CFA資訊：滬港股互聯(lián)互通將成現(xiàn)實(shí)

　　滬港股互聯(lián)互通將成現(xiàn)實(shí)
　　NEIL GOUGH 2014年04月11日
　　HONG KONG — It was a seven-year wait, but China on Thursday finally announced a plan to allow two-way investment between the Shanghai and Hong Kong stock exchanges.
　　香港——已經(jīng)等待了七年了，中國(guó)終于在周四宣布了一項(xiàng)計(jì)劃，將允許上海和香港的股票交易所實(shí)現(xiàn)雙向投資。
　　For the first time, individual investors in Hong Kong will be able to use their local brokerage accounts to trade the shares of companies listed in Shanghai, the China Securities Regulatory Commission and Hong Kong’s Securities and Futures Commission said in a joint announcement on Thursday.
　　中國(guó)證券監(jiān)督管理委員會(huì)和香港證券及期貨事務(wù)監(jiān)察委員會(huì)周四發(fā)表聯(lián)合公告稱(chēng)，香港的個(gè)人投資者將能夠用他們?cè)诋?dāng)?shù)氐慕?jīng)紀(jì)賬戶(hù)對(duì)在上海上市的公司進(jìn)行股票交易，這將是*9次能怎樣做。
　　At the same time, investors in mainland China would be able to use their local brokers to buy Hong Kong-listed shares. This outbound trading would be restricted to institutions or individual investors whose accounts have a minimum of 500,000 renminbi, or about $80,500.
　　與此同時(shí)，中國(guó)大陸的投資者也將可以使用當(dāng)?shù)氐慕?jīng)紀(jì)賬戶(hù)購(gòu)買(mǎi)在香港上市的股票。但是，從內(nèi)地購(gòu)買(mǎi)香港股票的交易將限于帳戶(hù)余額不低于50萬(wàn)元人民幣的機(jī)構(gòu)或個(gè)人投資者。
　　The combined daily trading would be capped at 23.5 billion renminbi, the regulators said. That is equal to about 20 percent of the combined average daily trading turnover of both markets.
　　這兩家監(jiān)管機(jī)構(gòu)稱(chēng)，兩地股市的跨境每日投入凈數(shù)額將限制在235億元人民幣以下。這相當(dāng)于滬港兩地股市日交易額平均值總和的約20%。
　　Despite their size and huge trading volumes, China’s equity and debt markets remain largely off limits to foreign investors. Two-way investment is restricted to licensed institutions and subject to comparatively tiny quotas.
　　盡管中國(guó)的股票和債券市場(chǎng)的規(guī)模和交易量巨大，但基本上不對(duì)外國(guó)投資者開(kāi)放。只有獲得批準(zhǔn)的機(jī)構(gòu)才能進(jìn)行雙向投資，而且面臨相對(duì)微小的配額限制。
　　The preparatory work to introduce the new pilot trading program is expected to take about six months, officials said. The cumulative, combined trading flows will be capped at an aggregate 550 billion renminbi. The quotas may be adjusted in the future, the regulators said.
　　官員說(shuō)，為引入新交易試點(diǎn)方案作籌備預(yù)計(jì)需要6個(gè)月的時(shí)間。兩地的股市總交易累積凈額度將會(huì)被限制在5500億元人民幣以下。這兩家監(jiān)管機(jī)構(gòu)稱(chēng)，這些額度將來(lái)可能會(huì)做出調(diào)整。
　　The program, called the Shanghai-Hong Kong Stock Connect, “will not only help strengthen the two securities markets, but will also have long-term and strategic significance,” John Tsang, Hong Kong’s financial secretary, said in a statement. “I am pleased to see that Hong Kong plays an important role in the two-way opening up of the mainland’s capital market to the world.”
