China is accelerating efforts to push its currency deeper into world markets, racing ahead with a series of moves toward a new financial ecosystem with the yuan at its center.

　　中國正加速促進人民幣更加深入世界市場，推進一系列以人民幣為中心的措施打造新的金融生態(tài)系統(tǒng)。

　　A senior Hong Kong monetary official told The Wall Street Journal on Tuesday that China's central bank is "actively considering" new rules that would make it easier to bring yuan funds raised offshore back onto the Chinese mainland.

　　周二，香港一位貨幣管理高級官員接受《華爾街日報》采訪時說，中國央行正在“積極考慮”出臺新規(guī)定，以便離岸籌集的人民幣資金更容易回流到中國內(nèi)地。

　　Changing those rules would remove a choke point threatening the fast-growing market for the Chinese currency─also known as the renminbi─that is developing in Hong Kong and elsewhere outside mainland China's borders. Currently, Chinese officials have to approve bringing any sizeable amount of currency─foreign and domestic─into the country. That system is aimed at closely managing the exchange rate and preventing speculation in the yuan. Reuters.

　　中國對其資本賬戶保持嚴(yán)格控制，一些官員表示擔(dān)心境外人民幣交易過多會導(dǎo)致投機商擾亂國內(nèi)貨幣體系的穩(wěn)定。不過盡管如此，中國和香港政府正在推進多項計劃，促進人民幣更緊密的融入全球市場。規(guī)定的改動將會消除威脅到在香港及內(nèi)地以外其他地區(qū)興起的人民幣市場快速增長的瓶頸。目前，任何數(shù)額較大的外幣或人民幣進入中國都需要獲得中國政府審批。這一制度旨在嚴(yán)格管理匯率以及防止利用人民幣進行投機行為。

　　New rules would make it easier and more attractive for global companies to access cheap funding in Hong Kong's yuan-bond markets and then use that money to boost their China business. They also bring the currency closer to a point where its value might be determined by the market, as are the values of the dollar, euro and all other major currencies.

　　新規(guī)將會使香港的人民幣債券市場更有吸引力，使得全球企業(yè)更容易接觸到這些市場的廉價融資，然后再用這些錢來拓展它們在中國的業(yè)務(wù)。這些新規(guī)定還會促使人民幣更接近市場決定價值的狀態(tài)，就像美元、歐元和其他主要貨幣一樣。

　　But while many people believe China will continue to institute changes, full convertibility could be a long way off, and China may opt to stick with limited convertibility.

　　不過，盡管許多人認(rèn)為中國會繼續(xù)進行改革，實現(xiàn)人民幣完全自由兌換仍任重道遠(yuǎn)，中國可能會選擇堅持有限兌換制度。

　　Eventually, wider use of the yuan outside China could redefine the balance of power in global currency markets, and in the broader economy, as the rest of the world begins trading more yuan-based assets and settling its bills with China in renminbi instead of the U.S. dollar, the global standard since the end of World War II.

　　最終，人民幣在境外更廣泛的使用會重新界定全球外匯市場的力量制衡，并且從更廣泛的經(jīng)濟領(lǐng)域來看，隨著世界其他地區(qū)和國家開始進行更多人民幣資產(chǎn)的交易、并以人民幣替代美元結(jié)算與中國的賬單，自二戰(zhàn)以來的全球標(biāo)準(zhǔn)也會得到改變。

　　Western and Chinese companies would be able to issue bonds or stocks in yuan and invest the proceeds in China without having to convert into or out of dollars, euros or any other currency along the way, as they've had to in the past when raising money abroad.

　　西方和中國企業(yè)將能夠以人民幣發(fā)行債券或股票，并且無需兌換成美元、歐元或其他任何貨幣就能將收益投資中國，而在過去，他們在海外籌集資金后必須進行兌換。

　　Ultimately, greater demand for renminbi could lessen demand for the dollar, raising U.S. interest rates and borrowing costs for everyone from the federal government to home owners.

