CFA資訊：滬港股互聯(lián)互通將成現(xiàn)實

　　滬港股互聯(lián)互通將成現(xiàn)實
　　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，中國終于在周四宣布了一項計劃，將允許上海和香港的股票交易所實現(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.
　　中國證券監(jiān)督管理委員會和香港證券及期貨事務監(jiān)察委員會周四發(fā)表聯(lián)合公告稱，香港的個人投資者將能夠用他們在當?shù)氐慕?jīng)紀賬戶對在上海上市的公司進行股票交易，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，中國大陸的投資者也將可以使用當?shù)氐慕?jīng)紀賬戶購買在香港上市的股票。但是，從內地購買香港股票的交易將限于帳戶余額不低于50萬元人民幣的機構或個人投資者。
　　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)管機構稱，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.
　　盡管中國的股票和債券市場的規(guī)模和交易量巨大，但基本上不對外國投資者開放。只有獲得批準的機構才能進行雙向投資，而且面臨相對微小的配額限制。
　　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，為引入新交易試點方案作籌備預計需要6個月的時間。兩地的股市總交易累積凈額度將會被限制在5500億元人民幣以下。這兩家監(jiān)管機構稱，這些額度將來可能會做出調整。
　　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.”
　　香港財政司司長曾俊華(John Tsang)在一份聲明中表示，這個被稱為滬港互聯(lián)互通的計劃，“不但有助深化兩地證券市場，更具有深遠和戰(zhàn)略性意義。我很高興香港在內地資本市場面向全球雙向開放發(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，香港政府的高級官員曾宣布過一項被稱為“港股直通車”的計劃，該計劃將允許大陸投資者直接購買在香港交易所上市的股票。這一宣布讓香港的恒生指數(shù)在兩個月中連續(xù)飆升，增長了50%，在2007年10月達到了31000點的*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，直通車從未駛出車站。之后，香港股市大幅下跌，而且與美國和其他主要市場不同的是，香港的股票指數(shù)一直沒有回到接近經(jīng)濟危機前的*6點。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：“此項突破性的計劃令全球投資者能進一步參與快速增長的內地市場，也讓內地投資者可分散其投資組合。此計劃進一步反映了中國推動金融改革的決心，肯定了香港在中國與全球經(jīng)濟更為廣泛融合的過程中所扮演的關鍵角色。”
　　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.
　　將中國的金融市場向世界開放是國家主席習近平在去年11月黨的三中全會后宣布的一攬子改革方案的一個核心目標。除了允許外國投資者可以進一步參與中國股市以外，其他的建議還包括，減輕政府對銀行儲蓄利率、匯率和銀行業(yè)的嚴格控制。
　　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，批評人士指出，像諸如開發(fā)新的或計劃中的自由貿(mào)易區(qū)進展緩慢的問題所展示的那樣，中國還沒有兌現(xiàn)一些承諾過的自由化措施。
　　It appeared on Thursday that significant details of the stock trading program remain to be worked out.
　　就周四的宣布來說，雙向股票交易計劃的許多細節(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)管機構的宣布稱，這一計劃將允許“內地投資者直接使用人民幣投資香港市場”。
　　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.
　　有兩個明顯的例外是，由李嘉誠控股的匯賢產(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)，后者是以雙貨幣計價上市的收費公路運營商。與此同時，這兩家監(jiān)管機構還說，將有200多家香港公司的股票通過這一計劃向內地投資者開放。這個宣布似乎暗示，要么內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的香港公司需要進行以人民幣計價的二次股票發(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題來說，這兩家機構表示，從內地向香港的“南下”投資將被限制在每日105億元人民幣以內，而從香港向內地的“北上”投資每日限額則不超過130億元人民幣，這兩個限額都將受到“實時”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.”
　　香港和中國大陸的證券監(jiān)管和法律體系有很大的差別，監(jiān)管機構稱，他們將共同努力，建立一個有效機制“及時應對各自或雙方市場出現(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.
　　市場受到周四這一消息的鼓勵。恒生指數(shù)以上漲1.51%收盤；上證指數(shù)當天上漲了1.38%。