中國股市漲跌背後的影子銀行

China's shadow banks, increasingly wary of lending into a slowing economy, have turned to the stock market, fuelling a surge in unregulated margin lending that has driven the market's dizzying gains over the past year.

中國影子銀行對於在中國經濟放緩背景下發放貸款日益小心，它們已轉向中國股市，令一些沒有受到監管的保證金貸款急劇增加。過去一年裏，這些保證金貸款推動中國股市瘋狂上漲。

Now regulators are cracking down on shadow lending to stock investors, a campaign analysts say is partly to blame for last week's 13 per cent fall in the Shanghai Composite Index — the largest weekly drop since the global financial crisis in 2008.

目前，監管機構正在打擊對股市投資者的影子放貸現象。分析師表示，此舉是上週上證綜指出現13%跌幅的部分原因，這是該指數2008年全球金融危機以來的最大單週跌幅。

"The price of funds has increased, the flow has shrunk, and transaction structures are getting more complicated," says a Chongqing-based shadow banker who provides grey-market loans to stock investors.

一位向股市投資者提供灰色市場貸款的重慶影子銀行從業人員表示：“資金成本已經上升，資金流已經縮水，交易結構正變得更加複雜。”

"We're no longer in a growth period. It's more like, feed the addiction until you die, earn fast money. No one treats this as their main career."

“我們不再處於增長期。情況更像是在過把癮就死地賺快錢。沒人把這當主業。”

China officially launched margin trading by securities brokerages as a pilot project in 2010. It expanded the programme in 2012 with the creation of the China Securities Finance Corp, established by the state-backed stock exchanges specifically to provide funds for brokerages to lend to clients.

2010年，中國正式啓動了券商的融資融券業務試點。2012年，通過成立中國證券金融股份有限公司(China Securities Finance Corporation)，中國擴大了對該計劃的實施力度。該公司由國有的證券交易所成立，專門負責向券商提供資金以借給客戶。

Official margin lending totalled Rmb2.2tn ($354bn) as of Wednesday's close, up from Rmb403bn a year earlier, according stock exchange figures. Yet this officially sanctioned margin lending, which is tightly regulated and relatively transparent, is only the tip of the iceberg for Chinese leveraged stock investing.

根據證交所的數據，週三收盤時官方的融資融券餘額總計爲2.2萬億元人民幣（合3540億美元），大大高於一年前的4030億元人民幣。然而，雖然這種官方批准的融資融券業務監管嚴格而且相對透明，但對於中國槓桿化的股市投資來說，它們其實只是冰山的一角。

For standardised margin lending by brokerages, only investors with cash and stock worth Rmb500,000 in their securities accounts may participate. Leverage is capped at Rmb2 in loans for every Rmb1 of the investor's own funds, and only certain stocks are eligible for margin trading.

對於券商開展的正規融資融券業務，只有證券戶頭上現金和股票價值50萬元人民幣以上的投資者纔可以參與。投資者的槓桿上限爲，每1元人民幣的自有資金，最多可以獲得2元人民幣貸款。此外，只有特定股票纔可用於融資融券交易。

In the murky world of grey-market margin lending, however, few rules apply. Leverage can reach 5:1 or higher, and there are no limits on which shares investors can bet on.

然而，在保證金貸款灰色市場的黑暗世界裏，卻沒什麼規則可言。保證金貸款的槓桿可以達到5:1或者更高，投資者可以下注的股票也沒有限制。

The money for these leveraged bets comes mainly from wealth management products sold by banks and trust companies. WMPs, a form of structured deposit that banks market to customers as a higher-yielding alternative to traditional savings deposits, also spurred China's original shadow banking boom beginning in 2010.

這種槓桿化賭博的資金，主要來自銀行和信託公司出售的理財產品。這種理財產品是銀行向客戶推銷的一種結構化存款，作爲傳統存款的高收益替代品，它還曾催生過2010年開始的中國最初的影子銀行熱潮。

Traditional WMPs are backed by credit assets such as bonds, loans and money-market instruments. Ultimately much of the funds have flowed to property developers and local-government infrastructure projects.

傳統理財產品的背後，是債券、貸款和貨幣市場工具等信貸資產。許多資金最終都流向了房地產開發商和地方政府基建項目。