中国某些骨干企业会跌入美元债的深渊吗?很可能!在2005年人民币升值(美元贬值)之前,很少有中国企业发行美元债券,即借美元贷款。那时借钱,如果是每年5%的利息,在6年后归还,由于人民币对美元升值了36%,借款中企实际几乎不用支付任何利息——因为人民币升值的汇率收益实际抵消了借贷利息。而今,在国际投资主流普遍认为人民币对美元即将进入贬值周期前夜,中国企业却向外资银行和资本市场借入了巨量美元债。据Quartz援引的数据,2012年第四季度,中国企业在美日欧银行的外币贷款仅为380亿美元,但 Some Chinese key enterprises will fall into the abyss of the dollar debt? Probably! Before the appreciation of the renminbi (devaluation of the dollar) in 2005, few Chinese companies issued dollar bonds, that is, they borrowed from the U.S. dollar. At that time, if the interest is 5% per annum, it will be returned after 6 years. As the RMB appreciates 36% against the U.S. dollar, the borrower actually seldom pays any interest because the exchange rate appreciation of Renminbi actually offset the borrowing interest . Nowadays, on the eve of the cyclical devaluation between the renminbi and the U.S. dollar as the mainstream of international investment, Chinese enterprises have borrowed huge amounts of dollar bonds from foreign-funded banks and capital markets. According to data quoted by Quartz, in the fourth quarter of 2012, foreign-currency loans of Chinese enterprises in the United States, Japan and Europe were only 38 billion U.S. dollars,