人民币能成为美元的竞争对手吗?中国的经济规模会在未来二十年超过美国。它已经是世界上最大的出口国。并且还在鼓励本国企业用人民币收购国外企业以降低贸易额。这些人民币不断进入离岸市场。于是,这些离岸存在的人民币被借方挖掘出来并在香港发行了点心债券。
But as the dollars history shows, economic clout is not enough without financialsophistication . If foreigners are to store their wealth in yuan, they will needfinancial instruments that are safe, stable and easily sold. Dim sum makes for a tastyappetiser. But the main feast of Chinas financial assets is onshore and off-limits, thanks to itsstrict capital controls. The government remains deeply reluctant to let foreigners hold, buy andsell these assets, except under tight limits. Indeed, it is barely ready to give its own peoplefinancial freedom: interest on bank deposits is capped; shares are largely owned by stateentities; and bonds are chiefly held by the bankswhich are, in turn, mostly owned by thestate.
但是,美元的发展历史指出没有金融体系的深度复杂,经济地位无法支撑一国货币的国际化。如果外国人用人民币来储存其财富,他就需要安全,稳定且易于卖出的金融工具。从这个角度讲,点心债券只是一个开始。由于严格的资本管制,中国绝大部分金融资产处于国内而且还是政策禁区。除非十分严格的条件下,政府在很大程度上尚不愿意让外国人持有、购买和卖出这些资产。事实上,它也没有给予其居民在金融上的自由:银行存款利率是国家规定的;股票市场中的很大份额属于国家所有;债券主要由银行持有而这些银行主要也是国有银行。
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