<p>作者：Dylan Duan, Samuel Shen 和 Lewis Jackson</p>
<p>上海/北京，2 月 3 日（路透社）- 中国商品交易所本周提高了多种金属合约的保证金要求，这是中国交易所为遏制资产价格剧烈波动而进行的超过两个月行动的最新举措。</p>
<p>中国监管机构在抑制市场剧烈波动方面有着悠久的历史，而此次行动是在自 11 月以来铜、黄金、白银、锂及其他金属价格飙升后进行的，这一过程中伴随着频繁的剧烈回调。</p>
<p>在美国总统特朗普提名新联储主席后，周五再次引发了一波新的波动，导致贵金属经历了数十年来最陡峭的两日跌幅。</p>
<p>上海期货交易所的铜和锡价格分别较周四的高点下跌了 8% 和 18%。</p>
<p>上海期货交易所周二提高了白银的保证金比例，而广州期货交易所则提高了铂金和钯金的价格限制和保证金比例。上海黄金交易所本周已调整了黄金和白银合约的保证金比例三次。</p>
<p>本周几家中国银行也对贵金属市场的波动发出了警告，并提高了相关贷款的保证金比例，包括招商银行和中国银行。</p>
<p>“市场失去了理智，因此人们对繁荣与崩溃感到恐惧，” 上海维提投资咨询有限公司负责人崔荣表示。</p>
<h3>自上涨开始以来的数十次干预</h3>
<p>“与美国或伦敦的海外同行相比，中国交易所可能在此类措施上更为积极，因为监管机构最不希望看到的是巨大的波动烧毁投资者，” 崔补充道。</p>
<p>这些干预措施是自 11 月上涨开始以来监管机构进行的数十次干预中的一部分。</p>
<p>上海期货交易所在 12 月和 1 月对金属市场进行了 22 次干预——从提高保证金要求到限制交易者可以开设的新头寸数量——这一数量超过了前七个月的总和。</p>
<p>提高保证金要求意味着市场参与者需要更高的资本支出，这可能会抑制投机、减少流动性，并促使交易者平仓。</p>
<p>在广州期货交易所（GFEX），作为主要锂合约以及铂金和钯金合约的交易所，官员们在 1 月和 12 月进行了十六次类似的干预，数量超过了去年其余时间的总和。</p>
<p>这些数字是路透社根据两个交易所的官方发布进行的计算。</p>
<h3>波动性持续</h3>
<p>尽管干预措施大幅增加，价格仍然保持波动。广州交易所在 1 月底提高了保证金比例，但价格随后在三天内连续下跌、上涨再下跌，幅度约为 8%，接近每日限制。</p>
<p>上海期货交易所上周一和周三提高了铜和黄金的保证金比例。这些金属的价格在随后的四个交易日内分别下跌了 14% 和 20%。</p>
<p>“中国交易所应该在价格上涨时更积极地收紧保证金要求，” Trinity Synergy Investments 的基金经理袁宇伟表示。</p>
<p>中国交易所加强金属市场干预</p>
<p><img src="https://imageproxy.pbkrs.com/https://reut.rs/4tfXKGA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1420" height="1026" original-src="https://imageproxy.pbkrs.com/https://reut.rs/4tfXKGA"/></p>

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<p>中国商品交易所已提高多种金属合约的保证金要求，以应对显著的价格波动。这一举措是在自 11 月以来，铜、黄金和锂等金属价格大幅上涨并伴随剧烈回调的背景下采取的。近期的干预措施包括提高保证金比例和限制新头寸，仅在 12 月和 1 月，上海期货交易所就进行了 22 次干预。尽管采取了这些措施，市场波动性仍然存在，银行对此发出关于贵金属交易潜在风险的警告</p>

