中國(guó)收緊黃金進(jìn)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(guó)政府為抑制資本流向國(guó)外，對(duì)黃金進(jìn)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(jìn)口黃金。有些銀行補(bǔ)充稱，此舉與中國(guó)試圖通過收緊美元外流來阻止人民幣走弱的努力有關(guān)。

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(jìn)口受限的同時(shí)，中國(guó)政府也收緊了對(duì)國(guó)企海外交易的限制，這是為了抑制資本外流。資本外流已使人民幣兌美元匯率下跌至八年來最低點(diǎn)。

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(chuàng)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(píng)估中，用于進(jìn)口黃金的配額被降低。銀行也擁有美元配額，在購買黃金時(shí)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(jìn)口受限讓人感到憤怒，因?yàn)槿嗣駧抛哕浱岣吡酥袊?guó)投資者對(duì)黃金的興趣。較低的黃金價(jià)格也引發(fā)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(shù)據(jù)顯示，在過去幾周，配額收緊加上需求上升，導(dǎo)致中國(guó)金價(jià)較國(guó)際金價(jià)高出多達(dá)46美元。正常溢價(jià)水平約為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，為了降低溢價(jià)，中國(guó)的銀行被允許在配額內(nèi)使用離岸人民幣進(jìn)口黃金。萬得資訊的數(shù)據(jù)顯示，盡管溢價(jià)仍很高，但上海黃金交易所(SGE)的黃金溢價(jià)已跌至26美元。

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

中國(guó)央行(PBoC)沒有立即回復(fù)記者的置評(píng)請(qǐng)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(jìn)口限制持續(xù)下去，這可能使中國(guó)向國(guó)際貿(mào)易商開放黃金市場(chǎng)的行動(dòng)遭到質(zhì)疑。作為世界上最大的黃金消費(fèi)國(guó)，中國(guó)已逐漸對(duì)金價(jià)有了更大的發(fā)言權(quán)。

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(guó)的出口數(shù)據(jù)顯示，今年前9個(gè)月，中國(guó)黃金進(jìn)口量約為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(guó)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(jìn)口許可證。中國(guó)通過季度配額制度對(duì)黃金進(jìn)口實(shí)行控制。一年后，中國(guó)央行批準(zhǔn)上海金交所設(shè)立國(guó)際板，向外國(guó)投資者開放了市場(chǎng)。

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(jià)合約——類似于倫敦在銀行之間的黃金定價(jià)方法。10月份，澳新銀行開始參與基準(zhǔn)價(jià)定價(jià)。

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

“這就像前進(jìn)一步，倒退三步，”一位國(guó)際銀行家在談到黃金進(jìn)口限制時(shí)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(guó)已對(duì)黃金出口設(shè)限——意味著國(guó)內(nèi)金價(jià)可能低于全球金價(jià)——進(jìn)一步限制了本國(guó)市場(chǎng)與世界其他地區(qū)市場(chǎng)之間的融合。