Japan’s army of small investors will this month get their first taste of renminbi-denominated Chinese government bonds when Monex, the country’s largest online brokerage, becomes its first distributor of such debt.

　　日本的小投資者大軍本月將首次領略以人民幣計值的中國國債的風味。日本最大的網絡證券公司摩乃科斯集團(Monex)即將成為日本首家銷售此類債券的公司。

　　Monex is betting that wealthy Japanese individuals will want to buy the three-year renminbi-denominated government debt it is offering, amid growing expectations that Beijing will allow its currency to appreciate over the next few years.

　　摩乃科斯將向個人投資者銷售3年期的人民幣國債。該公司認為，鑒于人們對中國未來幾年將允許人民幣升值的預期不斷升溫，日本富人會愿意購買這類債券。

　　Société Générale estimates the renminbi will appreciate by 13 percent from current levels over the next three to five years to Rmb5.75 against the dollar. 法國興業銀行(Societe Generale)估計，未來3-5年內，人民幣對美元將升值13%，達到1美元兌5.75元人民幣水平。

　　The bonds are a portion of Beijing’s Rmb8bn debt issuance in Hong Kong last December, of which there was a Rmb2bn portion of three-year bonds.

　　這批債券是去年12月中國政府在香港發行的80億元人民幣國債——其中有20億元3年期國債——的一部分。

　　Monex, which declined to disclose the amount it held, said it bought a portion of that debt from institutional investors and planned to market them to wealthy Japanese individuals at a unit price of Rmb500,000.

　　摩乃科斯拒絕透露其所持債券的數量，表示自己從機構投資者手上購買了其中的一部分債券，計劃以50萬元人民幣的單價面向日本富人銷售。

　　Risk-taking Japanese retail investors have long been keen buyers of assets denominated in high-yielding currencies as deflation at home has kept rates close to zero for years, forcing them to seek returns overseas.

　　日本散戶投資者的風險偏好較高，一直熱衷購買以高息貨幣計值的資產，由于國內通縮導致本國利率多年來維持在近零水平，他們不得不從海外尋找投資收益。

　　Individuals have been busily buying up Brazilian-real-denominated assets over the past couple of years and have long been keen investors in the Australian dollar.

　　日本個人投資者近年一直忙于追捧以巴西雷亞爾計值的資產，且長期以來熱衷于投資澳元。

　　The debt Monex is marketing pays a coupon of 1 per cent. That compares with Japan’s current yield of three-year bonds of 0.224 per cent.

　　摩乃科斯擬銷售債券的票面利率為1%，相比之下，3年期日本國債目前的收益率僅為0.224%。

　　Beijing has been making moves to internationalise slowly the renminbi and is using Hong Kong as a testing ground for companies and investors to hold and trade renminbi products.

　　中國一直在緩慢推動人民幣國際化，并把香港當作試驗基地，測試企業和投資者持有和交易人民幣產品的情況。

　　There has been renminbi-denominated bond issuance by a number of international companies in Hong Kong. December’s Chinese government bond issue in the territory was Beijing’s second, the first being in 2009.

　　一些跨國公司已經相繼在香港發行人民幣債券。12月份在香港發行人民幣國債，是中國政府第二次采取這類動作，第一次是在2009年。

　　Monex is expanding in Asia, last year acquiring Hong Kong’s Boom Securities and has created a holding company in the territory.

　　摩乃科斯正在亞洲擴張業務，去年收購了香港寶盛證券(Boom Securities)，并在香港創辦了一家控股公司。

　　Oki Matsumoto, chief executive, has said he plans to relocate some of his research staff there.

　　摩乃科斯首席執行官松本大(Oki Matsumoto)此前表示，他計劃把部分研究人員派到香港。

　　Diam, one of Japan’s largest asset managers, will in February launch a renminbi-denominated bond fund that will include government, government agency, international agency and corporate debt. Monex will distribute the fund.

　　日本最大的資產管理公司之一——達以安資產管理公司(Diam)將于2月份推出一只人民幣債券基金，投資對象將涵蓋政府、政府機構、國際機構和企業等發行的人民幣債券。摩乃科斯將代為銷售這只基金。

　　Late last year, Shinsei Bank, introduced Japan’s first mutual fund investing in Chinese bonds not denominated in the renminbi, but with a similar amount invested in renminbi non-deliverable forwards, offering investors exposure to the currency.

　　日本新生銀行(Shinsei Bank)去年底推出一只共同基金，投資于中國外幣債券，同時將等量資金投資于人民幣無本金交割遠期外匯(NDF)。這是日本首次出現這類基金，為投資者提供了一條投資人民幣的渠道。