人民币能否跟上中国崛起步伐_时事_双语阅读-查字典英语网

人民币能否跟上中国崛起步伐

中国市场还缺乏让投资者可以对冲风险或做空的衍生品。利率掉期市场相对有流动性，但是诸如货币掉期等更加复杂的衍生品的交易量仍然很低。股票衍生品仍然处于萌芽阶段，期货和期权仅针对整体指数，而非个股。

Capital controls still severely restrict investor access to China’s onshore bond market. Theincreased access that central banks now enjoy does not extend to private-sector assetmanagers, who can only obtain access to the onshore market through the Qualified ForeignInstitutional Investor Programme (QFII) or its renminbi-denominated cousin, RQFII. Even once aQFII license is obtained, each asset manager is subject to a separate quota from the foreignexchange regulator. And for individuals, the domestic bond market remains completely offlimits.

资本管制仍然严格限制着投资者进入中国境内债券市场的通道。外国央行如今享受的日益开放的投资通道，并未延伸至私人部门资产管理公司，后者只能通过合格境外机构投资者(QFII)或者与之类似的人民币合格境外机构投资者(RQFII)计划，获得进入中国境内市场的通道。即便一朝获得QFII资格，每家资产管理公司仍受制于外汇监管机构设置的单独的配额。至于个人投资者，中国境内债券市场仍然完全属于禁区。

For the bond market, access is easier. Foreign investors buying into the Chinese stock marketusing the stock connect do not need a licence, but many stocks remain off limits and quotaslimit daily flows and overall investments. Moreover, the Chinese stock market’s recent bull run,followed by its sudden downward correction, has made many foreign investors wary ofparticipating, even where regulations allow it.