There’s often a long lag between China signaling financial reform and the reform actually happening. But the wait for an international board in Shanghai an idea first floated in 2009 ─ is becoming China’s version of Waiting for Godot, with officials repeatedly dropping hints that foreign companies might soon be allowed to list yuan-denominated shares on the Shanghai Stock Exchange only to fall silent when pressed for details.

　　中國在釋放金融改革信號和實際推行改革之間往往有很長的時間差。但等待上海推出國際板的過程正在成為中國版的《等待戈多》：相關(guān)官員多次暗示，外國公司可能很快就能在上海證券交易所（簡稱：上交所）發(fā)行人民幣計價的股票?？墒敲慨?dāng)被問及細節(jié)信息時，這些官員又沉默不語了。推出國際板的想法最早是在2009年提出的。

　　Some clarity is starting to seep through, however.

　　但有些細節(jié)正開始浮出水面。

　　In an interview with Dow Jones Newswires, Hu Ruyin, head of the Shanghai Stock Exchange’s research department said that the board would help route part of the country’s massive foreign exchange reserves overseas.

　　Eugene Hoshiko/Associated Press2011年4月26日，在上海的一家私營證券公司，一名投資者注視著屏幕上的股票價格。在接受道瓊斯通訊社（Dow Jones Newswires）采訪時，上交所研究中心主任胡汝銀說，上交所將幫助中國把天量外匯儲備部分分流到海外。

　　“China is facing a large imbalance in its international payments, while the international board will be supportive in easing the pressures arising from growing forex reserves as foreign companies could convert the yuan funds raised in the country into foreign currencies and remit such funds overseas,” Mr. Hu said.

　　胡汝銀說，中國正面臨國際收支嚴重失衡的現(xiàn)狀，而國際板的推出有助于緩解因外匯儲備不斷增加造成的壓力。因為外國公司可以將在國內(nèi)籌集的人民幣資金轉(zhuǎn)化為外匯，并將這筆資金輸出到海外。

　　Alleviating the pressure of China’s unceasing build up of foreign exchange reserves is a key concern for Beijing, and the board could be as useful tool in meeting that goal. Given the size of China’s economy, it may one day be the case whereby foreign companies flock to Shanghai to raise money for projects elsewhere in the world in the same way as they do in the U.S. Given how many Chinese firms have gone overseas to list, as China’s financial markets develop Beijing might hope that a reversal of that flow would follow.

　　減輕中國外儲不斷增加的壓力是中央政府的主要關(guān)切，國際板的推出被視作緩解這種壓力的有效工具。鑒于中國的經(jīng)濟規(guī)模，總有一天可能會出現(xiàn)這樣的情況，即外國公司涌入上海，為其在世界其它地區(qū)的項目融資，就好像他們在美國所做的那樣。由于已經(jīng)有大量中國企業(yè)赴海外上市，隨著中國金融市場的發(fā)展，中央政府可能會希望一股相反的潮流能隨之而來。

　　But despite China’s pressing needs, in the short term the foreign firms lining up to list in China might be more focused on keeping their funds here.

　　盡管中國存在迫切需求，但短期內(nèi)在中國等待排隊上市的外國企業(yè)可能還是會將籌集的資金更多地留在中國國內(nèi)。

　　Looking at the who’s who of foreign firms that have expressed an interest in listing here a group that includes HSBC Holdings PLC, Coca-Cola Co. and General Electric ─ most will have capital needs in China for quite some time to come. Raising funds in yuan just to move them elsewhere in the world doesn’t make a make much sense yet.

　　在那些已經(jīng)對在中國上市表示出興趣的外國企業(yè)中，大部分在未來相當(dāng)長的一段時間內(nèi)在中國都有資本需求?；I集人民幣資金只是為了把這筆錢輸出到世界其它地區(qū)的說法行不通。有意在中國上市的企業(yè)包括匯豐控股有限公司（HSBC Holdings PLC，簡稱：匯豐控股）、可口可樂公司（Coca-Cola Co）以及通用電氣公司（General Electric）。

　　Moreover, given Chinese investors’ relatively low levels of sophistication, asking them to judge the merits of investing in, say, HSBC Holding’s plans to develop their operations in India, is probably a little premature. That would seem to be an opinion shared by the China Securities Regulatory Commission, which only allows punters to invest in overseas listed stocks via fund managers.

　　此外，相對來說，中國投資者的投資經(jīng)驗并不豐富，要求他們判斷──譬如說──匯豐控股在印度拓展業(yè)務(wù)的計劃的優(yōu)劣可能還為時尚早。對此，中國證券監(jiān)督管理委員會（簡稱：證監(jiān)會）似乎也有相同的看法：目前證監(jiān)會只允許投資者通過基金經(jīng)理投資在海外掛牌上市的股票。

　　Chatter about the imminent launch of the board has grown in the local media in recent months. In April, the 21st Century Business Herald reported on a set of draft rules for the international board (in Chinese), saying that foreign firms would be able to use their yuan proceeds either in China or other countries, although overseas remittance might need approval from the Chinese foreign exchange regulator.

　　近幾個月來，國內(nèi)媒體也在熱議即將推出的國際板。今年4月，《21世紀經(jīng)濟報道》披露了其獲得的一份國際板草案，草案說，未來國際板發(fā)行人募集的資金可以匯出境外使用，也可在境內(nèi)使用，但前者可能需要經(jīng)過外匯管理部門批準。

　　But the wait is becoming ridiculous. In May at the Lujiazui Forum an annual conference in Shanghai involving Chinese senior financial figures banking regulator Liu Mingkang made a passing reference to the international board in his speech. Following Mr. Liu, China Securities Regulatory Commission Chairman Shang Fulin whose agency would be responsible for the board seemed to be skirting the issue until he thanked Mr. Liu for his interest in the board.

　　但等待的時間漫長得出奇。今年5月，每年一度的陸家嘴論壇在上海舉行，多位中國金融界高官到場發(fā)言。中國銀監(jiān)會主席在講話中順帶提到了國際板問題。在劉明康之后發(fā)言的證監(jiān)會主席尚福林在感謝劉明康對國際板表示出興趣之前，似乎一直在回避這個問題。證監(jiān)會將負責(zé)國際板推出的各項事宜。

　　The room held its breath. Was this the announcement everyone’s been waiting for?

　　大家都屏息凝神：這是否意味著即將公布大家一直在等待的消息?

　　“We are ever closer to the launch of the international board,” declared Mr. Shang, clearly enjoying the anticipation.

　　只聽尚福林說，我們朝推出國際板又邁出了一步──很顯然，尚福林對大家的期待感到得意。

　　The whole room laughed.

　　一屋子的人都笑了。