在线词典,在线翻译

中国大举购入日本长期国债

所属:财经报道 阅读:2908 次 评论:2 条 [我要评论]  [+我要收藏]

小编摘要:中国3月份购入的日本长期债券和票据达到至少自2005年以来的最高水平,不禁令人猜测,中国可能正在实现外汇储备的多样化,增持日元资产。

中国大举购入日本长期国债

 

中国3月份购入的日本长期债券和票据达到至少自2005年以来的最高水平,不禁令人猜测,中国可能正在实现外汇储备的多样化,增持日元资产。
China bought the most Japanese long-term bonds and notes since at least 2005 in March, sparking speculation that the country may be diversifying its foreign exchange reserves into the yen.
来自日本财务省的最新数据显示,3月份中国内地净流入一年期以上日本债券的资金达到2345亿日元(合29亿美元)。这标志着连续6个月的净买入,尽管前几个月的购买量小得多。
The latest figures from Japan’s finance ministry show net inflows from mainland China into Japanese bonds with maturities of over a year reached Y234.5bn ($2.9bn) in March. It marks the sixth straight month of net purchases, though the previous months’ buying was much smaller.
分析师们表示,鉴于中国不愿把所有外汇储备都投入美元资产,同时在欧元区部分债务市场面临压力之际,中国可能也在设法避开欧元,因此中国有理由购入日本债务,作为其外汇储备的一部分。
Analysts said it would make sense for China to be buying Japanese debt as part of its foreign exchange reserves, given its reluctance to hold all of its foreign-currency reserves in US dollars, and that it could be looking to shift away from the euro at a time when the fundamentals in some of the eurozone’s debt markets are under strain.
分析师们表示,日元是一个有吸引力的选择,因为它是除了美元和欧元之外一个具有高度流动性的市场。
The yen would be an attractive option because it is a highly liquid market outside the US dollar and the euro, analysts added.
“这很可能是更长期多样化战略的一部分,不只是持有美元资产,可能还有欧元,因为他们的资产组合中欧元资产偏多了一些,”法国兴业银行(Société Générale)亚太利率策略主管克里斯蒂安•卡瑞罗(Christian Carrillo)表示。“我很怀疑他们只是在执行购买日本长期债券的计划。”
“It’s probably part of a longer-term diversification away from just dollars and perhaps euros because they have rather too many euros in their portfolios,” said Christian Carrillo, head of Asia-Pacific interest rate strategy at Société Générale. “I very much doubt they’re just going ahead on a programme of buying long-end [Japanese] bonds.”
不过,分析师们警告,日本财务省公布的流动数据仅反映一小部分实情,因为相关数据仅追踪了交易在哪里进行,而不说明拥有债券的真正买家。换言之,中国内地极有可能通过伦敦、纽约和香港等金融中心进行更多的日本相关交易。
However, analysts warned that flows data from Japan’s finance ministry only tell a small part of the picture as the data only track where the transactions were carried out, rather than who owns the bonds. In other words, China is highly likely to be making further Japan-related trades through financial centres such as London, New York and Hong Kong.
尽管日本数据显示,中国近期在积极买入日本长期债务,但另一方面,中国在3月份大幅增加了对货币市场工具(一年期或更短期的票据)的净出售,达到4157亿日元,为连续第五个月净出售。
While the Japanese data showed that China has been actively buying longer-dated Japanese debt, this has been countered by a much larger net sale of money market instruments – short-dated bills of a year or less – at Y415.7bn for March, the fifth straight month of net sales.
“你可以说,也许他们开始尝试买入(长期)债券,同时为了让资产组合的风险保持中性,他们可能出售了许多短期债券,”卡瑞罗表示。
“You could say maybe they started to dabble a little in buying [longer-dated] bonds and just to keep the risk of their portfolio neutral, it’s possible they’d just sold a lot more of the short-term bonds,” Mr Carrillo said.
外界无从得知中国正在买入的日本长期债券的期限究竟有多长。但是,尽管中国方面的交易量上升,其总量对市场的影响将是有限的,因为日本政府3月份的发债量很可能接近10万亿日元。
It is impossible to tell precisely which maturities of longer-dated bonds the Chinese are buying. But, despite the rise in trades, the overall amount will have a limited impact on the market, given that the Japanese government’s monthly issuance in March was probably close to Y10,000bn.
日本国内投资者对日本国债一直有稳定的需求,他们持有日本巨额国债总量的大约95%。不过,鉴于日本政府有可能为一项追加预算发行更多债券,以便为3月份毁灭性的地震和海啸之后的重建工作筹措部分资金,扩大投资者基础将是有益的。
There is already steady demand for Japanese government bonds from domestic investors, which hold around 95 per cent of the country’s huge debt pile. However, given the likelihood that the government may have to issue additional bonds in a supplementary budget to pay for part of the reconstruction from the devastating earthquake and tsunami in March, an increased investor base would be helpful.
去年中国曾引发各方热议,当时日本的国际收支数据显示,中国对一年期或以下的日本短期票据的净购买量大幅增加,引发了外界对中国意图及其对汇市影响的辩论。
China caused quite a stir last year when Japan’s balance of payments figures showed a sharp increase in net purchases from China of short-dated bills of a year or less, generating debate over its intentions and currency-market impact.
标签:中国 日本 国债
正在加载单词列表...
9
2011-05-13 13:49 编辑:典典
分享到:
关注海词微博:
发表评论:
表达一些您的想法吧!已有2条评论>>
登录,再发表评论
文明上网,理性发言!
最新评论:
您可能还感兴趣的文章:
>>精华推荐阅读
热门评论文章