円と人民元 日中貿易を拡大する直接取引

>>>上海市場の元の対円相場については、中国当局が毎日提示する基準値の上下３％内に１日当たりの変動幅が制限されている。

長期では市場の流れに従うべきでしょうが、一日当り３％の制限というのは妥当な線のかも。一日で無制限に上下を許すシステムのほうがおかしい。

（スラチャイ）

The Yomiuri Shimbun (Jun. 3, 2012)
Direct yen-yuan exchange expected to boost trade
円と人民元　日中貿易を拡大する直接取引（6月2日付・読売社説）

That the Japanese yen and the Chinese yuan, also known as the renminbi, can now be exchanged without going through the U.S. dollar is of major significance.
　日本円と中国通貨・人民元を、ドルを介さずに直接交換できる意義は大きい。

Expectations are high that the enhanced convenience in yen-yuan exchanges will give impetus to trade and investment between Japan and China.
利便性の向上により、日中間の貿易や投資に弾みをつけたい。

Based on an agreement between the Japanese and Chinese governments, direct trading in the Japanese and Chinese currencies was launched on Friday on the Tokyo and Shanghai markets.
　日中両国政府が合意し、円と元の直接取引が、１日から東京と上海の市場で始まった。

The yen is now the second major currency, after the dollar, to be allowed to directly trade with the yuan.
元との直接交換が認められた主要通貨は、米ドルに次いで円が２番目だ。

In the first day of direct yen-yuan trading on the Tokyo foreign exchange market, the rate closed at around 12.32 yen to the yuan.
　初日の東京外国為替市場は、１元＝１２円３２銭前後で取引を終えた。

In Tokyo, it appeared that three megabanks--Bank of Tokyo Mitsubishi UFJ, Mizuho Bank and Sumitomo Mitsui Banking Corp.--took part in the trading. The yen-yuan deals in Shanghai on the initial day were done much the same way as on the Tokyo market.
３メガバンクなどが取引に参加したようだ。上海市場もほぼ同水準で取引が行われた。

The trading volume of the yen-yuan pair was not so large on the first day, marking a quiet start to direct trading. Future growth of the bilateral currency exchange markets is hoped for.
　取引量はまだ多くなく、静かなスタートだが、今後、市場の成長が期待される。

The total value of trade between Japan and China, including both imports and exports, has shot up to about triple the level of a decade ago, currently standing at 27.5 trillion yen a year.
　輸出と輸入を合わせた日中の貿易額は年間２７・５兆円に上り、１０年前の約３倍に膨らんでいる。

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Lessening costs and risks

On the strength of direct trading, both the yen and the yuan will likely become more prominent on global foreign exchange markets, with trade and investments between the two countries expanding. It will be meaningful that the currencies of Asia's two biggest economies are likely to thus have a greater influence on the world's monetary system, now based on the dollar as the predominant hard currency.
　直接取引をテコに、２国間の貿易や投資が拡大していくに連れ、円と元の存在感が高まるだろう。米ドルを基軸にした世界の通貨体制に、アジアの２大通貨が一石を投じる意味がある。

Until now, exchanges between the yen and the yuan have mostly been conducted by referring to their respective exchange rates against the dollar, the global circulation of which is large.
　円と元の交換はこれまで、流通量が多いドルを仲立ちにした間接取引が中心となっている。

When a financial institution converts yen into yuan to provide companies with yuan under the conventional system, it is necessary to first convert yen into dollars before converting the dollars into yuan, a procedure with double the currency transaction costs of direct trading.
　金融機関が円を元に交換したり、企業に元を受け渡したりする場合、いったん円をドルに替えた後、元に替えるという手続きが必要で、手数料も２度かかる。

By making use of direct trading, such dual procedures and transaction costs become unnecessary, helping reduce the costs that must be paid by financial institutions and companies engaging in import and export operations. The risk of yen-yuan rates being affected by erratic fluctuations of the dollar will also be mitigated.
　直接取引を利用すれば、こうした二重の手続きと手数料が不要になり、金融機関や輸出入を行う企業はコストを削減できる。交換レートがドル相場の変動に左右されるリスクも低下するだろう。

The Japanese government plans to create in the future an "offshore market" dealing with yuan-denominated financial products in Tokyo for the purpose of reinvigorating the Tokyo market. The London and Singapore markets, too, have been keen to realize such offshore markets, and the Japanese government should make the envisioned Tokyo offshore yuan market a reality as early as possible.
　日本政府は将来、元建て債券などの金融商品を取引する「オフショア市場」を東京に創設し、市場の活性化を図る考えだ。ロンドンやシンガポールも狙っている。早期実現を目指してほしい。

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Beijing must ease regulations

China, for its part, has set the goal of expanding international use of the yuan to raise the unit's status as a key international currency. China has said the go-ahead Beijing has given to direct yen-yuan trading is part of efforts to accomplish this goal.
　一方、中国は国際通貨として元の利用を拡大する「国際化」を進めようとしており、今回の措置もその一環と位置づけている。

China's foreign exchange reserves have swollen to a level exceeding 3 trillion dollars, a great majority of which is held in dollar form.
　中国の外貨準備高は３兆ドル以上に膨らみ、そのうちの大半がドル資産とされる。

By means of the commencement of direct yen-yuan trading, Beijing seems to be placing a curb on the amount of money China receives from Japanese companies in dollars, with a view to lessening its dependence on the greenback in settling international trade.
円と元の直接取引開始で日本企業からのドルの受け取りを抑え、過度なドル依存から脱却する狙いもうかがえる。

There are many problems that have yet to be resolved, however.
　ただ、課題は少なくない。

For one thing, the exchange rate of the yuan against the yen in the Shanghai market is allowed to fluctuate only within a limited range of 3 percent above or below a reference rate that is set daily by Chinese monetary authorities.
上海市場の元の対円相場については、中国当局が毎日提示する基準値の上下３％内に１日当たりの変動幅が制限されている。

In order to realize Beijing's goal of further facilitating the yuan's international use, it is imperative for China to have a more flexible stance in favor of accepting a wider range of fluctuations in the exchange rates of the yuan against the dollar and the yen. It is also urged to ease regulations involving financial and capital transactions across national borders as well as investments in China's domestic sectors.
　中国が対ドルと対円でより柔軟な為替変動を容認し、国境を越えた金融・資本取引や国内の投資規制も緩和する。それが、元の一層の国際化には不可欠だ。

(From The Yomiuri Shimbun, June 2, 2012)
（2012年6月2日01時10分 読売新聞）