CFA资讯：沪港股互联互通将成现实

　　沪港股互联互通将成现实
　　NEIL GOUGH 2014年04月11日
　　HONG KONG — It was a seven-year wait, but China on Thursday finally announced a plan to allow two-way investment between the Shanghai and Hong Kong stock exchanges.
　　香港——已经等待了七年了，中国终于在周四宣布了一项计划，将允许上海和香港的股票交易所实现双向投资。
　　For the first time, individual investors in Hong Kong will be able to use their local brokerage accounts to trade the shares of companies listed in Shanghai, the China Securities Regulatory Commission and Hong Kong’s Securities and Futures Commission said in a joint announcement on Thursday.
　　中国证券监督管理委员会和香港证券及期货事务监察委员会周四发表联合公告称，香港的个人投资者将能够用他们在当地的经纪账户对在上海上市的公司进行股票交易，这将是*9次能怎样做。
　　At the same time, investors in mainland China would be able to use their local brokers to buy Hong Kong-listed shares. This outbound trading would be restricted to institutions or individual investors whose accounts have a minimum of 500,000 renminbi, or about $80,500.
　　与此同时，中国大陆的投资者也将可以使用当地的经纪账户购买在香港上市的股票。但是，从内地购买香港股票的交易将限于帐户余额不低于50万元人民币的机构或个人投资者。
　　The combined daily trading would be capped at 23.5 billion renminbi, the regulators said. That is equal to about 20 percent of the combined average daily trading turnover of both markets.
　　这两家监管机构称，两地股市的跨境每日投入净数额将限制在235亿元人民币以下。这相当于沪港两地股市日交易额平均值总和的约20%。
　　Despite their size and huge trading volumes, China’s equity and debt markets remain largely off limits to foreign investors. Two-way investment is restricted to licensed institutions and subject to comparatively tiny quotas.
　　尽管中国的股票和债券市场的规模和交易量巨大，但基本上不对外国投资者开放。只有获得批准的机构才能进行双向投资，而且面临相对微小的配额限制。
　　The preparatory work to introduce the new pilot trading program is expected to take about six months, officials said. The cumulative, combined trading flows will be capped at an aggregate 550 billion renminbi. The quotas may be adjusted in the future, the regulators said.
　　官员说，为引入新交易试点方案作筹备预计需要6个月的时间。两地的股市总交易累积净额度将会被限制在5500亿元人民币以下。这两家监管机构称，这些额度将来可能会做出调整。
　　The program, called the Shanghai-Hong Kong Stock Connect, “will not only help strengthen the two securities markets, but will also have long-term and strategic significance,” John Tsang, Hong Kong’s financial secretary, said in a statement. “I am pleased to see that Hong Kong plays an important role in the two-way opening up of the mainland’s capital market to the world.”
　　香港财政司司长曾俊华(John Tsang)在一份声明中表示，这个被称为沪港互联互通的计划，“不但有助深化两地证券市场，更具有深远和战略性意义。我很高兴香港在内地资本市场面向全球双向开放发挥了重要的作用。”
　　In the summer of 2007, senior Hong Kong government officials announced a plan, referred to as the “through train,” that would allow mainland Chinese investors to directly buy shares listed in Hong Kong. That announcement sent the local Hang Seng index soaring, gaining more than 50 percent over a two-month period ending in October 2007 to peak at a high of over 31,000 points.
　　2007年夏天，香港政府的高级官员曾宣布过一项被称为“港股直通车”的计划，该计划将允许大陆投资者直接购买在香港交易所上市的股票。这一宣布让香港的恒生指数在两个月中连续飙升，增长了50%，在2007年10月达到了31000点的*6水平。
　　But the through train never left the station. Hong Kong stocks plunged and, unlike shares in the United States and other major markets, have not come close to matching their pre-crisis highs. Investors are hoping this time around is different.
　　但是，直通车从未驶出车站。之后，香港股市大幅下跌，而且与美国和其他主要市场不同的是，香港的股票指数一直没有回到接近经济危机前的*6点。投资者希望这次与上次不一样。
　　“The landmark agreement gives global investors greater access to China’s extraordinary growth story and allows Chinese savers to diversify their holdings,” said Peter Wong, the deputy chairman and chief executive of HSBC’s Hong Kong unit. “This is further confirmation of China’s commitment to financial reform, and reaffirms Hong Kong’s role as the fulcrum of China’s broader economic integration with the global economy.”
