中国稳步迈入国际

 　　A lot can happen in a month in China — or at least in its markets. In the past four weeks, its banking¹ regulator has launched a “regulatory windstorm” while the central bank has made the first move to ease capital controls, providing much needed liquidity² to the offshore³ renminbi market.

　　在中国，一个月可以发生许多事情，至少在其市场上如此。在过去4周里，中国银行业监管机构掀起了“监管风暴”，中国央行也迈出了放松资本管制的第一步，向离岸人民币市场提供亟需的流动性。

　　Meanwhile, BlackRock has for the first time publicly backed the inclusion of onshore stocks in MSCI’s indices, and Chinese officials have even criticised dividend-dodging companies, dubbed⁴ “iron cockerels”, and promised extra scrutiny⁵. Some, it noted⁶, have not paid out a penny in 20-plus years of listed existence.

　　与此同时，贝莱德(BlackRock)首次公开支持将中国内地股票纳入MSCI明晟的指数，而中国官员甚至对不分红的上市公司（所谓的“铁公鸡”）提出批评，承诺加强审查。监管部门指出，一些公司上市20多年来没有分过红。

　　With a very optimistic squint⁷, one might read the collected actions as signs of an investor-friendly, western-style package of reforms. That would be misleading. But they do represent the ongoing⁸ process of developing China’s markets and linking them to the international system — one small tweak or reform at a time. For international investors⁹, the easing of capital controls is the most eye-catching change, reflecting their ability to withdraw funds invested — a key concern cited last year by MSCI when it decided¹⁰ A-shares were not yet fit for inclusion.

　　从非常乐观的角度来看，人们可能将这些集体行动解读为中国将会推出对投资者友好、西方式改革方案的迹象。这样想就错了。但这些行动的确代表着中国持续发展国内市场、并与国际体系接轨的努力——每次调整或改革一点点。对国际投资者来说，放松资本管制是最吸引眼球的改变，意味着他们能够撤回投资资金——这是去年MSCI明晟在认定A股仍不符合纳入标准时援引的一个关键顾虑。

　　Essentially¹¹, Beijing has stepped back from a one-out one-in policy, introduced earlier this year, when outgoing cross-border payments in renminbi had to be at least matched by inflows. Given it is easier to convert renminbi offshore, the channel was an important conduit for outflows. It was also a key source of liquidity in the offshore renminbi market, centred in Hong Kong.

　　从根本上说，中国废止了今年早些时候推出的“一出一进”政策，当时外流的跨境人民币支付至少要和流入相当。鉴于境外更容易兑换人民币，该渠道是资本外流的重要管道。它还是以香港为核心的离岸人民币市场的流动性的关键来源。

　　“While regulators have no intention of stopping genuine trade, increased scrutiny of cross-border [activity] has delayed transactions,” said Nathan Chow at DBS.

　　星展银行(DBS)的周洪礼(Nathan Chow)表示：“尽管监管机构无意阻止真正的交易，但加大审查跨境（活动）还是导致了交易延迟。”

　　As of February, renminbi deposits in Hong Kong were half their Rmb1tn ($145bn) peak reached in December 2014. Renminbi payments suffered too: data showed just 16.7 per cent of China’s goods trade was settled in the currency in February, down from 24 per cent a year earlier.

　　截止今年2月，香港人民币存款仅为2014年12月达到的1万亿元人民币（合1450亿美元）峰值水平的一半。人民币支付也受到影响：数据显示，今年2月中国只有16.7%的商品贸易用人民币结算，而一年前的比例是24%。

　　“It is too early to say this is a turning point [but] we believe that this at least shows that China is still keen to push forward with renminbi internationalisation,” said Hao Zhou, strategist at Commerzbank.

　　德国商业银行(Commerzbank)的策略师周浩表示：“现在说这是一个转折点为时尚早，（但）我们相信，这至少表明中国仍有积极意愿推动人民币国际化。”

　　The stream of orders, largely from the China Banking Regulatory Commission, has taken some by surprise. While some have focused on the shadow banking sector¹² and wealth management products, others have concentrated on the interbank market, underlining Beijing’s focus this year on deleveraging and the role that this kind of regulatory tightening¹³ can play.

