最近，人民幣國際化接連傳來新消息——
Recently, new news has come from the internationalization of the renminbi.
5月16日，來自阿聯酋的液化天然氣（LNG）運輸船“馬爾文”輪在廣東順利接卸，成為中國首單以人民幣結算的進口液化天然氣﹔
On 16 May, the “Marvin” vessel, a LPG carrier from the United Arab Emirates, was offloaded in Guangdong and became China's first imported LPG gas;
5月15日，內地與香港利率互換市場互聯互通合作（以下簡稱“互換通”）正式上線運行﹔
On 15 May, the exchange of interest rates between the Mainland and Hong Kong (hereinafter referred to as “interchange”) officially went live;
4月26日，阿根廷政府宣布將使用人民幣結算從中國進口商品貿易……
On April 26, the Argentine government announced that it would use the renminbi for trading goods imported from China.
伴隨著中國經濟的成長、開放水平的提升，人民幣的跨境支付、投融資、儲備和計價等國際貨幣功能全面增強，“國際朋友圈”越來越大。有關部門負責人表示，接下來，將進一步完善人民幣跨境投融資交易結算等基礎性制度，提高中國外匯和金融市場開放和准入程度，繼續有序推進人民幣國際化。
With the growth of China’s economy and the rise in openness, the international currency function of the renminbi, such as cross-border payments, investment, reserves, and prices, has increased overall, and the “international circle of friends” has grown. According to the ministry in charge, next steps will be taken to improve basic systems such as accounting for cross-border investment in the renminbi, increasing the opening and access of China’s foreign and financial markets, and continuing the orderly internationalization of the renminbi.
“互換通”帶來新選擇——
“Transaction” brings new options - & nbsp;
中國銀行間債券市場對外開放力度不斷加大
The Chinese interbank bond market has been increasing its openness.
達成人民幣利率互換交易162筆，名義本金總額82.59億元人民幣——5月15日，“互換通”上線首日，吸引近50家境內外機構參與交易，覆蓋境外銀行、境外券商等各個類型境外投資者。
The exchange of 162 RMB interest rates, known as RMB 8,259 million, was launched on May 15, the first day of the exchange, attracting nearly 50 domestic and external institutions to participate in the exchange, covering various types of offshore investors such as offshore banks and foreign bond dealers.
作為首批報價商之一，德意志銀行全球新興市場中國區交易總監徐肇廷表示：“我們明顯感受到市場的熱度。首日交易量很活躍，在岸做市商積極報價，境外投資者踴躍參與，成交金額、成交量、成交頻次等數據充分反映出境外投資者對‘互換通’的歡迎和認可。”
As one of the first offers, Xu Zhaoting, Director General of Trade in China in the Global New Market at Deutsche Bank, said: “We clearly feel the heat of the market. The first day of trading was a lively one, the first was on the shore and the investors were involved, and data such as the amount of money to be paid, the amount to be paid, the number to be paid, the number to be paid, the number to be paid, the number to be paid, the frequency to be made, etc. fully reflected the foreign investors’ welcome and approval of the “exchange to be made.”
“互換通”是指境內外投資者通過香港與內地基礎設施機構連接參與香港金融衍生品市場和內地銀行間金融衍生品市場的機制安排。根據這一機制安排，投資者在不改變交易習慣、有效遵從兩地市場法律法規的前提下，可以便捷地完成人民幣利率互換交易和集中清算。初期，先行開通“北向互換通”，香港及其他國家和地區的境外投資者可通過香港與內地基礎設施互聯互通參與內地銀行間金融衍生品市場。
“Transaction” refers to the institutional arrangements whereby investors, both within and outside Hong Kong, connect to the Hong Kong financial derivatives market and to the domestic banking derivatives market through infrastructure facilities in Hong Kong and the Mainland. Under this scheme, investors can quickly complete the exchange of RMB interest rates and centralized liquidation without changing their trading habits and effectively complying with the laws and regulations of both markets.
近年來，中國銀行間債券市場對外開放力度不斷加大，吸引越來越多境外投資者參與。最新數據顯示，截至今年4月末，進入銀行間市場的境外機構增至1084家，覆蓋逾60個國家和地區﹔境外機構持有銀行間市場債券達到3.17萬億元。隨著境外投資者持債規模擴大、交易活躍度上升，其利用衍生品管理利率風險的需求持續增加。
In recent years, China’s interbank bond market has been increasing its external opening, attracting more and more foreign investors. The latest data show that, by the end of April of this year, the number of offshore establishments entering the interbank market had increased to 1,084, covering more than 60 countries and regions, and that offshore institutions held interbank bonds amounting to $3.17 trillion.
