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1、Business Opportunities arising from RMB Trade Settlement for Banks in Hong Kong 跨境貿易人民幣結算業務對香港銀行業 帶來的商機 Catherine Wang Wing Lung Bank 26 Nov 2009 20092009年年1111月月2626日日 Agenda 大綱 The Macroeconomic Environment 宏觀經濟情況 The Importance of Cross-border RMB Trade Settlement to HK 跨境貿易人民幣結算業務對香港發展的重要性 Licen
2、sing and Compliance 香港跨境貿易人民幣結算業務的法規 Problems of RMB Trade Settlement 跨境貿易人民幣結算業務的問題 Future development of RMB Trade Settlement 跨境貿易人民幣結算業務的未來發展 The Macroeconomic Environment 宏觀經濟情況 The Macroeconomic Environment China becomes Worlds third largest economy GDP of China reached USD 4,300 billions The p
3、rojection of GDP Growth of 2009 exceeds 8%. Worlds Second Largest Exporting Country China is the worlds second largest exporting country after Germany, ahead of both the US and Japan. Chinas trades with other nations particularly the other BRIC countries (Brazil, Russia and India) have been growing
4、phenomenally in recent years. 中國成為中國成為 現今世界現今世界第三大經濟體第三大經濟體 2008年全年中國國民總生產總值 達(GDP)43,000億美元 2009年的GDP增長估計超過8% 現今世界的第二大出口國現今世界的第二大出口國 中國已超越美國及日本，成為全 球第二大出口國第二大出口國,僅次於德國 中國與其他國家的貿易量大幅上貿易量大幅上 升，升，尤以與金磚四国（BRIC巴 西、俄羅斯及印度）之间的貿易 量增長更為顯著 Due to the financial crisis last year, US dollar ongoing falls agains
5、t many of the worlds leading currencies. Since most of the sourcing activities take place in China with purchased denominated in USD, the pricing of Chinese exporters has been rising under the constant depreciation of USD against RMB. It caused tremendous impacts to Chinas import and export business
6、, which US dollar was used for settlement. 由於去年金融海嘯的發生，相對於其 他國際貨幣，美元出現了持續美元出現了持續下下跌的跌的 情況情況。 由於大部分中國內地的採購業務都以 美元結算，由於美元持續暴跌，內地 出口商惟有將產品的定價提高。 這對以美元結算為基礎的進出口業帶 來巨大的煩惱。 Exchange Rate fluctuated in 2008 which caused serious problems to import and export enterprises. 20082008年的匯率波動對進出口企年的匯率波動對進出口企 業造成嚴重
7、的問題業造成嚴重的問題 China abolished the RMBs peg to the US dollar in 2005 and linked its currency to a basket of foreign currencies including the Japanese yen, Euro and the US dollar. Dec 2008, The Peoples Bank of China has signed Currency Swap agreements with 6 countries (include HK) with a totaling 650 bi
8、llion RMB (US$95.5 billion). All these lay a foundation for the RMB internationalization. 2005年，中國放棄人民幣挂勾美元 的機制，改改以參考一籃子外幣參考一籃子外幣(包 括日元、歐羅及美元)來管理浮動的 匯率制度。 2008年12月，中國人民銀行與香港 等6個國家和地區簽署了金額總計 6,500億元人民幣的貨幣互換貨幣互換協議 。(美元955億元) 這些都有助人民幣走向國際化。 Get ready for the “Internationalization” of RMB 為人民幣邁向國際化作好準備為
9、人民幣邁向國際化作好準備 The Importance of Cross-border RMB Trade Settlement to HK 跨境貿易人民幣結算業務對香港發展的重跨境貿易人民幣結算業務對香港發展的重 要意義要意義 According to a HKTDC Survey, RMBs appreciation against US Dollars since 2008 has been a serious problem for Hong Kong enterprises with manufacturing operations in China. Some HK compani
10、es exporting to Europe priced their goods in Euro or British Pounds. This switch in currency for pricing and settling their exports helps mitigate exchange rate losses when export receipts are converted into RMB. The best way to mitigate the risk of exchange rate and the cost of currency exchange is
11、 to use the local currency as the settlement currency, which can decrease the number of currency exchange. 1. Reduce the trade settlement cost for enterprises 降低企業的貿易結算成本 根據香港貿易發展局的調查，2008 年人民幣對美元的升值人民幣對美元的升值對在內地 設有生產線的香港企業造成嚴重造成嚴重 的問題。的問題。 一些在香港需要出口至歐州的企業 ，放棄以美元定價，改以歐羅或英 磅作為交易及結算貨幣，這能減低 匯率波動所造成的損失。
12、 解決匯率風險和貨幣兌換成本問解決匯率風險和貨幣兌換成本問 題，最直接的方法就是以本幣作題，最直接的方法就是以本幣作 為結算貨幣，減少貨幣兌換量。為結算貨幣，減少貨幣兌換量。 The RMB Settlement Scheme provides enterprises with a new choice of settlement currency. Allow enterprises greater flexibility in managing risks arising from fluctuations in exchange rate, as well as reducing tra
13、de settlement cost. 跨境貿易人民幣結算業務能 為貿易企業提供多一種結算 貨幣的選擇。 讓企業可以更靈活管理匯率 波動的風險，以及降低貿易 結算成本。 Expand the scope of RMB Business Banks in the selected areas outside the Mainland participating in the Pilot Scheme can provide related RMB services to enterprises, that choose to use RMB to settle trade transaction
14、s with the Mainland designated enterprises. Service include: Deposit-taking Currency exchange Trade Finance for trade transactions with mainland designated enterprises（ MDE） Remittance between “same-name” accounts of the enterprises in different banks Cheques 2. Banks can increase the sources of rev
15、enue 有助香港銀行提高盈利水平有助香港銀行提高盈利水平 擴大人民幣業務範圍擴大人民幣業務範圍 在指定境外地區的銀行可透過參加 試點業務(境外參加行)，向選擇與 內地試點企業進行人民幣貿易結算 的企業提供提供相應的人民幣服務人民幣服務。 服務包括: 存款 兌換 貿易融資,只限與內地試點企 業進行的交易 匯款,只限於同一企業於不同 銀行開設的同名帳戶 支票 With the RMB Trade Settlement Scheme, as fund withhold by financial institutions in Hong Kong rises, the RMB demand for
16、financial products will also increase. RMB bonds and derivatives market will then be developed. Banks will also develop new RMB- denominated products and services as the marketplace becomes more competitive. Revenues of the banks will be increased through these new businesses. 跨境貿易人民幣業務實施後，香港 金融機構持有的人民幣資產增加， 相應的金融產品需求亦會增加，人人 民幣債券及其衍生產品巿場也會民幣債券及其衍生產品巿場也會 隨之發展。隨之發展。 由於競爭更加激烈，香港銀行將會 開發新的人民幣產品及服務。 透過這些業務，將會有效增加銀行 的利益收入。 Banks can increase the
