In China, there is a long way to go and progress will probably remain slow, but things are changing. Hong Kong's 15th anniversary of its return to China from British sovereignty has seen a welter of i
In China, there is a long way to go and progress will probably remain slow, but things are changing. Hong Kong's 15th anniversary of its return to China from British sovereignty has seen a welter of initiatives. Some are iterative, such as the first Hong Kong listed exchange traded funds to invest directly in Chinese stocks, or expansion of offshore renminbi bonds issuance. Others are quite new, such as allowing Hong Kong banks to lend directly to Chinese companies in an area near Shenzhen. There have also been signals that mainland insurers will get much more investment freedom.
中国仍有很长的路要走，进展可能依然缓慢，但情况正在改变。中国在庆祝香港回归15周年之际出台了一系列举措。其中一些是之前提到过的，比如香港首只可直接投资于内地股市的交易所交易基金(ETF)，扩大离岸人民币债券发行。其它则是全新的举措，比如允许香港的银行向深圳一个地区的中资企业直接放贷。还有迹象表明，中国内地保险公司将获得更大的投资自由。
In the rest of Asia, excluding Japan, more radical change is happening in both markets and investment banking generally. Local investment banks are playing an increasingly important role in linking local companies with their markets. The split in total investment banking fees between international banks and domestic Asian banks has reversed in recent years. In 2003, international banks took 66 per cent of all fees to domestic banks' 34 per cent, according to Dealogic. So far this year, international banks have taken their lowest share of fees ever: 40 per cent versus domestic banks' 60 per cent.
在其它亚洲地区（不包括日本），市场和投行业普遍出现了更根本的变化。本土投行在充当本土公司和市场桥梁方面发挥着越来越重要的作用。在投行手续费收入总额中，国际性银行与亚洲本土银行的占比短短几年就发生了逆转。Dealogic的数据表明，2003年，在实现的所有投行手续费中，国际银行占66%，而本土银行占34%。今年迄今为止，国际银行的份额为40%，创出有史以来的最低水平，而本土银行为60%。
Four of the top-10 fee earning banks so far this year are Chinese – CITIC Securities, Guosen Securities, Bank of China and GF Securities – while Malaysia's CIMB and China International Capital are in the top 15.
今年迄今为止，亚洲投行手续费收入前十名的银行中，有四家是中资机构——中信证券(Citic Securities)、国信证券(Guosen Securities)、中国银行(Bank of China)和广发证券(GF Securities)，同时马来西亚的联昌国际银行(CIMB)和中国国际金融公司(China International Capital Corporation)排在十五位以内。
Asian bond issuance is also running at levels never seen before with nearly $500bn worth done already in the first half, according to Dealogic. Hong Kong saw the biggest jump.
Dealogic的数据显示，亚洲债券发行量也处于历来最高水平，今年上半年发行额接近5000亿美元。香港债券发行量的增幅最大。
This not only gives companies more funding sources but also it is the first stage in recycling bank capital with more velocity by strengthening routes to refinance traditional loans.
这不仅让企业获得了更多的融资来源，而且它也是加快银行资本再周转的第一阶段，增强了为传统贷款再融资的途径。
Those out of work Hong Kong bankers may need to find different skills to use in different institutions but Asia still looks like the best place to be.
在香港，那些失业的银行家可能需要掌握各种不同的技能，以便在不同的机构中使用，不过，亚洲看起来仍然是首选之地。
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