中國放寬企業海外融資限制 China eases limits on overseas funding as forex reserves fall

Beijing has eased the restrictions on Chinese companies seeking to raise funds overseas, after a record monthly decline in China’s foreign exchange reserves in August.

北京方面放寬了對中國企業尋求海外融資的限制。此前中國外匯儲備在8月份出現創紀錄下降。

The decision to loosen capital controls on inbound funds stands to boost capital inflows at a time when big domestic stock market losses and the slowing Chinese economy are heightening concerns about capital outflows.

對入境資金放寬資本管制的決定有助於提振資本流入，目前中國股市大幅下跌和經濟不斷放緩正在加劇人們對於資本外流的擔憂。

China’s planning agency, the National Development and Reform Commission, has made it easier for Chinese companies to obtain foreign currency bank loans or issue renminbi bonds with a term of more than a year, according to a statement on its website.

根據國家發展和改革委員會(NDRC)在其官網上發佈的一份通知，這家中國規劃機構已推出新政策，讓中國企業更容易獲得外幣銀行貸款，或者發行期限超過一年的人民幣債券。

“The new policy will simplify the process for Chinese entities to issue offshore bonds. It will give Chinese companies flexibility in terms of timing and the amount of bonds issued as long as it is within the approved foreign debt quota,” said Ivan Chung, head of Greater China credit research at Moody’s in Hong Kong.

“新政策將簡化中國實體發行離岸債券的過程。只要是在批准的外債額度內，它將在債券發行的時機和數量方面給予中國企業靈活性，”穆迪(Moody's)大中華區信用研究部門負責人鍾汶權(Ivan Chung)在香港表示。

Previously, companies needed approval for each deal but now they are only required to register with the regulator.

以往，企業的每一筆交易都需要審批，但現在它們只需要向監管機構備案。

“Like Shanghai-Hong Kong Stock Connect, it is another step forward in integrating the Chinese financial market with the world,” Mr Chung said.

“就像滬港通(Shanghai-Hong Kong Stock Connect)一樣，此舉是向着讓中國金融市場與世界接軌的方向邁出的又一步，”鍾汶權表示。

China’s foreign exchange reserves fell 2.6 per cent to $3.557tn in August, a monthly $94bn drop that was the sharpest on record, as the People’s Bank of China sold down some of its stockpile to support the renminbi.

中國的外匯儲備在8月份下降2.6%，至 3.557萬億美元，在一個月裏下降940億美元打破了單月下降紀錄，原因是中國人民銀行(PBoC)拋售了部分儲備以支持人民幣。

Data from the Bank for International Settlements show that foreign bank claims on China shrank by $77bn in the first three months of 2015, reflecting their reluctance to lend.

國際清算銀行(BIS)數據表明，外資銀行對華債權在2015年頭三個月萎縮了770億美元，反映出它們不願放貸。

“On one level it’s encouraging to see that China has not lost its appetite for pro-market liberalisation, even as volatility and uncertainty have risen. It suggests the leadership understands that problems revealed by market forces can be addressed by market forces as well,” says Michael Kurtz, chief Asia equity strategist at Nomura in Hong Kong.

“在某個層面上，即使在波動性和不確定性上升之際，中國也沒有失去推進市場自由化的意願，這一點令人鼓舞。它似乎表明，中國領導人明白，市場力量暴露的問題，也可以通過市場力量來解決，”野村證券(Nomura)亞洲首席股票策略師邁克爾錠爾茨(Michael Kurtz)在香港表示。

However, he said it was not clear that Chinese companies would immediately embrace the more open overseas borrowing environment “given expectations for a depreciating renminbi and for rising US dollar borrowing costs versus falling domestic borrowing costs”.

不過，他表示，鑑於“各方預期人民幣將進一步貶值，預期美元借貸成本將不斷上漲，而國內借貸成本將不斷下降”，尚不清楚中國公司會否急於利用更加開放的海外借款環境。

Markets are awaiting a decision from the US Federal Reserve today on whether to raise interest rates for the first time in nearly a decade.

市場正在等待美聯儲(Federal Reserve)今日作出是否在近10年來首次提高美元利率的決定。

Meanwhile, China is considering implementing restrictions on automated trading in its commodity markets, according to market participants who spoke to the Financial Times.

與此同時，據一些市場參與者向英國《金融時報》反映，中國正考慮在國內大宗商品市場實施針對自動交易的限制。

The new regulations would define automated traders, require their identity and source of funds to be disclosed, and limit the number of trades they could place in the futures markets.

新的法規將對自動交易商作出定義，要求他們披露身份和資金來源，並限制他們可以在期貨市場下單執行的交易數量。