Beijing is to grant US asset managers a Rmb250bn ($38bn) quota to invest in renminbi-denominpated Chinese securities, handing a sop to Washington while also facilitating capital inflows at a time of pressure on the currency.

北京方面将给予美国资产管理公司2500亿元人民币（合380亿美元）的人民币计价中国证券的投资额度，在向华盛顿方面展现善意的同时，也在人民币承压之际为资本流入提供便利。

The government has been steadily liberalising its capital account but moves have been more assymetric since last August’s devaluation of its currency — when spooked foreign investors and domestic savers sought to move money out of the country, prompting a clampdown on outflows and deregulation on inflows.

中国政府一直在稳步开放资本账户，但是自去年8月的人民币贬值以来，这方面的举动比较不对称；那次贬值导致受到惊吓的外国投资者和国内储户想方设法把资金转移到境外，进而促使官方采取行动遏制资本流出，放松资本流入。

Government data released yesterday showed that China’s foreign exchange reserves dropped by $28bn in May, although when measured in real terms — stripping out valuation impact — reserves rose by $9bn, the first time they have inched up in seven months.

昨日发布的政府数据显示，5月中国外汇储备下降280亿美元，但按照实际价值衡量（剔除估值影响），外汇储备增加了90亿美元，这是七个月来首次微幅上升。

For recipients of the quota, the latest move is largely symbolic. US asset managers such as BlackRock already access China’s capital markets through their Hong Kong or other overseas operations, although according to Chris Powers, of Shanghai-based consultancy Z-Ben Advisors, it should lead to more US investors’ money flowing in. It is also unclear how many will avail themselves of the quota, given currency jitters.

最新举措对于获得额度的机构基本上是象征性的，美国资产管理公司如贝莱德(BlackRock)已经可以通过自己的香港或其他海外业务进入中国资本市场。不过据总部位于上海的泽奔咨询(Z-Ben Advisors)的克里斯•鲍尔斯(Chris Powers)预计，此举应该会导致更多美国投资者的资金流入。鉴于围绕人民币汇率的紧张情绪，尚不清楚有多少机构会使用自己的额度。

However, it added a positive note to what have sometimes been fraught Sino-US talks this week and gives a further push to the internationalisation of the renminbi. Previously, New York was conspicuous by its absence among the currency’s trading centres, which besides Hong Kong include London, Frankfurt and Singapore.

不过，此举为本周有时紧张的中美对话增添了正能量，并且将进一步推动人民币国际化。此前，纽约因为不在人民币交易中心之列而引人注目；除香港外，人民币境外交易中心目前包括伦敦、法兰克福和新加坡。

The new quota for the five-year-old Renminbi Qualified Foreign Institutional Investor (RQFII) programme was unveiled by Yi Gang, deputy governor of the People’s Bank of China, during the second day of the annual Sino-US Strategic and Economic Dialogue.

实行已有五年的人民币合格境外机构投资者(RQFII)计划的新额度，是在年度中美战略与经济对话(Sino-US Strategic and Economic Dialogue)的第二天由中国人民银行(PBoC)副行长易纲宣布的。

It will give the US the largest RFQII quota except Hong Kong, with Rmb270bn. The move also raises the current total RQFII quota, at Rmb502bn as of end-May, by almost 50 per cent. No timeframe was given. “We think the US market is a very important one, so we issued this quota,” said Mr Yi.

此举意味着美国将获得除香港以外最大的RFQII额度；香港的额度是2700亿元人民币。此举还将把截至5月底的现有RQFII总额度（5020亿元人民币）提高近50%。中国方面没有说明时间框架。“美国是中国的一个重要市场，我们给予美国2500亿元的RQFII额度，”易纲表示。

He said the renminbi regime was becoming increasingly transparent and market-driven — Beijing’s stated aim — and sought to dispel concerns that a US rise in interest rates would hurt the Chinese economy, where growth is slowing.

他表示，人民币汇率制度正变得越来越透明和以市场为导向，符合北京方面声明的目标。他还试图打消有关美国加息将损害增长已经在放缓的中国经济的担忧。

“Only if the US economy is improving would there be a hike,” said Mr Yi, adding that a healthy US economy would mean more US consumers buying Chinese goods.

易纲表示，如果美联储加息，说明美国经济走强。他补充说，健康的美国经济将意味着有更多美国消费者购买中国产品。

While he conceded that the flipside meant capital would flow to the US to access the higher yields on offer, Mr Yi said this would have more impact on other emerging markets as the PBoC had time to prepare its firepower.

尽管他承认，另一面美联储加息意味着资本会流向美国，以求获利于较高的收益率，但易纲表示，这会对其他新兴市场造成更大冲击，因为中国央行有足够时间准备弹药。

“From a central-bank monetary policy perspective, we must prepare. We’ve been talking about a rate hike for a very long time already. We’ve got enough time to prepare.”

“作为中央银行要从货币政策角度做好准备。美联储加息已经说了很长时间，准备的时间是有的。”

Mr Yi emphasised China’s commitment to the internationalisation of the renminbi. “We want the renminbi to be on an equal platform with other currencies: the euro, the dollar, and other emerging-market currencies.”

易纲强调了中国对人民币国际化的承诺。他表示，希望人民币和欧元、美元以及其他新兴市场货币放在一个平等的平台上。