<p>By Dylan Duan, Samuel Shen and Lewis Jackson</p>
<div class="lb-trans"><p>作者：Dylan Duan, Samuel Shen 和 Lewis Jackson</p>
</div><p>SHANGHAI/BEIJING, Feb 3 (Reuters) - Chinese commodity exchanges raised margin requirements across a number of metals contracts this week, the latest moves in a more than two-month campaign by Chinese exchanges to rein in huge price swings in the assets.</p>
<div class="lb-trans"><p>上海/北京，2 月 3 日（路透社）- 中国商品交易所本周提高了多种金属合约的保证金要求，这是中国交易所为遏制资产价格剧烈波动而进行的超过两个月行动的最新举措。</p>
</div><p>Chinese regulators have a long history of trying to curb sharp market swings, and the latest push follows a boom in copper, gold, silver, lithium and other metals since November that has been accompanied by regular sharp corrections.</p>
<div class="lb-trans"><p>中国监管机构在抑制市场剧烈波动方面有着悠久的历史，而此次行动是在自 11 月以来铜、黄金、白银、锂及其他金属价格飙升后进行的，这一过程中伴随着频繁的剧烈回调。</p>
</div><p>A fresh bout of volatility kicked off on Friday after U.S. President Donald Trump’s pick of a new Fed chair sparked the steepest two-day drop in decades in precious metals.</p>
<div class="lb-trans"><p>在美国总统特朗普提名新联储主席后，周五再次引发了一波新的波动，导致贵金属经历了数十年来最陡峭的两日跌幅。</p>
</div><p>Prices for copper and tin on the Shanghai Futures Exchange are also down by 8% and 18%, respectively, from the peaks they set on Thursday.</p>
<div class="lb-trans"><p>上海期货交易所的铜和锡价格分别较周四的高点下跌了 8% 和 18%。</p>
</div><p>The Shanghai Futures Exchange raised margin ratios for silver on Tuesday, while the Guangzhou Futures Exchange lifted price limits and margin ratios for platinum and palladium. The Shanghai Gold Exchange has adjusted margin ratios for gold and silver contracts three times this week.</p>
<div class="lb-trans"><p>上海期货交易所周二提高了白银的保证金比例，而广州期货交易所则提高了铂金和钯金的价格限制和保证金比例。上海黄金交易所本周已调整了黄金和白银合约的保证金比例三次。</p>
</div><p>Several Chinese banks also issued warnings this week about precious metal market volatility and raised margin ratios for related lending, including China Merchants Bank and the Bank of China.</p>
<div class="lb-trans"><p>本周几家中国银行也对贵金属市场的波动发出了警告，并提高了相关贷款的保证金比例，包括招商银行和中国银行。</p>
</div><p>“The market was losing sense, so there’s fear of boom-and-bust,” said Cui Rong, head of Shanghai Weiti Investment Consulting Co.</p>
<div class="lb-trans"><p>“市场失去了理智，因此人们对繁荣与崩溃感到恐惧，” 上海维提投资咨询有限公司负责人崔荣表示。</p>
</div><h3>DOZENS OF INTERVENTIONS SINCE RALLY KICKED OFF</h3>
<div class="lb-trans"><h3>自上涨开始以来的数十次干预</h3>
</div><p>“Compared with overseas counterparts in the U.S. or London, Chinese exchanges are likely more active in such measures as the last thing regulators want to see is huge volatility burning investors,” Cui added.</p>
<div class="lb-trans"><p>“与美国或伦敦的海外同行相比，中国交易所可能在此类措施上更为积极，因为监管机构最不希望看到的是巨大的波动烧毁投资者，” 崔补充道。</p>
</div><p>Those interventions are a handful of the dozens made by regulators since the rally kicked off in November.</p>
<div class="lb-trans"><p>这些干预措施是自 11 月上涨开始以来监管机构进行的数十次干预中的一部分。</p>
</div><p>The Shanghai Futures Exchange intervened 22 times in metals markets in December and January - from raising margin requirements to capping the number of new positions traders can open - more than the previous seven months combined.</p>
<div class="lb-trans"><p>上海期货交易所在 12 月和 1 月对金属市场进行了 22 次干预——从提高保证金要求到限制交易者可以开设的新头寸数量——这一数量超过了前七个月的总和。</p>
</div><p>An increase in margin requirements mandates a higher capital outlay for market participants, which can dampen speculation, reduce liquidity, and push traders to unwind positions.</p>
<div class="lb-trans"><p>提高保证金要求意味着市场参与者需要更高的资本支出，这可能会抑制投机、减少流动性，并促使交易者平仓。</p>
</div><p>At the Guangzhou Futures Exchange (GFEX), home to a major lithium contract as well as platinum and palladium contracts, officials made sixteen similar interventions in January and December, more than the rest of last year combined.</p>
<div class="lb-trans"><p>在广州期货交易所（GFEX），作为主要锂合约以及铂金和钯金合约的交易所，官员们在 1 月和 12 月进行了十六次类似的干预，数量超过了去年其余时间的总和。</p>
</div><p>The numbers are Reuters calculations based on both exchanges’ official releases.</p>
<div class="lb-trans"><p>这些数字是路透社根据两个交易所的官方发布进行的计算。</p>
</div><h3>VOLATILITY CONTINUES</h3>
<div class="lb-trans"><h3>波动性持续</h3>
</div><p>Prices have remained volatile despite the big step up in interventions. The Guangzhou exchange raised margin ratios in late January, only for prices to fall, rise and then fall again by around 8%, just short of the daily limit, over three consecutive days shortly afterwards.</p>
<div class="lb-trans"><p>尽管干预措施大幅增加，价格仍然保持波动。广州交易所在 1 月底提高了保证金比例，但价格随后在三天内连续下跌、上涨再下跌，幅度约为 8%，接近每日限制。</p>
</div><p>The Shanghai Futures Exchange raised margin ratios for copper and gold on Monday and Wednesday last week. Prices for the metals would go on to fall 14% and 20%, respectively, over the four subsequent trading days.</p>
<div class="lb-trans"><p>上海期货交易所上周一和周三提高了铜和黄金的保证金比例。这些金属的价格在随后的四个交易日内分别下跌了 14% 和 20%。</p>
</div><p>“Chinese exchanges should have tightened margin requirements more aggressively when prices were rising,” said Yuan Yuwei, fund manager at Trinity Synergy Investments.</p>
<div class="lb-trans"><p>“中国交易所应该在价格上涨时更积极地收紧保证金要求，” Trinity Synergy Investments 的基金经理袁宇伟表示。</p>
</div><p>Chinese exchanges step up metal market interventions</p>
<div class="lb-trans"><p>中国交易所加强金属市场干预</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://reut.rs/4tfXKGA" alt="" original-src="https://reut.rs/4tfXKGA"/></p>

由于价格波动，中国金属交易所加大了干预力度