中國將在深圳建人民幣可兌換特區
China plans to create a special zone to experiment with currency convertibility in Shenzhen, the city where it introduced key economic reforms three decades ago.
中國計劃在深圳創建一個特區，用於開展人民幣可兌換的試驗。30年前，中國在深圳啓動了關鍵的經濟改革。The measure will enable Hong Kong banks to lend renminbi directly to companies in Qianhai Bay – a new economic zone on a peninsula across the water from Hong Kong – according to Chinese state media.
據中國官方媒體報道，此舉將使香港各銀行能夠直接向前海灣的企業發放人民幣貸款。前海灣是一個新的經濟區，坐落在一個半島上，與香港隔水相望。Beijing will unveil the details today as Hu Jintao, Chinese president, visits Hong Kong for the 15th anniversary of the handover of the city from Britain.
北京方面將在週五公佈細節，以配合中國國家主席胡錦濤前往香港參加香港從英國迴歸15周年紀念日。
Analysts say the experiment could prove as critical to dismantling capital controls as Deng Xiaoping's reforms were to opening China to the world.
分析師們表示，就解除資本管制而言，這項試驗的關鍵程度，可能不亞於鄧小平當年設計的改革對中國向世界開放起到的推動作用。The Qianhai experiment follows a series of steps taken by the Chinese government to move towards making the renminbi a convertible currency that analysts believe could one day vie with the US dollar for pre-eminence.
在前海啓動人民幣可兌換試驗之前，中國政府採取了一系列步驟，推動人民幣向可兌換貨幣的方向前進，分析師們相信，有朝一日人民幣有望與美元爭奪霸主地位。Over the past two years, Chinese companies have been allowed to settle most of their international trade in renminbi. This has provided a conduit for the currency to flow abroad for the first time in large volumes.
過去兩年期間，中國企業已獲准用人民幣結算多數國際貿易。這爲人民幣大量流向海外首次提供了一條渠道。Foreign institutions have also been given a limited but growing array of investment options for their renminbi holdings, such as Hong Kong's dim sum bond market and a programme for buying Chinese equities.
持有人民幣的境外機構也已得到數量有限、但不斷增加的投資選擇，如香港的“點心債券"市場和購買中國內地股票的一個機制。But China has installed measures to ensure the renminbi cannot travel freely across the border for pure financial transactions. Beijing is aware that hasty capital account openings can spark situations such as the 1997 Asian financial crisis. Allowing Hong Kong banks to lend to Chinese companies on the mainland creates a new, potentially wide channel for renminbi held overseas to flow back to China.
但中國也實行各項措施，以確保人民幣不能爲了純粹的金融交易而自由跨越國界。中國高層明白，倉促的資本賬戶開放可能引發類似1997年亞洲金融危機的情形。允許香港各銀行向中國內地的企業放貸，則將創建一條潛在相當寬敞的新渠道，讓海外持有的人民幣迴流中國。Banks in Hong Kong are allowed to lend to Chinese clients in Hong Kong, but not in China. If the Chinese clients want to bring that money into China, they need to obtain approval from the regulator. The new rules are expected to eliminate many of those controls to make it possible for Hong Kong banks to directly lend to Chinese clients in Shenzhen.
目前香港各銀行被允許向香港的中國內地客戶放貸，但不能在內地向內地客戶放貸。如果中國客戶想要把資金匯回中國，他們需要獲得監管部門許可。預計新規則將消除許多此類管制，使香港各銀行能夠直接向深圳的中國內地客戶放貸。In 1980, Shenzhen was designated the country's first special economic zone, bringing foreign investment and free trade to China, and launching the country on its way to becoming the world's second largest economy.
1980年，深圳被指定爲中國第一個經濟特區，引入外資和自由貿易，進而推動中國開啓高速發展時代，最終成爲全球第二大經濟體。Liu Ligang, an economist at ANZ, said the risks of the latest measure were greater than those attached to the 1980s opening. He said China had to ease its control of interest rates and deepen the domestic bond market before opening the capital account to lessen the risk of speculative capital rushing in and local companies accumulating dangerously big foreign debts.
澳新銀行(ANZ)經濟學家劉利剛表示，最新措施的風險大於上世紀80年代的改革開放。他表示，中國必須先放鬆其對利率的控制，並提高國內債券市場的深度，再開放資本賬戶，以減輕投機資本蜂擁而至、本土企業積累過多外債的風險。Separately yesterday, the stock exchanges of Hong Kong, Shanghai and Shenzhen said they would create a joint venture index company to give investors access to companies listed in all three cities for the first time and boost their capital markets.
另外，香港、上海和深圳三地的證交所昨日表示，它們將創建一家合資指數公司，使投資者能夠首次投資於在所有三個城市上市的公司，促進三個城市資本市場的發展。Additional reporting by Paul J. Davies in Hong Kong
保羅•J•戴維斯(Paul J. Davies)香港補充報道
