The framework (框架) for investing in China yuan funds (note 1) raised in Hong Kong could be in place by the end of this year, the territory's de facto (note 2) central bank said yesterday.
"The framework is likely to streamline (簡化) the process for firms seeking approval to invest in yuan funds [raised in Hong Kong] in their mainland projects," said Peter Pang Sing-tong, deputy chief executive of the Hong Kong Monetary Authority.
But all proposed investments must still go through (note 3) the Ministry of Commerce in Beijing.
Pang said new rules allow yuan to be added to the list of currencies that now includes Hong Kong and US dollars which can be invested directly in mainland projects.
The commerce ministry remains the gatekeeper (看門人) to ensure too many yuan do not flow into the mainland at any given time, Pang said.
Previously, yuan raised in the SAR could not be invested back in the mainland.
New rules being implemented after Vice Premier Li Keqiang's visit last week will now allow that.
Also, past investments had to be approved by both the commerce ministry and the State Administration for Foreign Exchange.
Yuan investments from Hong Kong do not have to go through SAFE. But the agency will continue to vet (note 4) FDIs denominated in Hong Kong and US dollars, Pang said.
In the first half, borrowing (貸款) in the mainland currency in Hong Kong totalled 10.98 billion yuan (HK$13.38 billion). On June 30, yuan deposits in the SAR amounted to 553.6 billion yuan.
Undersecretary for Financial Services and the Treasury Bureau Julia Leung Fung-yee said she expected more yuan-denominated (note 5) products to be launched locally as yuan deposits increase.
From good to better English:
(note 1) China yuan funds=用人民幣定價, 在香港籌集的資金或基金。 yuan 是renminbi的另一叫法。US$ (美金)的另一叫法是greenback。Fund=資金，基金。Idle funds=游資。out of funds=缺錢。
(note 2) de facto= 實際上是 (In reality or fact; actually)。A de facto government =在法律上還沒有成立, 但實際上已經在運作的政府 (例如利比亞的反對派) It is a government wherein all the attributes of sovereignty have, by usurpation, been transferred from those who had been legally invested with them to others, who, sustained by a power above the forms of law, claim to act and do really act in their stead。de jure=權利上的，法律上的。
(note 3) go through=經過批准 (Succeed, be approved)。go through=經歷 (Experience, undergo, suffer)。例句: Victor went through hell trying to find a solution to the problem= Victor經歷過不少痛苦, 設法找出答案。
(note 4) vet=審查 (examine, evaluate)。例句: vet a proposal=審查提案。Vet也是veterinarian (獸醫)的簡稱。Vet也是veteran (退役軍人)的簡稱。
(note 5) yuan-denominated=用人民幣定價。HK$-denominated, US$-denominated (用港幣或美金定價)。
Victor’s View: I am sure yuan-denominated bonds or funds will be very popular with investors as the Chinese currency will likely appreciate in the medium term. Investing in such instruments is better than stashing away your savings in bank deposits.
(Victor Fung Keung, director of HK Baptist University’s M.A. in international journalism program, has published 4 books on English-enhancement [the latest, titled <<學會演說、改變你的人生>>, was published on July 18] and plans to write 6 more by the end of 2012. Write to him: deanfungenglish@gmail.com
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