Reuters logo
May 12, 2017 / 10:18 AM / 4 months ago


(The following statement was released by the rating agency) HONG KONG/SINGAPORE, May 12 (Fitch) 本文章英文原文最初于2017年5月1日发布于:<a href="">Fitch: Chinese Renminbi Internationalisation Has Slowed 惠誉评级表示,尽管2016年底人民币被纳入国际货币基金组织的特别提款权货币篮子具有里程碑意义,但是过去两年内,人民币成为更重要的国际货币的进程已有所放缓。控制资 金外流的政策以及对货币贬值的持续担忧,可能会在短期内限制人民币国际化。尽管如此,央行持有人民币逐渐增多仍然会支撑中国的评级状况。 货币在全球官方外汇储备资产组合中具有重要作用的国家不太可能受到外部融资压力,反映出以其货币计价资产的需求稳定。惠誉的“储备货币灵活性”指标将这一因素纳入主权评级 考量范围。该指标是基于国际货币基金组织的官方外汇储备货币构成调查所公布的单一货币在全球储备中所占的比重。 2017年3月,官方外汇储备货币构成调查首次将人民币列入其中。调查显示,截至2016年底,央行共持有845亿人民币计价的官方外汇资产,相当于总外汇储备的1.1% 。该比例高于瑞士法郎,但远低于该调查中包括的其它货币(参见下表)。 <iframe allowfullscreen src="//" title="Official foreign currency assets" width="550" height="649" scrolling="no" frameborder="0"> 该调查显示,过去两年内,人民币计价资产在央行储备组合中的比重稍降,而根据此前的一份专项调查,在这个十年初,人民币的比重曾显着上升,从2012年底时的0.7%升至 2014年底时的1.1%。SWIFT的数据同样显示出人民币国际化进程放缓,2017年3月,以人民币计价的国际货币支付比例从2016年3月的2.0%下降至1.8% 。尽管如此,根据中央国债登记结算有限责任公司(中央结算公司)的数据,中国政府债券的外部持有比例在此期间由3.0%上升至3.9%。 人民币国际化是过去十年内政府为增强中国的经济影响力所做出的重要努力之一。鉴于中国经济对全球的重要性以及互联性,人民币成为储备货币和国际汇兑货币的长期潜力仍然很大 。但是,惠誉认为,如果资本账户开放对国内金融稳定性构成风险,政府将不会继续进行。因此,惠誉预计,在未来数年内,资本管制的解除将以不对称的方式进行,对资金流入的限 制将稳步放宽,对资金外流的限制将基本维持现状。 过去两年的发展支持这一观点。部分改革继续推动中国资本市场对外国开放。例如,自2016年2月以来,外国机构可以进入银行间债券市场而无需事先批准。这一措施将逐渐促进 人民币作为储备货币的作用,因为大部分央行偏好的长期固定收入类债券均在中国银行间市场进行交易。 但是,2016年政府加强了资金外流管控,以控制人民币的下行压力。个人购买外汇的门槛提高,对直接对外投资的审查也已加强。此类措施对控制资金外流取得的成效意味着,大 量措施将在未来一段时间内继续生效。 同时,投资者对中期金融稳定性的担忧可能继续影响以人民币作为财富储备的吸引力。过去几个季度内,政策刺激已经稳定了经济,但杠杆率和金融风险继续增加。 联系人: Andrew Fennell 董事 主权评级 +852 2263 9925 惠誉国际评级有限公司 香港中环德辅道中68号 万宜大厦19楼 Stephen Schwartz 高级董事 主权评级 +852 2263 9938 Dan Martin 高级分析师 惠誉快讯 +65 6796 7232 Media Relations: Leslie Tan, Singapore, Tel: +65 67 96 7234, Email:; Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: 详情参见<a href=""> 注意:本新闻稿为中文译本。如有疑问,请以英文版本为准。 ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. DIRECTORS AND SHAREHOLDERS RELEVANT INTERESTS ARE AVAILABLE here. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Copyright © 2017 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. In issuing and maintaining its ratings and in making other reports (including forecast information), Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible. Fitch conducts a reasonable investigation of the factual information relied upon by it in accordance with its ratings methodology, and obtains reasonable verification of that information from independent sources, to the extent such sources are available for a given security or in a given jurisdiction. The manner of Fitch’s factual investigation and the scope of the third-party verification it obtains will vary depending on the nature of the rated security and its issuer, the requirements and practices in the jurisdiction in which the rated security is offered and sold and/or the issuer is located, the availability and nature of relevant public information, access to the management of the issuer and its advisers, the availability of pre-existing third-party verifications such as audit reports, agreed-upon procedures letters, appraisals, actuarial reports, engineering reports, legal opinions and other reports provided by third parties, the availability of independent and competent third- party verification sources with respect to the particular security or in the particular jurisdiction of the issuer, and a variety of other factors. Users of Fitch’s ratings and reports should understand that neither an enhanced factual investigation nor any third-party verification can ensure that all of the information Fitch relies on in connection with a rating or a report will be accurate and complete. Ultimately, the issuer and its advisers are responsible for the accuracy of the information they provide to Fitch and to the market in offering documents and other reports. In issuing its ratings and its reports, Fitch must rely on the work of experts, including independent auditors with respect to financial statements and attorneys with respect to legal and tax matters. Further, ratings and forecasts of financial and other information are inherently forward-looking and embody assumptions and predictions about future events that by their nature cannot be verified as facts. As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. The information in this report is provided “as is” without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. Fitch is not engaged in the offer or sale of any security. All Fitch reports have shared authorship. Individuals identified in a Fitch report were involved in, but are not solely responsible for, the opinions stated therein. The individuals are named for contact purposes only. A report providing a Fitch rating is neither a prospectus nor a substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. Ratings may be changed or withdrawn at any time for any reason in the sole discretion of Fitch. Fitch does not provide investment advice of any sort. Ratings are not a recommendation to buy, sell, or hold any security. Ratings do not comment on the adequacy of market price, the suitability of any security for a particular investor, or the tax-exempt nature or taxability of payments made in respect to any security. Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below