金融英语阅读复习——热点文章1.doc

中国银行获准香港首发上市Bank of China gets key approval for HK IPOBank of China, Chinas top foreign exchange lender, has secured key approval from the State Council to launch a HK$60 billion (US$7.7 billion) Hong Kong initial public offering in the first half of 2006, a Hong Kong newspaper reported on Monday.The listing plan awaited a final approval from the China Securities Regulatory Commission, the South China Morning Post reported, citing sources close to the situation.The bank may file a preliminary listing application with the Hong Kong Stock Exchange as soon as this week, the paper added.The offering, which Bank of China previously planned to complete before April, was now most likely to be launched in May, the paper quoted the sources as saying.The offering would value the bank at 400 billion yuan (US$49.6 billion), the paper said.上市公司可能被许出售股份Listed firms may be allowed to sell sharesThe countrys regulators will consider allowing listed firms to sell shares as a first step toward lifting its suspension on new IPOs in domestic markets, but no timetable has been set, domestic media reported Monday.China is proceeding with a series of market reforms aimed at reviving its shares markets, which remain mired in a four-year slump.In mid-2005, China suspended new IPOs in domestic markets in an effort to prop up sagging stock prices, weighed down by investor concerns over the share-reform plan to sell more than US$250 billion in State-held shares.We will look at allowing listed companies to sell shares before approving any new IPOs, the Financial News quoted Shang Fulin, the top securities regulator, as saying at a conference.Reforms in state-held shares need to be built upon solid capital markets, said Shang, adding that the last mile of reforms would be the most difficult.Last month, China scrapped capital gains taxes for foreign stock investors.The government is intensifying efforts to lure foreign cash into its main stock market, via a Qualified Foreign Institutional Investor (QFII) scheme that lets overseas firms invest in primary stock and debt markets.The index was Asias worst performing major market benchmark stock index in both 2005 and 2004.While trying to reform inefficient capital markets to give domestic firms another fund-raising option besides banks, China is also trying to enhance corporate transparency and boost profitability.Shangs comments come after a leading economic official said Saturday that efforts to revive its sickly stock markets are likely to work only if poor quality listed companies are eliminated from trading.Raising the quality of Chinas listed companies is the only permanent cure that can ensure public investors fundamental interests, said Cheng Siwei, a vice chairman of the Standing Committee of the National Peoples Congress.政府加快开放期货业Although the futures industry is the only financial sector that has no set timetable for opening-up under Chinas WTO commitment, there are signs that the government is already moving fast on this front.The quick pace, which became apparent late last year, is expected to stimulate the countrys still-struggling futures industry, analysts and watchers say.Under Supplement II of CEPA (Mainland and Hong Kong Closer Economic Partnership Agreement), a pact signed in 2004 to boost the economic co-operation between Hong Kong and the Chinese mainland, qualified domestic futures brokerage will be allowed to set up their subsidiaries in Hong Kong beginning from this year.Domestic futures industrys enthusiasm for branching out in Hong Kong is obviously strong, said Chen Xiaodi, a researcher with China International Futures Co Ltd, Chinas futures house bellwether.It could broaden their investment channels as they could engage in business that is currently unavailable in domestic market such as trading of financial derivatives, Chen said.The foray into Hong Kong, analysts say, would also provide an investment conduit for domestic investors and a platform for domestic enterprises that have business needs, such as resource-extensive sectors.Currently, only 31 domestic enterprises are authorized to trade futures overseas for arbitrage, but many more are said to be interested in getting a licence. Analysts say this potential customer pool may become the primary target for domestic futures firms after they set up their subsidiaries in Hong