中国股市涨跌背后的影子银行

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.

中国影子银行对于在中国经济放缓背景下发放贷款日益小心，它们已转向中国股市，令一些没有受到监管的保证金贷款急剧增加。过去一年里，这些保证金贷款推动中国股市疯狂上涨。

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，监管机构正在打击对股市投资者的影子放贷现象。分析师表示，此举是上周上证综指出现13%跌幅的部分原因，这是该指数2008年全球金融危机以来的最大单周跌幅。

"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.

一位向股市投资者提供灰色市场贷款的重庆影子银行从业人员表示：“资金成本已经上升，资金流已经缩水，交易结构正变得更加复杂。”

"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."

“我们不再处于增长期。情况更像是在过把瘾就死地赚快钱。没人把这当主业。”

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，中国正式启动了券商的融资融券业务试点。2012年，通过成立中国证券金融股份有限公司(China Securities Finance Corporation)，中国扩大了对该计划的实施力度。该公司由国有的证券交易所成立，专门负责向券商提供资金以借给客户。

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.

根据证交所的数据，周三收盘时官方的融资融券余额总计为2.2万亿元人民币（合3540亿美元），大大高于一年前的4030亿元人民币。然而，虽然这种官方批准的融资融券业务监管严格而且相对透明，但对于中国杠杆化的股市投资来说，它们其实只是冰山的一角。

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.

对于券商开展的正规融资融券业务，只有证券户头上现金和股票价值50万元人民币以上的投资者才可以参与。投资者的杠杆上限为，每1元人民币的自有资金，最多可以获得2元人民币贷款。此外，只有特定股票才可用于融资融券交易。

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，在保证金贷款灰色市场的黑暗世界里，却没什么规则可言。保证金贷款的杠杆可以达到5:1或者更高，投资者可以下注的股票也没有限制。

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.

这种杠杆化赌博的资金，主要来自银行和信托公司出售的理财产品。这种理财产品是银行向客户推销的一种结构化存款，作为传统存款的高收益替代品，它还曾催生过2010年开始的中国最初的影子银行热潮。

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.

传统理财产品的背后，是债券、贷款和货币市场工具等信贷资产。许多资金最终都流向了房地产开发商和地方政府基建项目。