There’s often a long lag between China signaling financial reform and the reform actually happening. But the wait for an international board in Shanghai an idea first floated in 2009 ─ is becoming China’s version of Waiting for Godot, with officials repeatedly dropping hints that foreign companies might soon be allowed to list yuan-denominated shares on the Shanghai Stock Exchange only to fall silent when pressed for details.

　　中國(guó)在釋放金融改革信號(hào)和實(shí)際推行改革之間往往有很長(zhǎng)的時(shí)間差。但等待上海推出國(guó)際板的過(guò)程正在成為中國(guó)版的《等待戈多》：相關(guān)官員多次暗示，外國(guó)公司可能很快就能在上海證券交易所（簡(jiǎn)稱：上交所）發(fā)行人民幣計(jì)價(jià)的股票。可是每當(dāng)被問(wèn)及細(xì)節(jié)信息時(shí)，這些官員又沉默不語(yǔ)了。推出國(guó)際板的想法最早是在2009年提出的。

　　Some clarity is starting to seep through, however.

　　但有些細(xì)節(jié)正開始浮出水面。

　　In an interview with Dow Jones Newswires, Hu Ruyin, head of the Shanghai Stock Exchange’s research department said that the board would help route part of the country’s massive foreign exchange reserves overseas.

　　Eugene Hoshiko/Associated Press2011年4月26日，在上海的一家私營(yíng)證券公司，一名投資者注視著屏幕上的股票價(jià)格。在接受道瓊斯通訊社（Dow Jones Newswires）采訪時(shí)，上交所研究中心主任胡汝銀說(shuō)，上交所將幫助中國(guó)把天量外匯儲(chǔ)備部分分流到海外。

　　“China is facing a large imbalance in its international payments, while the international board will be supportive in easing the pressures arising from growing forex reserves as foreign companies could convert the yuan funds raised in the country into foreign currencies and remit such funds overseas,” Mr. Hu said.

　　胡汝銀說(shuō)，中國(guó)正面臨國(guó)際收支嚴(yán)重失衡的現(xiàn)狀，而國(guó)際板的推出有助于緩解因外匯儲(chǔ)備不斷增加造成的壓力。因?yàn)橥鈬?guó)公司可以將在國(guó)內(nèi)籌集的人民幣資金轉(zhuǎn)化為外匯，并將這筆資金輸出到海外。

　　Alleviating the pressure of China’s unceasing build up of foreign exchange reserves is a key concern for Beijing, and the board could be as useful tool in meeting that goal. Given the size of China’s economy, it may one day be the case whereby foreign companies flock to Shanghai to raise money for projects elsewhere in the world in the same way as they do in the U.S. Given how many Chinese firms have gone overseas to list, as China’s financial markets develop Beijing might hope that a reversal of that flow would follow.

　　減輕中國(guó)外儲(chǔ)不斷增加的壓力是中央政府的主要關(guān)切，國(guó)際板的推出被視作緩解這種壓力的有效工具。鑒于中國(guó)的經(jīng)濟(jì)規(guī)模，總有一天可能會(huì)出現(xiàn)這樣的情況，即外國(guó)公司涌入上海，為其在世界其它地區(qū)的項(xiàng)目融資，就好像他們?cè)诿绹?guó)所做的那樣。由于已經(jīng)有大量中國(guó)企業(yè)赴海外上市，隨著中國(guó)金融市場(chǎng)的發(fā)展，中央政府可能會(huì)希望一股相反的潮流能隨之而來(lái)。

　　But despite China’s pressing needs, in the short term the foreign firms lining up to list in China might be more focused on keeping their funds here.

　　盡管中國(guó)存在迫切需求，但短期內(nèi)在中國(guó)等待排隊(duì)上市的外國(guó)企業(yè)可能還是會(huì)將籌集的資金更多地留在中國(guó)國(guó)內(nèi)。

　　Looking at the who’s who of foreign firms that have expressed an interest in listing here a group that includes HSBC Holdings PLC, Coca-Cola Co. and General Electric ─ most will have capital needs in China for quite some time to come. Raising funds in yuan just to move them elsewhere in the world doesn’t make a make much sense yet.

