中國債券開始吸引境外投資者
Foreign fund managers plan to double their investments in renminbi-denominated bonds in the next year, according to a survey that suggests appetite for China’s vast debt market is rising in spite of fears about the country’s financial stability.
一項調查顯示，外國基金經理打算在未來一年將其對人民幣計價債券的投資增加一倍，這似乎表明，儘管人們擔心中國金融穩定，但投資者對中國巨大債務市場的胃口正在變大。
Investors polled by Deutsche Bank said they planned to double their allocation in the next year to about 13 per cent of their local currency portfolios, following moves by China this year to open its bond markets — the world’s third-largest behind the US and Japan.
接受德意志銀行(Deutsche Bank)調查的投資者表示，他們計劃在未來一年把各自對人民幣債券的配置增加一倍，至外匯投資組合的大約13%。此前中國在今年採取行動開放在岸債券市場；中國債市的規模在世界上排名第三，僅次於美國和日本。
Outstanding onshore bonds are worth about $7.5tn, roughly the same as the rest of the entire emerging market debt universe, analysts have calculated. The US bond markets are worth $35tn and Japan’s $11tn.
據分析師們計算，未償還的中國在岸債券總值約7.5萬億美元，大致相當於整個新興市場債市其餘部分的規模。美國債券市場的規模爲35萬億美元，日本爲11萬億美元。
China’s opening of its debt market in May allows international investors to buy onshore bonds under the auspices of a so-called agent bank appointed by the government rather than having to seek approval for an investment quota under a set of rules known as QFII.
中國在今年5月開放國內債券市場，允許國際投資者通過政府任命的所謂代理銀行買入在岸債券，而不必按照合格境外機構投資者(QFII)制度申請投資額度。
The changes represented a streamlining of the investment process for foreigners, and a willingness by Beijing to ease tight controls by delegating approval. About 20 banks are agents including HSBC, Standard Chartered and Deutsche Bank.
這些變化代表着境外投資者的投資流程得到精簡，北京方面願意通過下放審批權來放鬆嚴密控制。約20家銀行是代理銀行，包括匯豐(HSBC)、渣打(Standard Chartered)和德意志銀行。
“Now that access has opened up substantially for offshore investors, we expect foreign participation in China’s domestic bond market to accelerate and for onshore renminbi bonds to be an increasingly important component of major global fixed income investors’ portfolios,” said Michael Ormaechea, head of Deutsche Bank’s global markets unit in the region.
“既然准入已對境外投資者大幅度放開，我們預計外資參與中國國內債券市場將會加速，在岸人民幣債券將在全球各大固定收益投資者的投資組合中成爲越來越重要的組成部分，”德意志銀行全球市場部的亞洲區負責人邁克爾•奧瑪查亞(Michael Ormaechea)表示。
More than a quarter of survey respondents had already filed for registration or were selecting an agent, while a further 40 per cent were looking at the opportunities.
四分之一以上的受訪者已經申請註冊或選定了一個代理，還有另外40%正在尋找機會。
Bankers have reported rising interest from fund managers in the relatively high yields in China. Ten-year Chinese government bonds, for example, yield about 2.7 per cent, compared with 1.6 per cent for equivalent US sovereign debt. Japanese and German government bonds offer negative yields.
據銀行家們近來報告，基金經理們對中國相對較高的收益率越來越感興趣。例如，10年期中國國債的收益率達到約2.7%，而對應的美國主權債務收益率爲1.6%。日本和德國國債則提供負收益率。
One catalyst for faster investment by foreign investors would be the inclusion of China in international bond indices, which would force index tracking funds to buy onshore debt. Four-fifths of those surveyed by Deutsche Bank expect that to happen in the next two years.
境外投資者加快投資的催化劑之一將是中國被納入國際債券指數，這將迫使指數追蹤基金購買中國的在岸債務。在德意志銀行調查的受訪者中，五分之四的投資者預計這將在未來兩年內發生。
However, earlier this year onshore equities were turned down for inclusion in MSCI’s benchmark global equities indices partly because foreign buyers were concerned about their ability to repatriate investments on demand. It is a worry also raised by bond investors.
然而，今年早些時候中國在岸股票被MSCI明晟拒絕納入其基準全球股票指數，部分原因是因爲境外買家擔心他們按需匯回投資的能力。債券投資者也已提出這方面的擔心。
The survey highlighted longstanding concerns over the risks of investing in China. Just over 40 per cent of those polled said they were uncomfortable with the stability of the financial system.
這項調查突顯了外界長期擔憂的在中國投資的風險。略高於40%的受訪者表示，他們對中國金融體系的穩定感到不安。
However, less than a third were worried about the risk of a sharp depreciation in the renminbi — fear of which sent global markets into a tailspin in January.
然而，只有不到三分之一的人擔心人民幣大幅貶值的風險；這方面的恐懼曾在今年1月導致全球市場陷入混亂。
