离岸人民币从创纪录低点强劲反弹

The offshore version of China’s currency has had its biggest one-day gain in nearly a year, from a record low, on speculation that Beijing is examining new ways to curb capital outflows.

在跌至创纪录低点后，离岸人民币汇率创下近一年来最大单日涨幅，原因是有人猜测北京方面正在研究遏制资本外流的新办法。

In trading outside the mainland, the renminbi pushed the dollar back more than 1 per cent to Rmb6.8824 yesterday, having traded at Rmb6.969 earlier in the day.

在中国境外的交易中，昨日人民币兑美元汇率回升1.09%，至1美元兑6.89元人民币。前一日，人民币兑美元汇率为1美元兑6.969元人民币。

Analysts said reports of fresh curbs on capital outflows — potentially pushing state-owned groups to repatriate funds — had reversed the bearish mood that prevailed on Tuesday, when the currency touched an all-time low offshore of Rmb6.9866.

分析师们表示，有关限制资本外流的新措施——比如推动国有集团汇回资金——的报道，扭转了周二占上风的看跌人民币情绪，当​​日离岸人民币汇率曾触及1美元兑6.9866元人民币的历史低点。

Bets on further renminbi weakness have increased as it nears Rmb7 to the dollar.

随着人民币兑美元汇率接近1美元兑7元人民币，市场对人民币进一步走软的押注有所加剧。

This time last year sudden weakness in the renminbi roiled global markets and investors feared that a slowing Chinese economy was loosening authorities’ grip on the currency.

去年这个时候，人民币突然走低震撼了全球市场，投资者担心，中国经济放缓促使当局放松了对人民币汇率的掌控。

Beijing, as expected, this week demanded more paperwork from people planning to use their annual $50,000 foreign exchange limit — a move aimed at slowing outflows.

正如预期的那样，本周北京方面要求计划使用5万美元换汇额度的人提供更详细书面材料——此举旨在减缓资本外流。

“Policymakers seem intent on winning this scuffle ahead of Rmb7 per dollar on both the onshore and offshore value,” said Koon Chow, a macro and currency strategist at UBP.

“政策制定者似乎希望在离岸和在岸市场都打赢人民币破7之前的这场混战，”瑞士联合私立银行(UBP)宏观经济和外汇策略师Koon Chow表示。

Investors should aim to have “effective short renminbi exposure but not be bruised by currency support measures”, he added.

他接着说，投资者应该力求持有“有效的做空人民币头寸，但避免被汇率支持措施伤害”。

The onshore market, where the renminbi is permitted to trade 2 per cent either side of a centrally set midpoint, tracked the offshore and pushed the dollar back to Rmb6.9389 for a gain of 0.3 per cent, its strongest since August.

被允许在中间价上下2%的区间内浮动的在岸人民币汇率，追随了离岸汇率走势，对美元升值0.3%，至1美元兑6.9389元人民币，为去年8月以来的最大涨幅。

China’s central bank has expanded the currencies included in its official basket — against which it measures the renminbi — from 13 to 24. The basket was made public late in 2015.

中国央行已把其官方篮子包括的货币种类由13种增加到24种。该篮子是在2015年底对外公布的。

Additions include the Korean won, the South African rand, the Mexican peso and the Norwegian krone. The new basket, announced on Friday, came into effect on January 1.

新增币种包括韩元、南非兰特、墨西哥比索和挪威克朗等。周五公布的新货币篮子已于1月1日生效。

The dollar’s weighting has fallen from 26.4 to 22.4 per cent. But the biggest loser is the euro, down 5.05 percentage points to 16.34 per cent, while the yen’s share declined 3.2 points to 11.53 per cent.

美元的权重从26.4%下降到22.4%。但最大输家是欧元，其权重下降5.05个百分点，至16.34%，而日元的权重下降3.2个百分点，至11.53%。

In a separate development yesterday, Hong Kong Exchange & Clearing announced plans to roll out its first renminbi options product this quarter, expanding its offerings beyond currency futures.

此外，昨日港交所(HKEx)宣布计划，拟在本季度推出首个人民币货币期权产品，将其产品扩展至外汇期货以外。

Hong Kong faces rising competition from the likes of London and Singapore to be the premier renminbi trading venue. Last year, a rise in renminbi trading helped Hong Kong become the fourth-largest currency centre, up from fifth position, as turnover increased 59 per cent in about three years.

在争当首要的人民币交易中心方面，香港正面临来自伦敦和新加坡等地日益激烈的竞争。去年，人民币交易增多推动香港从全球第五大外汇交易中心上升为第四大中心，外汇交易量在大约3年里增加了59%。

HKEx said trading volumes in its dollar-offshore renminbi futures had risen 105 per cent last year. Open interest reached a record $4.6bn equivalent on December 30.

港交所表示，去年，其美元兑离岸人民币期货合约交易量增加了105%。去年12月30日，未平仓合约价值达到创纪录的46亿美元。