Kong.While domestic futures players are entering overseas turfs, foreign investors are moving in.China published new rules last August that allow foreign brokers registered in Hong Kong or Macao to form ventures with Chinese partners.Companies with at least 50 million yuan (US$6.2 million) of registered capital and that have been in the futures broking business for at least five years and have made profits in the latest two years can apply to set up joint-venture futures house in China, according to the new rule.ABN Amro Bank NV, one of the worlds largest banks, got the approval from CSRC in late November to team up with a local futures house, China Galaxy Futures Co Ltd, becoming the first foreign institution to do so under the new rule.Our company has also been approached by foreign peers for co-operation, said a manager of a Guangzhou-based futures brokerage, declining to reveal the name of the foreign company.There are many foreign players dating with domestic futures firms now, but as far as I know, they are all in the preliminary stage, said the manager.According to the existing rule, the maximum ratio of stocks these overseas investors can hold in the joint ventures is 49 per cent, a ceiling that some say may dampen foreign investors enthusiasm in forming the joint venture.Foreign investors have more lucrative investment sectors to put their money into, but the futures market is clearly not a sound option for them now as it is not profitable industry for the time being, Chen, the researcher, said.What they really want (by forming joint ventures) is to get familiar with the local market, but not for money-making at present, Chen said.They just want to get a foothold in and acquainted with the local market, so although they are not expected to make money in the immediate future, they will still be very much interested (in the joint venture), said the manager.中国改革汇率形成机制China reforms forex rate forming mechanismChina announced a further move to reform its exchange rate forming mechanism yesterday, introducing an internationally prevalent price-finding mechanism in the interbank foreign exchange market.China announced a further move to reform its exchange rate forming mechanism yesterday, introducing an internationally prevalent price-finding mechanism in the interbank foreign exchange market.The introduction of OTC (over-the-counter) transactions will improve the exchange rate transmission mechanism and help meet businesses risk-hedging needs.But it will not broaden fluctuations of the renminbi exchange rate, the central bank said.With a view to improving the managed floating exchange rate regime based on market supply and demand with reference to a basket of currencies, promoting development of the foreign exchange market, diversifying the mode of foreign exchange transactions, and strengthening the pricing capability of the financial institutions, OTC transactions will be introduced in the interbank spot forex market starting today, the Peoples Bank of China (PBOC) said in a statement.Participants in the interbank forex market now will be able to engage in forex transactions either based on centralized credit authorization and price bidding, or the new OTC market, which is based on bilateral credit authorization and settlement.The system of market makers that are obliged to quote both selling and buying prices are introduced at the same time to provide liquidity.The new OTC market will deepen the forex market so as to lay a solid foundation for improving the formation mechanism of the renminbi exchange rate, and enhance the representativeness of the central parity of the Chinese currency in the new market structure.This is because the prices quoted by market makers reflect not only their expectations of daily purchases and sales of forex and positions resulted from market making transactions, but also their judgments of movements in the international market, the central bank said.It also help enhance the core competitiveness of financial institutions, particularly market makers, and encourage them to provide a richer variety of exchange rate risk management tools for businesses and households, the central bank said.After the exchange rate reform, the central bank will have to provide hedging tools to be able to execute a managed floating exchange rate system, said Zhang Xuechun, an