离岸人民币债券

世界多国央行对离岸人民币债券需求不断上升同时凸显出这样一个事实，即由于担心美元的长期前景，多国央行感到有必要寻求替代性资产。美元已经持续疲弱多年。

Rising order books for offshore yuan bonds among central banks also underscore a need to seek alternative assets amid concerns over the long-term prospects of the greenback , which has remained weak for several years .

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 .

亚洲开发银行（asiandevelopmentbank）和国际金融公司（internationalfinancecorporation）计划在香港发行人民币计价债券，此举可能大幅提振中国正在开发的离岸人民币债券市场。

Plans by the Asian Development Bank and International Finance Corporation to issue renminbi-denominated bonds in Hong Kong could provide a big boost to the fledgling market in offshore renminbi debt being developed by China .

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 .

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 .

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 .

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 .

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 .

新鲜出炉的离岸人民币债券市场，迄今还没有一个像样的名字。

So new is the trade in offshore Chinese currency bonds that it has yet to gain a proper name .

然而，点心债券的持有者去年秋天已得到教训，离岸人民币债券市场波动性大、可变现性差。

Yet , as bondholders learnt to their cost last autumn , the offshore renminbi bond market is volatile and illiquid .

但由于外国企业将资金输送到在中国内地业务时面临障碍，离岸人民币债券市场无法实现更快的增长。

But faster growth has been stymied by the hurdles that foreign companies face in channelling the cash to their mainland operations .

在如此大量的资金追逐如此少的投资选择的情况下，离岸人民币债券的收益率一直低于境内同类债券。

With so much money chasing so few investment options , yields on offshore renminbi bonds have been depressed relative to domestic issues .

中国已授予10家银行发行大量离岸人民币债券的额度，这是中国首次公开宣布这样的发行名单。

China has granted 10 banks quotas to sell a large batch of offshore renminbi bonds , the first time it has publicly announced such a list of issuers .

然而，分析师和交易撮合者预计，离岸人民币债券市场将缓慢增长，原因包括中国监管机构保持对资本流入内地的管制。

However , analysts and dealmakers expect the offshore renminbi bond market to grow slowly , not least because Chinese regulators have retained control over flows of capital to the mainland .

今年以来，离岸人民币债券（被称为点心债券）的发行量大幅减少，有些分析师预计，今年可能成为自2007年该市场开放以来此类债券发行量减少的第一个年份。

Issuance of offshore renminbi bonds known as dim sum bonds has fallen sharply this year , and is expected by some analysts to record the first annual contraction since the market opened in 2007 .

香港离岸人民币债券市场将继续保持快速增长趋势，离岸人民币债券收益率将上升，其二级市场有望得到快速发展，更多内地企业将直接赴港发行人民币债券，离岸人民币债券的定价机制将会得到完善。

The scale of offshore RMB bond will rise , its secondary market is expected to be rapid development and more mainland enterprises will come to Hong Kong to issue RMB bonds . The pricing mechanism of RMB offshore bonds will be improved .

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 .

上周，国家开发银行发行了价值人民币25亿元（约合3.948亿美元）的离岸人民币计价债券，这是其今年以来第二次发行点心债券。这批债券的期限分为三年和20年两种。

Last week , the Chinese policy lender sold 2.5 billion Chinese yuan ( $ 394.8 million ) worth of offshore yuan-denominated bonds in its second dim sum offering this year , with tenors of three and 20 years .

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 .

正如德意志银行（deutschebank）所指出，香港已成为离岸人民币产品的“定价中心”，离岸人民币汇率和债券收益率几乎全部是在香港确立的。

As Deutsche Bank notes , the city has become the " pricing centre " for offshore renminbi products , with the setting of offshore renminbi exchange rates and bond yields almost wholly based there .