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.

　　日本的小投资者大军本月将首次领略以人民币计值的中国国债的风味。日本最大的网络证券公司摩乃科斯集团(Monex)即将成为日本首家销售此类债券的公司。

　　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.

　　摩乃科斯将向个人投资者销售3年期的人民币国债。该公司认为，鉴于人们对中国未来几年将允许人民币升值的预期不断升温，日本富人会愿意购买这类债券。

　　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. 法国兴业银行(Societe Generale)估计，未来3-5年内，人民币对美元将升值13%，达到1美元兑5.75元人民币水平。

　　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.

　　这批债券是去年12月中国政府在香港发行的80亿元人民币国债——其中有20亿元3年期国债——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.

　　摩乃科斯拒绝透露其所持债券的数量，表示自己从机构投资者手上购买了其中的一部分债券，计划以50万元人民币的单价面向日本富人销售。

　　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.

　　日本散户投资者的风险偏好较高，一直热衷购买以高息货币计值的资产，由于国内通缩导致本国利率多年来维持在近零水平，他们不得不从海外寻找投资收益。

　　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.

　　日本个人投资者近年一直忙于追捧以巴西雷亚尔计值的资产，且长期以来热衷于投资澳元。

　　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.

　　摩乃科斯拟销售债券的票面利率为1%，相比之下，3年期日本国债目前的收益率仅为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.

　　中国一直在缓慢推动人民币国际化，并把香港当作试验基地，测试企业和投资者持有和交易人民币产品的情况。

　　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.

　　一些跨国公司已经相继在香港发行人民币债券。12月份在香港发行人民币国债，是中国政府第二次采取这类动作，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.

　　摩乃科斯正在亚洲扩张业务，去年收购了香港宝盛证券(Boom Securities)，并在香港创办了一家控股公司。

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

　　摩乃科斯首席执行官松本大(Oki Matsumoto)此前表示，他计划把部分研究人员派到香港。

　　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.

　　日本最大的资产管理公司之一——达以安资产管理公司(Diam)将于2月份推出一只人民币债券基金，投资对象将涵盖政府、政府机构、国际机构和企业等发行的人民币债券。摩乃科斯将代为销售这只基金。

　　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.

　　日本新生银行(Shinsei Bank)去年底推出一只共同基金，投资于中国外币债券，同时将等量资金投资于人民币无本金交割远期外汇(NDF)。这是日本首次出现这类基金，为投资者提供了一条投资人民币的渠道。