More fund houses are rolling out funds and share classes denominated in renminbi, or contemplating the idea, as they look to profit from the Chinese currency’s likely rise against the US dollar and its importance on the world stage.

　　由于人民幣兌美元匯率可能持續(xù)上升，加之人民幣在世界舞臺上的重要地位，更多的基金公司正推出以人民幣計價的各類基金和股票類別，或正在考慮這種做法，以便從中獲利。

　　Indeed, while investment choices are still scarce, the sweep of renminbi-denominated investments on offer already ranges from bonds and funds to certificates of deposit, currency swaps and insurance products.

　　實際上，雖然投資選項仍然匱乏，但現(xiàn)有以人民幣計價的投資產(chǎn)品已涵蓋了債券、基金、存單、貨幣互換乃至保險產(chǎn)品等各個領(lǐng)域。

　　Some fund managers argue that renminbi-denominated share classes of traditional funds are a superior play on the appreciation of the renminbi as they offer the chance to register a currency gain as well as a return on underlying investments higher than the inflation rate. Just this month, Pharo Management UK revealed plans to become the first hedge fund manager to create shares in an investment vehicle denominated in renminbi. Investors in Pharo’s flagship fund do not have to hold renminbi as the fund’s administrator can handle spot exchanges into the currency. This underscores the extent to which the future of the US dollar and the rising power of the renminbi – dubbed the redback – are becoming concerns for investors.

　　一些基金經(jīng)理認為，以人民幣計價的傳統(tǒng)基金股票類別在利用人民幣升值方面具有超強的優(yōu)勢，它們既可以賺取匯兌收益，并且投資標的的回報率也高于通脹水平。本月，英國發(fā)邏資產(chǎn)管理公司(Pharo Management)公布計劃，打算為一個以人民幣計價的投資產(chǎn)品設立股份，這將是對沖基金管理公司中的第一家。發(fā)邏旗艦基金的投資者無須持有人民幣，基金管理者能夠處理兌換人民幣的現(xiàn)匯交易。這凸顯出投資者正高度關(guān)注美元的未來、以及被稱為“紅幣”(redback)的人民幣的日益崛起。

　　“We think you should set up a renminbi share class for the same reason you might create a share class in euros or sterling,” says Peter Fegelman, a senior manager with Pharo. “Investors are looking to hold non-US dollar currencies and we do believe the renminbi will appreciate.”

　　“之所以應當設立人民幣股票類別，與設立歐元或英鎊股票類別的理由是一樣的，”發(fā)邏高級經(jīng)理彼得?菲格曼(Peter Fegelman)表示。“投資者們正尋求持有美元以外的貨幣，而我們的確認為人民幣將會升值。”

　　And Andy Seaman, investment manager with Stratton Street Capital, still touts the advantages of the firm’s three-year-old Renminbi Bond Fund, which – despite what its name suggests – invests in a mix of pan-Asian investment grade credit issues, most of which are sovereign or quasi- sovereign bonds. The fund, which is fully hedged into renminbi, returned 15.3 per cent last year and also offered a 6 per cent gross redemption yield.

　　Stratton Street Capital投資經(jīng)理安迪·西曼(Andy Seaman)則表示，該公司已有三年歷史的人民幣債券基金(Renminbi Bond Fund)具有優(yōu)勢。雖然名為人民幣基金，其實投資于泛亞洲地區(qū)發(fā)行的多種投資級別信用證券，主要是主權(quán)或準主權(quán)債券。該基金完全以人民幣進行對沖，去年的回報率為15.3%，總贖回收益率約為6%。

　　Mr Seaman explains that by buying non-deliverable forwards, the fund gains exposure to renminbi via the offshore market. “It’s a very common practice for currencies which are not fully convertible,” he says.

　　西曼解釋道，通過購入不可交割的遠期合約(NDF)，該基金能夠通過離岸市場投資于人民幣。他表示：“對于不是完全可兌換的貨幣，這是很常見的做法。”

　　“The market prices are set offshore but the fixing rate (which determine the profit and loss) are set each day by the central bank, the Peoples Bank of China,” he adds.

　　他補充稱：“市場價格在離岸市場確定，而中國央行(PBoC)每天提供決定盈虧的定盤。”

　　Late last year, a US dollar renminbi hedged class was also launched for EFG’s New Capital Wealthy Nations Bond Fund (with Stratton Street Capital as advisers). It is an Irish-domiciled Ucits fund with daily dealing.

　　去年年底，EFG的新資本富國債券基金(New Capital Wealthy Nations Bond Fund)也推出了一項美元人民幣對沖的基金類別（由Stratton Street Capital擔任顧問）。該基金可每日交易，是一只注冊在愛爾蘭的UCITS基金。

　　“We believe the yuan will appreciate. But if you buy renminbi bonds directly you only get a 2 to 3 per cent yield at most, so you risk capital losses because of inflation,” says Mr Seaman. “This way offers the chance to earn nice yields while waiting for the currency to appreciate. In the west, economies are more fragile and interest rates are likely to stay low for some time.”

　　 “我們相信人民幣會升值。但如果直接購買人民幣債券，頂多能得到2%到3%的收益率，由于通脹原因，可能會蒙受資金損失，”西蒙表示。“這種方式則能夠在等待人民幣升值的同時，提供一個賺取可觀收益率的機會。西方國家的經(jīng)濟更為脆弱，其利率水平可能會在一段時間內(nèi)保持低位。”

　　The use of the renminbi beyond China’s borders is limited, but demand is robust. In the past six months alone, the size of renminbi deposits held offshore by foreigners in Hong Kong tripled to Rmb300bn ($46bn), according to advisers’ estimates. And despite throwing up yields of less than 3 per cent on average, the sprinkling of renminbi-denominated bond issues could well turn into a downpour, advisers forecast.

