中国遏制大宗商品投机

 China has moved to clamp down on excessive speculation¹ in commodities after weeks of frenzied² trading boosted prices and ignited fears of another bubble in its domestic markets. 

中国已采取措施遏制大宗商品市场的过度投机。连续数周来的疯狂交易推高了大宗商品价格，引燃了人们对于中国市场又将滋生一个泡沫的担心。

Activity on China’s largest commodity exchanges has surged in recent days with turnover³ in a key steel contract exceeding the combined volume of the Shanghai and Shenzhen stock exchanges on one day last week.

中国几家最大的大宗商品交易所近来成交额飙升。上周某日，一种钢材期货主力合约的成交额超过上海和深圳证券交易所成交额之和。

中国遏制大宗商品投机

Investors⁵ around the world have zeroed in on the latest trading binge as the prices of many commodities have risen sharply, with iron ore gaining almost a third in just two weeks. Cash has started to flow into raw materials in part because Chinese officials imposed curbs⁷ on equities⁸ trading last year.

世界各地的投资者已经开始注意这股最新的交易热潮。许多大宗商品的价格近来大幅上升，铁矿石价格在短短两周上涨近三分之一。资金开始流入原材料的部分原因是中国去年出台了针对股票交易的限制措施。

“China’s latest speculative⁹ spike¹⁰ has stunned¹¹ global markets,” said Tom Price., a Morgan Stanley analyst¹².

“中国最新的投机热潮震惊全球市场，”摩根士丹利(Morgan Stanley)分析师汤姆?普赖斯(Tom Price)表示。

Shanghai steel futures¹³ have risen more than 50 per cent this year and more than a fifth this month. Iron ore traded on the Dalian Commodity Exchange hit its highest level since September 2014 last week.

上海钢材期货价格今年以来上涨逾50%，本月涨幅就超过五分之一。在大连商品交易所(Dalian Commodity Exchange)交易的铁矿石上周触及自2014年9月以来最高的价位。

The surge led China’s largest commodity trading venues¹⁴ — the Shanghai Futures Exchange, Dalian Commodity Exchange and Zhengzhou Commodities Exchange — to curb⁶ activity by lifting transaction costs, margins¹⁵ and daily trading limits on some contracts.

这股飙涨行情已促使中国最大的几家大宗商品交易场所——上海期货交易所(Shanghai Futures Exchange)、大连商品交易所和郑州商品交易所(Zhengzhou Commodities Exchange)——上调交易成本、保证金以及针对某些合约的每日交易限制，以求遏制交易活动。 

Pricing power for the world’s most important raw materials has shifted east during a decade of economic growth that has transformed China into the largest importer of almost every commodity. Now almost half of the world’s most active commodity derivatives¹⁶ are traded on Chinese exchanges 

近10年来的经济增长使中国成为几乎所有大宗商品的最大进口国，全球各种重要原材料的定价权也随之东移。如今，世界上交易最活跃的大宗商品衍生品有近一半在中国的交易所交易。

Analysts¹⁷ said the trigger for increased speculative interest in commodities was a credit surge engineered by Chinese policymakers this year to prop¹⁸ up the economy and its currency. 

分析师们表示，对大宗商品的投机兴趣提高，导火索是中国政策制定者今年为了支撑经济和人民币汇率而设计的一场信贷激增。

This led to a pick-up in construction activity and stoked investor⁴ appetite for ways to bet on the Chinese economy. Beijing imposed draconian¹⁹ rules on equities last year as fears of a slowing economy triggered a sell-off.

信贷激增导致建筑活动回升，并吊起了投资者的胃口，鼓励他们想方设法对中国经济押注。去年对经济放缓的担忧引发股市抛售潮之后，北京方面针对股票交易出台了严厉规则。

Chinese speculators seem “to have decided²⁰ the big credit figures that came out two weeks ago were a green light to get levered up”, Michael Coleman, co-founder of RCMA Asset Management in Singapore,

新加坡RCMA Asset Management的联合创始人迈克尔?科尔曼(Michael Coleman)表示，中国投机者似乎“已认定，两周前发布的巨大信贷数据是加杠杆的绿灯”。

 “They don’t want to buy the stock market because all of the curbs that are in place and seem to have taken the view that commodities are really cheap.”

“由于现行的各种限制措施，他们不想在股市买入股票，而似乎认为大宗商品真的很便宜。”

Some traders fear higher trading costs could lead to a rapid unwinding of speculative positions. Shanghai steel prices slipped 0.3 per cent yesterday, while iron ore futures also closed lower.

