金融时报每日英语

金融时报每日英语 欧元区领导人对联合发债意见不一 Europe’s leaders at odds over bond plan Europe’s leaders face fresh splits over 欧洲领导人在应对愈演愈烈的欧how to tackle the eurozone’s escalating 元区危机问题上面临新的分歧。外界敦crisis after being urged to create as rapidly 促他们尽快创建一个庞大的欧洲联合国as possible a vast market for joint European 债市场，但此举几乎肯定会遭到德国阻government bonds, a move almost certain to be 挠。 blocked by Germany. Jean-Claude Juncker, Luxembourg’s 即将主持欧元区财长会议的卢森prime minister who also chairs meetings of 堡首相让-克洛德•容克(Jean-Claude eurozone finance ministers, and Giulio Juncker)，以及意大利财政部长朱利奥•Tremonti, Italy’s finance minister, argue in 特雷蒙蒂(Giulio Tremonti)，在今日出today’s Financial Times that the launch of 版的英国《金融时报》上撰文指出，发“E-bonds” would send a clear message to 行“欧洲联合债券”，将向金融市场和financial markets and European citizens 欧洲民众发出一个清晰的信息:“欧元about the “the irreversibility of the euro”. 是不可逆转的”。 They say the market for such bonds 他们示，欧洲联合国债市场应当should become the most important in Europe, 成为欧洲最重要的债券市场，具备像美and as liquid as that for US Treasuries. 国国债一样的流动性。 However, Germany’s Wolfgang Schäuble 然而，今日当选“英国《金融时报》– today named as the FT’s European finance 年度欧洲财长”的德国财政部长沃尔夫minister of the year – said in a video 冈?朔伊布勒(Wolfgang Schäuble)在interview that jointly-guaranteed bonds 视频采访中表示，发行具有共同保障的would require “fundamental changes” in 债券，要求对欧洲各项条约作出“根本European treaties. He added that it was also 变更”。他又表示，同样很关键的是，key that governments had incentives to 各国政府有动机维持财政纪律，并在破maintain discipline over finances – and 坏财政纪律时接受制裁。“否则，欧元 faced sanctions when they did not. 将会失败，”他警告称。德国也担心发“Otherwise the euro would fail,” he warned. 行联合债券会加重自己的借贷成本。 Germany also fears the issuance of joint bonds would raise its borrowing costs. The contrasting views of Mr Schäuble, 朔伊布勒的观点，与容克和特雷蒙and Mr Juncker and Mr Tremonti, will fuel the 蒂的观点形成鲜明对比，这将为以下辩debate about what radical steps are needed to 论火上浇油:为恢复投资者对成立12年restore investor confidence in Europe’s 之久的欧洲货币联盟的信心，必须采取 12-year- old monetary union. 哪些根本举措。 The European Central Bank was last week 为防止危机失控，欧洲央行上周被forced to step up substantially its purchases 迫大幅加大购买欧元区国债的力度，但of eurozone governments’ bonds to prevent 行长让-克劳德•特里谢(Jean-Claude the crisis spinning out of control – but Trichet)明确表示，长期的解决取Jean-Claude Trichet, its president, made 决于政界人士。 clear the initiative for its long-term resolution lay with politicians. Mr Juncker and Mr Tremonti outline 容克和特雷蒙蒂阐述了发行欧洲institutional arrangements for E-bonds that 联合国债的安排，他们表示，这些they say would impose market discipline on 安排将把市场纪律加诸于各国政府，同governments without them being exposed to 时不会遭到“投机性攻击”，并有助于“speculative attacks”, while at the same 促进欧洲金融经济一体化。 time fostering Europe’s financial and economic integration. Among other ideas, which could be 是否增加欧盟纾困资金，可能成为discussed when finance ministers meet in 周一晚在布鲁塞尔召开的财长会议的议Brussels on Monday evening, is an increase in 题之一。 the European Union rescue fund. Such a move was backed at the weekend by 比利时财政大臣迪迪埃•雷恩代尔Didier Reynders, Belgian finance minister – (Didier Reynders)周末表态支持这一and has also been implicitly endorsed by Mr 做法，特里谢也含蓄地表示赞同。 Trichet. 译者/杨远 中国黄金进口量激增 China sees gold imports surge as investors search for safe havens Gold imports into China have soared this 中国今年黄金进口量激增，使这个year, turning the country, already the 全球最大的黄金开采国近年来首次成为largest bullion miner, into a major overseas 一大海外买家。 