配資助推中國大宗商品期貨繁榮
Chinese hedge funds are providing margin finance for leveraged bets on the country’s booming commodity futures market, in an echo of the practices that led to last year's stock market boom and bust.
中國的對衝基金正在提供保證金融資，使投資者可以對該國火爆的大宗商品市場進行槓桿化押注。這跟去年曾導致股市繁榮與蕭條的做法很相似。
Futures prices for the so-called ferrous complex of steel, iron ore, coking coal and coke have risen sharply this year as Chinese fiscal and monetary stimulus has produced a revival of construction activity in real estate and infrastructure.
由於中國的財政和貨幣刺激政策導致了房地產和基礎設施建設活動的復甦，所以今年鋼材、鐵礦石、焦煤和焦炭等鐵相關商品的期貨價格大幅上漲。
Rising commodity prices have in turn fuelled speculation in the futures markets. Turnover for front month coking coal futures traded in Dalian hit Rmb1.2tn in October, the second-largest month on record behind April, when China was first gripped by a commodities mania.
這些大宗商品價格上漲反過來刺激了期貨市場的投機。10月，大連商品交易所即月焦煤期貨成交量達到760萬，爲今年成交量第三大的月份，排在3月和4月之後。三、四兩個月份，中國第一次出現大宗商品熱潮。
Commodity trading has surged in China as retail investors, rich individuals and wealth managers use the sector as a quick and easy way to place leveraged bets on the domestic economy or government reforms.
中國大宗商品交易量發生激增，因爲散戶投資者、富裕人士和財富管理機構都把該行業作爲對國內經濟或政府改革進行槓桿化押注的一條快速、簡捷的途徑。
The surge in speculation activity has rattled global commodity markets, causing a sharp run-up in the price of raw materials such as steel and iron ore futures. That has astonished western trading houses and analysts accustomed to following the fundamentals of supply and demand.
投機活動激增爲全球大宗商品市場帶來了波動，造成原材料（如鋼鐵和鐵礦石期貨）價格的大幅上漲。這讓習慣於追蹤供求基本面的西方交易機構和分析師感到震驚。
Some hedge funds are also using structured investment products to provide margin loans to investors looking to ride the futures boom. Hedge funds generally buy the senior tranche, which promises a fixed return. Others buy the subordinate tranche, putting up some of their money as margin and borrowing funds from the senior tranche to enlarge the investment.
有些對衝基金也在使用結構化投資產品，爲期待從期貨繁榮中分一杯羹的投資者提供保證金貸款。對衝基金通常購買承諾固定收益的優先級份額。其他人購買劣後份額，使用他們的部分資金作爲保證金，從優先級份額中借入資金，以擴大投資規模。
Providing financing for retail investors also represents a change of tack by Chinese hedge funds which in 2015 roiled global commodity markets directly with several well timed attacks on metals such as copper.
爲散戶投資者提供融資，也體現了中國對衝基金的策略變化。2015年，中國對衝基金對銅等金屬發起了幾次時機把握得很好的攻擊，直接攪動了全球大宗商品市場。
A hedge fund manager in Shanghai said: “These are hedge funds looking for fixed returns. They’re not familiar with commodities, so strategy looks good to them. Someone else takes the big risk.”
上海的一名對衝基金經理說：“這些是尋求固定收益的對衝基金。他們不熟悉大宗商品，所以策略看起來很合適他們。讓別人去承擔巨大的風險。”
But this form of margin lending, known in Chinese as peizi, mirrors the type of shadow bank-style margin financing that helped fuel the Chinese stock market boom last year. Once the market turned, margin calls amplified losses as investors were forced to liquidate their holdings to repay loans.
但是這種形式的保證金貸款——中文稱爲“配資”——類似於去年推動中國股市繁榮的那種影子銀行式融資。一旦市場轉向，追加保證金的要求就放大了投資者的損失，因爲投資者被迫平倉以償還借款。
Regulated margin lending through securities brokerages for stock market investment caps leverage at Rmb2 of borrowed funds for every Rmb1 of the investor’s own money. The 21st century Business Herald reported on Wednesday that peizi for commodity futures investment can reach as high as 4:1.
用通過券商獲得的合法保證金融資來投資股市，最高槓杆爲兩倍。《21世紀經濟報道》(21st Century Business Herald)週三報道稱，通過配資渠道投資商品期貨的槓桿可能高達4倍。
An official at the National Development and Reform Commission, China’s top economic planner, told state media this week that recent increases in coal prices are “irrational”, citing speculation as one explanation.
本週，中國最高經濟規劃機構國家發改委(NDRC)的一位官員對國有媒體表示，近期煤炭價格的上漲是“非理性的”，並把投機引述爲其中一個原因。
A trader at a futures brokerage in Shanghai said: “The speculative element in the market is very big right now. End users and those trying to do hedging are getting killed.”
上海某期貨經紀公司的一名交易員說：“目前市場上的投機色彩非常重。最終用戶和那些試圖做套期保值的人被害慘。”
Margin finance is not the only reason for the rise in futures prices this year. The government’s campaign of “supply-side reform”, which is focused on shutting down excess capacity in steel, coal and non-ferrous metals, is also playing an important role. Regulators are controlling issuance of structured investment products more tightly given the role of peizi in last year’s stock boom.
保證金融資並不是今年期貨價格上漲的唯一原因。中國政府的“供給側改革”舉措也發揮了重要作用。此項改革的重點是去除鋼鐵、煤炭和有色金屬的過剩產能。鑑於配資在去年的股票繁榮中所起的作用，監管機構已開始更嚴格地控制結構化投資產品的發行。
Equally important, say analysts, is the wave of money sloshing through the financial system in search of decent returns. The mainland stock market has mostly traded sideways this year following last year’s boom turned bust, with the appeal of equities also undermined by sharp rises in bonds and real estate.
分析師們說，同樣重要的是，金融體系中存在的那股正尋找像樣回報的資金潮。今年中國內地股市基本都在橫向盤整，債券和房地產價格的急劇上漲也削弱了股票的吸引力。
Wang Hong Ying, director of the China Financial Derivatives Investment Institute, said: “Interest rates are in a downward cycle. Lots of idle funds can’t fund good investment channels. When this money enters a market where supply and demand are already out of balance, it will push up prices for ferrous complex futures.”
中國金融衍生品投資研究院(China Financial Derivatives Investment Institute)院長王紅英表示：“當前利率處於下行週期。大量閒置資金找不到好的投資渠道。隨着這些資金進入一個供求原本就已失衡的市場，它將推高鐵相關商品的期貨合約的價格。”
