外企可匯出資金將面臨新一輪的管控

原文標題：Foreign Companies Face New Clampdown for Getting Money out of China

原文作者: LINGLING WEI &J AMES T. AREDDY

譯者：葉卓青

Multinational companies are suddenly finding themselves in the crosshairs as China dials back its effort to turn the yuan into a global currency, alarmed that it has accelerated the flight of capital from its shores.

在中國放慢人民幣國際化進程、資本外流加劇之際，跨國公司突然發現自己成了眾矢之的。

In recent days, according to bankers and officials familiar with the situation, China』s foreign-exchange regulator has instructed banks to sharply limit how much companies move out of the country and into their other operations around the world. Until this week, it was possible for big companies to 「sweep」 $50 million worth of yuan or dollars in or out of China with minimal documentation. Now, these people say, the cap is the equivalent of $5 million, a pittance for the largest corporations.

據知情銀行業人士和官員，外管局近日指示國內商業銀行嚴格限制企業把資金從中國轉向海外業務部門的數額。在本周以前，大公司還只需出具最低限度的文件證明，即可向中國轉入或從中國「轉出」合5,000萬美元的人民幣或等值美元。上述知情人士表示，如今最高限額調整為500萬美元，對大公司來說太少。

Beijing is fighting an increasingly vicious cycle of capital outflows that weaken the yuan. Most dramatically, the State Council, China』s cabinet, intends to tighten scrutiny of overseas acquisitions by domestic companies, which could result in deal delays or outright cancellations. Until now, few of China』s capital-control measures took obvious aim at foreign businesses.

北京方面正在遏制壓低人民幣匯率的日益加劇的資本外流惡性循環。最引人注目的是，國務院將加強對國內企業在境外收購交易的監督檢查，這有可能導致相關交易推遲或乾脆取消。迄今為止，中國政府的資本管控措施很少是明顯以外企為目標。

The recent moves effectively erode the yuan』s appeal as a rival to the dollar just two months after the International Monetary Fund added it among its reserve currencies on Oct. 1—an acknowledgment the IMF trusted China to further loosen its grip on the yuan.

人民幣最近的走勢大大削弱了人民幣作為美元競爭對手的吸引力。僅僅兩個月前，國際貨幣基金組織於10月1日將人民幣加入其儲備貨幣行列，承認相信中國將進一步放鬆對人民幣的管制。

Later that month, top financial officers from one of the largest U.S. pharmaceutical makers paid a visit to the Chinese agency that decides how much of its hundreds of millions of dollars deposited in the country can be taken out.

當月晚些時候，美國最大製藥公司之一的高級財務主管訪問外管局。外管局擁有對這家公司在華美元存款匯出規模的決定權。

The State Administration of Foreign Exchange had a message for the drug maker, according to a participant: prepare for 「increased friction.」The blunt talk marked a contrast with a year-earlier visit to the same regulators. 「Things changed 180 degrees,」 said the participant.The clampdown on 「sweeping」 follows a meeting on cross-border capital flows last week at China』s central bank, where officials expressed alarm that a rising amount of money is exiting as yuan, rather than dollars.

一位參與會談的人士稱，外管局向這家製藥商發出信號，要求其做好資金匯出難度增大的準備。這一直接表態與年初該公司訪問外管局時的情況截然不同。這位與會人士稱，情況發生了180度大轉彎。對資金匯出的收緊正值央媽上周就跨境資本流動召開會議之際。央媽官員在會上警告稱，越來越多的資金正以人民幣而非美元形式外流。

Before 「sweeping」 was permitted in an experimental free-trade zone in Shanghai in mid-2013, companies wanting to move cash generated by their China operations faced cumbersome documentation and extra taxes.

2013年年中上海自貿試驗區掛牌時這類資金匯出得到批准，當時企業轉移中國業務所創造的現金需面臨繁瑣的文件和額外的稅負。

The IMF cited 「sweeping」 among the reasons it considered the yuan credible as a global reserve asset. The pullback now suggests Chinese authorities are alarmed that so many companies are using it to move yuan directly offshore, such as to Hong Kong, where it can be freely exchanged.

IMF曾表示，擁有資金匯出渠道是其認為人民幣可作為全球儲備資產的原因之一。目前的政策收緊顯示，由於大量公司利用該渠道將人民幣直接轉移至香港等可自由兌換的境外地區，當局對此感到擔憂。

According to notes of its recent meeting, after the central bank determined that the entire net outflow from China during October was in yuan, whereas during the year』s first half amounts were split between yuan and foreign currencies, it decided to instruct commercial banks to all but halt so-called offshoring for the purposes of converting yuan into other currencies.

