中國收緊黃金進口以抑制美元流出

China has curbed gold imports in the wake of government attempts to clamp down on capital leaving the country, according to traders and bankers.

交易員和銀行家表示，中國政府爲抑制資本流向國外，對黃金進口做出了限制。

Some banks with licences have recently had difficulty obtaining approval to import gold, they said — a move tied to China’s attempts to stop a weakening renminbi by tightening outflows of dollars, the banks added.

他們表示，最近一些擁有許可證的銀行很難獲批進口黃金。有些銀行補充稱，此舉與中國試圖通過收緊美元外流來阻止人民幣走弱的努力有關。

The hit to gold imports comes as China tightens restrictions on overseas deals by state-owned companies in an effort to limit capital outflows that has seen the renminbi fall to its lowest against the dollar in eight years.

黃金進口受限的同時，中國政府也收緊了對國企海外交易的限制，這是爲了抑制資本外流。資本外流已使人民幣兌美元匯率下跌至八年來最低點。

The renminbi has slipped 5.8 per cent against the greenback this year, on track for its worst year on record.

今年人民幣兌美元匯率下跌了5.8%，創下歷史上行情最糟糕的一年。

Quotas for importing gold have been cut during quarterly assessments this year. Banks also have dollar quotas, some of which must be used when buying gold.

在今年的季度評估中，用於進口黃金的配額被降低。銀行也擁有美元配額，在購買黃金時必須使用部分份額。

The limits on imports bite as the weakening renminbi raises Chinese investors’ interest in gold. Lower gold prices have also triggered more buying.

黃金進口受限讓人感到憤怒，因爲人民幣走軟提高了中國投資者對黃金的興趣。較低的黃金價格也引發了更多買入。

The combination of tighter quotas and an uptick in demand caused the premium for gold in China over the international gold price to jump as high as $46 in the past few weeks, according to data from Wind Information. Normal levels are about $2 to $4.

萬得資訊(Wind Information)的數據顯示，在過去幾周，配額收緊加上需求上升，導致中國金價較國際金價高出多達46美元。正常溢價水平約爲2到4美元。

In an effort to ease that premium, Chinese banks have been allowed to import gold under their quotas using the offshore renminbi, one banker said. Although still high, the premium for gold on the Shanghai Gold Exchange has since fallen to $26, according to Wind data.

一位銀行家表示，爲了降低溢價，中國的銀行被允許在配額內使用離岸人民幣進口黃金。萬得資訊的數據顯示，儘管溢價仍很高，但上海黃金交易所(SGE)的黃金溢價已跌至26美元。

The People’s Bank of China did not immediately respond to a request for comment.

中國央行(PBoC)沒有立即回覆記者的置評請求。

If the restrictions on imports are sustained that could raise questions about China’s moves to open its gold market to international traders. The world’s largest consumer of the precious metal has moved to have a greater voice over the price of gold.

如果黃金進口限制持續下去，這可能使中國向國際貿易商開放黃金市場的行動遭到質疑。作爲世界上最大的黃金消費國，中國已逐漸對金價有了更大的發言權。

China imported about 905 tonnes of gold in the first nine months of this year, according to export data from Hong Kong, Switzerland, Australia and the UK, the main traditional sources. Much of that is normally re-exported as jewellery.

來自香港、瑞士、澳大利亞和英國的出口數據顯示，今年前9個月，中國黃金進口量約爲905噸。其中，大部分黃金通常以珠寶形式再出口。

In 2013, China awarded three foreign banks — HSBC, Standard Chartered and ANZ — licences to import gold, which it controls via the quarterly quota system. A year later, the PBoC allowed the Shanghai Gold Exchange to set up an international board to open the market to foreign investors.

2013年，中國向三家外資銀行——匯豐銀行(HSBC)、渣打銀行(Standard Chartered)和澳新銀行（ANZ）授予了黃金進口許可證。中國通過季度配額制度對黃金進口實行控制。一年後，中國央行批准上海金交所設立國際板，向外國投資者開放了市場。

This year the SGE also launched a daily gold-pricing auction, similar to the process run in London between banks. In October ANZ started to participate in benchmark auction.

今年，上海金交所還推出了上海金集中定價合約——類似於倫敦在銀行之間的黃金定價方法。10月份，澳新銀行開始參與基準價定價。

“It’s like one step forward and three steps backwards,” one international banker said about the import restrictions.

“這就像前進一步，倒退三步，”一位國際銀行家在談到黃金進口限制時表示。

China already restricts exports of gold, which means local prices can trade at a discount to global ones, further limiting the integration of its market with the rest of the world.

中國已對黃金出口設限——意味着國內金價可能低於全球金價——進一步限制了本國市場與世界其他地區市場之間的融合。