熊猫债券

只要北京继续牢牢控制资本账户，同时小心限制境外人民币债券发行所得的流入，一个繁荣的熊猫债券市场就依然是一场难以触及的美梦。

While Beijing still maintains its tight grip on the capital account and carefully restricts the flow of foreign RMB bond sales the dream of a thriving panda bond market will remain elusive .

预计今年会有一家外国银行发行所谓的“熊猫债券”（pandabonds）。

A foreign bank is expected to issue so-called " Panda Bonds " at some point this year .

这是首只在中国在岸市场发行的以人民币计价的非中国主权债券——悄悄抢在了加拿大不列颠哥伦比亚省（BC省）前面，后者也紧跟着发行了规模相近的熊猫债券。

The deal created the first non-Chinese sovereign bonds issued in the renminbi in China 's onshore market - sneaking in ahead of a similarly sized issuance by the Canadian province of British Columbia .

然而有一件事却表明，中国正开始减少依赖香港作为中间媒介，那就是韩国政府于去年12月发行了30亿元人民币（合4.6亿美元）的“熊猫债券”，熊猫债券是一种由境外机构在中国发行的人民币债券。

However , a sign that China is starting to rely less on Hong Kong as an intermediary was the South Korean government 's issuance last December of Rmb3bn ( $ 460m ) in " panda bonds " - renminbi-denominated debt sold by foreigners into China 's bond markets .

与熊猫不同，熊猫债券可能会大量增多。

Panda Bonds , unlike the bears , could be poised to proliferate .