Page 59 - NO.149銀行家雜誌
P. 59
色依然難以替代。2014年後，離岸債券占總債 存款也有一半以上位於香港。而對於想要進
券發行額的比例逐漸提高，目前也仍在高點。 入中國內地債市的外資來說，「債券通」也
綜觀中國的各種行業，其中最仰賴香港 越來越重要。
的就是金融企業和房地產業。金融業的海外 總之，香港已經變成一個以服務中國為
貸款比例較高，所以一定會需要更多的流動 主的離岸金融中心。有鑑於金融至今都是香
美元；房地產業則是會被中國國內的金融環 港的經濟命脈，這項改變對香港極為重要。
境緊縮影響，需要其他金流挹注。目前中國 但另一方面，香港對中國企業來說也不可或
的房地產業已經陷入嚴重的財務問題，似乎 缺，它是最重要的硬通貨融資來源。而且在美
相當需要靠香港的離岸債市，尤其是發行高 國監理機構把砲口瞄準中資，威脅它們下市之
收益債券來融資。 後，香港的地位更為重要。我們可以說，在這
至於政策方面，無論是人民幣國際化， 個地緣政治危機一觸即發的時刻，香港已經變
還是進一步推動「債券通」及「滬港通與深 成了中國的金融防火牆。（本文作者為法國外
港通」方案，香港都是關鍵工具。目前離岸 貿銀行亞太首席經濟學家、台灣金融研訓院資
人民幣債券有54%在香港發行，離岸人民幣 深顧問；譯者為劉維人）
has remained high ever since. than half of RMB deposits offshore. In addition,
Looking at the different industries, Chinese the Bond Connect has become increasingly
financial institutions and property developers important for foreigners to enter China's
are the most dependent on Hong Kong. While onshore bond market.
banks fundamentally need access to USD All in all, Hong Kong has evolved into a
liquidity due to the higher share of overseas Mainland China-centric offshore center role.
loans, real estate developers are more likely The change is, no doubt, important for Hong
to be pushed by tight domestic financial Kong. Finance is by far the most critical sector
conditions. Given the severe financial difficulties for the Hong Kong economy. However, Hong
of real estate developers, access to Hong Kong is also important for Mainland Chinese
Kong's offshore bond market, especially the corporations since it is their most significant
high-yield one, seems essential. sour ce of har d cur r en cy financing. It is
On policies, Hong Kong plays a vital even more the case since US regulators
role for Mainland China in renminbi (RMB) have pressured C hinese corporates to
internationalization and further opening up leave US stock exchanges. In other words,
through the Bond and Stock Connect schemes. we can think of Hong Kong as Mainland
For the former, Hong Kong is the home of 54% China's financial firewall at this time of high
of offshore RMB bond issuances and more geopolitical tensions.
台灣銀行家2022.5月號 59
1 5% JOEE
