首款衡量人民币国际化程度的基准指数在港推出 

The first measure RMB internationalization degree of benchmark index launched in Hong Kong 

　　2012年，人民币国际化之路在低调中显现了大手笔。以香港作为辐射中心，人民币业务正在逐步向东南亚、欧洲、中东地区延伸。而业内人士预计，2013年之后，在更多跨时区的人民币清算行设立以及海外金融市场人民币产品加入可交易行列后，离岸人民币的全球化平面有望在更大范围内铺开。 

In 2012,,RMB internationalization road in low-key in the big appeared.In Hong Kong as a radiation center,The RMB business is gradually to southeast Asia/The European/Middle East extension.But the personage inside course of study is expected,2013 years later,In more time zone across the clearing bank set up overseas financial markets and the products can trade after join the ranks,Offshore RMB globalization plane is expected to spread in a wide range. 

　　然而，在人民币国际化加速的进程中，虽然市场上不乏有关离岸人民币流通量的宏观数据，但有关数据并未能进一步显示香港发展成为离岸人民币中心的进展。 

however,In the process of RMB internationalization acceleration,Although there is no lack of market on offshore RMB 1 freefloat macro data,But the data and unable to further shows that Hong Kong's development as a offshore RMB centre progress. 

　　1月28日，星展银行在香港推出的“星展人民币动力指数”弥补了这一空白，成为香港首个用以衡量人民币国际化程度的基准指数。 

1 month and day,DBS bank launched in Hong Kong"DBS RMB power index"Make up the blank,Hong Kong's first to measure RMB internationalization degree of benchmark index. 

　　数据变化助力企业掌握先机 

Data change power enterprise grasp opportunities 

　　据悉，“星展人民币动力指数”主要用以追踪香港企业使用人民币的实际普及和接受程度，以及企业未来采用人民币的意愿。可以预见的是，该指数将为政府、企业和投资者提供一个具有参考性的策略工具。 

It is reported,"DBS RMB power index"Mainly used to track the Hong Kong enterprises to use the yuan's real popularity and acceptance,The enterprise and the RMB will.It is expected,The index for the government/Enterprises and investors to provide a reference with the strategy tool. 

　　据了解，该指数是在抽样调查的基础上得出的综合指数，调查问卷主要涉及影响企业使用人民币的四个主要方面，从而探测出人民币在香港企业的渗透程度。 

It is understood,The index is in sampling investigation made on the basis of comprehensive index,Questionnaire mainly involves the influence enterprise use of the four major aspects,To detect the yuan in Hong Kong enterprise penetration degree. 

　　这四个主要方面包括：过去12个月的实际业务表现及未来12个月的预期表现（两者为推动企业对人民币需求扩大的基本条件）；企业过去和未来对使用人民币经营业务的需求；企业对人民币贸易结算服务的需求；以及企业获得人民币融资的难易程度。 

The four main aspects including:In the past 12 months of actual business performance and the next 12 months of expected performance(In order to promote the enterprise to expand the demand of the basic conditions);The past and the future enterprise to use RMB business needs;The enterprise to the yuan trade settlement service requirement;And the enterprise get RMB financing difficulty. 

　　业内人士透露，“星展人民币动力指数”将在每个季度进行公布，其变化所反映的则是香港离岸人民币市场的演变步伐。据了解，调查工作的首个阶段已于2012年10月至12月进行，通过电话访问了200多家香港公司的企业主和企业决策者。而首次调查结果显示，2012年第四季度该指数为54.9，这一数据将成为今后季度数据变化分析的基准。 

The personage inside course of study revealed that,"DBS RMB power index"In every quarter will be released on,The change reflects is Hong Kong offshore RMB market evolution steps.It is understood,Investigation of the first stage already in October 2012 to 12 months,Through the telephone interview more than 200 Hong Kong companies and the business enterprise decision makers.For the first time according to the results of the survey,The fourth quarter of 2012 the index is 54.9,This data will become the future quarter data change analysis of reference. 

　　“现在是推出‘星展人民币动力指数’的最佳时机。作为一个亚洲银行，这是星展为业界和香港企业提供的一个实用策略工具，协助它们更全面和深入地了解人民币国际化在香港的进程。”星展银行（香港）有限公司董事总经理兼企业及机构银行总监张建生表示。 

"It is out of‘DBS RMB power index’. The best time.As an Asian bank,This is the star show for the industry and Hong Kong enterprises provide a practical strategy tool,Help them more comprehensive and in-depth understanding of the process of RMB internationalization in Hong Kong."DBS bank(Hong Kong)Co., LTD., enterprises and institutions, managing director and director of the bank ZhangJianSheng said. 

　　他进一步强调：“今后公布的指数及其变化情况将可供政策制定部门参考,得出相应的政策建议。未来，指数的应用范围还可扩大，可延伸至其他有可能成为离岸人民币中心的国家。” 

He further emphasized:"Published in the future the index and its changes in policy formulation department will be available for reference,Draw the corresponding policy recommendations.The future,The application scope of index still can enlarge,Can be extended to other might become offshore RMB centre country." 

