The first yuan-denominated share to list on the Hong Kong stock exchange is laying the groundwork for a "seismic change" when China allows its citizens to invest abroad more freely, the exchange's head said.

　　香港交易所(Hong Kong Exchanges & Clearing Ltd.)行政总裁李小加(Charles Li)说，香港交易所上市的首只人民币计价股票将为一场“巨大变化”奠定基础，那就是中国允许内地公民更自由地投资海外。

　　In an exclusive interview with The Wall Street Journal, Charles Li, chief executive of Hong Kong Exchanges & Clearing Ltd. (0388.HK), said exchange officials are preparing for much greater outbound investment from China that would drive demand for yuan-linked products in Hong Kong. He also outlined his ambitions to build up a derivatives business that would act as a bridge between Chinese customers and international commodity markets.

　　Thomas Lee for the Wall Street Journal李小加(Charles Li)李小加在接受《华尔街日报》独家专访时说，香港交易所官员正准备应对中国更大规模的对外投资，投资将推动香港人民币相关产品的需求。他还简要介绍了自己将构建一个衍生品业务、在中国内地客户与国际大宗商品市场之间架设起桥梁的雄心壮志。

　　The comments from Mr. Li, a 50-year-old native of Beijing and former banker with J.P. Morgan Chase & Co. (JPM) who once worked on oil rigs in northwest China, reflect his intense focus on connecting the Hong Kong exchange with the largely untapped market of mainland Chinese investors. Since taking over as head of HKEx in January 2010, he has made a particular priority out of positioning the exchange to benefit from China's effort to liberalize its currency, also known as the renminbi.

　　李小加的话反映出他十分关注将香港交易所与基本尚未开发的中国内地投资者市场连接起来。李小加现年50岁，是北京人，曾是摩根大通(J.P. Morgan Chase & Co.)银行家，从事中国西北部油井业务。自2010年1月担任香港交易所行政总裁以来，他尤其着重于把香港交易所打造成能够从人民币国际化中获益的交易所。

　　One result is Hui Xian Real Estate Investment Trust (87001.HK), the first yuan-denominated stock issued outside mainland China, which begins trading on the Hong Kong exchange this Friday. The offering, backed by properties in Beijing owned by billionaire Li Ka-shing, has raised CNY10.48 billion (US$1.61 billion).

　　成果之一是汇贤房地产投资信托基金(Hui Xian Real Estate Investment Trust, 简称：汇贤REIT)，这是中国内地以外上市的首只人民币计价股票，本周五将在香港交易所上市交易。此次股票发行依托的是亿万富翁李嘉诚(Li Ka-shing)在北京的房地产，已经筹集了人民币104.8亿元（合16.1亿美元）。

　　Expectations of yuan appreciation have pushed the amount of renminbi held in Hong Kong bank accounts up more than fivefold since the beginning of last year to CNY407.7 billion. Bankers expect renminbi bond issuance in Hong Kong, which hit CNY36 billion in 2010, to more than double this year. After Hui Xian REIT, HKEx's Mr. Li hopes to see several more yuan stocks list in Hong Kong later this year.

　　对人民币升值的预期使香港人民币存款额增至人民币4,077亿元，较去年年初增加了五倍以上。银行家们预计香港的人民币债券发行将较2010年的人民币360亿元增长逾一倍。在汇贤REIT之后，李小加希望今年晚些时候再看到数只人民币计价股票在香港上市。

　　But Mr. Li's ambitions for those shares aren't geared toward Hong Kong investors: They are a play on "a seismic change that is taking place in our market over time," he said, as China allows investors to take their money abroad.

　　不过，李小加对人民币计价股票上市的雄心壮志却不是针对香港投资者的。他说，随着中国允许内地投资者在海外投资，他们将在我们的市场逐渐发生的巨大变化中发挥作用。

　　"That big gate, that big dam' holding back China's massive investor base is coming down," Mr. Li said, "adding that the result will bring more changes to the global capital market today than anything else."