　　主要由中国银监会(CBRC)发出的一系列文件让一些人吃了一惊。一些文件聚焦于影子银行领域和理财产品，还有一些则关注银行间市场，凸显出中国政府今年聚焦于去杠杆化以及这种监管收紧可以发挥的作用。

　　One move from China’s central clearing agency raised the standards for collateral¹⁴ permitted in exchange-traded repo transactions. This is expected to increase costs for lower rated bonds — which many analysts¹⁵ think is long overdue¹⁶.

　　中国证券登记结算有限责任公司出台的新规，提高了交易所交易的债券回购的质押标准。预计这将会增加较低评级债券的成本——许多分析师认为早该如此。

　　The most straightforward¹⁷ of all the recent changes would be MSCI’s inclusion of mainland A-shares in its global indices, should it go ahead. A decision from the index provider is due in June, and BlackRock’s public support for inclusion is a powerful endorsement¹⁸ from the world’s largest fund manager. The importance of MSCI inclusion is not only sheer weight of money that follows its indices, although at $1.5tn for its benchmark Emerging Markets one, these are considerable. The real significance is that a decision in favour would make MSCI the first major index provider to commit directly to include mainland assets.

　　在最近的所有改变中，最明确的将是如果MSCI明晟同意，A股将会被纳入其全球指数。这家指数提供商定于今年6月作出决定，全球最大基金公司贝莱德公开支持纳入A股，这提供了有力背书。MSCI明晟纳入A股的重要意义不仅仅在于大量追踪其指数的资金——尽管确实有1.5万亿美元追踪其基准的新兴市场指数，这是相当大的数目。真正的意义在于，纳入A股的决定将让MSCI明晟成为首个直接承诺纳入内地资产的主要指数提供商。

　　Others such as rival FTSE Russell and, in the bond markets, Bloomberg have opted¹⁹ for a “parallel universe” approach where they maintain mainland-free indices alongside new ones to give their clients the choice. MSCI’s plan, to include only A-shares tradeable through the Stock Connect linking Hong Kong through the mainland bourses, in theory also avoids a commitment to the mainland, as investors do not need China presence to trade.

　　其他与MSCI明晟竞争的指数提供商，比如富时罗素(FTSE Russell)以及债券市场上的彭博(Bloomberg)，选择了“平行宇宙”做法，同时提供不纳入A股的指数与纳入A股的新指数，供客户自己选择。MSCI明晟提出的只纳入能够在内地与香港股市互联互通机制(Stock Connect)下交易的A股股票的计划，在理论上也避免了资金进入内地市场的问题，投资者不需要进入中国内地市场交易。

　　This is MSCI’s fourth proposal for including A-shares in as many years. Expect the usual heated debate about the state of China’s markets as its decision in June nears. Not all the issues that derailed inclusion have been addressed by any means. But still the reform process has moved ahead, however piecemeal²⁰. The past month’s tweaks and nudges add up to something that starts to looks like progress.

　　这是MSCI明晟这么多年来第四次提议纳入A股。距离该公司作决定的时间（6月）越来越近，料想人们将又一次像往常一样围绕中国的市场经济地位展开热议。中国并未不惜代价地解决所有阻碍A股纳入的问题。但改革确实前进了，无论步伐多么细碎。过去一个月的调整和努力汇聚在一起，让进步初具雏形。

1 banking   

n.银行业，银行学，金融业

参考例句：

• John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
• He possesses an extensive knowledge of banking.他具有广博的银行业务知识。

2 liquidity   

n.流动性，偿债能力，流动资产

参考例句：

• The bank has progressively increased its liquidity.银行逐渐地增加其流动资产。
• The demand for and the supply of credit is closely linked to changes in liquidity.信用的供求和流动资金的变化有密切关系。

3 offshore   

adj.海面的，吹向海面的；adv.向海面

参考例句：

• A big program of oil exploration has begun offshore.一个大规模的石油勘探计划正在近海展开。
• A gentle current carried them slowly offshore.和缓的潮流慢慢地把他们带离了海岸。