　　企业对人民币对冲产品存在实际需求 

The enterprise to RMB hedge products have actual demand 

　　据记者了解，在此次调查中，接近一半的受访企业表示，人民币升值直接缩减了其盈利空间。这个情况在一些主要从中国大陆采购原材料，从事低附加值生产和出口的企业当中尤其明显。依靠规模经济和廉价劳动力生存的企业，正面临被淘汰的风险。 

According to reporter understanding,In this investigation,Nearly half of the respondents enterprise said,The appreciation of the renminbi directly reduce the profit space.The situation in some main raw material purchasing from mainland China,Is engaged in the low value-added production and export of enterprise especially obvious.Rely on the economies of scale and cheap Labour force of the enterprise survival,Is facing the risk of elimination. 

　　“这些企业若要加强竞争力，必须向高质量和高效益的经营模式转型。 

"If these enterprises to strengthen competitiveness,Must to high quality and high efficiency management model transformation. 

　　而在转型过程当中，企业应更多地利用对冲产品降低汇率风险。”业内专家表示，正如这一指数的调查结果，许多香港企业对人民币对冲产品存在实际需要，以降低汇率风险。 

And in the transformation process,Enterprise should make greater use of hedge product reduce the exchange rate risk."The experts say,As the index of the results of the survey,Many Hong Kong enterprises to RMB hedge products have actual need,In order to reduce the risk of exchange rate. 

　　事实上，诸多银行已经为这些有对冲风险需要的企业提供了具有竞争力的产品及服务的产品选择，其中也包括星展银行。 

In fact,Many Banks have for the hedge risk need enterprise to provide the competitive products and service product selection,Including DBS bank. 

　　人民币跨境贸易结算预计将快速增长 

RMB cross-border trade settlement is expected to rapid growth 

　　调查显示，在过去12个月里，仅有9％的企业以人民币进行贸易结算；而另外26％的企业则考虑在未来12个月内，采用人民币进行结算。 

Investigation shows that,In the past 12 months,Only 9% of the enterprise to yuan trade settlement;The other 26% of the enterprise is considered in the next 12 months,The RMB settlement. 

　　事实上，这个结果与人民银行公布的宏观数据基本一致。星展银行（香港）有限公司经济研究部高级经济师梁兆基表示：“2012年前三季度，人民币结算贸易占同期贸易总额约11%。相比之下，美元在美国贸易结算中占比达80%；欧元在欧洲贸易结算中占比为50%；而日本贸易结算中约30％以日元结算。人民币贸易结算目前还处于初始期，未来还有充足的增长空间。” 

In fact,The results and announced by the people's bank of the macro data are basically the same.DBS bank(Hong Kong)Co., LTD. Economic research senior economist LiangZhaoJi said:"The third quarter of 2012 years ago,RMB settlement of trade accounts for about 11% of the total trade.Compared with,Us dollar in the us in trade settlement accounts for more than 80%;The euro in Europe in trade settlement accounts for more than 50%;But Japan trade settlement of about 30% in yen settlement.The yuan trade settlement at present is still in the initial period,The future there are plenty of room for growth." 

　　他同时强调，随着离岸人民币回流到中国大陆的渠道不断增加，我们预期香港企业采用人民币的广度和深度会不断加大。 

He also stressed,With the offshore RMB return to mainland China increased channel,We expected Hong Kong enterprises to adopt the breadth and depth of the yuan will be increasing. 

　　此外，根据调查，目前使用人民币贷款服务的企业近乎为零，专家分析这种情况的出现与政策发展息息相关。目前，除了利用人民币到中国大陆直接投资与贸易，使用人民币贷款的途径不多，因此境外企业缺乏人民币融资的推动力。 

In addition,According to investigation,Currently used RMB loan service enterprise is zero,Expert analysis the situation appeared and policy development is closely linked.At present,In addition to making use of the yuan to mainland China direct investment and trade,Use renminbi loans not way,So the overseas enterprise lack of RMB financing impetus. 

　　相关数据显示，截至去年11月份，香港金融机构人民币贷款余额仅为700亿元，明显落后整体离岸市场发展。而相比之下，目前香港人民币存款已达到5700亿元、点心债余额达4000亿元。 

Related data show,At last November,Hong Kong financial institutions RMB loan balance is 70 billion yuan only,Obviously lag behind the overall offshore market development.By contrast,At present the Hong Kong RMB deposit has reached 570 billion yuan/Snack debt balance up to 400 billion yuan. 

　　对此，星展银行对于香港地区银行的人民币业务发展前景依然保持乐观。业内专家也表示，为推动香港地区银行的人民币贷款业务，监管当局已陆续放宽对香港地区银行进行人民币贷款的限制，包括让业界自行决定其人民币未平仓净额上限和修改流动资产比率的计算方法。 

this,DBS bank (Hong Kong bank for RMB business development prospect is still optimistic.Industry experts also said,In order to promote Hong Kong bank RMB loan business,Regulators have been relaxed in Hong Kong bank RMB loan restrictions,Including let industry decide its RMB not liquidated cap and modify net current assets ratio calculation method. 

　　“另外，前海跨境贷款试点计划已如箭在弦，成功出台后预计规模将逐步扩大，为香港地区的银行人民币资金提供出路。”上述专家说。

"In addition,Sea before cross-border loan pilot program already embargo against,Success is on the scale will enlarge gradually,For Hong Kong bank RMB funds to provide a way out."The experts say.