<p>作者：Dylan Duan, Samuel Shen 和 Lewis Jackson</p>
<p>上海/北京，2 月 3 日（路透社）- 中國商品交易所本週提高了多種金屬合約的保證金要求，這是中國交易所為遏制資產價格劇烈波動而進行的超過兩個月行動的最新舉措。</p>
<p>中國監管機構在抑制市場劇烈波動方面有着悠久的歷史，而此次行動是在自 11 月以來銅、黃金、白銀、鋰及其他金屬價格飆升後進行的，這一過程中伴隨着頻繁的劇烈回調。</p>
<p>在美國總統特朗普提名新聯儲主席後，週五再次引發了一波新的波動，導致貴金屬經歷了數十年來最陡峭的兩日跌幅。</p>
<p>上海期貨交易所的銅和錫價格分別較週四的高點下跌了 8% 和 18%。</p>
<p>上海期貨交易所週二提高了白銀的保證金比例，而廣州期貨交易所則提高了鉑金和鈀金的價格限制和保證金比例。上海黃金交易所本週已調整了黃金和白銀合約的保證金比例三次。</p>
<p>本週幾家中國銀行也對貴金屬市場的波動發出了警告，並提高了相關貸款的保證金比例，包括招商銀行和中國銀行。</p>
<p>“市場失去了理智，因此人們對繁榮與崩潰感到恐懼，” 上海維提投資諮詢有限公司負責人崔榮表示。</p>
<h3>自上漲開始以來的數十次干預</h3>
<p>“與美國或倫敦的海外同行相比，中國交易所可能在此類措施上更為積極，因為監管機構最不希望看到的是巨大的波動燒燬投資者，” 崔補充道。</p>
<p>這些干預措施是自 11 月上漲開始以來監管機構進行的數十次干預中的一部分。</p>
<p>上海期貨交易所在 12 月和 1 月對金屬市場進行了 22 次干預——從提高保證金要求到限制交易者可以開設的新頭寸數量——這一數量超過了前七個月的總和。</p>
<p>提高保證金要求意味着市場參與者需要更高的資本支出，這可能會抑制投機、減少流動性，並促使交易者平倉。</p>
<p>在廣州期貨交易所（GFEX），作為主要鋰合約以及鉑金和鈀金合約的交易所，官員們在 1 月和 12 月進行了十六次類似的干預，數量超過了去年其餘時間的總和。</p>
<p>這些數字是路透社根據兩個交易所的官方發佈進行的計算。</p>
<h3>波動性持續</h3>
<p>儘管干預措施大幅增加，價格仍然保持波動。廣州交易所在 1 月底提高了保證金比例，但價格隨後在三天內連續下跌、上漲再下跌，幅度約為 8%，接近每日限制。</p>
<p>上海期貨交易所上週一和週三提高了銅和黃金的保證金比例。這些金屬的價格在隨後的四個交易日內分別下跌了 14% 和 20%。</p>
<p>“中國交易所應該在價格上漲時更積極地收緊保證金要求，” Trinity Synergy Investments 的基金經理袁宇偉表示。</p>
<p>中國交易所加強金屬市場干預</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>中國商品交易所已提高多種金屬合約的保證金要求，以應對顯著的價格波動。這一舉措是在自 11 月以來，銅、黃金和鋰等金屬價格大幅上漲並伴隨劇烈回調的背景下采取的。近期的干預措施包括提高保證金比例和限制新頭寸，僅在 12 月和 1 月，上海期貨交易所就進行了 22 次干預。儘管採取了這些措施，市場波動性仍然存在，銀行對此發出關於貴金屬交易潛在風險的警告</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）- 中國商品交易所本週提高了多種金屬合約的保證金要求，這是中國交易所為遏制資產價格劇烈波動而進行的超過兩個月行動的最新舉措。</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>中國監管機構在抑制市場劇烈波動方面有着悠久的歷史，而此次行動是在自 11 月以來銅、黃金、白銀、鋰及其他金屬價格飆升後進行的，這一過程中伴隨着頻繁的劇烈回調。</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>在美國總統特朗普提名新聯儲主席後，週五再次引發了一波新的波動，導致貴金屬經歷了數十年來最陡峭的兩日跌幅。</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>上海期貨交易所的銅和錫價格分別較週四的高點下跌了 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>上海期貨交易所週二提高了白銀的保證金比例，而廣州期貨交易所則提高了鉑金和鈀金的價格限制和保證金比例。上海黃金交易所本週已調整了黃金和白銀合約的保證金比例三次。</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>本週幾家中國銀行也對貴金屬市場的波動發出了警告，並提高了相關貸款的保證金比例，包括招商銀行和中國銀行。</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>“市場失去了理智，因此人們對繁榮與崩潰感到恐懼，” 上海維提投資諮詢有限公司負責人崔榮表示。</p>
</div><h3>DOZENS OF INTERVENTIONS SINCE RALLY KICKED OFF</h3>
<div class="lb-trans"><h3>自上漲開始以來的數十次干預</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>“與美國或倫敦的海外同行相比，中國交易所可能在此類措施上更為積極，因為監管機構最不希望看到的是巨大的波動燒燬投資者，” 崔補充道。</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>這些干預措施是自 11 月上漲開始以來監管機構進行的數十次干預中的一部分。</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>上海期貨交易所在 12 月和 1 月對金屬市場進行了 22 次干預——從提高保證金要求到限制交易者可以開設的新頭寸數量——這一數量超過了前七個月的總和。</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>提高保證金要求意味着市場參與者需要更高的資本支出，這可能會抑制投機、減少流動性，並促使交易者平倉。</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>在廣州期貨交易所（GFEX），作為主要鋰合約以及鉑金和鈀金合約的交易所，官員們在 1 月和 12 月進行了十六次類似的干預，數量超過了去年其餘時間的總和。</p>
</div><p>The numbers are Reuters calculations based on both exchanges’ official releases.</p>
<div class="lb-trans"><p>這些數字是路透社根據兩個交易所的官方發佈進行的計算。</p>
</div><h3>VOLATILITY CONTINUES</h3>
<div class="lb-trans"><h3>波動性持續</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>儘管干預措施大幅增加，價格仍然保持波動。廣州交易所在 1 月底提高了保證金比例，但價格隨後在三天內連續下跌、上漲再下跌，幅度約為 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>上海期貨交易所上週一和週三提高了銅和黃金的保證金比例。這些金屬的價格在隨後的四個交易日內分別下跌了 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>“中國交易所應該在價格上漲時更積極地收緊保證金要求，” Trinity Synergy Investments 的基金經理袁宇偉表示。</p>
</div><p>Chinese exchanges step up metal market interventions</p>
<div class="lb-trans"><p>中國交易所加強金屬市場干預</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://reut.rs/4tfXKGA" alt="" original-src="https://reut.rs/4tfXKGA"/></p>

由於價格波動，中國金屬交易所加大了干預力度