buyer for the first time in recent memory. The surge, which comes as Chinese 黄金进口激增之际，中国投资者正investors look for insurance against rising 针对通胀抬头和汇率升值而寻求“投inflation and currency appreciation, puts 保”，这使中国有望超越印度，成为全China on track to overtake India as the 球最大的黄金消费国，以及影响金价的world’s largest consumer of gold and a 一股强大力量。 powerful force in global prices. The size of the imports – more than 209 中国黄金进口的规模是在周四公布tonnes of gold during the first 10 months of 的，数据显示，中国在今年前10个月进the year, a five-fold increase from an 口逾209吨黄金，是去年估计为45吨的 estimate of 45 tonnes last year – was 进口量的五倍。以往中国的黄金进口数revealed on Thursday. In the past, China has 据是保密的。 kept the number secret. “Investment is really driving demand “真正推动黄金需求的是投资，”for gold,” said Cai Minggang, at the Beijing 北京贵金属交易所(Beijing Precious Precious Metals Exchange. “People don’t Metals Exchange)的蔡明刚(音)表示。have any better investment options. Look at “人们没有更好的投资选择。看看股市the stock market, or the property market – 或楼市，你在那里可能遭受严重亏损。” you could make huge losses there.” Beijing has encouraged retail 北京方面鼓励零售消费，8月份曾consumption, with an announcement in August 宣布出台相关措施，以促进和规范当地of measures to promote and regulate the local 市场，包括允许更多银行进口黄金。 market, including expanding the banks allowed to import bullion. Shen Xiangrong, chairman of the 透露上述黄金进口数据的上海黄金Shanghai Gold Exchange, who disclosed the 交易所(Shanghai Gold Exchange)理事import numbers, said uncertainties about the 长沈祥荣表示，围绕中国乃至全球经济 Chinese and global economies, and 的不确定性，加上通胀预期，使作为对inflationary expectations, had “made gold, 冲工具的黄金深受欢迎。 as a hedging tool, very popular”. The rise in Chinese demand could further 中国需求的上升可能进一步推高金inflate gold prices. Bullion hit a nominal 价。上个月，金价创下每金衡盎司all-time high of $1,424.10 a troy ounce last 1424.10美元的名义历史高点。但经通胀month. But adjusted for inflation, prices 因素调整后，金价仍远低于1980年达到are far from the 1980 peak of $2,300. 的每盎司2300美元的峰值。 “The trend is undeniable – gold “这一趋势是不容否认的——中国demand in China is rising rapidly,” said 的黄金需求正在快速上升，”银行 (Standard Bank)驻伦敦的魏文德Walter de Wet, of Standard Bank in London. (Walter de Wet)表示。 China surpassed South Africa three 中国三年前超越南非，成为全球最years ago as the world’s largest producer. 大黄金生产国。 The market upswing has prompted an 与此同时，据业内高管介绍，市场increase in gold scams in Hong Kong, 涨势已引发香港的黄金骗局增加。假黄according to industry executives. The 金震动了香港黄金界，原因不在于数量counterfeits(伪造) have shocked the Chinese (200至2000盎司)，而在于其技术含territory’s gold community not because of 量。 the amounts involved – between 200 and 2,000 ounces – but because of their sophistication(精密度). In one case, executives discovered a 在一个中，业内高管发现一种coating advertised as pure gold that masked 号称纯金的涂层其实是一种复杂的合a complex alloy, which included rare metals 金，含有锇、铱、钌、铑等稀有金属。 such as osmium, iridium, ruthenium and rhodium. 译者/和风 2010-12-1 摩根士丹利获准出售中金公司股份 China boost for Morgan Stanley Morgan Stanley has received Chinese 摩根士丹利(Morgan Stanley)已获government approval to sell its 34.3 per cent 中国政府批准，可出售所持中金公司stake in China International Capital Corp, (CICC) 34.3%股份，为这家美国投行在one of the country’s top investment banks, 中国建立一家新企业铺平道路。中金公paving(铺路) the way for the US group to 司是中国顶级投行之一。 set up a fresh venture in the country. In a brief announcement on its website, 中国证券监管机构在网站上发布简China’s securities regulator said it had 短公告，称已批准中金公司逾5%的股份approved a transfer of more than 5 per cent 易手。中金公司高层人员证实，这是指of CICC shares. CICC officials confirmed 摩根士丹利所持该公司股份。 