“‘互換通’進一步豐富了人民幣資產生態圈，支持使用離岸人民幣投資在岸利率互換市場，為投資者帶來新選擇，並將推動更大范圍且可持續的人民幣國際化進程，提升人民幣在全球市場的地位。”香港交易所集團行政總裁歐冠升說。
“The “exchange of money” has further enriched the currency of the People's Republic of China by supporting the use of the offshore renminbi for the exchange of offshore interest rates on the market, bringing new options for investors, and will lead to a wider and sustainable process of internationalization of the renminbi, upgrading its position in the global market.” The Executive Director of the Hong Kong Exchange Group has said that the European crown rises.
“互換通”上線不到一周，人民幣國際化傳來另一新消息：5月19日，香港交易所宣布，擬於6月19日在香港証券市場推出“港幣-人民幣雙櫃台模式”。在雙櫃台模式下，投資者可以互換同一個發行人發行的港幣櫃台証券及人民幣櫃台証券，兩個櫃台下的証券屬於同一類別証券，因此兩個櫃台的証券可以在不改變實益擁有權的情況下相互轉換。
On May 19, the Hong Kong Exchange announced the introduction of the Hong Kong Dollar-People's Dollar Double Counter model at the Hong Kong Certificate Market on June 19. Under the two-storey model, investors can exchange Hong Kong Currency and People's Currency Counter vouchers issued by the same publisher, and the two counters share the same type of certificates, so that the two counters will be exchanged without changing the beneficial ownership rights.
數據顯示，截至5月22日，已有超過20家港股上市公司申請增設人民幣櫃台。中金公司分析師劉剛認為，雙櫃台模式將為發行人和投資者提供更多交易選擇，促進人民幣在港股交易中的使用，未來有望逐步擴大至更大股票和產品范圍、更廣投資者群體，助力推動人民幣國際化。
According to the data, as of May 22, more than 20 Hong Kong stock listing companies have applied for an additional People’s Currency Counter. Liu Kong, an analyst for China’s Gold Company, believes that the dual counter model will provide more trading options for publishers and investors, promote the use of the renminbi in the Hong Kong stock exchange, and hopefully expand to a larger stock and product range and a wider pool of investors to support the internationalization of the People’s Currency.
用人民幣支付——
Payed in yuan--
跨境人民幣結算及貿易支付規模穩步增加
Cross-border currency accounting and trade payments are increasing steadily.
除了跨境投融資，人民幣跨境支付也有新進展。
In addition to cross-border investment, there have been new developments in cross-border payments of the renminbi.
阿根廷政府4月26日宣布，將使用人民幣結算從中國進口商品貿易。阿根廷經濟部長馬薩介紹，阿根廷4月自中國進口的價值10.4億美元商品改用人民幣支付。5月，預計進口的價值7.9億美元的商品也將使用人民幣支付。
On April 26, the Argentine government announced that the renminbi would be used to account for trade in imported goods from China. The Minister of Economy of Argentina, Masasa, introduced the change of US$ 1.04 billion worth of imported goods from China to US$ 1.04 billion in April.
“從去年11月阿根廷人民幣清算行服務啟動，到這次實際用於結算進口商品，人民幣在阿根廷經濟生態中發揮著越來越重要的作用。”阿根廷布宜諾斯艾利斯大學經濟學教授豪爾赫·馬奇尼說，鑒於美聯儲持續採取激進貨幣政策，不少經濟體考慮採用非美元方式進行交易和儲備，在這方面人民幣是一個不錯的選擇。當前，使用人民幣結算從中國進口商品有助於阿根廷有效應對外匯儲備不足等嚴峻經濟挑戰，期待未來在更多兩國經貿活動中使用人民幣。
“From the start of the Argentine People’s Currency Liquidation Service last November to the fact that it was used to generate imported goods, the renminbi has become more and more important in the Argentine economy.” Jorge Marchini, Professor of Economics at the University of Buenos Aires, Argentina, said that, given the US Federal Reserve’s aggressive monetary policy, many economies are considering non-United States dollar-based transactions and reserves as a good option. In the meantime, the use of the renminbi to generate imported goods from China has helped Argentina to respond effectively to serious economic challenges, such as inadequate foreign transfers, and looks forward to the use of the renminbi in more than two countries in the future.
