人民幣崛起危及倫敦匯市主導地位

London’s lead in the global currencies-trading business is being eroded, with the rise of the renminbi as the world’s most heavily-traded emerging market currency tilting volumes towards Asia.

隨着人民幣崛起爲世界上交易最頻繁的新興市場貨幣使得交易量向亞洲傾斜，倫敦在全球外匯交易業務中的主導地位正在遭受侵蝕。

The UK capital’s share in the crucial but scandal-tinged business dropped for the first time in more than a decade, down to 37.1 per cent from nearly 41 per cent in 2013, according to a new benchmark survey from the Bank for International Settlements.

國際清算銀行(Bank for International Settlements)一項新的基準調查顯示，倫敦在這一關鍵但受醜聞影響的業務中所佔份額10多年來首次出現下降——從2013年的近41%降至37.1%。

The three biggest Asian trading hubs — Tokyo, Hong Kong and Singapore — captured much of London’s loss with their combined share swelling to 21 per cent from 15 per cent, underscoring the growing importance of Asia, and of China in particular, in global trade.

亞洲三大交易中心——東京、香港和新加坡——搶佔了倫敦失去的大部分份額，它們合計佔比已從15%升至21%，凸顯出亞洲（尤其是中國）在全球貿易中與日俱增的重要性。

New York retained its second place with a slight increase to 19 per cent.

紐約仍保持第二的位置，佔比略增至19%。

London has dominated the foreign exchange market for nearly half a decade, a business built on sterling’s history as modern commerce’s first global currency.

倫敦在近五年時間裏一直主導外匯市場——這項業務建立在英鎊作爲現代商貿首種全球貨幣的歷史之上。

Insiders are still proud of the extent to which it towers over New York.

業內人士仍自豪於倫敦在這方面相對於紐約的巨大優勢。

In part, that status is due to the luck of location, which helps in facilitating trades for clients from Asia, through the European trading day, to the Americas.

在某種程度上，倫敦這一地位應歸功於其幸運的地理位置——有助於在歐洲交易日的一天裏從幫助亞洲客戶完成交易到幫助美洲客戶完成交易。

It’s sad to see how London has declined, but one thing they can’t take away from us is Greenwich Mean Time, said one former broker.

一位前經紀人表示：看到倫敦地位的衰落讓人悲哀，但有一樣東西他們無法從我們這裏奪去，那就是格林尼治標準時間。

But the new BIS survey showed that the renminbi doubled its share of the global market, knocking the Mexican peso off its perch as the most traded currency in the developing world.

但國際清算銀行的最新調查顯示，人民幣在全球市場的份額已經翻番，取代了墨西哥比索作爲發展中世界交易量最大貨幣的地位。

The rise of the renminbi comes as flows in major currencies that are dominated by banks in the UK — such as the euro, yen, Australian dollar and Swiss franc — have all declined.

人民幣的崛起正值英國各銀行主導的主要貨幣（如歐元、日元、澳元和瑞士法郎）的交易量都出現下滑之際。

The euro in particular has suffered since the region’s 2010 debt crisis: it formed one side of 31 per cent of trades in this year’s survey, down from 39 per cent in 2010.

歐元自2010年歐元區債務危機爆發以來受到的打擊尤爲嚴重：在今年的調查中，歐元佔比從2010年的39%下滑至31%。

London has also been hampered by the sickly state of the industry, which was once a key area of expansion for dealer banks.

倫敦也一直受到外匯行業不景氣的羈絆，外匯交易曾是交易商銀行擴張的一個重要領域。

The average amount changing hands daily around the world fell for the first time since 2001, to $5.1tn in April 2016 from $5.4tn in the same month three years ago.

全球平均每日交易量自2001年以來首次出現下降，從2013年4月的5.4萬億美元跌至今年4月的5.1萬億美元。

It is unclear whether the decline reflects a broad reluctance to use currencies as an asset class, or whether they are suffering as a knock-on effect from wilting volumes in other markets.

目前尚不清楚這種下降是否反映了市場普遍不願使用外匯作爲一種資產類別，或者反映了其他市場交易量萎縮的漣漪效應。