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Alibaba is looking to start a Hong Kong version of its enormously popular Chinese money market fund, which pays higher rates on renminbi deposits than are available on conventional accounts.
阿里巴巴(Alibaba)拟推出港版余额宝。作为阿里巴巴旗下颇受欢迎的中国货币市场基金，余额宝的收益率要高于传统账户的人民币存款利率。
Its Alipay financial unit is in talks with the Hong Kong Monetary Authority about securing authorisation to offer a local version of its Yu’E Bao money market fund, which launched in June last year and has already attracted more than Rmb574bn ($94bn).
阿里巴巴旗下的金融部门“支付宝”(Alipay)正与香港金融管理局(HKMA)进行谈判，希望获得推出港版余额宝的授权。余额宝于去年6月推出，至今已吸引逾5740亿元人民币（合940亿美元）资金。
The move underscores Alibaba’s determination to take its template beyond China, now that it has completed its record $25bn initial public offering in New York.
此举凸显出，阿里巴巴在纽约完成了融资额创纪录（250亿美元）的首次公开发行(IPO)后，决心将其模式复制到海外。
If Alibaba receives approval from both Hong Kong and China, the funds would be invested in the mainland in order to achieve higher returns. The group says it believes it could offer 4 per cent returns, compared with the 1 per cent currently available.
如果阿里巴巴获得香港及中国内地双方批准，港版余额宝将把资金投到内地，以实现更高的回报。该集团表示，它认为回报率能达到4%，而目前市面上的回报率为1%。
“We are hoping to introduce it by early next year,” said Ming Shu, who is responsible for micro finance and SME finance for Alipay, which is also China’s largest online payments provider. “And if we can send the money back to China, we can make a big difference. We are pushing hard.”
阿里小微金融服务集团首席战略官舒明表示：“我们希望不晚于明年初推出这项服务。而且，如果我们能把资金投回内地，我们就能有大的作为。我们正在努力中。”阿里小微金服旗下的支付宝为中国最大的在线支付提供商。
For Alipay to realise its ambitious plans in Hong Kong it would need a banking licence. “They would have to become a licensed bank and there is a very strict licensing regime in Hong Kong,” said one senior HKMA staffer.
支付宝要想在香港实现这一雄心勃勃的计划，需先获得银行牌照。香港金管局一名资深职员表示：“他们需要成为一家持牌银行，香港的发牌制度非常严格。”
Alipay would also need mainland authorities to sign off on its plans to collect money in the offshore renminbi market but then send the money back into China, given capital controls on the mainland. If the People’s Bank of China and the State Administration for Foreign Exchange agree, it would represent a major step toward liberalisation of the banking system.
支付宝还需内地有关部门批准其在离岸人民币市场集资、但随后再将资金投回内地的计划，因为内地存在资本账户管制。如果中国央行和国家外汇管理局(SAFE)都予以批准，这将是中国银行业体系朝着自由化迈出的重要一步。
Currently the main channel through which fund companies can invest offshore renminbi in mainland capital markets is the Renminbi Qualified Foreign Institutional Investor programme.
目前，基金公司主要通过人民币合格境外机构投资者(RQFII)项目，将离岸人民币资金投入内地资本市场。
Regulators have not so far approved a money market fund under RQFII, which mainly consists of bond funds and equity exchange traded funds.
RQFII主要由债券基金和交易所交易基金(ETF)组成，监管部门迄今没有批准过RQFII货币市场基金。
Renminbi deposits are now 25 per cent of Hong Kong dollar deposits, according to data from Morgan Stanley.
摩根士丹利(Morgan Stanley)数据显示，香港人民币存款现相当于港元存款的25%。
Alipay is also considering launching a Hong Kong dollar product, although the potential rate difference on that would be smaller than any renminbi product.
支付宝还在考虑推出一个港元产品，尽管该产品的潜在利率差将小于任何人民币产品。
The Alipay plan comes at a time of big debate on both sides of the border about shadow banks and the impact of internet finance on the formal sector.
支付宝披露此项计划之际，中国内地和香港都在就影子银行以及互联网金融对正规银行业的影响展开激烈辩论。