economist with the Asian Development Bank.After its landmark reform on July 21 last year that let the renminbi appreciate by 2 per cent to US dollar and linked the currency to a basket of currencies instead of the US dollar, China has taken a slew of measures to establish a market-oriented exchange rate formation mechanism, including the launch of risk-hedging tools like forwards and swaps.The next natural move could be the broadening of participants of OTC transactions, she said, noting that the OTC market is still confined to the interbank market, where only financial institutions are allowed.The central bank said renminbi exchange rate will unlikely experience larger fluctuations after the new method is adopted to form the central parity, stressing that the floating bank of the renminbi exchange rate remain unchanged.The central parity of the renminbi against US dollar, based on which banks quote their prices, will now be decided on the weighted average of prices from all market makers, after excluding the highe st and lowest offers. The central parity of renminbi against the euro, the Japanese yen and Hong Kong dollar will be determined by the renminbi-US dollar central parity and the exchange rates of those currencies against the US dollar in the international market.零售对冲基金进入亚洲投资主流Retail Hedge-Fund Mkt Perking UpHEDGE FUNDS are creeping into the investment mainstream in Asia as retail investors weary of several years of stock-market losses are increasingly attracted by the prospect of ending the year with more money than they started out with. Mutual funds may beat their benchmarks, but what fun is that when it means losing less than the index?Mutual funds have never really caught on in this part of the world, but retail hedge funds just might given their possibility for world-beating returns, and despite that they offer a whole new category of major risk for the investor.And if hedge-fund companies are salivating to get going in Asia, it isnt hard to see why. Globally, hedge-fund assets have skyrocketed to US$600 billion in 2001 from US$45 billion in 1990, according to industry estimates. But Asian investors account for only around US$30 billion of those assets.Were seeing more interest in hedge funds because of the poor returns in the equity markets. Investors are tired of their fund outperforming a benchmark but still posting a loss, says Ophelia Tong, investment director at HT Capital Management Ltd., a boutique hedge-fund firm that manages a US$25 million portfolio.The newest market for retail hedge-fund investors is Hong Kong, where regulators are scheduled to announce later this week how many funds have been authorized to sell to noninstitutional investors.Singapore is set to release before the years end revised guidelines for retail hedge funds, which include a S$20,000 (US$11,300) minimum for funds of hedge funds and S$100,000 minimum for single-strategy funds. (Wealthy investors across the Asian-Pacific region, especially in Japan and Australia, have had access to hedge funds for years either through their banks or directly through managers.)Are well-to-do but not wealthy Asians ready to evaluate hedge funds properly? Unlike managers of traditional funds that make long-term investment decisions and stick by them, hedge-fund managers have the flexibility to adjust their portfolio to take advantage of new opportunities or discrepancies among markets or assets. It is precisely that flexibility that makes the fund manager the single biggest risk in investing in hedge funds.It also makes investing in hedge funds as risky at times as investing in a single stock, which may make a hedge fund a poor substitute for the risk-averse investment in a mutual fund.Being able to analyze the quality of a single hedge fund is a highly complex and time-consuming process that a novice investor is not equipped to perform, says Nicholas Chalmers, associate director of the Alternative Investment Group at Schroder Investment Management. Schroder has pending applications in Hong Kong for retail funds of hedge funds and single-strategy funds.When it comes to choosing products, most advisers recommend funds of hedge funds over single-strategy funds. Funds of hedge funds usually invest in between 30 to 50 hedge funds and exposure to the underlying portfolios is usually equally weighted. Investing in funds