和港股直通车计划将为H股价格的持续调整提供支撑，李晶表示。

A-share valuations are likely to moderate over time as earnings rise and new share supply is increased , while the QDII and through-train programmes will support a continued re-rating in H-share prices , Ms Ulrich says .

今年8月20日，中国国家外汇管理局（SAFE）宣布了所谓的港股直通车试行计划，首次允许中国内地居民通过中国银行天津分行投资香港股市。

On August 20 , China 's State Administration of Foreign Exchange announced the so-called through train pilot project to allow Chinese residents to invest in Hong Kong 's stock market for the first time , via the Bank of China 's operations in Tianjin .

所谓的港股直通车计划推动香港基准的恒生指数（HangSengIndex）累计大涨55%。由于香港和外国投资者预期将有大量资金从中国内地涌入，恒生指数上月底突破3万点大关。

The so-called through train programme sparked a 55 per cent surge in the benchmark Hang Seng Index , which broke through the 30,000-point mark late last month as Hong Kong and foreign investors anticipated a surge in liquidity from China .

去年8月，中国国家外汇管理局（safe）宣布了“港股直通车”计划，打算允许个人通过在中国银行（boc）天津分行开设交易账户购买港股。

Last August , the State Administration of Foreign Exchange announced plans for the " through train " scheme to allow individuals to buy Hong Kong shares by opening trading accounts with Bank of China in the port city of Tianjin .

港股直通车开通了吗？

Is the through train through ?

但“港股直通车”计划的实施尚无时间表，该计划最初定于去年第四季度实施。

But no timetable had been set for the launch of the " through-train " scheme , originally scheduled for the fourth quarter last year .

但在银行业及证券监管机构等其它政府部门的强烈反对下，“港股直通车”计划很快被搁置。

But the " through train " scheme was quickly suspended after fierce opposition from other government departments , including the banking and securities regulators .

美元走软和国际资金的重大流动，时逢市场存在可能实施港股直通车的猜测之际，港股直通车将允许内地投资者直接投资于在港上市的公司。

Dollar weakness and significant international fund flows have been coincident with speculation of a possible stock through train that will allow mainland investors direct access to Hong Kong-listed companies .

现在看来，期待弄潮的香港和国际投资者不得不无限期等下去了。港股直通车计划的规模可能要比最初预想的小得多。

It now appears that Hong Kong and international investors hoping to surf the wave will have to wait indefinitely for a scheme that might be much more modest than originally anticipated .

最后，所谓的港股直通车计划应会在明年开始试行。这将使中国内地散户投资者得以首次直接投资香港股市。

Finally , the so-called through-train , which will give Chinese retail investors direct access to the Hong Kong market for the first time , should be in place next year on a trial basis .

这项所谓的港股直通车计划宣布后仅仅一周，香港基准股指已大涨逾11%，达到24000点，而不到两个月，便又突破30000点关口。

In just over a week , the benchmark Hong Kong stock index soared more than 11 per cent to 24,000 points and within two months it had broken through the 30,000 mark as a result of the so-called Hong Kong equity through-train plan .

似乎随着今年年底的临近，全球经济问题、港股直通车时机上的不确定性以及中国A股市场的下跌等因素交织在一起，阻碍着香港股市的前行。

It seems as we approach the final stages of this year , global economic issues , uncertainty about the timing of the through train , and falls in China 's A share market have combined to impede the progress of the Hong Kong market .

谈到中国内地资金向全球市场的外流，允许内地投资者购买港股的所谓直通车计划，被匆匆搁置。

As for outflows of Chinese money into global markets , the so-called through train , allowing mainlanders to buy Hong Kong equities was unceremoniously binned .

摩根大通的李晶认为，内地与香港股市之间的套利机会，更有可能是通过机构投资者配额和允许内地投资者买卖港股的港股直通车计划来实现。

At JPMorgan , Ms Ulrich argues arbitrage opportunities between China and Hong Kong 's exchanges are more likely to evolve through institutional investor quotas and a through-train scheme that will allow Chinese people to buy and sell shares in Hong Kong .