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Offshore renminbi interest rates in Hong Kong have climbed to near record highs this week as banks compete for funds in preparation for the launch of a highly anticipated trading link that will grant investors there unprecedented access to China’s mainland equity market.
香港离岸人民币利率本周大幅攀升，接近历史高点，这是因为香港各银行争相吸收资金，以备战期待已久的“沪股通”。“沪港通”将首次允许中国境外投资者直接投资于中国内地股票市场。
HSBC, Citigroup and Standard Chartered are among the banks that have raised interest rates on time deposits in recent days, following even more aggressive rate increases by the Hong Kong units of mainland lenders including Bank of China and Citic Bank.
近些天来，包括汇丰(HSBC)、花旗集团(Citigroup)和渣打(Standard Chartered)等多家银行提高了利率。而包括中国银行(BoC)和中信银行(Citic Bank)在内的多家中国内地银行的香港分支机构，提高利率的幅度更大。
The rise in CNH rates has occurred even as onshore renminbi interest rates have fallen in recent weeks due to a series of cash injections by China’s central bank.
离岸人民币利率上升的同时，由于中国央行连续注资，近几周中国内地人民币利率已有所下降。
The Hong Kong-Shanghai stock connect did not launch in late October as expected. But exchange officials in both Hong Kong and Shanghai have said technical preparations are complete, and market participants still expect the programme to begin within weeks or months.
“沪港通”并未按计划在10月末开通。但香港和上海两地的外汇官员都表示，技术准备已完毕，而市场参与者仍希望它在未来几周或几个月内开通。
Unlike China’s Qualified Foreign Institutional Investor (QFII) programme – the stock connect scheme does not provide a mechanism for converting foreign currency into renminbi.
跟中国的合格境外机构投资者(QFII)制度不同，“沪港通”不提供将外币兑换为人民币的机制。
Instead, Hong Kong participants will source renminbi in the CNH market, which is unregulated but also segregated from the onshore renminbi (CNY) market. CNH deposits in Hong Kong reached Rmb944bn ($154bn) by the end of September, with cross-border renminbi trade settlement the main driver of CNH accumulation in banks in the territory.
参加“沪港通”的香港投资者需要从离岸人民币市场上获得人民币，这一市场不受监管，但与在岸人民币市场并不连通。截至9月底，香港离岸人民币存款达到9440亿元人民币（合1540亿美元），跨境贸易人民币结算是香港地区各银行离岸人民币不断积累的主要动因。
The growth of the renminbi QFII (RQFII) programme, has increased demand somewhat. The rise of the offshore renminbi bond market – known as dim sum bonds – has also helped.
人民币合格境外机构投资者(RQFII)制度的发展，在一定程度上增加了市场对离岸人民币的需求。被称为“点心债”(dim sum bond)的离岸人民币债券市场的壮大，也发挥了类似作用。
The impending launch of the stock connect, which is less restrictive than RQFII and offers a much broader range of assets than the dim sum market, is further boosting demand for CNH. That suggests onshore and offshore renminbi interest rates are on course for further convergence.
即将启动的“沪港通”将进一步刺激市场对离岸人民币的需求。“沪港通”比RQFII的限制更少，可投资资产范围远不止于点心债市场，这预示着在岸与离岸人民币汇率将进一步趋同。