of hedge funds offers diversification, which reduces the risk of losing your money, says Malik Sarwar, Singapore-based regional director for investment at CitiGold, the consumer banking arm of Citibank NA.For investors brave enough to go with a single fund, one adviser recommends sticking with long/short equity strategy. According to Stewart Aldcroft, managing director at Investec Asset Management Asia, long-short is the most popular among investors because it is the easiest to understand: the fund either buys stocks, or else sells them short. In ashort sale, an investor borrows securities and hopes to make a profit by buying an equal number of shares later at a lower price to replace the borrowed securities.译文： 在亚洲对冲基金正在悄悄进入投资主流对股市连年下挫感到厌倦的散户投资者正越来越被对冲基金展现的前景所吸引这一前景便是投资资金的年终水平将超越年初。共同基金的表现虽然可能强于股市基准指数但如果这种相对强势仅仅意味着跌幅较小时又有什么意思呢共同基金从未真正在亚洲获得流行但零售对冲基金风行一时仍有可能因为此类基金有可能实现全球最佳的回报率尽管它们也为投资者带来了一种全新的高风险。如果说对冲基金公司垂涎亚洲市场其原因也不难看出。据行业估算数字2001年全球对冲基金的资产从1990年的450亿美元飙升至6,000亿美元。但亚洲投资者在这些资产中仅占300亿美元左右。由于股市回报率非常糟糕我们看到（投资者）对对冲基金的兴趣越来越大。投资者再也不想看到基金表现虽然强于大盘但依然亏损的情况HT Capital Management Ltd.的投资主管Ophelia Tong说。HT是一家小型对冲基金公司管理着2,500万美元的投资组合。对于零售对冲基金投资者来说香港是最新的市场。本周晚些时候香港监管机构将宣布已获准向非机构投资者销售的对冲基金的数量。新加坡将在年底前公布零售对冲基金指导修正案其中对冲基金的基金最低投资额将降至2万新元（合1.13万美元）单一策略基金的最低投资额将降至10万新元。亚太地区（特别是日本和澳大利亚）的富有投资者可通过银行或直接通过基金经理投资对冲基金已有多年。小康但不富有的亚洲人是否已能恰当地评估对冲基金与传统基金经理制定长期投资决策并进而贯彻的做法不同对冲基金经理要有灵活性能够对投资组合作出调整以利用各种机会以及不同市场或资产之间的价差。也正是这种灵活性使得基金经理成了投资对冲基金时唯一的也是最大的风险。有时这也使投资对冲基金与投资单一一只股票一样充满风险。因此如果共同基金将对冲基金作为其避险投资的替代选择可能会很糟糕。分析单一对冲基金的质量是一个非常复杂和耗时的过程绝非新投资者所能胜任宝源投资管理公司(Schroder Investment Management)旗下另类投资部门的副主管尼古拉斯查尔墨斯(Nicholas Chalmers)说。在香港宝源投资管理公司正在申请对冲基金的零售基金以及单一策略基金。谈及投资选择大部分顾问认为对冲基金的基金优于单一策略基金。对冲基金的基金通常投资于30至50只对冲基金相关投资组合的风险通常比较均衡。投资对冲基金的基金可提供多元化选择降低损失风险CitiGold驻新加坡的地区投资主管马利克萨沃尔(Malik Sarwar)说。CitiGold是花旗银行(Citibank NA)的消费者银行部门。对有足够胆量投资于单一基金的投资者来说一位顾问建议坚持多头/空头股票策略。据Investec Asset Management Asia的董事总经理史蒂沃特阿尔德克罗夫特(Stewart Aldcroft)说多头/空头策略是最受投资者欢迎的策略因为它最易于理解基金或是买进股票或是卖空股票。在卖空交易中投资者借入证券并期望将来以较低的价格买入同等数量的股票藉此归还原先所借的证券并获得投资收益。中国银行（香港）扩大人民币业务BOC expands RMB service in Hong KongBank of China (Hong Kong) Limited (BOCHK) Monday expanded Renminbi (RMB) services in Hong Kong, allowing designated merchants to open RMB accounts and raising maximum limit for locals to exchange and remit the currency.Merchants of various business, including retailing, catering, accommodation, transportation, communication, medical services and education, now can open deposit RMB accounts in RMB and exchange their RMB to HK dollars.In addition to the enlarged service to businessmen, the bank on Monday also uplifted the limit for personal RMB cash exchange and remittance.Hong Kong people now can exchange 20,000 yuan per person per transaction, up from the previous 6,000 yuan, and they can remit 80,000 yuan per person per day, up from the former limit of 50,000.The new RMB service in Hong Kong proved the banks determination to further enlarge its RMB business, Deputy Chief Executive of BOCHK David Lam told reporters at a brief ceremony on Monday.In view of the anticipated further expansion of RMB business and increasing customer needs, BOCHK is committed to providing Hong Kong people with the most professional, comprehensive and quality RMB services by exploring more diverse and innovative products, he said.The bank has reported growing business in Hong Kong over the past two years. The number of ATMs that can provide RMB cash withdrawal has increased from 83 in 2003 to this years 242 in Hong Kong.Meanwhile, transactions for RMB cash via ATMs in Hong Kong has increased by 170 percent from May 2004 to October 2005, according to data provided by the bank.BOCHK first launched its personal RMB service in Hong Kong on February in 2004.外资银行人民币业务开放提前Foreign banks get to move in earlyChina granted foreign banks more freedom to conduct the crucial local currency business yesterday, moving ahead of its market-opening schedule as required by World Trade Organization (WTO) commitments.Starting yesterday, foreign banks like HSBC have been able to offer renminbi business to Chinese and foreign businesses and foreign individuals in seven more cities.Shantou and Ningbo were opened up in accordance with the nations WTO commitments, while Harbin, Changchun, Lanzhou, Yinchuan and Nanning, which were not on the schedule, were also opened, bringing the total number of cities to 25.Meanwhi