Chinese companies are ditching the renminbi and flocking to the euro to raise new offshore¹ debt, as the imminent² launch of quantitative³ easing in the single currency bloc⁴ sends ripples⁵ through global markets.

随着欧元区即将启动的量化宽松计划在全球市场激起涟漪，中国企业纷纷弃用人民币发债，转而发行新的欧元离岸债券。

So far this year, mainland-based companies have sold $2.9bn worth of euro-denominated debt, according to Dealogic, compared with nothing in the first quarter of last year and close to the $3.3bn raised in the whole of 2014.

Dealogic数据显示，今年迄今中国内地企业已发行价值29亿美元的欧元计价债券，相形之下，去年第一季度这个数字是零，2014年全年这个数字为33亿美元。

Meanwhile, Chinese borrowers have shunned⁶ offshore renminbi debt, known better as “dim sum” bonds. The total raised in the market this year is only $250m, a dramatic drop from the $6.6bn issued during the first three months of last year. US dollar borrowing has been steadily⁷ high, with $16.3bn of bonds sold this year.

与此同时，中国借款人近来回避离岸人民币债券，也就是所谓“点心”债券。今年发行的点心债券总额仅2.5亿美元，大大少于去年头3个月的66亿美元。美元借款规模稳定在高位，今年迄今已发行163亿美元的美元债券。

Funding costs for euro debt have been tumbling since the European Central Bank announced plans for a programme of quantitative easing, which is due to begin today. More than 1.5tn of sovereign eurozone bonds now offer investors⁹ negative yields, according to JPMorgan estimates.

自欧洲央行(ECB)宣布量化宽松计划以来，欧债筹资成本不断下跌。欧元区的量宽计划定于今日启动。摩根大通(JPMorgan)估计，如今市场上有逾1.5万亿欧元的欧元区主权债券向投资者提供负数的收益率。

The new focus on euro debt also marks a change in Chinese corporate¹⁰ funding habits, in part a reflection of increasing eurozone assets held by some of Asia’s most acquisitive companies. Euro bonds can be used for deal financing or for currency management. In the past six months, the euro has dropped 13 per cent against the renminbi, which has a managed peg¹¹ to the US dollar.

对欧元债券的新关注，也标志着中国企业筹资习惯的改变，部分反映了亚洲一些最具收购意识的企业持有的欧元区资产日益增加。欧元债券可用于为交易筹资、或用于外汇管理。过去6个月，欧元对人民币下跌了13%，后者在中国央行管理之下盯住美元。

Beijing-based State Grid¹², which owns stakes in grid operators in Portugal and Italy, borrowed 1bn in January. Another euro bond issuer, Fosun International, already owns financial and healthcare assets in Portugal, duty free shops in Greece, and German fashion brand Tom Tailor. It successfully completed a 939m deal for French holiday resort group Club Méditerranée last month.

总部位于北京的国家电网(State Grid)今年1月筹资10亿欧元，该公司持有葡萄牙和意大利电网运营商的股份。另一家欧元债券发行者复星国际(Fosun International)，已在葡萄牙拥有金融和医疗资产、在希腊拥有免税店、在德国拥有时尚品牌Tom Tailor。上月它斥资9.39亿欧元，成功收购法国度假胜地集团地中海俱乐部(Club Méditerranée)。

Companies from India, South Korea and Hong Kong have also turned to euro debt as they look to lower funding costs and diversify¹³ their investor⁸ base. Josh Noble, Hong Kong

为降低筹资成本、促使投资者来源多样化，印度、韩国和香港的企业也开始选择欧元债券。