香港唯一的人民币清算银行计划在中国内地市场发行银行间可转让存单（NCDs），这是中国政府为加强香港作为人民币业务中心的地位而采取的又一举措。
Kong’s sole yuan clearing bank plans to issue interbank negotiable certificates of deposit in the mainland market, another step in Chinese authorities’ efforts to strengthen the city’s role as a hub for yuan business.
根据中国银行（香港）有限公司（BOCHK）周二发布的声明，该银行计划今年发行总额不超过222亿元人民币（约合33亿美元）的银行间可转让存单，相关发行额度已获得中国人民银行的批准。这些期限为一年或更短的短期债务工具在内地银行中非常受欢迎，因为内地银行常通过这些工具从其他银行筹集资金。
Bank of China (Hong Kong) Ltd.’s plan entails issuing up to 22.2 billion yuan ($3.3 billion) of NCDs this year, with the quota alreadyed at the People’s Bank of China, according a statement released Tuesday by BOCHK. These short-term debt instruments, carrying maturities of one year or less, are popular among onshore banks seeking to raise funds from peers.
根据中国利率自律机制的声明，BOCHK将成为首家获得内地银行间可转让存单发行额度的离岸人民币清算银行。该银行是总部位于北京的中国人民银行在香港的子公司。
BOCHK would become the first offshore yuan-clearing bank to gain a quota for onshore NCD issuance, according to a statement from China’s Interest Rate Self-Regulatory Mechanism. The bank is an offshore subsidiary of Beijing-based Bank of China Ltd.
这一举措进一步体现了内地和香港政府为巩固香港作为人民币业务中心地位、提升人民币全球影响力的共同努力。由于人民币目前还不能自由兑换，政府正在推动内地与离岸市场的资金流动，以便利企业在海外开展以人民币计价的业务。自2003年以来，BOCHK一直是香港唯一的人民币清算银行。
This move builds on efforts by mainland and Hong Kong authorities to cement the city as a leading yuan hub and promote the currency’s global status. With the yuan still not freely convertible, officials are bridging onshore and offshore liquidity to make it easier to run yuan-denominated business abroad. BOCHK has been the only designated offshore yuan clearing bank in Hong Kong since 2003.
Overseas-Chinese Banking Corp. 的外汇与利率策略主管 Frances Cheung 表示：“允许离岸银行发行内地银行间可转让存单将有助于改善离岸市场的流动性；否则，离岸人民币市场将不得不依赖其他渠道来满足资金需求。从长远来看，这有助于稳定离岸人民币汇率。”今年7月，香港金融管理局（香港的实质上的中央银行）提高了向本地银行提供的人民币贷款额度；今年早些时候，中国人民银行也上调了部分银行的离岸贷款上限。
“Allowing onshore NCD issuance would improve offshore liquidity, as otherwise the offshore yuan pool would need to be tapped,” said Frances Cheung, head of foreign exchange and rates strategy at Oversea-Chinese Banking Corp. “Over time, this may help anchor offshore yuan rates.”In July, Hong Kong Monetary Authority, the city’s de facto central bank, increased the size of a yuan lending facility to local lenders. Earlier in the year, the PBOC also raised the cap on offshore loans for some banks.
近年来，流动性增加推动了香港人民币借贷成本下降，但总体而言，其仍高于境内利率。目前，3个月期NCD收益率为1.41%，而离岸人民币Hibor为1.67%。根据官方数据，截至5月末，香港人民币存款规模达到约1.14万亿元人民币的历史高点，此后一直徘徊在此水平附近。
While growing liquidity has pushed yuan borrowing costs down in Hong Kong over recent years, they broadly remain above onshore rates. The 3-month NCD yield is currently at 1.41%, compared to 1.67% for the offshore yuan Hibor. The amount of yuan deposits in Hong Kong reached a record high of around 1.14 trillion yuan at the end of May and has since lingered near the level, according to official data.
一家官媒报道称，中国人民银行副行长邹澜在1月的一个论坛上表示，央行将通过多种渠道支持香港的人民币清算行在境内获取人民币资金，包括NCD，以提升离岸流动性。
The PBOC will support Hong Kong’s yuan clearing bank to obtain yuan funds through multiple channels in the mainland, including NCD, to boost offshore liquidity, PBOC deputy governor Zou Lan said at a forum in January, a state-backed newspaper reported.
香港金融管理局总裁余伟文也在1月表示，此举将加强清算行的服务能力，并对离岸人民币流动性状况产生积极影响。
Eddie Yue, HKMA’s chief executive officer, also said in January that such a move will strengthen the clearing bank’s service capabilities and contribute positively to offshore yuan liquidity condition.
渣打银行大中华区宏观策略负责人刘贝琪表示，增加NCD融资渠道将使清算行“能够发挥更大作用，并在流动性紧张时期稳定短期流动性”。
The addition of the NCD-funding channel will enable the clearing bank “to play a larger role and stabilize short-term liquidity under periods of liquidity stress,” said Becky Liu, head of Greater China macro strategy at Standard Chartered Bank.
但她补充称，除非该计划进一步扩大覆盖范围，惠及所有结算银行，否则其对离岸人民币贷款的整体影响可能有限。
But the broader impact on offshore yuan lending is likely limited unless the scheme becomes more widely available to include all settlement banks, she added.