此前的2月7日，中國人民銀行宣布與巴西中央銀行簽署了在巴西建立人民幣清算安排的合作備忘錄。2個月后，巴西境內的人民幣清算行中國工商銀行（巴西）有限公司發布消息，工銀巴西已成功辦理首筆跨境人民幣結算業務，標志著該行在巴西市場的跨境人民幣業務取得實質性進展。工銀巴西負責人表示，該行將繼續積極發揮巴西人民幣清算行優勢，努力為兩國企業提供便利、高效、安全的跨境人民幣結算服務。
Earlier, on 7 February, the People’s Bank of China announced that it had signed a memorandum of cooperation with the Central Bank of Brazil to establish a settlement arrangement for the renminbi in Brazil. Two months later, the Chinese Bank of Commerce and Industry (Brazil) Ltd., the People’s Currency Clearing Bank in Brazil, had published news that the Chinese Bank of Commerce and Industry (Brazil) Ltd., in Brazil, had successfully run the first cross-border renminbi accounting business in Brazil, signaling that the Bank’s cross-border PR business in the Brazilian market had made substantial progress.
新進展還體現在具體領域。3月底，中國首單以人民幣結算的LNG採購交易達成，標志著中國在油氣貿易領域的跨境人民幣結算交易探索邁出實質性一步。據悉，此單交易由中國海油與道達爾能源在上海石油天然氣交易中心完成，LNG資源來自海合會國家阿聯酋，以人民幣結算的進口LNG成交量約6.5萬噸。
At the end of March, China’s LNG, the first to be accounted for in the renminbi, made a substantial move in China’s search for cross-border RMB trading in the oil and gas trade area. According to information, the deal was done by China’s China Sea Oil and Dodal Energy at the Shanghai Oil and Gas Exchange Centre, with LNG resources coming from the GCC State of the United Arab Emirates, accounting for about 65,000 tons of LNG in the renminbi.
“中國作為全球LNG市場的重要買家之一，交易基礎設施規模不斷擴大，國際貿易參與主體日益增加。”上海石油天然氣交易中心董事長郭旭說，該交易中心將繼續發揮平台作用，加強跨境人民幣結算業務的金融基礎設施建設，構建現代化油氣交易生態體系，為國際國內油氣資源的充分流通提供更便利的渠道。
“China, as one of the major buyers in the global LNG market, has been expanding its trading infrastructure and increasing international trade participation.” The Chairman of the Shanghai Oil and Gas Exchange Centre, Guo Xu, said that the trading centre would continue to play a role as a platform for strengthening the financial infrastructure of the cross-border people's currency accounting industry by building a modern gas and gas trading ecosystem that would provide a more convenient channel for the full flow of oil and gas resources in the country.
據統計，2022年，跨境人民幣收付總額達到42萬億元，比2017年增長3.4倍，人民幣在本外幣跨境收付總額中佔比提升至約50%。今年一季度，中國跨境貿易人民幣結算額同比明顯上升，福建、廣東等多地實現兩位數甚至三位數增長。此外，中國人民銀行已在29個國家和地區授權31家人民幣清算行，累計與40個國家和地區的央行或貨幣當局簽署了雙邊貨幣互換協議，協議總額超過4萬億元。
In 2022, cross-border renminbi payments amounted to $4.2 trillion, 3.4 times more than in 2017, and the renminbi rose to about 50% of the total in foreign currency cross-border payments. In the first quarter of this year, China’s cross-border trade in renminbis rose by the same amount, with more than two or even three digits in Fujian and Guangdong.
“跨境支付結算功能是體現人民幣國際化進展的重要指標之一。越來越多國家和地區使用人民幣進行結算和貿易支付，反映出人民幣進一步走向國際化。”中國銀行研究院資深研究員王家強說。
“The cross-border payment accounting function is one of the important indicators of the evolution of the renminbi’s internationalization. More and more countries and regions are using the renminbi for accounting and trade facilitation, reflecting the further internationalization of the renminbi.”
納入外匯儲備——
Enter an external reserve...
更多央行及貨幣當局把人民幣作為其儲備資產
More central banks and money authorities use the renminbi as their reserve asset.
作為儲備貨幣，人民幣在國際上也越來越受青睞。
As a reserve currency, the renminbi is becoming more and more popular internationally.
根據巴西央行日前發布的報告，2019年，人民幣首次出現在巴西的國際儲備貨幣行列。到2022年底，人民幣佔巴西國際儲備比例達到5.37%，超過歐元4.74%的比例，成為該國第二大國際儲備貨幣。
According to a recent report by the Central Bank of Brazil, in 2019, the renminbi first appeared in Brazil’s international reserve. By the end of 2022, the renminbi accounted for 5.37 per cent of Brazil’s international reserve, exceeding 4.74 per cent of the euro, making it the country’s second largest international reserve.
