券商中信证券股份有限公司(Citic Securities Co.)的一位高管说，中国扩大人民币使用范围的努力，将为该公司在海外市场发挥更大作用开启大门。
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.
中信证券在香港的子公司中信证券国际有限公司(Citic Securities International)的行政总裁殷可接受采访时说，公司正在寻觅有助于它在海外扩张的收购机会。预计该公司将于今年晚些时候在香港发行股票，筹措这些收购计划所需的资金。
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.
殷可将公司为“汇贤产业信托基金”(Hui Xian Asset Investment Trust，简称：汇贤房托)担任财务顾问的工作称为一个重要的里程碑。汇贤房托是首只在中国内地以外地区上市的以人民币计价股票，它的融资额为人民币104.8亿元，合16.1亿美元。这只股票周五开始在香港交易。
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.
虽然中信证券是中国市值最大的股票经纪公司，但其境外业务却远远落后于其他券商。不过47岁的殷可说，游戏规则正在改变。殷可曾在监管机构任职，目前身兼中信证券的副董事长。
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.
他说，我无法与领先的国际银行竞争，我无法一夜之间就取得这种国际地位；但在接下来五年内，中国国际化的不断推进将为我们创造大量机会。
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.
殷可说，离岸人民币产品的开发将是中信证券的重点工作。他说，中信证券比境外对手更了解北京的政策和中资公司的需求。他说，人民币可以成为公司创造力和整体发展的一个助推器。
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.
人民币是一种受到严格管制的货币，中国在想方设法解除自己对美元依赖的过程中，已经指定香港作为它对人民币解除部分管制的试验田。这带来离岸人民币债券发行的井喷，现在又催生了第一只离岸人民币股票。
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.
殷可说，随着中资公司开始投资海外并利用境外债券和股票市场融资，中信证券也希望在这些新市场中与它们合作。
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.
他说，为积累实力，中信证券将在海外寻找收购目标，再次使用它在国内通过收购全国各地券商扩大自身规模时采取的策略。他说，收购是我们的基因。
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.
而一项有助于中信证券国际化的重大联姻已经谈了近两年时间，这就是与法国农业信贷集团（Credit Agricole SA）的结盟。早在贝尔斯登（Bear Stearns）2008年倒闭之前，中信证券就一直在商谈投资入股贝尔斯登的事宜。
'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.
殷可说，贝尔斯登倒闭之后，我们一直在寻找一位技术领先、国际经验丰富的合作伙伴，双方的愿景也必须一致。他说，和法国农业信贷集团的谈判还在继续，双方都理解这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.
参与谈判的重要一方、香港经纪商里昂证券亚太区市场（CLSA Asia-Pacific Markets）一位发言人说谈判还在继续，但拒绝进一步置评。里昂证券亚太区市场的主要控股股东为法国农业信贷集团。
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.
中信证券计划今年晚些时候发行H股募集大约15亿美元的资金为其海外扩张筹资。作为大型国企中信集团（Citic Group）的子公司，中信证券已经在内地A股市场上市，其市值大约为人民币1,316亿元。据知情人士透露，预计中信证券将在今年年底前完成H股的上市。
Listing will raise our level of corporate governance,' and will make Citic a more attractive partner, Mr. Yin said.
殷可说，此次上市将提升中信证券的公司治理水平，也将增加中信证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.
中信证券并非惟一一家具有全球雄心的中国券商。总部位于上海的海通证券股份有限公司也已经宣布将寻求机会在香港联交所上市。与此同时，中国的大型商业银行也在扩张其投资银行业务。
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.
但中国的金融企业还有很长的路要走，因为投资银行业务并非中资银行的天下。据数据提供商Dealogic透露，按净收入计算，去年亚太地区排名前两位的投资银行分别是野村证券和高盛集团。而即使算上香港的分支机构，中信证券也只能在亚太地区排名第17位。全球范围内，中信证券更是只能排到第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.
殷可预计人民币IPO的数量不会很多，因为人们担心香港的人民币存量不足以支撑一个蓬勃发展的二级市场。殷可说不要指望立刻出现一大批人民币产品。
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.
不过殷可说他认为中国正朝着人民币完全可兑换的方向前进，而且速度比人们想象的要快。