一些交易商担心，较高的交易成本可能导致投机头寸迅速平仓。上海钢材价格昨日下跌0.3%，而铁矿石期货亦收低。

1 speculation   

n.思索，沉思；猜测；投机

参考例句：

• Her mind is occupied with speculation.她的头脑忙于思考。
• There is widespread speculation that he is going to resign.人们普遍推测他要辞职。

2 frenzied   

a.激怒的；疯狂的

参考例句：

• Will this push him too far and lead to a frenzied attack? 这会不会逼他太甚，导致他进行疯狂的进攻？
• Two teenagers carried out a frenzied attack on a local shopkeeper. 两名十几岁的少年对当地的一个店主进行了疯狂的袭击。

3 turnover   

n.人员流动率，人事变动率；营业额，成交量

参考例句：

• The store greatly reduced the prices to make a quick turnover.这家商店实行大减价以迅速周转资金。
• Our turnover actually increased last year.去年我们的营业额竟然增加了。

4 investor   

n.投资者，投资人

参考例句：

• My nephew is a cautious investor.我侄子是个小心谨慎的投资者。
• The investor believes that his investment will pay off handsomely soon.这个投资者相信他的投资不久会有相当大的收益。

5 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

6 curb   

n.场外证券市场，场外交易；vt.制止，抑制

参考例句：

• I could not curb my anger.我按捺不住我的愤怒。
• You must curb your daughter when you are in church.你在教堂时必须管住你的女儿。

7 curbs   

v.限制，克制，抑制( curb的第三人称单数 )

参考例句：

• In executing his functions he is not bound by any legal curbs on his power. 在他履行职务时，他的权力是不受任何法律约束的。 来自辞典例句
• Curbs on air travel were being worked out and would shortly be announced. 限制航空旅行的有关规定正在拟定中，不久即将公布。 来自辞典例句

8 equities   

普通股，股票

参考例句：

• These are invested mainly in the OECD bonds and equities. 这些资产主要投资于经济合作及发展组织的债券与股票市场。
• They are also advantage of the global rebound in equities. 它们还在利用全球股市反弹的机会。

9 speculative   

adj.思索性的，暝想性的，推理的

参考例句：

• Much of our information is speculative.我们的许多信息是带推测性的。
• The report is highly speculative and should be ignored.那个报道推测的成分很大，不应理会。

10 spike   

n.长钉，钉鞋；v.以大钉钉牢，使...失效

参考例句：

• The spike pierced the receipts and held them in order.那个钉子穿过那些收据并使之按顺序排列。
• They'll do anything to spike the guns of the opposition.他们会使出各种手段来挫败对手。

11 stunned   

adj. 震惊的，惊讶的 动词stun的过去式和过去分词

参考例句：

• The fall stunned me for a moment. 那一下摔得我昏迷了片刻。
• The leaders of the Kopper Company were then stunned speechless. 科伯公司的领导们当时被惊得目瞪口呆。

12 analyst   

n.分析家，化验员；心理分析学家

参考例句：

• What can you contribute to the position of a market analyst?你有什么技能可有助于市场分析员的职务？
• The analyst is required to interpolate values between standards.分析人员需要在这些标准中插入一些值。

13 futures   

n.期货，期货交易

参考例句：

• He continued his operations in cotton futures.他继续进行棉花期货交易。
• Cotton futures are selling at high prices.棉花期货交易的卖价是很高的。

14 venues   

n.聚集地点( venue的名词复数 )；会场；（尤指）体育比赛场所；犯罪地点

参考例句：

• The band will be playing at 20 different venues on their UK tour. 这个乐队在英国巡回演出期间将在20个不同的地点演出。
• Farmers market corner, 800 meters long, 60 meters wide livestock trading venues. 农牧市场东北角，有长800米，宽60米的牲畜交易场地。 来自互联网

15 margins   

边( margin的名词复数 )； 利润； 页边空白； 差数

参考例句：

• They have always had to make do with relatively small profit margins. 他们不得不经常设法应付较少的利润额。
• To create more space between the navigation items, add left and right margins to the links. 在每个项目间留更多的空隙，加左或者右的margins来定义链接。

16 derivatives   

n.衍生性金融商品；派生物，引出物( derivative的名词复数 )；导数

参考例句：

• Many English words are derivatives of Latin words. 许多英语词来自拉丁语。 来自《简明英汉词典》
• These compounds are nitrosohydroxylamine derivatives. 这类合成物是亚硝基羟胺衍生物。 来自辞典例句

17 analysts   

分析家，化验员( analyst的名词复数 )

参考例句：

• City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
• I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。

18 prop   

vt.支撑；n.支柱，支撑物；支持者，靠山

参考例句：

• A worker put a prop against the wall of the tunnel to keep it from falling.一名工人用东西支撑住隧道壁好使它不会倒塌。
• The government does not intend to prop up declining industries.政府无意扶持不景气的企业。

19 draconian   

adj.严苛的；苛刻的；严酷的；龙一样的

参考例句：

• You can't expect the people to obey such draconian regulations.你不能指望人民服从如此严苛的规定。
• The city needs a draconian way of dealing with robbers.这个城市需要一个严苛的办法来对付强盗。

20 decided   

adj.决定了的，坚决的；明显的，明确的

参考例句：

• This gave them a decided advantage over their opponents.这使他们比对手具有明显的优势。
• There is a decided difference between British and Chinese way of greeting.英国人和中国人打招呼的方式有很明显的区别。