　　汇丰亚太区副主席兼行政总裁王东胜(Peter Wong)说：“此项突破性的计划令全球投资者能进一步参与快速增长的内地市场，也让内地投资者可分散其投资组合。此计划进一步反映了中国推动金融改革的决心，肯定了香港在中国与全球经济更为广泛融合的过程中所扮演的关键角色。”
　　Opening up China’s financial markets to the world is a central goal of the package of overhauls announced by President Xi Jinping after a major plenum meeting of Communist Party leaders in November. Beyond allowing greater access to China’s stock markets, other proposals include easing the state’s heavy-handed control of bank deposit rates, currency exchange rates and the banking sector.
　　将中国的金融市场向世界开放是国家主席习近平在去年11月党的三中全会后宣布的一揽子改革方案的一个核心目标。除了允许外国投资者可以进一步参与中国股市以外，其他的建议还包括，减轻政府对银行储蓄利率、汇率和银行业的严格控制。
　　But critics say China has yet to implement some of the promised liberalizations, as has been demonstrated, for example, by slow progress in developing new or planned free trade zones.
　　但是，批评人士指出，像诸如开发新的或计划中的自由贸易区进展缓慢的问题所展示的那样，中国还没有兑现一些承诺过的自由化措施。
　　It appeared on Thursday that significant details of the stock trading program remain to be worked out.
　　就周四的宣布来说，双向股票交易计划的许多细节还有待确定。
　　For example, the announcement by the two regulators said the proposal would enable “mainland investors to directly participate in the Hong Kong stock market using RMB,” using the abbreviation for renminbi, the Chinese currency.
　　比如，两家监管机构的宣布称，这一计划将允许“内地投资者直接使用人民币投资香港市场”。
　　But Hong Kong trading is carried out using the Hong Kong dollar, which is pegged to the dollar and — unlike the renminbi — is a freely convertible currency. Almost no Hong Kong stocks trade in renminbi.
　　然而，香港的股票交易是以港元进行的，港元是与美元挂钩的可以自由兑换的货币，与人民币不同。香港的股票几乎没有使用人民币交易的。
　　Two notable exceptions are Hui Xian Real Estate Investment Trust, controlled by the billionaire Li Ka-shing, and Hopewell Highway Infrastructure, a toll-road operator that maintains a dual-currency listing. At the same time, the regulators said that shares in more than 200 Hong Kong companies would be open to mainland investment under the program. That appeared to imply that either mainland investors would be allowed to freely convert their renminbi into hard currency, or that the Hong Kong companies targeted for investment would need to conduct a secondary offering of renminbi-denominated shares.
　　有两个明显的例外是，由李嘉诚控股的汇贤产业信托(Hui Xian Real Estate Investment Trust)、以及公路基建有限公司(Hopewell Highway Infrastructure Limited)，后者是以双货币计价上市的收费公路运营商。与此同时，这两家监管机构还说，将有200多家香港公司的股票通过这一计划向内地投资者开放。这个宣布似乎暗示，要么内地投资者可以被允许自由地将人民币兑换成硬通货，要么那些作为投资目标的香港公司需要进行以人民币计价的二次股票发售。
　　Regarding the division of trading quotas, the two regulators said that “southbound” investment from the mainland to Hong Kong would be capped at 10.5 billion renminbi a day, while “northbound” investment from Hong Kong to China would be capped at 13 billion renminbi, both monitored on a “real time” basis.
　　就如何分配交易配额的问题来说，这两家机构表示，从内地向香港的“南下”投资将被限制在每日105亿元人民币以内，而从香港向内地的“北上”投资每日限额则不超过130亿元人民币，这两个限额都将受到“实时”监控。
　　Securities regulation and the legal system vary considerably between Hong Kong and mainland China, and the regulators said they would work together on a framework that would “respond to all misconduct in either or both markets on a timely basis.”
　　香港和中国大陆的证券监管和法律体系有很大的差别，监管机构称，他们将共同努力，建立一个有效机制“及时应对各自或双方市场出现的违法行为”。
　　Markets welcomed Thursday’s news. The Hang Seng index closed 1.51 percent higher, while the Shanghai composite index gained 1.38 percent for the day.
　　市场受到周四这一消息的鼓励。恒生指数以上涨1.51%收盘；上证指数当天上涨了1.38%。