　　最終，對人民幣的需求增加會減少對美元的需求，拉高美國利率以及從聯(lián)邦政府到房主等所有人的借貸成本。

　　Further evidence that Beijing is reducing its reliance on the dollar came Monday, when a state-run news agency reported that 7% of China's foreign trade in the first quarter was conducted in yuan, up from 0.5% a year earlier.

　　周一，官方新聞機構(gòu)公布中國第一季度對外貿(mào)易的7%是以人民幣交易的，遠(yuǎn)遠(yuǎn)高于上年同期的0.5%，這進一步表明中國正在減少對美元的依賴。

　　Concerns about the dollar's longer-term prospects contribute a sense of urgency to China's ambitions. China now holds more than $3 trillion in foreign exchange reserves, most of that in dollars.

　　對美元長期前景的擔(dān)憂對中國的雄心大略帶來一絲緊迫感。中國目前持有超過3萬億美元的外匯儲備，其中大多是美元。

　　The risks of dollar exposure were underscored when Standard & Poor's cut its outlook on U.S. government debt to 'negative' Monday, unnerving global markets. Shares in both mainland China and Hong Kong fell on the news.

　　周一，標(biāo)準(zhǔn)普爾（Standard & Poor's）將美國國債評級展望下調(diào)至負(fù)面，持有美元的風(fēng)險隨之凸現(xiàn)出來，也使全球市場緊張不已。消息一出，內(nèi)地和香港股市均應(yīng)聲下跌。

　　In a brief statement on the Chinese Foreign Ministry's website, ministry spokesman Hong Lei called on Washington to take 'responsible policies and measures' to protect the interest of investors. A declining greenback hurts the value of China's vast dollar holdings.

　　外交部發(fā)言人洪磊在外交部網(wǎng)站發(fā)表的一份簡短聲明中說，希望美國政府切實采取負(fù)責(zé)任的政策措施，保障投資者的利益。美元貶值損害了中國巨大美元儲備的價值。

　　The impact of such a change could be significant. Jun Ma, chief China economist for Deutsche Bank AG, noted that last year China attracted $100 billion in foreign investment. 'If only a small percentage of that is in RMB, that will be a huge number,he said. Mr. Ma said he believed the new rules were 'likely to come out in months.

　　德意志銀行（Deutsche Bank AG）首席中國經(jīng)濟學(xué)家馬駿（Jun Ma）認(rèn)為，這種變化的影響會很大，他提到中國去年吸引到了1000億美元的外商直接投資。他說，即使外商直接投資中的一小部分是用人民幣，那也將會是一個很大的數(shù)目。他認(rèn)為新規(guī)可能會在幾個月內(nèi)出臺。

　　Most of 44 multinational companies Mr. Ma surveyed said they would use yuan to invest in China if regulations allowed. Raising yuan offshore would reduce currency risks and would allow them to replace high-cost loans in China, where interest rates are over 6%, with low-cost financing from Hong Kong, where interest rates are around 2.6%.

　　馬駿調(diào)查的44個跨國公司中，大部分公司說若規(guī)定允許，他們會用人民幣在中國投資。離岸籌集人民幣資金會減少貨幣風(fēng)險并允許他們用在香港的低成本融資替代在內(nèi)地的高成本貸款，兩地的利率分別為6%以上和2.6%左右。

　　China maintains tight control of its capital account, and some officials have expressed concern that excessive trade in the yuan outside China could allow speculators to destabilize the domestic monetary system.

　　中國對其資本賬戶保持嚴(yán)格控制，一些官員表示擔(dān)心境外人民幣交易過多會導(dǎo)致投機商擾亂國內(nèi)貨幣體系的穩(wěn)定。

　　But despite that, officials in China and Hong Kong are pushing ahead with several plans that weave China's currency more closely into the global marketplace.

　　不過盡管如此，中國和香港政府正在推進多項計劃，促進人民幣更緊密的融入全球市場。

　　This week, bankers in Hong Kong are finishing up the fund-raising for the first yuan-denominated stock to be sold outside China. The Hui Xian Real Estate Investment Trust, controlled by billionaire Li Ka-shing and backed by his Beijing property assets, is raising up to 11.2 billion yuan ($1.7 billion).

