The Hong Kong Monetary Authority has taken fresh steps to improve renminbi liquidity, a month after a credit crunch in China spread to the city’s banking system.

香港金融管理局(Hong Kong Monetary Authority)为改善人民币流动性推出了新举措，一个月前，中国内地信贷紧缩曾波及香港银行体系。

The HKMA, Hong Kong’s de facto central bank, announced yesterday it would add two additional renminbi lending facilities to its existing seven-day liquidity tap. As of July 26, the HKMA will offer one-day funds, as well as overnight funds in renminbi.

作为香港实质上的央行，香港金管局昨天宣布，将在现有的七天期流动性供应机制基础上，再增加两个人民币放贷机制。自7月26日开始，香港金管局将提供人民币一天期资金及隔夜资金。

“The HKMA’s introduction of two enhancements to the renminbi liquidity facility will strengthen liquidity management of banks participating in the renminbi business and support further development of Hong Kong as the hub for offshore renminbi business”, said Norman Chan, HKMA chief executive.

香港金管局总裁陈德霖(Norman Chan)表示：“金管局提出两项新措施优化人民币流动资金安排，可以加强参加行的流动资金管理，这将有助香港作为离岸人民币业务中心的进一步发展。”

In June, interbank lending rates on the Chinese mainland spiked when the People’s Bank of China refrained from adding fresh liquidity into the banking system. Analysts viewed the inaction as part of a broader strategy to rein in credit growth, amid mounting concerns about the level of debt in China’s economy.

今年6月，由于中国央行(PBoC)不肯向银行体系增加新的流动性，中国内地的银行间拆借利率急剧升高。分析人士认为，中国央行不愿出手是整体战略的一部分，目的是在各方对中国经济中的债务水平越来越担忧之际，遏制信贷增长。

Due to the close links between the onshore and offshore markets, the stress in the mainland spread to Hong Kong, as Chinese bank subsidiaries sent renminbi back over the border. Banks in Hong Kong raised deposit rates in an attempt to secure fresh renminbi funds from retail and corporate clients, while interbank lending rates rose.

由于在岸和离岸市场之间的密切关系，中国内地的流动性压力蔓延至香港，原因是中资银行的子公司将人民币转回内地。随着银行间拆借利率的升高，香港的银行为了从零售和企业客户吸引新的人民币资金而提高了存款利率。

The renminbi crunch also sparked a sell-off in renminbi-denominated debt issued offshore, better known as “dim sum” bonds. Average yields rose from 4.35 per cent at the end of May to as high as 5.85 per cent in June, according to Bank of China data. Meanwhile, new issuance has been frozen for five weeks, the longest spell since the market began in 2010.

人民币流动性紧缩，还引发了对离岸发行的人民币债券（即“点心债券”）的抛售。根据中国银行(Bank of China)的数据，点心债的平均收益率从5月底的4.35%提高到6月份的高达5.85%。与此同时，点心债的新发行已冻结了五周，这是自2010年开市以来为期最长的一段发行干枯期。

HSBC’s Dominic Bunning said the cash crunch was “definitely something that would have concerned policy makers”, but that the move by the HKMA was “all part of a big plan” to improve liquidity in the offshore market. He added that the provision of overnight and one-day funds would help to “keep things smooth” during times of market stress.

汇丰(HSBC)的多米尼克•邦宁(Dominic Bunning)表示，此次流动性紧张“绝对是政策制定者应该担忧的问题”，不过香港金管局的举措是改善人民币离岸市场流动性的“更大布局的一部分”。他补充说，提供隔夜资金和一天期资金可能有助于在市场压力很大时“确保市场平稳运转”。

ANZ Banking Group said the measures would be particularly important for Hong Kong’s smaller lenders. “Small and medium banks can only access such liquidity through the interbank market given the limited scale of their deposits. By establishing overnight and one-day facilities, these banks will be provided with an alternative access to renminbi funding, helping them to cope with periods of tighter market liquidity”, said ANZ analysts in a note.

澳新银行集团(ANZ Banking Group)表示，这些措施对香港较小的银行可能特别重要。澳新银行的分析师在一份简报中表示：“小型和中型银行由于存款规模有限，只能透过银行间市场获得流动性。通过建立隔夜和一天期的融资机制，这些银行将获得额外的人民币资金渠道，有助于它们应对市场流动性比较紧张的时期。”

“The liquidity facility in Hong Kong can serve as a model for other offshore renminbi centres to follow.”

“香港这种流动性机制可以作为一种范例，其他离岸人民币中心可仿效。”