双语新闻：基金经理沪港通仍面临障碍

2014-09-09 11:59:59来源：可可英语

　　“All of us have been wanting a way to access China that wasn’t as convoluted as QFII but thisisn’t quite it just yet. I’m sure that will change but there are a lot of teething issues,” saidEmma Quinn, head of Asia-Pacific trading at AllianceBernstein.

　　“我们都希望得到一条投资中国的渠道，不像QFII那样复杂繁琐，但这个机制还不是很到位。我肯定局面会变化，但目前而言还存在不少初期的问题，”联博(AllianceBernstein)亚太交易主管艾玛•奎因(Emma Quinn)表示。

　　Under the system as outlined, any A-shares bought will be held in custody in a centraldepository run by the Hong Kong Exchange.

　　按照目前介绍的安排，在沪港通机制下，境外投资者买入的A股将由香港交易所(HKEx)运营的中央托管库托管。

　　But Chinese law does not recognise the owners beyond the HKEx custody pool – meaning thatshould the exchange collapse, those A-shares would in China be considered the HKEx’sproperty rather than that of the investor.

　　但是，中国法律不承认港交所托管库以外的所有者——这意味着如果港交所倒闭，这些A股在中国将被视为港交所(而非投资者)的财产。

　　“We need to be clearer about the legal standing investors have in China if the only owner Chinarecognises is the HKEx,” said one senior trader.

　　“如果中国承认的唯一所有者是港交所，我们需要进一步明确投资者在中国具有的法律地位，”一位资深交易员表示。

　　Chinese rules banning naked short selling – selling shares without owning them first – are alsocausing problems. Meeting the rules means fund managers will have to deposit shares they wishto sell with their broker the day before and wait a day for payment, leaving them withoutcontrol of their shares and out of pocket.

　　禁止裸卖空的中国规则(卖出自己并不拥有的股票)也引起问题。满足这些规则意味着，基金经理如果要卖出股票，就必须提前一日把这些股票存入他们的券商，然后等待一天拿到售股所得，这使他们在短期内失去对这些股票的控制，同时又拿不到款项。

　　Unlike other markets, China demands brokers have proof the shares exist before they can sellthem.

　　与其他市场不同的是，中国要求券商首先得到股票存在的证据，然后才可以出售股票。

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