How frustrating. Two markets for the same asset – the renminbi – have produced a classic arbitrage, but only a handful of companies can take advantage of it. The dollar is worth Rmb6.398 in the onshore, tightly controlled market. In Hong Kong’s fast-growing offshore centre, it has spiked to Rmb6.457. The spread between the two rates has narrowed slightly from a record last week of 1.9 per cent but at 0.9 per cent, it is well above its 0.3 per cent average for this year.
真是讓人鬱悶。同一種資產（人民幣）的兩個市場湧現了經典的套利機會，但只有寥寥數家公司能夠利用這種機會。在受到嚴格管控的在岸市場，1美元兌6.398元人民幣。而在香港這個快速成長的離岸中心，1美元能換到6.457元人民幣。這兩種匯率之間的利差，已從上週1.9%的創紀錄水準略有收窄，但仍達到0.9%，遠高於今年0.3%的平均值。
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