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人民币时代迅速临近

Come June, the International Monetary Fund will probably decide to include the Chinese renminbi in its special drawing rights (SDR).

6月将至,国际货币基金组织(IMF)很可能将决定把人民币纳入其特别提款权(SDR)货币篮子。
Though the move is largely symbolic, the symbolism is huge. It is another acknowledgment of China’s growing stature in the global economy and financial markets. It is also a marker underscoring how swiftly China is moving to dismantle capital controls, in line with the reform policies of the People’s Bank of China.
尽管此举主要是象征性的,但象征的意义却很大。这是对中国在全球经济和金融市场中地位不断上升的再次认可。这也是一种标志,突显出中国正多么迅速地按照中国央行的改革政策,采取措施解除资本管制。
人民币时代

That in turn has implications for investors. It will mean China could soon assume an even larger weight in crucial global financial markets. For example, today, China is a mere 2.5 per cent of the MSCI All Country World Index, based on Chinese companies listed in Hong Kong. But, when the powers that be decide the currency is convertible enough, onshore Chinese shares could be included in the index, which means its share of the index could rise to more than 10 per cent, according to Michael Cembalest of JPMorgan Asset Management.

这进而会对投资者产生影响。此举将意味着,不久之后中国可能会在关键的全球金融市场中占据越来越大的权重。举例来说,目前中国在摩根士丹利资本国际全球指数(MSCI All-Country World Index)中的权重仅为2.5%,这个数字是基于在香港上市的H股得出的。但是,当权威人士认定人民币可兑换性已足够强时,A股可能会被纳入该指数。摩根大通资产管理公司(JPMorgan Asset Management)的迈克尔•琴巴莱斯特(Michael Cembalest)表示,这意味着中国在该指数中所占权重可能会升至10%以上。
Today, the renminbi is most visible as the currency in which a growing portion of Chinese trade is denominated. Chinese companies often offer more attractive prices and financing to counterparts that will trade in renminbi, thereby eliminating their own foreign exchange risk.
如今,随着中国对外贸易中以人民币计价的比例越来越高,人民币已成为最常用的支付货币之一。中国企业经常向贸易对象提供更具吸引力的价格和融资、换取对方采用人民币结算,从而消除自身的汇率风险。
More importantly, the renminbi is also growing in stature as an investable currency. Today, Mr Cembalest adds, central banks and sovereign wealth funds have invested between Rmb300bn and Rmb400bn in renminbi-denominated assets. While most of these are in Asia, the European Central Bank has also said it is considering investing in such assets.
更重要的是,人民币作为可投资货币的地位也在上升。琴巴莱斯特补充称,如今,各国央行和主权财富基金投资的人民币计价资产在3000亿至4000亿元人民币之间。这些机构大多来自亚洲,不过,欧洲央行(ECB)也表示正考虑投资人民币资产。

 

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