that was a reference to Morgan Stanley’s stake in the company. Morgan Stanley plans to sell its CICC 英国《金融时报》今年早些时候曾stake to US private equity groups KKR and TPG 报道，摩根士丹利计划以大约10亿美元for about $1bn, the Financial Times reported 的价码，将所持中金公司股份出售给美this year, and has been waiting for approval 国私人股本集团KKR和TPG，从今年初以 since the start of the year. 来一直在等待批准。 Four listed companies that hold stakes 持有上海券商华鑫证券(China in Shanghai-based brokerage China Fortune Fortune Securities)股份的四家上市公Securities said the group would soon set up 司表示，该集团不久将与摩根士丹利合an investment bank joint venture with Morgan 资组建一家投行，而这只有在摩根士丹Stanley. That can only happen once it has 利脱手中金公司股份后才有可能实现。 divested(拨除、脱去) the CICC stake. Fortune will hold two-thirds of shares, 华鑫将持有合资投行三分之二的股the US investment bank will own the rest. 份，摩根士丹利将持有其余股份。 Morgan Stanley hopes the venture will 摩根士丹利希望这家合资企业将为provide more management control and more 其提供更大的管理控制权，并有在中国 scope to underwrite and broker deals and to 承销和撮合交易、以及交易股票和证券trade stocks and securities in China. 的更大空间。 Sale of its CICC stake for about $1bn 以大约10亿美元出售所持中金公will produce a healthy profit on the initial 司股份，将为摩根士丹利15年前3700investment of $37m Morgan Stanley made 15 万美元的初始投资带来可观的利润。 years ago. It will also release it from a troubled 此举还将让摩根士丹利摆脱一种紧relationship which saw the US bank gradually 张不安的关系:这家美国投行逐渐失去lose management control until its stake 管理控制权，直至其股份变成纯粹的被became a purely passive one and CICC was 动投资，而中金公司由中国前总理朱镕taken over by Levin Zhu, son of former 基之子朱云(Levin Zhu)来接手。 Chinese premier Zhu Rongji. A CICC spokesperson confirmed sale of 中金公司的一名发言人证实，摩根Morgan Stanley’s stake had been approved by 士丹利出售所持股份已得到中国证监会the China Securities Regulatory Commission 批准，但不愿提供细节。 – but declined to give details. Morgan Stanley had no comment. 摩根士丹利表示无可奉告。 KKR and TPG would each take an 11 per 知情人士称，KKR和TPG将分别购 cent stake in CICC while existing 入中金公司11%的股份，而现有股东将接shareholders would take up the remainder of 手摩根士丹利34.3%股份的其余部分。 Morgan Stanley’s 34.3 per cent share, said people familiar with the matter. Central Huijin Investment, the domestic 中国主要主权财富基金中投公司arm of China Investment Corp, the country’(CIC)的国内分支机构中央汇金s main sovereign wealth fund, is CICC’s (Central Huijin Investment)是中金公largest shareholder with a 43.35 per cent 司的最大股东，持有43.35%的股份。 stake. China Investment Corp also holds a 中投还持有摩根士丹利近10%的股nearly 10 per cent stake in Morgan Stanley. 份。 CICC’s other shareholders include China 中金公司的其它股东包括:中国投National Investment & Guaranty Co, which 资担保有限公司(China National holds 7.65 per cent, Government of Singapore Investment & Guaranty Co)，持股7.65%;Investment Corp and Mingly Corp, which each 以及新加坡政府投资公司(Government of Singapore Investment Corp)和名力hold 7.35 per cent. 集团(Mingly Corp)，各持股7.35%。 Morgan Stanley began shopping its CICC 摩根士丹利从三年前就开始寻求出stake around three years ago but aborted(流售所持中金股份，但在市场不确定、潜产) the effort amid uncertain markets, lack 在竞标者缺乏兴趣、以及与中方伙伴意 of interest from potential bidders and 见不合的背景下曾放弃这一努力。 disagreements with its Chinese partner. 译者/和风 2010-11-30 重庆农商行赴港上市 拟筹资17.8亿美元 China bank IPO plans to raise $1.78bn Chongqing Rural Commercial Bank, one of 中国面向农民和小企业的最大银China’s largest lenders to farmers and small 行之一——重庆农村商业银行businesses, plans to raise up to $1.78bn in (Chongqing Rural Commercial Bank, an initial public offering in Hong Kong in CRCB)计划在香港进行首次公开发行what is expected to be the first in a wave of (IPO)，筹资至多17.8亿美元。预计在listings by smaller rural-focused Chinese 这宗IPO之后，面向农村的中小规模中 banks. 资银行将掀起一波上市潮。 