中国放宽企业海外融资限制 China eases limits on overseas funding as forex reserves fall
日期:2015-09-18 10:39


Beijing has eased the restrictions on Chinese companies seeking to raise funds overseas, after a record monthly decline in China’s foreign exchange reserves in August.


The decision to loosen capital controls on inbound funds stands to boost capital inflows at a time when big domestic stock market losses and the slowing Chinese economy are heightening concerns about capital outflows.


China’s planning agency, the National Development and Reform Commission, has made it easier for Chinese companies to obtain foreign currency bank loans or issue renminbi bonds with a term of more than a year, according to a statement on its website.


“The new policy will simplify the process for Chinese entities to issue offshore bonds. It will give Chinese companies flexibility in terms of timing and the amount of bonds issued as long as it is within the approved foreign debt quota,” said Ivan Chung, head of Greater China credit research at Moody’s in Hong Kong.

“新政策将简化中国实体发行离岸债券的过程。只要是在批准的外债额度内,它将在债券发行的时机和数量方面给予中国企业灵活性,”穆迪(Moody's)大中华区信用研究部门负责人钟汶权(Ivan Chung)在香港表示。

Previously, companies needed approval for each deal but now they are only required to register with the regulator.


“Like Shanghai-Hong Kong Stock Connect, it is another step forward in integrating the Chinese financial market with the world,” Mr Chung said.

“就像沪港通(Shanghai-Hong Kong Stock Connect)一样,此举是向着让中国金融市场与世界接轨的方向迈出的又一步,”钟汶权表示。

China’s foreign exchange reserves fell 2.6 per cent to $3.557tn in August, a monthly $94bn drop that was the sharpest on record, as the People’s Bank of China sold down some of its stockpile to support the renminbi.

中国的外汇储备在8月份下降2.6%,至 3.557万亿美元,在一个月里下降940亿美元打破了单月下降纪录,原因是中国人民银行(PBoC)抛售了部分储备以支持人民币。

Data from the Bank for International Settlements show that foreign bank claims on China shrank by $77bn in the first three months of 2015, reflecting their reluctance to lend.


“On one level it’s encouraging to see that China has not lost its appetite for pro-market liberalisation, even as volatility and uncertainty have risen. It suggests the leadership understands that problems revealed by market forces can be addressed by market forces as well,” says Michael Kurtz, chief Asia equity strategist at Nomura in Hong Kong.

“在某个层面上,即使在波动性和不确定性上升之际,中国也没有失去推进市场自由化的意愿,这一点令人鼓舞。它似乎表明,中国领导人明白,市场力量暴露的问题,也可以通过市场力量来解决,”野村证券(Nomura)亚洲首席股票策略师迈克尔錠尔茨(Michael Kurtz)在香港表示。

However, he said it was not clear that Chinese companies would immediately embrace the more open overseas borrowing environment “given expectations for a depreciating renminbi and for rising US dollar borrowing costs versus falling domestic borrowing costs”.


Markets are awaiting a decision from the US Federal Reserve today on whether to raise interest rates for the first time in nearly a decade.

市场正在等待美联储(Federal Reserve)今日作出是否在近10年来首次提高美元利率的决定。

Meanwhile, China is considering implementing restrictions on automated trading in its commodity markets, according to market participants who spoke to the Financial Times.


The new regulations would define automated traders, require their identity and source of funds to be disclosed, and limit the number of trades they could place in the futures markets.


  • obtainvt. 获得,得到 vi. 通用,流行,存在
  • environmentn. 环境,外界
  • embracev. 拥抱,包含,包围,接受,信奉 n. 拥抱
  • flexibilityn. 灵活性,柔韧性,适应性
  • uncertaintyn. 不确定,不可靠,半信半疑 (学术)不可信度; 偏差
  • equityn. 权益,产权,(无固定利息的)股票,衡平法 n. 公
  • statementn. 声明,陈述
  • boostvt. 推进,提高,增加 n. 推进,增加 v.
  • reluctancen. 不愿,勉强,厌恶
  • stockn. 存货,储备; 树干; 血统; 股份; 家畜 adj