China continues to look far better, in fact, than most of its indebted neighbours. “China’soverall external indebtedness is limited and the debt servicing capacity of the country as awhole remains intact, noted China International Capital Corporation in a report. “China’sforeign exchange res-erves are still more than twice the size needed to cover all its externaldebt and four times its foreign currency debt.
事实上,中国的形势看起来仍比多数债台高筑的邻国好得多。“中国外债总体水平仍然不高,中国作为整体的偿债能力也未受到明显影响,中金公司(CICC)在一份报告中指出,“中国外汇储备仍可覆盖全部外债余额的两倍以上、所有外币外债的四倍以上。
Moreover, as the renminbi internationalises, other central banks will need to acquire renminbiassets, providing a bid both for the currency and for its debt. China’s government debt marketis already by far the largest bond market in the emerging world. Moreover, while the stockmarket continues to gyrate, the bond market has been less volatile and actually offers positivereturns. That is significant in a world where positive returns on government bonds can nolonger be taken for granted, thanks to quantitative easing programmes in the developedworld.
此外,随着人民币国际化进程的推进,其他央行将需要购买人民币资产,这对人民币和人民币债券都形成了需求。在新兴世界,中国政府债券市场已然是规模遥遥领先的最大债券市场。而且,在股市继续震荡之际,债市的波动却没那么大,实际上提供了正回报。这一点很重要。由于发达国家实施了量化宽松计划,在当今世界上,政府债券回报为正已不再是理所当然之事。
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