More fund houses are rolling out funds and share classes denominated in renminbi, or contemplating the idea, as they look to profit from the Chinese currency’s likely rise against the US dollar and its importance on the world stage.

　　由于人民币兑美元汇率可能持续上升，加之人民币在世界舞台上的重要地位，更多的基金公司正推出以人民币计价的各类基金和股票类别，或正在考虑这种做法，以便从中获利。

　　Indeed, while investment choices are still scarce, the sweep of renminbi-denominated investments on offer already ranges from bonds and funds to certificates of deposit, currency swaps and insurance products.

　　实际上，虽然投资选项仍然匮乏，但现有以人民币计价的投资产品已涵盖了债券、基金、存单、货币互换乃至保险产品等各个领域。

　　Some fund managers argue that renminbi-denominated share classes of traditional funds are a superior play on the appreciation of the renminbi as they offer the chance to register a currency gain as well as a return on underlying investments higher than the inflation rate. Just this month, Pharo Management UK revealed plans to become the first hedge fund manager to create shares in an investment vehicle denominated in renminbi. Investors in Pharo’s flagship fund do not have to hold renminbi as the fund’s administrator can handle spot exchanges into the currency. This underscores the extent to which the future of the US dollar and the rising power of the renminbi – dubbed the redback – are becoming concerns for investors.

　　一些基金经理认为，以人民币计价的传统基金股票类别在利用人民币升值方面具有超强的优势，它们既可以赚取汇兑收益，并且投资标的的回报率也高于通胀水平。本月，英国发逻资产管理公司(Pharo Management)公布计划，打算为一个以人民币计价的投资产品设立股份，这将是对冲基金管理公司中的第一家。发逻旗舰基金的投资者无须持有人民币，基金管理者能够处理兑换人民币的现汇交易。这凸显出投资者正高度关注美元的未来、以及被称为“红币”(redback)的人民币的日益崛起。

　　“We think you should set up a renminbi share class for the same reason you might create a share class in euros or sterling,” says Peter Fegelman, a senior manager with Pharo. “Investors are looking to hold non-US dollar currencies and we do believe the renminbi will appreciate.”

　　“之所以应当设立人民币股票类别，与设立欧元或英镑股票类别的理由是一样的，”发逻高级经理彼得?菲格曼(Peter Fegelman)表示。“投资者们正寻求持有美元以外的货币，而我们的确认为人民币将会升值。”

　　And Andy Seaman, investment manager with Stratton Street Capital, still touts the advantages of the firm’s three-year-old Renminbi Bond Fund, which – despite what its name suggests – invests in a mix of pan-Asian investment grade credit issues, most of which are sovereign or quasi- sovereign bonds. The fund, which is fully hedged into renminbi, returned 15.3 per cent last year and also offered a 6 per cent gross redemption yield.

　　Stratton Street Capital投资经理安迪·西曼(Andy Seaman)则表示，该公司已有三年历史的人民币债券基金(Renminbi Bond Fund)具有优势。虽然名为人民币基金，其实投资于泛亚洲地区发行的多种投资级别信用证券，主要是主权或准主权债券。该基金完全以人民币进行对冲，去年的回报率为15.3%，总赎回收益率约为6%。

　　Mr Seaman explains that by buying non-deliverable forwards, the fund gains exposure to renminbi via the offshore market. “It’s a very common practice for currencies which are not fully convertible,” he says.

　　西曼解释道，通过购入不可交割的远期合约(NDF)，该基金能够通过离岸市场投资于人民币。他表示：“对于不是完全可兑换的货币，这是很常见的做法。”

　　“The market prices are set offshore but the fixing rate (which determine the profit and loss) are set each day by the central bank, the Peoples Bank of China,” he adds.

　　他补充称：“市场价格在离岸市场确定，而中国央行(PBoC)每天提供决定盈亏的定盘。”

　　Late last year, a US dollar renminbi hedged class was also launched for EFG’s New Capital Wealthy Nations Bond Fund (with Stratton Street Capital as advisers). It is an Irish-domiciled Ucits fund with daily dealing.

　　去年年底，EFG的新资本富国债券基金(New Capital Wealthy Nations Bond Fund)也推出了一项美元人民币对冲的基金类别（由Stratton Street Capital担任顾问）。该基金可每日交易，是一只注册在爱尔兰的UCITS基金。

　　“We believe the yuan will appreciate. But if you buy renminbi bonds directly you only get a 2 to 3 per cent yield at most, so you risk capital losses because of inflation,” says Mr Seaman. “This way offers the chance to earn nice yields while waiting for the currency to appreciate. In the west, economies are more fragile and interest rates are likely to stay low for some time.”