　　香港財(cái)政司司長(zhǎng)曾俊華(John Tsang)在一份聲明中表示，這個(gè)被稱(chēng)為滬港互聯(lián)互通的計(jì)劃，“不但有助深化兩地證券市場(chǎng)，更具有深遠(yuǎn)和戰(zhàn)略性意義。我很高興香港在內(nèi)地資本市場(chǎng)面向全球雙向開(kāi)放發(fā)揮了重要的作用。”
　　In the summer of 2007, senior Hong Kong government officials announced a plan, referred to as the “through train,” that would allow mainland Chinese investors to directly buy shares listed in Hong Kong. That announcement sent the local Hang Seng index soaring, gaining more than 50 percent over a two-month period ending in October 2007 to peak at a high of over 31,000 points.
　　2007年夏天，香港政府的高級(jí)官員曾宣布過(guò)一項(xiàng)被稱(chēng)為“港股直通車(chē)”的計(jì)劃，該計(jì)劃將允許大陸投資者直接購(gòu)買(mǎi)在香港交易所上市的股票。這一宣布讓香港的恒生指數(shù)在兩個(gè)月中連續(xù)飆升，增長(zhǎng)了50%，在2007年10月達(dá)到了31000點(diǎn)的*6水平。
　　But the through train never left the station. Hong Kong stocks plunged and, unlike shares in the United States and other major markets, have not come close to matching their pre-crisis highs. Investors are hoping this time around is different.
　　但是，直通車(chē)從未駛出車(chē)站。之后，香港股市大幅下跌，而且與美國(guó)和其他主要市場(chǎng)不同的是，香港的股票指數(shù)一直沒(méi)有回到接近經(jīng)濟(jì)危機(jī)前的*6點(diǎn)。投資者希望這次與上次不一樣。
　　“The landmark agreement gives global investors greater access to China’s extraordinary growth story and allows Chinese savers to diversify their holdings,” said Peter Wong, the deputy chairman and chief executive of HSBC’s Hong Kong unit. “This is further confirmation of China’s commitment to financial reform, and reaffirms Hong Kong’s role as the fulcrum of China’s broader economic integration with the global economy.”
　　匯豐亞太區(qū)副主席兼行政總裁王東勝(Peter Wong)說(shuō)：“此項(xiàng)突破性的計(jì)劃令全球投資者能進(jìn)一步參與快速增長(zhǎng)的內(nèi)地市場(chǎng)，也讓內(nèi)地投資者可分散其投資組合。此計(jì)劃進(jìn)一步反映了中國(guó)推動(dòng)金融改革的決心，肯定了香港在中國(guó)與全球經(jīng)濟(jì)更為廣泛融合的過(guò)程中所扮演的關(guān)鍵角色。”
　　Opening up China’s financial markets to the world is a central goal of the package of overhauls announced by President Xi Jinping after a major plenum meeting of Communist Party leaders in November. Beyond allowing greater access to China’s stock markets, other proposals include easing the state’s heavy-handed control of bank deposit rates, currency exchange rates and the banking sector.
　　將中國(guó)的金融市場(chǎng)向世界開(kāi)放是國(guó)家主席習(xí)近平在去年11月黨的三中全會(huì)后宣布的一攬子改革方案的一個(gè)核心目標(biāo)。除了允許外國(guó)投資者可以進(jìn)一步參與中國(guó)股市以外，其他的建議還包括，減輕政府對(duì)銀行儲(chǔ)蓄利率、匯率和銀行業(yè)的嚴(yán)格控制。
　　But critics say China has yet to implement some of the promised liberalizations, as has been demonstrated, for example, by slow progress in developing new or planned free trade zones.
　　但是，批評(píng)人士指出，像諸如開(kāi)發(fā)新的或計(jì)劃中的自由貿(mào)易區(qū)進(jìn)展緩慢的問(wèn)題所展示的那樣，中國(guó)還沒(méi)有兌現(xiàn)一些承諾過(guò)的自由化措施。
　　It appeared on Thursday that significant details of the stock trading program remain to be worked out.
