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.)行政總裁李小加(Charles Li)說，香港交易所上市的首只人民幣計(jì)價(jià)股票將為一場“巨大變化”奠定基礎(chǔ)，那就是中國允許內(nèi)地公民更自由地投資海外。

　　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《華爾街日報(bào)》獨(dú)家專訪時(shí)說，香港交易所官員正準(zhǔn)備應(yīng)對中國更大規(guī)模的對外投資，投資將推動(dòng)香港人民幣相關(guān)產(chǎn)品的需求。他還簡要介紹了自己將構(gòu)建一個(gè)衍生品業(yè)務(wù)、在中國內(nèi)地客戶與國際大宗商品市場之間架設(shè)起橋梁的雄心壯志。

　　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.

　　李小加的話反映出他十分關(guān)注將香港交易所與基本尚未開發(fā)的中國內(nèi)地投資者市場連接起來。李小加現(xiàn)年50歲，是北京人，曾是摩根大通(J.P. Morgan Chase & Co.)銀行家，從事中國西北部油井業(yè)務(wù)。自2010年1月?lián)蜗愀劢灰姿姓偛靡詠?，他尤其著重于把香港交易所打造成能夠從人民幣國際化中獲益的交易所。

　　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).

　　成果之一是匯賢房地產(chǎn)投資信托基金(Hui Xian Real Estate Investment Trust, 簡稱：匯賢REIT)，這是中國內(nèi)地以外上市的首只人民幣計(jì)價(jià)股票，本周五將在香港交易所上市交易。此次股票發(fā)行依托的是億萬富翁李嘉誠(Li Ka-shing)在北京的房地產(chǎn)，已經(jīng)籌集了人民幣104.8億元（合16.1億美元）。

　　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.

　　對人民幣升值的預(yù)期使香港人民幣存款額增至人民幣4,077億元，較去年年初增加了五倍以上。銀行家們預(yù)計(jì)香港的人民幣債券發(fā)行將較2010年的人民幣360億元增長逾一倍。在匯賢REIT之后，李小加希望今年晚些時(shí)候再看到數(shù)只人民幣計(jì)價(jià)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.

　　不過，李小加對人民幣計(jì)價(jià)股票上市的雄心壯志卻不是針對香港投資者的。他說，隨著中國允許內(nèi)地投資者在海外投資，他們將在我們的市場逐漸發(fā)生的巨大變化中發(fā)揮作用。

　　"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."

　　李小加說，攔住內(nèi)地大規(guī)模投資者基礎(chǔ)的那扇大門、那個(gè)大壩將開始崩塌。他還說，結(jié)果將是相對任何其他事物來說，能夠給目前的全球資本市場帶來更多的變化。

　　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.

　　李小加認(rèn)為，香港交易所把握內(nèi)地投資者需求的關(guān)鍵是擁有“貨幣中立”的人民幣產(chǎn)品。換句話說，這樣你就去除了匯率風(fēng)險(xiǎn)的因素。銀行家們說匯率風(fēng)險(xiǎn)通過現(xiàn)有的配額制度壓低了內(nèi)地投資者對海外股票的需求。

　　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.

　　他說，隨著人民幣產(chǎn)品的日益增多，我們正與（中央）政府合作，游說有關(guān)部門，通過針對高凈值個(gè)人投資者的新配額逐漸開放并允許更多的境外投資。

　　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.

　　在這之后，他相信香港可能會(huì)希望以人民幣計(jì)價(jià)的股票在上海和香港同時(shí)上市。最后，兩個(gè)市場的投資者也許都能自由地交易這些股票。

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

　　他說，這是我們的美夢。他還說港交所已經(jīng)“與很多其他人”討論了這些想法。

　　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.

　　長久以來，中國內(nèi)地資本流出國門的夢想在香港一直具有獨(dú)特的吸引力。2007年8月，一項(xiàng)允許內(nèi)地投資者繞過現(xiàn)有壁壘直接購買香港股票的罕見計(jì)劃推動(dòng)香港基準(zhǔn)股指十周內(nèi)飆升近50%。后來該計(jì)劃被取消，股票也隨之回落。

　　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.

　　在采訪中，李小加隨后談到他有意讓港交所在大宗商品和金融衍生品市場發(fā)揮更大作用，以利用內(nèi)地的需求，中國內(nèi)地已經(jīng)在全球能源、金屬和農(nóng)產(chǎn)品市場中占據(jù)強(qiáng)有力地位。

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

　　他認(rèn)為利率互換是有巨大潛力的市場，因?yàn)槿嗣駧诺氖褂谜找嫫毡椤?

　　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.

　　為達(dá)到這些目標(biāo)，港交所正與內(nèi)地三家商品交易所及中國金融期貨交易所探討合作方法。

　　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.

　　李小加對港交所的改革并非都廣受歡迎。今年早些時(shí)候，港交所開始允許內(nèi)地中資公司使用中國的會(huì)計(jì)準(zhǔn)則和審計(jì)員。批評人士說，這一旨在降低股票發(fā)行方審計(jì)成本的舉措削弱了對投資者的保護(hù)。港交所官員為此進(jìn)行辯解，他們認(rèn)為中國已經(jīng)提高了國內(nèi)會(huì)計(jì)準(zhǔn)則，審計(jì)員會(huì)受到中國財(cái)政部的嚴(yán)密監(jiān)督。