包括巴西央行在內，已有80多個境外央行或貨幣當局將人民幣納入外匯儲備，人民幣躍升為全球第五大儲備貨幣，在國際貨幣基金組織特別提款權貨幣籃子中的權重排名第三。
Including the Central Bank of Brazil, there are more than 80 offshore central banks or currency authorities that have added the renminbi to the foreign reserve, which has risen to the fifth largest reserve in the world, ranking third in the special withdrawal basket of the International Monetary Fund.
王家強表示，作為官方儲備貨幣，相關國家央行可直接將其作為通用資金用於國際支付。目前，全球的外匯儲備仍以美元、歐元為主，但美元比重顯著下降。根據國際貨幣基金組織最新數據，2022年末全球央行持有的美元儲備規模為6.47萬億美元，全球份額為58.36%，已明顯低於高峰期的72.7%。相比之下，人民幣在全球外匯儲備中的佔比較2016年剛加入特別提款權貨幣籃子時上升了約1.6個百分點。
According to the International Monetary Fund’s latest figures, the global central bank held a dollar reserve of $6.47 trillion at the end of 2022, with a global share of 58.36 per cent, which is clearly below the peak of 72.7 per cent, compared with about 1.6 percentage points in the global foreign reserve when it joined the special drawing rights basket in 2016.
“越來越多央行和貨幣當局把人民幣作為其儲備資產，這是市場需求的充分反映。過去很多年裡，各國央行持有的外匯儲備多是美元，但近年來美元變數明顯增多，這種‘把雞蛋放在一個籃子裡’的做法顯然不利於國際市場穩定。而隨著人民幣儲備貨幣地位逐漸被認可，其為各國央行提供了一種可靠的新選擇。”中國國際經濟交流中心研究員張煥波說。
“The growing number of central banks and currency authorities using the renminbi as their reserve is a full reflection of market demand. Over the past years, central banks have held a large share of foreign reserves in dollars, but the dollar variable has grown markedly in recent years, and this “set eggs in a basket” is clearly not conducive to stability in the international market.
業內人士認為，一系列新信息表明，今年以來人民幣國際化取得了新的突破和進展。當前，人民幣國際化還面臨一些較好的環境和機遇，特別是隨著人民幣清算行和本幣互換網絡的建立、離岸人民幣市場的發展、國內金融市場的開放以及中資金融機構海外布局不斷完善，人民幣已經初步具備了國際化使用的網絡效應﹔此外，人民幣投資和避險功能逐步增強，企業在跨境貿易、投融資中使用人民幣以規避貨幣錯配風險的意願上升，國際貨幣體系發展更趨多元。
According to industry, a number of new information points to new breakthroughs and developments in the internationalization of the renminbi over the course of this year. In addition, the currency internationalization has faced a number of more favourable circumstances and opportunities, especially with the creation of the renminbi clearing house and the exchange of local currency networks, the development of the offshore market, the opening up of domestic financial markets and the continued improvement of the external layout of middle-income financial institutions.
“我們將以市場驅動、企業自主選擇為基礎，統籌好發展和安全，有序推進人民幣國際化。”今年3月，中國人民銀行副行長、國家外匯管理局局長潘功勝在出席新聞發布會時表示，下一步將聚焦貿易投資便利化，完善人民幣跨境投融資交易結算等基礎性制度，完善跨境人民幣基礎設施，擴大清算行網絡﹔加快金融市場向制度型開放轉變，進一步提高我國外匯和金融市場開放與准入程度﹔支持推動離岸人民幣市場的健康發展，促進人民幣在岸離岸市場的良性循環。
“We will build on market-driven and business-owned choices to build development and security in an orderly manner into the internationalization of the renminbi.” In March of this year, the Vice-President of the People's Bank of China and the Director of the Foreign Office of the State, Pan Kuwok, in his presence at the press conference, said that the next step would be to focus on trade facilitation, to improve basic systems such as accounting for cross-border investment in the renminbi, to improve the infrastructure of the cross-border renminbi and to expand the network of large clearing houses; to accelerate the transformation of the financial market towards institutional liberalization and further increase the opening and access of our foreign currency and financial markets; and to support the development of the health of the off-shore People's Currency market and to promote the healthy environment in which the people's currency is offshored.
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