China's effort to promote wider use of its currency will be the wedge that opens the door to a bigger role in foreign markets for Citic Securities Co., a top executive at the brokerage said.

　　券商中信證券股份有限公司(Citic Securities Co.)的一位高管說，中國擴(kuò)大人民幣使用范圍的努力，將為該公司在海外市場發(fā)揮更大作用開啟大門。

　　In an interview, Yin Ke, chief executive officer of Hong Kong-based Citic Securities International, also said the firm was on the lookout for acquisitions that would help it expand abroad. A Hong Kong stock offering, expected later this year, will give it the cash to pay for those plans.

　　中信證券在香港的子公司中信證券國際有限公司(Citic Securities International)的行政總裁殷可接受采訪時(shí)說，公司正在尋覓有助于它在海外擴(kuò)張的收購機(jī)會。預(yù)計(jì)該公司將于今年晚些時(shí)候在香港發(fā)行股票，籌措這些收購計(jì)劃所需的資金。

　　Mr. Yin described the firm's work as financial advisor for Hui Xian Real Estate Investment Trust, the first yuan-denominated stock to list outside mainland China, as an important milestone. Hui Xian REIT, which raised 10.48 billion yuan ($1.61 billion), begins trading Friday in Hong Kong.

　　殷可將公司為“匯賢產(chǎn)業(yè)信托基金”(Hui Xian Asset Investment Trust，簡稱：匯賢房托)擔(dān)任財(cái)務(wù)顧問的工作稱為一個(gè)重要的里程碑。匯賢房托是首只在中國內(nèi)地以外地區(qū)上市的以人民幣計(jì)價(jià)股票，它的融資額為人民幣104.8億元，合16.1億美元。這只股票周五開始在香港交易。

　　Though it is China's biggest stock brokerage by market value, Citic Securities lags far behind other securities firms in business outside the mainland. However, 'the game is changing,' said Mr. Yin, a 47-year-old former regulator who is also vice chairman of Citic Securities, the Hong Kong-based unit's mainland-listed parent.

　　雖然中信證券是中國市值最大的股票經(jīng)紀(jì)公司，但其境外業(yè)務(wù)卻遠(yuǎn)遠(yuǎn)落后于其他券商。不過47歲的殷可說，游戲規(guī)則正在改變。殷可曾在監(jiān)管機(jī)構(gòu)任職，目前身兼中信證券的副董事長。

　　I can't compete with leading global banks,' he said. 'I can't build that international presence overnight. But in the next five years, China's increasing internationalization will make a lot of opportunities for us.

　　他說，我無法與領(lǐng)先的國際銀行競爭，我無法一夜之間就取得這種國際地位；但在接下來五年內(nèi)，中國國際化的不斷推進(jìn)將為我們創(chuàng)造大量機(jī)會。

　　Developing offshore yuan products will be a primary focus for Citic Securities, Mr. Yin said, adding the firm has a better understanding of Beijing's policies and what Chinese companies need than foreign rivals. 'The renminbi can be a driver for creativity and overall development' for his brokerage, he said, using another name for the yuan.

　　殷可說，離岸人民幣產(chǎn)品的開發(fā)將是中信證券的重點(diǎn)工作。他說，中信證券比境外對手更了解北京的政策和中資公司的需求。他說，人民幣可以成為公司創(chuàng)造力和整體發(fā)展的一個(gè)助推器。

　　China has designated Hong Kong as the laboratory for an experiment in lifting some controls on trading its tightly regulated currency as it looks for ways to wean itself from dependency on the U.S. dollar. The result has been a surge of issuance in offshore yuan bonds, and now the first offshore yuan stock.

　　人民幣是一種受到嚴(yán)格管制的貨幣，中國在想方設(shè)法解除自己對美元依賴的過程中，已經(jīng)指定香港作為它對人民幣解除部分管制的試驗(yàn)田。這帶來離岸人民幣債券發(fā)行的井噴，現(xiàn)在又催生了第一只離岸人民幣股票。

　　As Chinese companies start investing abroad and raising money in international bond and equity markets, Citic Securities wants to partner with them in the new markets, Mr. Yin said.

　　殷可說，隨著中資公司開始投資海外并利用境外債券和股票市場融資，中信證券也希望在這些新市場中與它們合作。

　　To build up its capabilities, he said Citic Securities would look for acquisition targets abroad, applying the same strategy it used in China when it bulked up by buying local brokerages around the country. 'Acquisition is in our genes,' he said.

　　他說，為積累實(shí)力，中信證券將在海外尋找收購目標(biāo)，再次使用它在國內(nèi)通過收購全國各地券商擴(kuò)大自身規(guī)模時(shí)采取的策略。他說，收購是我們的基因。

　　One big tie-up that could help the brokerage abroad has been under negotiation for nearly two years: a partnership with French bank Crédit Agricole SA. The brokerage had been in talks about investing in Bear Stearns before the investment bank collapsed in 2008.