根據最近的會議記錄，央媽指出10月份人民幣對外凈支出佔全部凈支出總額的100%，而上半年佔比不到50%。在會議上，央媽要求對於無人民幣使用要求、以到離岸市場購匯為目的的跨境人民幣匯出業務，原則上不予辦理。

The meeting notes quote central-bank officials describing the new limits as temporary and their support for the yuan』s internationalization as 「unwavering.」

央媽稱，新的限額是臨時性的，他們堅定不移地支持人民幣國際化。

The People』s Bank of China didn』t respond to requests for comment. Yi Gang, the central bank』s deputy governor, told Xinhua News Agency in an interview published Sunday that China』s inflows and outflows are normal and that money will return as China』s economy rebounds. Under the rules for 「sweeping,」 companies must eventually bring back to China the funds they have taken out as part of their corporate cash pooling strategies, though the time frame is flexible.

央媽未回應置評請求。易綱在周日發表的一篇新華社採訪中表示，中國的資金流入和流出情況正常，隨著中國經濟回暖，資金將返回中國。根據匯出規定，作為公司現金池策略的一部分，各家公司從中國匯出的資金最終必須回到中國，而時間範圍則是靈活的。

Bankers say after last month』s U.S. election, some American businesses began 「sweeping」 more money out on a bet they might need to move funds quickly if the administration of President-elect Donald Trump declares a tax amnesty on U.S. corporate deposits abroad.

銀行業人士表示，上個月美國大選塵埃落定後，一些美國公司開始從中國匯出更多資金，因它們預計如果候任總統特朗普的政府宣布對美國公司存放在海外的資金給予稅收赦免，他們可能需要快速轉移資金。

「It』s possible, too, that anticipation of tighter capital controls in the future has nudged the treasury operations of multinational companies to move more money out of China,」 said Ker Gibbs, an investment banker who is chairman of the American Chamber of Commerce in Shanghai.

上海美國商會主席、投資銀行家季愷文稱，對於資本管控將趨緊的預期可能也促使跨國公司的財務部門將更多資金轉移出中國。

China』s largest domestic companies are also feeling the impact of limits on 「sweeping.」 「Up until two months ago, we were able to wire millions of renminbi to an offshore affiliate via this program with no problem,」 said an official at a big state-owned electricity company, using another name for the yuan. 「But now, our bank has informed us that all such transfers will be reviewed by the foreign-exchange regulator,」 the official said.

國內一些大型企業也感受到資金匯出限制帶來的影響。一家大型國有電力公司的高管稱，直到兩個月前，公司仍然可以毫無障礙地通過上述渠道將數百萬人民幣匯至境外關聯公司，但是現在，銀行已經告知該公司，所有這類資金轉移操作都必須經過外管局審核。

Chinese authorities blame erosion in the yuan』s value primarily on the dollar』s strengthening, which accelerated after Mr. Trump』s election. After recently touching lows not seen since mid-2008, the yuan is down 6.2% against the dollar so far this year.

當局將人民幣幣值下降的主要原因歸結於美元走強，美元在特朗普勝選之後加速上行。在近期觸及自2008年中以來的低點之後，人民幣兌美元今年已累計下跌6.2%。

But 「sweeping」 sparked excitement.「Trapped cash is no longer a valid concept,」 said Lewis Sun, HSBC』s head of cash management, in a promotional video from the bank that explained the program. Other bankers also gushed about the liberalization, as did executives of multinational companies including manufacturers TRW Inc. of Michigan, Dover Corp. of Illinois and Minneapolis-based Pentair Inc.Asked about the recent moves, the companies declined to comment or didn』t respond.

但是資金匯出的影響同時也刺激了亢奮的情緒。「限制現金流動不再是一個可行的概念」滙豐銀行環球資金管理部總經理孫雷在銀行的宣傳片中提到。其它銀行家和包括TRW，都福集團和Pentair公司在內的跨國製造商也十分強調自由化的概念。在採訪他們關於近期這些動向時，這些公司拒絕評論或者不作出回應。

Now, the need to stabilize capital flows and prevent the yuan from a rapid downward spiral trump ambitions for the yuan』s global use.

目前階段，穩定資本流動並防止人民幣出現快速螺旋式下滑的需要優先於讓人民幣成為國際通用貨幣的雄心。

Last week, the Chinese premier, Li Keqiang, paid his third visit to Shanghai』s free-trade zone.Hours after his inspection, the local branch of the country』s central bank held a rare press conference to announce a new risk-control system to monitor currency flows through the zone to ensure they are balanced by supporting inflows—a backhanded indication cash had been leaking out.

上周，李克強總理第三次視察上海自貿區。在他考察結束幾小時後，當地的人行罕見地召開了一次新聞發布會宣布自貿區講採取一種新的風控系統來控制資金流動以保證進出平衡。

推薦閱讀：