　　在那些已經(jīng)對(duì)在中國(guó)上市表示出興趣的外國(guó)企業(yè)中，大部分在未來(lái)相當(dāng)長(zhǎng)的一段時(shí)間內(nèi)在中國(guó)都有資本需求?；I集人民幣資金只是為了把這筆錢輸出到世界其它地區(qū)的說(shuō)法行不通。有意在中國(guó)上市的企業(yè)包括匯豐控股有限公司（HSBC Holdings PLC，簡(jiǎn)稱：匯豐控股）、可口可樂(lè)公司（Coca-Cola Co）以及通用電氣公司（General Electric）。

　　Moreover, given Chinese investors’ relatively low levels of sophistication, asking them to judge the merits of investing in, say, HSBC Holding’s plans to develop their operations in India, is probably a little premature. That would seem to be an opinion shared by the China Securities Regulatory Commission, which only allows punters to invest in overseas listed stocks via fund managers.

　　此外，相對(duì)來(lái)說(shuō)，中國(guó)投資者的投資經(jīng)驗(yàn)并不豐富，要求他們判斷──譬如說(shuō)──匯豐控股在印度拓展業(yè)務(wù)的計(jì)劃的優(yōu)劣可能還為時(shí)尚早。對(duì)此，中國(guó)證券監(jiān)督管理委員會(huì)（簡(jiǎn)稱：證監(jiān)會(huì)）似乎也有相同的看法：目前證監(jiān)會(huì)只允許投資者通過(guò)基金經(jīng)理投資在海外掛牌上市的股票。

　　Chatter about the imminent launch of the board has grown in the local media in recent months. In April, the 21st Century Business Herald reported on a set of draft rules for the international board (in Chinese), saying that foreign firms would be able to use their yuan proceeds either in China or other countries, although overseas remittance might need approval from the Chinese foreign exchange regulator.

　　近幾個(gè)月來(lái)，國(guó)內(nèi)媒體也在熱議即將推出的國(guó)際板。今年4月，《21世紀(jì)經(jīng)濟(jì)報(bào)道》披露了其獲得的一份國(guó)際板草案，草案說(shuō)，未來(lái)國(guó)際板發(fā)行人募集的資金可以匯出境外使用，也可在境內(nèi)使用，但前者可能需要經(jīng)過(guò)外匯管理部門批準(zhǔn)。

　　But the wait is becoming ridiculous. In May at the Lujiazui Forum an annual conference in Shanghai involving Chinese senior financial figures banking regulator Liu Mingkang made a passing reference to the international board in his speech. Following Mr. Liu, China Securities Regulatory Commission Chairman Shang Fulin whose agency would be responsible for the board seemed to be skirting the issue until he thanked Mr. Liu for his interest in the board.

　　但等待的時(shí)間漫長(zhǎng)得出奇。今年5月，每年一度的陸家嘴論壇在上海舉行，多位中國(guó)金融界高官到場(chǎng)發(fā)言。中國(guó)銀監(jiān)會(huì)主席在講話中順帶提到了國(guó)際板問(wèn)題。在劉明康之后發(fā)言的證監(jiān)會(huì)主席尚福林在感謝劉明康對(duì)國(guó)際板表示出興趣之前，似乎一直在回避這個(gè)問(wèn)題。證監(jiān)會(huì)將負(fù)責(zé)國(guó)際板推出的各項(xiàng)事宜。

　　The room held its breath. Was this the announcement everyone’s been waiting for?

　　大家都屏息凝神：這是否意味著即將公布大家一直在等待的消息?

　　“We are ever closer to the launch of the international board,” declared Mr. Shang, clearly enjoying the anticipation.

　　只聽(tīng)尚福林說(shuō)，我們朝推出國(guó)際板又邁出了一步──很顯然，尚福林對(duì)大家的期待感到得意。

　　The whole room laughed.

　　一屋子的人都笑了。