　　而一項(xiàng)有助于中信證券國際化的重大聯(lián)姻已經(jīng)談了近兩年時(shí)間，這就是與法國農(nóng)業(yè)信貸集團(tuán)（Credit Agricole SA）的結(jié)盟。早在貝爾斯登（Bear Stearns）2008年倒閉之前，中信證券就一直在商談投資入股貝爾斯登的事宜。

　　'Since Bear Stearns, we've been looking for a partner for their technology and international experience. We need to find a partner whose vision is like ours,' Mr. Yin said. Talks with Crédit Agricole are continuing 'so both sides understand this is a real partnership that should have mutual benefits.

　　殷可說，貝爾斯登倒閉之后，我們一直在尋找一位技術(shù)領(lǐng)先、國際經(jīng)驗(yàn)豐富的合作伙伴，雙方的愿景也必須一致。他說，和法國農(nóng)業(yè)信貸集團(tuán)的談判還在繼續(xù)，雙方都理解這是一次互惠互利的真正合作。

　　A spokeswoman for Hong Kong-based brokerage CLSA Asia-Pacific Markets, majority owned by Crédit Agricole and a key part of the negotiations, said talks are continuing, but declined to comment further.

　　參與談判的重要一方、香港經(jīng)紀(jì)商里昂證券亞太區(qū)市場（CLSA Asia-Pacific Markets）一位發(fā)言人說談判還在繼續(xù)，但拒絕進(jìn)一步置評。里昂證券亞太區(qū)市場的主要控股股東為法國農(nóng)業(yè)信貸集團(tuán)。

　　Citic Securities is aiming to raise some $1.5 billion with a Hong Kong share offering later this year to help fund its overseas expansion. Citic, part of the giant state-owned conglomerate Citic Group, is already listed on the mainland and has a market capitalization of some 131.6 billion yuan, or about $20.2 billion. Citic's Hong Kong listing is expected to happen before the end of this year, according to people familiar with the transaction.

　　中信證券計(jì)劃今年晚些時(shí)候發(fā)行H股募集大約15億美元的資金為其海外擴(kuò)張籌資。作為大型國企中信集團(tuán)（Citic Group）的子公司，中信證券已經(jīng)在內(nèi)地A股市場上市，其市值大約為人民幣1,316億元。據(jù)知情人士透露，預(yù)計(jì)中信證券將在今年年底前完成H股的上市。

　　Listing will raise our level of corporate governance,' and will make Citic a more attractive partner, Mr. Yin said.

　　殷可說，此次上市將提升中信證券的公司治理水平，也將增加中信證券在合作伙伴眼中的吸引力。

　　Citic isn't the only Chinese brokerage with global ambitions. Shanghai-based Haitong Securities Co., also has announced that it is seeking a listing on Hong Kong's stock exchange. Meanwhile, China's large commercial banks are ramping up their investment-banking businesses.

　　中信證券并非惟一一家具有全球雄心的中國券商?？偛课挥谏虾５暮ＭㄗC券股份有限公司也已經(jīng)宣布將尋求機(jī)會在香港聯(lián)交所上市。與此同時(shí)，中國的大型商業(yè)銀行也在擴(kuò)張其投資銀行業(yè)務(wù)。

　　Chinese firms have a long way to go. Investment banking is still dominated by non-Chinese banks. According to data provider Dealogic, Nomura and Goldman Sachs ranked No. 1 and No. 2 among investment banks in terms of net revenue last year in the Asia-Pacific region. Citic Securities, including the Hong Kong arm, ranked 17th. Globally, Citic Securities ranked 37th.

　　但中國的金融企業(yè)還有很長的路要走，因?yàn)橥顿Y銀行業(yè)務(wù)并非中資銀行的天下。據(jù)數(shù)據(jù)提供商Dealogic透露，按凈收入計(jì)算，去年亞太地區(qū)排名前兩位的投資銀行分別是野村證券和高盛集團(tuán)。而即使算上香港的分支機(jī)構(gòu)，中信證券也只能在亞太地區(qū)排名第17位。全球范圍內(nèi)，中信證券更是只能排到第37位。

　　Mr. Yin expects only a trickle of yuan IPOs because of worries that there still isn't enough yuan in Hong Kong to sustain a thriving secondary market. 'Don't expect an explosion of RMB products right away,' he said.

　　殷可預(yù)計(jì)人民幣IPO的數(shù)量不會很多，因?yàn)槿藗儞?dān)心香港的人民幣存量不足以支撐一個(gè)蓬勃發(fā)展的二級市場。殷可說不要指望立刻出現(xiàn)一大批人民幣產(chǎn)品。

　　Still, he said he thinks China is moving ahead with plans for full convertibility for the yuan. 'It's going to happen faster than you think,' he said.

　　不過殷可說他認(rèn)為中國正朝著人民幣完全可兌換的方向前進(jìn)，而且速度比人們想象的要快。