【文章內容簡介】 cially in Japan and Australia, have had access to hedge funds for years either through their banks or directly through managers.)　　Are welltodo but not wealthy Asians ready to evaluate hedge funds properly? Unlike managers of traditional funds that make longterm investment decisions and stick by them, hedgefund managers have the flexibility to adjust their portfolio to take advantage of new opportunities or discrepancies among markets or assets. It is precisely that flexibility that makes the fund manager the single biggest risk in investing in hedge funds.　　It also makes investing in hedge funds as risky at times as investing in a single stock, which may make a hedge fund a poor substitute for the riskaverse investment in a mutual fund.　　39。Being able to analyze the quality of a single hedge fund is a highly plex and timeconsuming process that a novice investor is not equipped to perform,39。 says Nicholas Chalmers, associate director of the Alternative Investment Group at Schroder Investment Management. Schroder has pending applications in Hong Kong for retail funds of hedge funds and singlestrategy funds.　　When it es to choosing products, most advisers remend funds of hedge funds over singlestrategy funds. Funds of hedge funds usually invest in between 30 to 50 hedge funds and exposure to the underlying portfolios is usually equally weighted. 39。Investing in funds of hedge funds offers diversification, which reduces the risk of losing your money,39。 says Malik Sarwar, Singaporebased regional director for investment at CitiGold, the consumer banking arm of Citibank NA.　　For investors brave enough to go with a single fund, one adviser remends sticking with 39。long/short equity39。 strategy. According to Stewart Aldcroft, managing director at Investec Asset Management Asia, longshort is the most popular among investors because it is the easiest to understand: the fund either buys stocks, or else sells them short. In ashort sale, an investor borrows securities and hopes to make a profit by buying an equal number of shares later at a lower price to replace the borrowed securities.譯文： 　　在亞洲﹐對沖基金正在悄悄進入投資主流﹐對股市連年下挫感到厭倦的散戶投資者正越來越被對沖基金展現(xiàn)的前景所吸引﹐這一前景便是投資資金的年終水平將超越年初。共同基金的表現(xiàn)雖然可能強于股市基準指數(shù)﹐但如果這種相對強勢僅僅意味著跌幅較小時﹐又有什么意思呢﹖共同基金從未真正在亞洲獲得流行﹐但零售對沖基金風行一時仍有可能﹐因為此類基金有可能實現(xiàn)全球最佳的回報率﹐盡管它們也為投資者帶來了一種全新的高風險?！　∪绻f對沖基金公司垂涎亞洲市場﹐其原因也不難看出。據(jù)行業(yè)估算數(shù)字﹐2001年﹐全球對沖基金的資產從1990年的450億美元飆升至6,000億美元。但亞洲投資者在這些資產中僅占300億美元左右?！　∮捎诠墒谢貓舐史浅Ｔ愀猢o我們看到（投資者）對對沖基金的興趣越來越大。投資者再也不想看到基金表現(xiàn)雖然強于大盤﹐但依然虧損的情況﹐HT Capital Management Tong說。HT是一家小型對沖基金公司﹐管理著2,500萬美元的投資組合?！　τ诹闶蹖_基金投資者來說﹐香港是最新的市場。本周晚些時候﹐香港監(jiān)管機構將宣布已獲準向非機構投資者銷售的對沖基金的數(shù)量?！　⌒录悠聦⒃谀甑浊肮剂闶蹖_基金指導修正案﹐其中對沖基金的基金最低投資額將降至2萬新元（）﹐單一策略基金的最低投資額將降至10萬新元。亞太地區(qū)（特別是日本和澳大利亞）的富有投資者﹐可通過銀行或直接通過基金經理﹐投資對沖基金已有多年?！　⌒】档桓挥械膩喼奕耸欠褚涯芮‘?shù)卦u估對沖基金﹖與傳統(tǒng)基金經理制定長期投資決策并進而貫徹的做法不同﹐對沖基金經理要有靈活性﹐能夠對投資組合作出調整﹐以利用各種機會以及不同市場或資產之間的價差。也正是這種靈活性﹐使得基金經理成了投資對沖基金時唯一的﹑也是最大的風險?！　∮袝r﹐這也使投資對沖基金與投資單一一只股票一樣充滿風險。因此﹐如果共同基金將對沖基金作為其避險投資的替代選擇﹐可能會很糟糕。　　