　　本周，香港的銀行家將完成境外首只人民幣股票發(fā)售的融資。匯賢房地產(chǎn)投資信托基金(Hui Xian Real Estate Investment Trust)將籌集高達(dá)112億元的資金。該基金由億萬富翁李嘉誠控股，依托于他在北京的房地產(chǎn)資產(chǎn)。

　　In an interview, the chief executive of Hong Kong's stock exchange said he's hopeful several more such listings can take place before the end of the year.

　　香港交易所行政總裁在采訪中說，他希望年底之前能有更多此類交易。

　　Monetary officials in Singapore, meanwhile, are holding talks with their counterparts in China in the hopes of setting up the infrastructure to expand trading of the yuan in the Southeast Asian city-state, according to people familiar with the situation.

　　與此同時，據(jù)知情人士說，新加坡的貨幣監(jiān)管官員正與他們的中國同行舉行會談，希望建立在新加坡擴大人民幣交易的基礎(chǔ)設(shè)施。

　　In an interview Tuesday, Peter Pang, deputy chief executive of the Hong Kong Monetary Authority, told the Journal that Hong Kong officials were in discussions with their mainland Chinese counterparts to allow foreign direct investment into China using the yuan.

　　香港金融管理局（Hong Kong Monetary Authority）副總裁彭醒棠（Peter Pang）在周二接受《華爾街日報》采訪時說，香港官員正在與內(nèi)地相關(guān)官員磋商允許外商使用人民幣在中國直接投資事宜。

　　That change would eliminate one of the biggest objections raised by companies that have issued offshore yuan debt: It takes too long to get the money they raise into China because China has no set rules to allow foreign investment in renminbi. Instead, it's done on a case-by-case basis.

　　這一改變會消除已經(jīng)發(fā)行離岸人民幣債券的公司提出的最大反對意見：將籌集的資金引入中國花的時間太長，因為中國沒有允許外商以人民幣進行投資的整套法規(guī)，相反是按照具體案例具體分析的形式進行的。

　　Last year, issuers ranging from McDonald's Corp. to the Asian Development Bank sold yuan-denominated 'dim sum bonds' in Hong Kong, raising 36 billion yuan, more than double the amount raised in 2009. These securities, like the Hui Xian REIT, are aimed at tapping a growing thirst for returns from investors who are already accumulating large sums of yuan.

　　去年，從麥當(dāng)勞（McDonald's Corp.）到亞洲開發(fā)銀行（Asian Development Bank）等多家公司的發(fā)行商在香港發(fā)售以人民幣計價的“點心債券”，籌集到360億元的資金，是2009年籌集資金的兩倍多。這些證券和匯賢房地產(chǎn)投資信托基金一樣，旨在利用已經(jīng)積累大量人民幣的投資者對回報日益強烈的渴望。

　　Since taking steps allowing the yuan to be freely traded in Hong Kong and allowing trade settlement in yuan, renminbi deposits in Hong Kong have ballooned to 407 billion yuan.

　　自政府出臺措施允許人民幣更自由的在香港進行交易以及允許以人民幣結(jié)算交易以來，香港的人民幣存款額已經(jīng)激增至4070億元。

　　Global investors are drawn to the yuan by a widespread belief the currency will appreciate against the dollar for at least the next several years.

　　全球投資者將目光投向人民幣是由于他們普遍認(rèn)為，人民幣至少會在未來幾年對美元升值。

　　It has risen about 4% against the dollar since China abandoned a de facto peg last summer that had kept its dollar exchange rate unchanged for two years. High demand and low supply of securities in which to invest this offshore yuan have kept yields on dim sum bonds unusually low.

　　自去年夏天中國取消人民幣與美元事實上掛鉤的制度后，人民幣兌美元升值了約4%，之前人民幣兌美元匯率兩年未變。有關(guān)離岸人民幣證券的投資需求旺盛但供應(yīng)不足，導(dǎo)致點心債券的收益異常地低。