　　就周四的宣布來(lái)說(shuō)，雙向股票交易計(jì)劃的許多細(xì)節(jié)還有待確定。
　　For example, the announcement by the two regulators said the proposal would enable “mainland investors to directly participate in the Hong Kong stock market using RMB,” using the abbreviation for renminbi, the Chinese currency.
　　比如，兩家監(jiān)管機(jī)構(gòu)的宣布稱(chēng)，這一計(jì)劃將允許“內(nèi)地投資者直接使用人民幣投資香港市場(chǎng)”。
　　But Hong Kong trading is carried out using the Hong Kong dollar, which is pegged to the dollar and — unlike the renminbi — is a freely convertible currency. Almost no Hong Kong stocks trade in renminbi.
　　然而，香港的股票交易是以港元進(jìn)行的，港元是與美元掛鉤的可以自由兌換的貨幣，與人民幣不同。香港的股票幾乎沒(méi)有使用人民幣交易的。
　　Two notable exceptions are Hui Xian Real Estate Investment Trust, controlled by the billionaire Li Ka-shing, and Hopewell Highway Infrastructure, a toll-road operator that maintains a dual-currency listing. At the same time, the regulators said that shares in more than 200 Hong Kong companies would be open to mainland investment under the program. That appeared to imply that either mainland investors would be allowed to freely convert their renminbi into hard currency, or that the Hong Kong companies targeted for investment would need to conduct a secondary offering of renminbi-denominated shares.
　　有兩個(gè)明顯的例外是，由李嘉誠(chéng)控股的匯賢產(chǎn)業(yè)信托(Hui Xian Real Estate Investment Trust)、以及公路基建有限公司(Hopewell Highway Infrastructure Limited)，后者是以雙貨幣計(jì)價(jià)上市的收費(fèi)公路運(yùn)營(yíng)商。與此同時(shí)，這兩家監(jiān)管機(jī)構(gòu)還說(shuō)，將有200多家香港公司的股票通過(guò)這一計(jì)劃向內(nèi)地投資者開(kāi)放。這個(gè)宣布似乎暗示，要么內(nèi)地投資者可以被允許自由地將人民幣兌換成硬通貨，要么那些作為投資目標(biāo)的香港公司需要進(jìn)行以人民幣計(jì)價(jià)的二次股票發(fā)售。
　　Regarding the division of trading quotas, the two regulators said that “southbound” investment from the mainland to Hong Kong would be capped at 10.5 billion renminbi a day, while “northbound” investment from Hong Kong to China would be capped at 13 billion renminbi, both monitored on a “real time” basis.
　　就如何分配交易配額的問(wèn)題來(lái)說(shuō)，這兩家機(jī)構(gòu)表示，從內(nèi)地向香港的“南下”投資將被限制在每日105億元人民幣以?xún)?nèi)，而從香港向內(nèi)地的“北上”投資每日限額則不超過(guò)130億元人民幣，這兩個(gè)限額都將受到“實(shí)時(shí)”監(jiān)控。
　　Securities regulation and the legal system vary considerably between Hong Kong and mainland China, and the regulators said they would work together on a framework that would “respond to all misconduct in either or both markets on a timely basis.”
　　香港和中國(guó)大陸的證券監(jiān)管和法律體系有很大的差別，監(jiān)管機(jī)構(gòu)稱(chēng)，他們將共同努力，建立一個(gè)有效機(jī)制“及時(shí)應(yīng)對(duì)各自或雙方市場(chǎng)出現(xiàn)的違法行為”。
　　Markets welcomed Thursday’s news. The Hang Seng index closed 1.51 percent higher, while the Shanghai composite index gained 1.38 percent for the day.
　　市場(chǎng)受到周四這一消息的鼓勵(lì)。恒生指數(shù)以上漲1.51%收盤(pán)；上證指數(shù)當(dāng)天上漲了1.38%。