　　 “我们相信人民币会升值。但如果直接购买人民币债券，顶多能得到2%到3%的收益率，由于通胀原因，可能会蒙受资金损失，”西蒙表示。“这种方式则能够在等待人民币升值的同时，提供一个赚取可观收益率的机会。西方国家的经济更为脆弱，其利率水平可能会在一段时间内保持低位。”

　　The use of the renminbi beyond China’s borders is limited, but demand is robust. In the past six months alone, the size of renminbi deposits held offshore by foreigners in Hong Kong tripled to Rmb300bn ($46bn), according to advisers’ estimates. And despite throwing up yields of less than 3 per cent on average, the sprinkling of renminbi-denominated bond issues could well turn into a downpour, advisers forecast.

　　在中国境外，人民币的使用较为有限，但需求十分强劲。据咨询机构估计，仅在过去6个月，外国人在香港离岸持有的人民币存款就增加了两倍，达到3000亿元人民币（合460亿美元）。咨询机构预计，人民币计价债券发行的星星之火很可能演变成燎原之势，尽管这些债券的收益率平均不到3%。

　　Late last year, Caterpillar, the US-based maker of earthmoving equipment, launched a Rmb1bn bond issue, making it the second multinational to tap the market, after an August issue by McDonald’s, the fast-food chain. Both issues were oversubscribed and followed a smattering of issues by China’s Ministry of Finance and other banks and corporations.

　　去年年底，美国土方设备制造商卡特彼勒(Caterpillar)发行了10亿元人民币的债券，成为继去年8月份快餐连锁企业麦当劳(McDonald’s)发行人民币债券之后，第二家涉足这一市场的跨国企业。这两家企业的发行均获得了超额认购。在此之前，中国财政部和几家银行及公司曾在香港进行过若干次发行。

　　“Day in, day out, I get calls from financial institutions or banks that want to issue a renminbi-denominated fund or financial product or consider an IPO,” says Sau-Wing Mak, a partner with Simmons & Simmons, a legal firm with offices in Hong Kong. 在香港设有办事处的西盟斯律师事务所(Simmons & Simmons)的合伙人麦秀颖(Sau-Wing Mak)表示：“我天天都会接到金融机构或银行打来的电话，想发行一种以人民币计价的基金或金融产品……要么就是在考虑进行一次首次公开募股(IPO)。”

　　The expected arrival of new bond issues and funds is cause for investors to celebrate as a glut of supply in renminbi deposits sits offshore. “There’s a mismatch between the amount of renminbi held in deposit accounts in Hong Kong and the vehicles for them to be invested in,” says Fran?ois Guilloux, a regional sales director with Z-Ben Advisors, Shanghai-based consultants on fund management.

　　鉴于离岸人民币存款供应过剩，投资者有理由为新债券发行和新基金的推出额手相庆。咨奔商务咨询(Z-Ben Advisors)地区销售总监弗朗索瓦·吉尤(Fran?ois Guilloux)表示：“与香港的离岸人民币存款额相比，可供这些存款投资的金融工具太少。”咨奔的总部位于上海，是一家专注于基金管理领域的咨询公司。

　　The popularity of renminbi-denominated bond issues reflects confidence over renminbi appreciation. But Jim O’Neill, chairman of Goldman Sachs Asset Management, last year deemed the rush to offer such investments “a little odd” given the low yield on offer.

　　人民币计价债券发行受到热捧，反映出投资者对人民币升值信心十足。但高盛资产管理公司(Goldman Sachs Asset Management)董事长吉姆·奥尼尔(Jim O'Neill)去年认为，考虑到人民币债券提供的收益率较低，各方争相提供此类投资产品的情况“有点儿怪异”。

　　Regardless, the development of the fledgling offshore renminbi market is crucial to plans to internationalise the country’s currency, industry experts say.

　　业内专家表示，尽管如此，萌芽之中的离岸人民币市场的发展，对于实现人民币国际化来说至关重要。

　　Strict government restrictions now severely limit the amount of offshore renminbi making its way into mainland investments. But Beijing is suggesting moves will be made to liberalise the rules. The China Securities Regulatory Commission is to launch its so-called mini qualified foreign institutional investor (QFII) programme this year. The scheme will allow Chinese brokers and fund houses to make direct renminbi investments in mainland stocks and bonds on behalf of foreign investors.

　　政府的严格限制，目前严重制约了流入内地投资市场的离岸人民币数额。但中国政府暗示，将采取行动放宽相关规定。中国证监会(CSRC)今年将推出所谓的“小QFII”计划，QFII指的是合格境外机构投资者。“小QFII”计划将允许内地券商和基金公司代表外国投资者，直接用人民币投资于内地股市和债市。

　　“It will give foreign investors the chance to have more currency diversification in their portfolios [and] benefit from local investment expertise,” notes Mr Guilloux. It follows 2003’s QFII programme, which permits a number of big foreign investment firms to invest in China with foreign currencies. As it stands, the QFII programme is the main route foreign investors use to trade China’s domestically listed renminbi-denominated Class A shares and bonds.

　　吉尤指出：“这将使外国投资者有机会加大自己投资组合的货币多元化，[并]通过本地投资专长获益。”2003年，中国政府出台了QFII计划，允许若干大型外国投资机构用外币在内地投资。目前，该计划是外国投资者用来交易以人民币计价的A股和债券的主要途径。