香港金管局向银行提供人民币流动性

Hong Kong's central bank will start providing Chinese currency loans to the city's banks today to prevent a shortage of liquidity from destabilising the offshore renminbi market.

香港事实上的央行将从周五起向当地银行提供人民币贷款，以防流动性短缺破坏这个离岸人民币市场的稳定。

The Hong Kong Monetary Authority announced yesterday that it would offer one-week renminbi loans in exchange for high-quality collateral such as Chinese government bonds.

香港金融管理局(HKMA)昨日宣布，将提供期限为1周的短期人民币贷款，并接受中国国债等高质量抵押品。

"Such a backstop facility will calm nerves as banks will be able to approach the monetary authority for more renminbi funds whenever necessary," HSBC wrote to clients. Liquidity squeezes have shaken the offshore renminbi money markets three times this year, with short-term interest rates spiking as lenders scrambled for funds.

"这种后盾安排将有助于安抚紧张情绪，因为各银行将能够根据需要，随时从金管局获得更多人民币资金，"汇丰(HSBC)在发送给客户的资料中写道。今年，流动性紧缩已经三次冲击离岸人民币货币市场，随着各银行忙于筹措资金，短期利率出现激增。

Analysts said the HKMA's new loan facility would alleviate short-term tightness in the market, which has grown rapidly over the past two years but is still small and illiquid.

分析师们表示，香港金管局新推出的贷款安排，将缓解市场的短期紧张，过去两年来，香港的离岸人民币市场快速发展，但其规模仍较小，流动性也不够好。

The offshore renminbi market began in Hong Kong in 2010 and has since spread to London and Singapore.

离岸人民币市场是2010年在香港率先起步的，自那以来已扩展至伦敦和新加坡。

There are few restrictions on renminbi trading in these offshore centres, but Beijing retains extensive capital controls that cut them off from the vast pool of liquidity on the mainland. As investors have stopped expecting the renminbi to appreciate against the dollar in recent months, total renminbi deposits in Hong Kong have fallen 12 per cent from a November 2011 peak of Rmb627bn.

在这些离岸金融中心，人民币交易几乎不受任何限制，但北京方面保留全方位的资本管制，实际上将这些离岸人民币市场与中国内地巨大的流动资金池隔离开来。近几个月来，随着投资者不再预期人民币将相对于美元升值，香港的人民币存款总额已从2011年11月6270亿元人民币的峰值回落12%。

At the same time, Hong Kong banks have expanded their renminbi loans, raising concerns about a lack of liquidity. The HKMA facility makes use of its Rmb400bn currency swap arrangement with the People's Bank of China.

与此同时，香港各银行已扩充其人民币贷款业务，令人担忧缺乏流动性的问题。香港金管局的贷款安排，将利用其与中国央行之间的4000亿元人民币货币互换协议。

The monetary authority said rates on its renminbi loans would be determined "by reference to prevailing market interest rates".

香港金管局表示，其人民币贷款的利率将"参考当前市场利率"决定。

Weisheng He, Asia forex strategist at Citibank, said that until the HKMA specified the exact rates on the facility, it would be hard to determine how much it would impact the market.

花旗(Citibank)亚洲外汇策略师贺伟晟表示，在香港金管局指明这项贷款安排的准确利率之前，难以判断它将对市场产生什么样的影响。

"It will certainly cap the upside in liquidity squeezes and the knowledge that HKMA can provide a liquidity backstop will also reduce the risk of liquidity squeeze," Mr He said.

"它肯定有助于遏制流动性紧缩，使其不致失控。人们知道香港金管局能够提供流动性后盾，这也将降低流动性紧缩的风险，"贺伟晟表示。

The HKMA said Hong Kong government bonds and exchange fund bills and notes, denominated in Hong Kong dollars, would be acceptable collateral.

香港金管局表示，以港币计价的香港特区政府债券以及外汇基金票据和债券，也将是合格抵押品。

It added that while banks could roll over the borrowings under the facility, it "should not be regarded as a steady source of funding for their business".

该机构补充称，尽管各银行在这项贷款安排下能够将借款展期，但它们"不应把这项流动资金安排当作其业务的稳定资金来源"。