The bank launched its IPO roadshow in 重庆农商行周一在香港启动IPO路Hong Kong on Monday in spite of an uncertain 演，尽管过去一周，不确定的市场环境market that prompted at least two other 促使至少两家公司取消了香港上市计companies to cancel their planned listings in 划。 the city in the last week. CRCB will sell 2bn new shares for 重庆农商行将发售20亿股新股，between HK$4.50 and HK$6.00, raising as much 定价区间为4.50港元至6.00港元，筹as $1.55bn, or up to $1.78bn if investors show 资至多15.5亿美元，或在投资者兴趣高a lot of interest and a “greenshoe” over- 涨、超额配售选择权得到行使的情况下， allotment quota is exercised. 筹资至多17.8亿美元。 CRCB was formed through the merger of 重庆农商行是2008年通过合并重 dozens of struggling rural credit 庆市数十家困境中的农村信用合作社而cooperatives in Chongqing municipality in 成立的，该行将成为第九家在香港上市western China in 2008 and will be the ninth 的中国内地银行。 mainland Chinese bank to list in Hong Kong. But it will be the first of China’s 但它也将是中国内地首家上市的regional rural commercial banks, which cater 地方性农村商业银行，可能得到全国各mostly to China’s vast impoverished(贫瘠地同行的效仿，其中许多银行已向上海的) rural hinterland(内陆), to list anywhere 证交所提出上市申请。农村商业银行主and could be followed by some of its peers 要为中国内陆广大的贫困农村地区服around the country, many of which have 务。 already applied to list on the Shanghai stock exchange. In the country’s affluent eastern 据高级监管官员介绍，仅在富裕的 province of Jiangsu alone, four such banks 江苏省，就有4家此类银行已向监管机have already applied to regulators to sell 构申请通过IPO发售股票。 shares in IPOs, according to senior regulatory officials. These banks are some of the least 这些银行跻身中国最不透明、业绩transparent and worst performing financial 最差的金融机构之列，但在中国几乎所 institutions in the country but are 有国家控股的大型全国性银行已在上海increasingly catching the attention of 或香港上市的情况下，农村商业银行日domestic and international investors now 益引起了国内外投资者的关注。 that nearly all of China’s large state-controlled national lenders have already listed in Shanghai or Hong Kong. Investors are being enticed(引诱) by 投资者受到大型银行上市后股价the strong post-IPO performance of larger 表现的吸引，如中国工商银行(ICBC)、lenders such as Industrial and Commercial 中国建设银行(CCB)和中国农业银行Bank of China, China Construction Bank and (Agricultural Bank of China)，后者Agricultural Bank of China, which has seen 自7月中旬在香港上市以来，股价已上its shares rise 28 per cent since its mid-July 涨28%。 IPO in Hong Kong. CRCB, like most rural commercial banks 与中国多数农村商业银行一样，重in China, seriously lags behind its larger 庆农商行在盈利能力、费用收入和资产counterparts in terms of profitability, fee 质量方面严重落后于中国大型银行，但income and asset quality but the bank’s 该行的承销商和一些分析师表示，这使underwriters and some analysts say that this 该行成为一项更好的投资，因为它具有makes the bank a better investment because of 未来改善的空间。 room for future improvement. They also cite very strong backing from 他们还指出，重庆农商行得到重庆the Chongqing government, which should 市政府的强有力支持，这应当足以在未protect the bank in the event of possible 来发生金融危机时保护该行，同时该行future financial crises, and the bank’s focus 的业务重点是目前银行服务不充足的中on China’s under-banked countryside as 国农村地区，这些都是投资者应当乐观 reasons for investor optimism. 的理由。 The bank says that it has reduced its 重庆农商行表示，近年已将不良贷non-performing loan ratio in recent years 款率从11.5%降至2.73%，同时快速提高from 11.5 per cent to 2.73 per cent, while 了利润。 rapidly increasing its profits. It has 1,800 outlets across Chongqing 该行在重庆市有1800个营业网点，municipality(直辖市) and it ranked as China’截至今年年中，该行总资产达到2645亿s 20th largest bank by assets by the middle 元人民币，为中国第20大银行。 of this year, with total assets of Rmb264.5bn. Morgan Stanley and Nomura are 摩根士丹利(Morgan Stanley)和野 underwriters for CRCB’s Hong Kong IPO, which 村(Nomura)是重庆农商行香港IPO的承 销商。此次IPO将在12月8日结束认购prices and closes on December 8. 并确定发行价。 译者/和风