外国央行越发青睐人民币债券大纲

China Development Bank Corp.'s latest dim sum bond offer in Hong Kong yielded the strongest interest yet from the world's central banks, highlighting the growing trend in which foreign countries are diversifying their foreign exchange reserves into the Chinese currency.
全球多国央行对国家开发银行股份有限公司(China Development Bank Corp.)在香港发行的最新点心债券（即人民币计价债券）表现出迄今为止最强烈的兴趣。这凸显了一股日益明显的趋势，即这些国家正在通过配置人民币资产实现外汇储备的多元化。

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.
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。

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.
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。

Around 58% of the CNY1.5 billion worth of three-year bonds being sold was picked up by a handful of central banks, according to people familiar with the situation, though they declined to identify specific central banks. Other buyers included banks, fund managers and private bank investors.
知情人士透露，在发行的人民币15亿元的三年期点心债券中，大约有58%被少数几家央行认购。但这些知情人士不愿披露具体央行的名字。其它买家包括银行、基金经理和私人银行投资者。

In announcing its bond sale last week, China Development Bank said the issue marked the first-ever investment in yuan bonds by African central banks. Meanwhile, central banks from the Middle East and Europe also subscribed for the quasi-sovereign paper, according to a banker involved in the deal.
上周在宣布发行这批点心债券时，国家开发银行说，这是有史以来非洲国家央行首次投资人民币债券。与此同时，据参与交易的一位银行家透露，中东和欧洲国家的央行也认购了这批准主权债券。Such strong interest comes as central banks last month clinched CNY2 billion worth of bonds sold in China's Ministry of Finance's CNY23 billion offshore sovereign bond. Two weeks ago, foreign central banks secured a fifth of the CNY1.75 billion dim sum bond sold by Export-Import Bank of Korea.
在国外央行对这批点心债券表现出浓厚兴趣的同时，中国财政部上个月在港发行的230亿元人民币国债中，国外央行认购了其中的20亿元。两周前，韩国输出入银行(Export-Import Bank of Korea)发行的价值人民币17.5亿元的点心债券中，外国央行认购了其中的五分之一。

'It's a natural progression for central banks to engage in (the offshore yuan market) over time, as they look to diversify their reserves away from the U.S. dollar and euro,' said Ken Wei Wong, Asia-Pacific debt syndicate director for Barclays PLC, which was one of the underwriters for the CDB bond issue.
巴克莱集团(Barclays PLC)亚太债券承销部董事Ken Wei Wong说，随着时间的推移，国外央行参与离岸人民币市场是一件很自然的事情，因为它们希望降低美元和欧元资产的比重，实现外储多元化。巴克莱集团是此次国家开发银行债券发行的承销商之一。

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. However, they are subject to stringent access restrictions to these markets in the form of investment quotas granted by China's foreign exchange regulator.
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。然而，外国投资者在进入这些市场时都受到严格的准入限制，他们的投资额度不能超过中国外汇监管机构批准的上限。

Last week, Indonesia's central bank said it started buying yuan bonds in mainland China, following the moves of other central banks, such as those in Japan, South Korea, Nigeria and Saudi Arabia, which have all announced or indicated plans to diversify their currency reserves into the yuan.
上周，印尼央行表示它开始在中国内地买入人民币债券。此前，日本、韩国、尼日利亚和沙特阿拉伯等国央行也都采取了类似的举措。这些国外央行已经宣布了买入人民币债券、分散外储资产的计划，或表示有此计划。

In the offshore yuan market, however, central banks and other investors don't face such harsh restrictions. Mr. Wong said he expects more central banks to participate in the offshore yuan market as the Chinese currency becomes more internationalized.
但在离岸人民币市场，外国央行和其他投资者不需要面对如此苛刻的限制。Ken Wei Wong说，随着人民币国际化程度的提高，他预计有更多央行会参与离岸人民币市场。