　　李小加说，拦住内地大规模投资者基础的那扇大门、那个大坝将开始崩塌。他还说，结果将是相对任何其他事物来说，能够给目前的全球资本市场带来更多的变化。

　　Mr. Li believes that the key for HKEx to capture demand from mainland Chinese investors is to have renminbi products that are "currency-neutral." That is, you remove an element of exchange rate risk that bankers say depresses demand for overseas shares from Chinese investors through an existing quota system.

　　李小加认为，香港交易所把握内地投资者需求的关键是拥有“货币中立”的人民币产品。换句话说，这样你就去除了汇率风险的因素。银行家们说汇率风险通过现有的配额制度压低了内地投资者对海外股票的需求。

　　As the availability of renminbi products grow, he said, "we're working with the [central] government", "we're lobbying authorities, to gradually open and allow greater outbound investment through new quotas aimed at high-net-worth individuals", he said.

　　他说，随着人民币产品的日益增多，我们正与（中央）政府合作，游说有关部门，通过针对高净值个人投资者的新配额逐渐开放并允许更多的境外投资。

　　After that, he believes Hong Kong could aim for dual listings of yuan-denominated shares in Shanghai and Hong Kong. Eventually, those shares might be freely tradable by investors in both markets.

　　在这之后，他相信香港可能会希望以人民币计价的股票在上海和香港同时上市。最后，两个市场的投资者也许都能自由地交易这些股票。

　　"This is our pipe dream," he said, adding that the exchange has discussed these ideas "with a lot of other people."

　　他说，这是我们的美梦。他还说港交所已经“与很多其他人”讨论了这些想法。

　　Dreams of outbound flows of Chinese capital have long had a special appeal in Hong Kong. In August of 2007, an unusual proposal to allow domestic Chinese investors to bypass existing barriers and buy Hong Kong stocks directly sent the city's benchmark index soaring nearly 50% in 10 weeks. The plan was later quashed, and stocks fell back to earth.

　　长久以来，中国内地资本流出国门的梦想在香港一直具有独特的吸引力。2007年8月，一项允许内地投资者绕过现有壁垒直接购买香港股票的罕见计划推动香港基准股指十周内飙升近50%。后来该计划被取消，股票也随之回落。

　　In the interview, Mr. Li later spoke of his aim to make HKEx a bigger player in commodity and financial derivatives that tap demand from China, already a powerhouse in global markets for energy, metals and agricultural products.

　　在采访中，李小加随后谈到他有意让港交所在大宗商品和金融衍生品市场发挥更大作用，以利用内地的需求，中国内地已经在全球能源、金属和农产品市场中占据强有力地位。

　　He identified interest rate swaps as a big potential market, as use of China's currency becomes more widespread.

　　他认为利率互换是有巨大潜力的市场，因为人民币的使用正日益普遍。

　　As part of these efforts, HKEx is talking with China's three commodity exchanges as well as with its financial futures exchange about ways to cooperate.

　　为达到这些目标，港交所正与内地三家商品交易所及中国金融期货交易所探讨合作方法。

　　Not all changes at HKEx under Mr. Li have been universally welcomed. Earlier this year, HKEx began allowing mainland Chinese companies to use Chinese accounting standards and auditors. Critics say the move, aimed at reducing auditing costs for issuers, undermines protections for investors. Exchange officials have defended the move, arguing that China has raised its accounting standards and auditors will be subject to tight scrutiny by China's Ministry of Finance.

　　李小加对港交所的改革并非都广受欢迎。今年早些时候，港交所开始允许内地中资公司使用中国的会计准则和审计员。批评人士说，这一旨在降低股票发行方审计成本的举措削弱了对投资者的保护。港交所官员为此进行辩解，他们认为中国已经提高了国内会计准则，审计员会受到中国财政部的严密监督。