　　在中國境外，人民幣的使用較為有限，但需求十分強勁。據(jù)咨詢機構(gòu)估計，僅在過去6個月，外國人在香港離岸持有的人民幣存款就增加了兩倍，達到3000億元人民幣（合460億美元）。咨詢機構(gòu)預計，人民幣計價債券發(fā)行的星星之火很可能演變成燎原之勢，盡管這些債券的收益率平均不到3%。

　　Late last year, Caterpillar, the US-based maker of earthmoving equipment, launched a Rmb1bn bond issue, making it the second multinational to tap the market, after an August issue by McDonald’s, the fast-food chain. Both issues were oversubscribed and followed a smattering of issues by China’s Ministry of Finance and other banks and corporations.

　　去年年底，美國土方設備制造商卡特彼勒(Caterpillar)發(fā)行了10億元人民幣的債券，成為繼去年8月份快餐連鎖企業(yè)麥當勞(McDonald’s)發(fā)行人民幣債券之后，第二家涉足這一市場的跨國企業(yè)。這兩家企業(yè)的發(fā)行均獲得了超額認購。在此之前，中國財政部和幾家銀行及公司曾在香港進行過若干次發(fā)行。

　　“Day in, day out, I get calls from financial institutions or banks that want to issue a renminbi-denominated fund or financial product or consider an IPO,” says Sau-Wing Mak, a partner with Simmons & Simmons, a legal firm with offices in Hong Kong. 在香港設有辦事處的西盟斯律師事務所(Simmons & Simmons)的合伙人麥秀穎(Sau-Wing Mak)表示：“我天天都會接到金融機構(gòu)或銀行打來的電話，想發(fā)行一種以人民幣計價的基金或金融產(chǎn)品……要么就是在考慮進行一次首次公開募股(IPO)。”

　　The expected arrival of new bond issues and funds is cause for investors to celebrate as a glut of supply in renminbi deposits sits offshore. “There’s a mismatch between the amount of renminbi held in deposit accounts in Hong Kong and the vehicles for them to be invested in,” says Fran?ois Guilloux, a regional sales director with Z-Ben Advisors, Shanghai-based consultants on fund management.

　　鑒于離岸人民幣存款供應過剩，投資者有理由為新債券發(fā)行和新基金的推出額手相慶。咨奔商務咨詢(Z-Ben Advisors)地區(qū)銷售總監(jiān)弗朗索瓦·吉尤(Fran?ois Guilloux)表示：“與香港的離岸人民幣存款額相比，可供這些存款投資的金融工具太少。”咨奔的總部位于上海，是一家專注于基金管理領(lǐng)域的咨詢公司。

　　The popularity of renminbi-denominated bond issues reflects confidence over renminbi appreciation. But Jim O’Neill, chairman of Goldman Sachs Asset Management, last year deemed the rush to offer such investments “a little odd” given the low yield on offer.

　　人民幣計價債券發(fā)行受到熱捧，反映出投資者對人民幣升值信心十足。但高盛資產(chǎn)管理公司(Goldman Sachs Asset Management)董事長吉姆·奧尼爾(Jim O'Neill)去年認為，考慮到人民幣債券提供的收益率較低，各方爭相提供此類投資產(chǎn)品的情況“有點兒怪異”。

　　Regardless, the development of the fledgling offshore renminbi market is crucial to plans to internationalise the country’s currency, industry experts say.

　　業(yè)內(nèi)專家表示，盡管如此，萌芽之中的離岸人民幣市場的發(fā)展，對于實現(xiàn)人民幣國際化來說至關(guān)重要。

　　Strict government restrictions now severely limit the amount of offshore renminbi making its way into mainland investments. But Beijing is suggesting moves will be made to liberalise the rules. The China Securities Regulatory Commission is to launch its so-called mini qualified foreign institutional investor (QFII) programme this year. The scheme will allow Chinese brokers and fund houses to make direct renminbi investments in mainland stocks and bonds on behalf of foreign investors.

　　政府的嚴格限制，目前嚴重制約了流入內(nèi)地投資市場的離岸人民幣數(shù)額。但中國政府暗示，將采取行動放寬相關(guān)規(guī)定。中國證監(jiān)會(CSRC)今年將推出所謂的“小QFII”計劃，QFII指的是合格境外機構(gòu)投資者。“小QFII”計劃將允許內(nèi)地券商和基金公司代表外國投資者，直接用人民幣投資于內(nèi)地股市和債市。

　　“It will give foreign investors the chance to have more currency diversification in their portfolios [and] benefit from local investment expertise,” notes Mr Guilloux. It follows 2003’s QFII programme, which permits a number of big foreign investment firms to invest in China with foreign currencies. As it stands, the QFII programme is the main route foreign investors use to trade China’s domestically listed renminbi-denominated Class A shares and bonds.

　　吉尤指出：“這將使外國投資者有機會加大自己投資組合的貨幣多元化，[并]通過本地投資專長獲益。”2003年，中國政府出臺了QFII計劃，允許若干大型外國投資機構(gòu)用外幣在內(nèi)地投資。目前，該計劃是外國投資者用來交易以人民幣計價的A股和債券的主要途徑。