根据参加闭门会议的人士透露，中国央行行长潘功胜在曼谷向投资者推介人民币资产，并阐述了扩大其在全球市场作用的计划。
China’s central bank governor Pan Gongsheng touted yuan assets to investors in Bangkok and outlined plans to expand their role in global markets, according to people who attended the closed-door event.
潘功胜强调了中国资产的韧性，特别是政府债券，以及它们能为投资组合带来的多元化。据与会者透露，他在德意志银行新兴市场会议上的英文演讲持续约半小时，这些人士要求不具名讨论演讲内容。
Pan highlighted the resilience of Chinese assets, particularly government bonds, and the diversification they can bring to portfolios. His speech in English at Deutsche Bank’s Emerging Markets Conference lasted around half an hour, according to attendees who asked not to be identified discussing the content of the speech.
在中国人民银行行长的身份下，潘功胜正在全球发达国家债券市场抛售的背景下推介本国资产。在这些市场中，持续的通胀和不断增加的公共债务促使投资者要求更高的收益率。中国在此次全球重新定价中脱颖而出，其债券走势与全球方向相反。周四，中国10年期和30年期国债收益率触及一年多来的最低水平。
The People’s Bank of China chief is pitching his country’s assets against the backdrop of a bond-market selloff in the developed world, where persistent inflation and mounting public debt have pushed investors to demand higher yields. China has stood out from the global repricing, with its bonds moving in the opposite direction. Yields on China’s 10-year and 30-year debt touched their lowest levels in more than a year on Thursday.
与会者透露，潘功胜引用数据显示，一个由80%人民币债券和20%中国股票组成的投资组合，在过去二十年中的年化收益率高于全球资产组合。他还说，该人民币组合在过去五年和十年期间的波动率也低于全球基准。
Pan cited data showing that a portfolio comprising 80% yuan bonds and 20% Chinese equities delivered a larger annual return over two decades than a global asset portfolio, according to the attendees. The yuan portfolio also recorded lower volatility than global benchmarks over both five- and 10-year periods, he said.
根据彭博指数，过去12个月，中国债券对以美元计价的投资者带来了约10%的回报，而人民币在篮子基础上接近四年高点。相比之下，全球债券基准下跌2%，而美国国债下跌1.5%。
China’s bonds have returned about 10% to dollar-based investors over the past 12 months, according to Bloomberg indexes, and the yuan is near a four-year high on a basket basis. In comparison, a global debt benchmark lost 2%, while US Treasuries are down 1.5%.
与此同时，沪深300指数在过去12个月内下跌了略多于9%，而MSCI全球指数在此期间上涨了15%。
Meanwhile, the CSI Index of stocks has lost a bit more than 9% over that 12-month span, versus a 15% gain for the MSCI All-Country World Index.
这番讲话在曼谷市中心一家豪华酒店的宴会厅里引起了至少部分250多名投资者的共鸣，现场约有100人因座位不足而只能站着。该活动是IMF-世界银行年会边会的众多场次之一，年会汇聚了来自18000名与会者中的政府财政官员、债券持有人和银行家。
The speech struck a chord with at least some of the 250-odd investors packed into a luxury hotel ballroom in downtown Bangkok, where about 100 had to stand for lack of seats. The event was among many on the sidelines of the IMF-World Bank Annual Meetings, which brings together government finance officials, bondholders and bankers among the 18,000 attendees.
一位参加该活动的可再生能源投资者表示，该讲话聚焦市场，并基于明确的数据。他透露，其公司一直对进入中国金融市场感兴趣，而潘的演讲让他更认真地考虑发行人民币计价债券为项目融资——鉴于其较低成本——以及分配资金购买中国股票。
A renewable-energy investor who was at the event said the speech was market-focused and based on clearcut data. He said his company has been interested in tapping China’s financial markets, and Pan’s presentation has made him more serious about issuing yuan-denominated bonds to fund projects — given the lower cost — and allocating cash to buy Chinese equities.
北京一直在努力使人民币计价资产对海外投资者更具吸引力，并拓展该货币在国际贸易和支付之外的作用。
Beijing has been seeking to make yuan-denominated assets more attractive to overseas investors and broaden the currency’s role beyond international trade and payments.
与会者透露，潘还承诺将使人民币债券的规则更紧密地与全球标准接轨，并推动其在主要国际清算所被接受为合格抵押品。
Pan also promised to align rules for yuan bonds more closely with global standards, and to promote their acceptance as eligible collateral at major international clearing houses, according to the attendees.