分析單一對沖基金的質量是一個非常復雜和耗時的過程﹐絕非新投資者所能勝任﹐寶源投資管理公司(Schroder Investment Management)旗下另類投資部門的副主管尼古拉斯．查爾墨斯(Nicholas Chalmers)說。在香港﹐寶源投資管理公司正在申請對沖基金的零售基金以及單一策略基金。　　談及投資選擇﹐大部分顧問認為﹐對沖基金的基金優(yōu)于單一策略基金。對沖基金的基金通常投資于30至50只對沖基金﹐相關投資組合的風險通常比較均衡。投資對沖基金的基金可提供多元化選擇﹐降低損失風險﹐CitiGold駐新加坡的地區(qū)投資主管馬利克．薩沃爾(Malik Sarwar)說。CitiGold是花旗銀行(Citibank NA)的消費者銀行部門?！　τ凶銐蚰懥客顿Y于單一基金的投資者來說﹐一位顧問建議﹐堅持多頭/空頭股票策略。據(jù)Investec Asset Management Asia的董事總經理史蒂沃特．阿爾德克羅夫特(Stewart Aldcroft)說﹐多頭/空頭策略是最受投資者歡迎的策略﹐因為它最易于理解﹕基金或是買進股票﹐或是賣空股票。在賣空交易中﹐投資者借入證券﹐并期望將來以較低的價格買入同等數(shù)量的股票﹐藉此歸還原先所借的證券并獲得投資收益。中國銀行（香港）擴大人民幣業(yè)務BOC expands RMB service in Hong Kong　　Bank of China (Hong Kong) Limited (BOCHK) Monday expanded Renminbi (RMB) services in Hong Kong, allowing designated merchants to open RMB accounts and raising maximum limit for locals to exchange and remit the currency.　　Merchants of various business, including retailing, catering, acmodation, transportation, munication, medical services and education, now can open deposit RMB accounts in RMB and exchange their RMB to HK dollars.　　In addition to the enlarged service to businessmen, the bank on Monday also uplifted the limit for personal RMB cash exchange and remittance.　　Hong Kong people now can exchange 20,000 yuan per person per transaction, up from the previous 6,000 yuan, and they can remit 80,000 yuan per person per day, up from the former limit of 50,000.　　The new RMB service in Hong Kong proved the bank39。s determination to further enlarge its RMB business, Deputy Chief Executive of BOCHK David Lam told reporters at a brief ceremony on Monday.　　In view of the anticipated further expansion of RMB business and increasing customer needs, BOCHK is mitted to providing Hong Kong people with the most professional, prehensive and quality RMB services by exploring more diverse and innovative products, he said.　　The bank has reported growing business in Hong Kong over the past two years. The number of ATMs that can provide RMB cash withdrawal has increased from 83 in 2003 to this year39。s 242 in Hong Kong.　　Meanwhile, transactions for RMB cash via ATMs in Hong Kong has increased by 170 percent from May 2004 to October 2005, according to data provided by the bank.　　BOCHK first launched its personal RMB service in Hong Kong on February in 2004.外資銀行人民幣業(yè)務開放提前Foreign banks get to move in early　　China granted foreign banks more freedom to conduct the crucial local currency business yesterday, moving ahead of its marketopening schedule as required by World Trade Organization (WTO) mitments.　　Starting yesterday, foreign banks like HSBC have been able to offer renminbi business to Chinese and foreign businesses and foreign individuals in seven more cities.　　Shantou and Ningbo were opened up in accordance with the nation39。s WTO mitments, while Harbin, Changchun, Lanzhou, Yinchuan and Nanning, which were not on the schedule, were also opened, bringing the total number of cities to 25.　　Meanwhile, the China Banking Regulatory Commission (CBRC) announced a re