4 dubbed   

v.给…起绰号( dub的过去式和过去分词 )；把…称为；配音；复制

参考例句：

• Mathematics was once dubbed the handmaiden of the sciences. 数学曾一度被视为各门科学的基础。
• Is the movie dubbed or does it have subtitles? 这部电影是配音的还是打字幕的？ 来自《简明英汉词典》

5 scrutiny   

n.详细检查，仔细观察

参考例句：

• His work looks all right,but it will not bear scrutiny.他的工作似乎很好，但是经不起仔细检查。
• Few wives in their forties can weather such a scrutiny.很少年过四十的妻子经得起这么仔细的观察。

6 noted   

adj.著名的，知名的

参考例句：

• The local hotel is noted for its good table.当地的那家酒店以餐食精美而著称。
• Jim is noted for arriving late for work.吉姆上班迟到出了名。

7 squint   

v. 使变斜视眼, 斜视, 眯眼看, 偏移, 窥视; n. 斜视, 斜孔小窗; adj. 斜视的, 斜的

参考例句：

• A squint can sometimes be corrected by an eyepatch. 斜视有时候可以通过戴眼罩来纠正。
• The sun was shinning straight in her eyes which made her squint. 太阳直射着她的眼睛,使她眯起了眼睛。

8 ongoing   

adj.进行中的，前进的

参考例句：

• The problem is ongoing.这个问题尚未解决。
• The issues raised in the report relate directly to Age Concern's ongoing work in this area.报告中提出的问题与“关心老人”组织在这方面正在做的工作有直接的关系。

9 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

10 decided   

adj.决定了的，坚决的；明显的，明确的

参考例句：

• This gave them a decided advantage over their opponents.这使他们比对手具有明显的优势。
• There is a decided difference between British and Chinese way of greeting.英国人和中国人打招呼的方式有很明显的区别。

11 essentially   

adv.本质上，实质上，基本上

参考例句：

• Really great men are essentially modest.真正的伟人大都很谦虚。
• She is an essentially selfish person.她本质上是个自私自利的人。

12 sector   

n.部门，部分；防御地段，防区；扇形

参考例句：

• The export sector will aid the economic recovery. 出口产业将促进经济复苏。
• The enemy have attacked the British sector.敌人已进攻英国防区。

13 tightening   

上紧，固定，紧密

参考例句：

• Make sure the washer is firmly seated before tightening the pipe. 旋紧水管之前，检查一下洗衣机是否已牢牢地固定在底座上了。
• It needs tightening up a little. 它还需要再收紧些。

14 collateral   

adj.平行的；旁系的；n.担保品

参考例句：

• Many people use personal assets as collateral for small business loans.很多人把个人财产用作小额商业贷款的抵押品。
• Most people here cannot borrow from banks because they lack collateral.由于拿不出东西作为抵押，这里大部分人无法从银行贷款。

15 analysts   

分析家，化验员( analyst的名词复数 )

参考例句：

• City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
• I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。

16 overdue   

adj.过期的，到期未付的；早该有的，迟到的

参考例句：

• The plane is overdue and has been delayed by the bad weather.飞机晚点了，被坏天气耽搁了。
• The landlady is angry because the rent is overdue.女房东生气了，因为房租过期未付。

17 straightforward   

adj.正直的，坦率的；易懂的，简单的

参考例句：

• A straightforward talk is better than a flowery speech.巧言不如直说。
• I must insist on your giving me a straightforward answer.我一定要你给我一个直截了当的回答。

18 endorsement   

n.背书；赞成，认可，担保；签(注)，批注

参考例句：

• We are happy to give the product our full endorsement.我们很高兴给予该产品完全的认可。
• His presidential campaign won endorsement from several celebrities.他参加总统竞选得到一些社会名流的支持。

19 opted   

v.选择，挑选( opt的过去式和过去分词 )

参考例句：

• She was co-opted onto the board. 她获增选为董事会成员。
• After graduating she opted for a career in music. 毕业后她选择了从事音乐工作。

20 piecemeal   

adj.零碎的；n.片，块；adv.逐渐地；v.弄成碎块

参考例句：

• A lack of narrative drive leaves the reader with piecemeal vignettes.叙述缺乏吸引力，读者读到的只是一些支离破碎的片段。
• Let's settle the matter at one stroke,not piecemeal.把这事一气儿解决了吧，别零敲碎打了。