錢荒讓少數精明投資者看到機會
Wang Wei and his colleagues at Haitong Securities sent out text messages on Friday to more than 4,000 customers. The subject: How to cash in on China's cash squeeze.
海通證券(Haitong Securities)的王偉（音）和他的同事們上週五向4,000多名客戶發出了主題爲“如何利用中國的錢荒賺錢”的短信。'We have been looking closely at the reverse repo market since last month,' said Mr. Wang, the Shanghai-based investment consultant, referring to the instruments traded on China's interbank market. He said he also advised about 50 friends to jump in.
駐上海的投資顧問王偉表示，自上個月以來他們一直在密切關注逆回購市場。他指的是中國銀行間市場上交易的工具。他稱，已經建議大概50個朋友投資這一市場。One was Ouyang Fujie, a futures trader based in Shanghai. He said Thursday he made a gain of 328 yuan on a 500,000 yuan investment in securities tied to the Chinese interbank market. Multiplied over 365 days, he crowed publicly on his microblog account, that would represent an annual return of about 24%. 'I'm going to buy it every day,' he said.
其中一位是駐上海的期貨交易員歐陽傅傑（音）。他上週四表示，通過人民幣50萬元的中國銀行間市場掛鉤證券投資獲利328元。他在微博賬號上公開表示，按照這個收益率計算，一年的回報率將在24%左右。他表示，每天都會買進一些。
China's cash crunch has whipsawed stock and bond markets and exposed flaws in China's creaky financial system. But for a few savvy investors in a Chinese market where returns can be spare, the crunch is also an opportunity to profit. Banks are seeking cash from any source they can find, driving up yields in a number of markets including those accessible to China's legions of retail investors.
中國現金荒已經對股市和債市帶來衝擊，並且暴露出中國破敗的金融體系的缺陷。但對於中國這個收益稀缺市場的一小部分精明投資者來說，現金荒也提供了一個獲利機會。銀行業都在盡力尋找現金來源，進而推升了多個市場的收益率，其中包括中國散戶大軍可以參與的市場。On Sina Weibo, the Chinese Twitter-like social network, investors are increasingly discussing complicated investments tied to the money market. Many linked to guidelines in how to invest in the market, while financial professional suggested their followers switch away from other markets to dive in.
在新浪微博上，投資者對與貨幣市場掛鉤的複雜投資工具的討論越來越熱烈。其中許多人提到如何在這個市場投資的指導原則，金融專家則建議他們的粉絲將資金從其他市場轉移至這個市場。Yields on short-term deposit-like investments sold by banks and others called wealth-management products 岸 are also on the rise. Average returns on one- to three-month wealth-management products totaled 4.48% for the week ended on Wednesday, compared with 3.98% a month before, according to research firm CnBenefit.
銀行出售的類似存款的短期投資產品（又稱理財產品）的收益率也有所上升。據研究公司普益財富(Cnbenefit)的數據顯示，截至上週三的一週，一個月至三個月期理財產品平均收益率爲4.48%，上月同期爲3.98%。Banks have also been busily touting the products. 'I've been bombarded by text messages from different banks every day,' said one user on Sina Weibo, the popular Chinese microblogging service.
各家銀行業也在忙於推銷這些產品。新浪微博的一位用戶稱，每天都受到不同銀行的短信轟炸。That has some investors shopping around. At a Chinese Everbright bank branch in Beijing's Dongcheng district, one 65-year-old Beijing resident said he was keeping his eyes open for attractive rates on wealth-management products, for when his current WMP investment matures on June 30. 'I'm going to run to whoever offers the highest rate,' he said.
一些投資者也開始貨比三家。在北京東城區中國光大銀行(China Everbright Bank Co.)一家分行裏，一位現年65歲的北京居民稱，他正在尋找有吸引力的理財產品收益率，他目前投資的理財產品將在6月30日到期。他說，誰的收益率最高就買誰的產品。For Chinese retail investors, attractive returns can be hard to find. Shanghai's main benchmark stock index is down about 8.7% over the past year and down by more than a quarter over the past five years. Many retail investors believe it is riddled with corruption and insider trading, and it also faces a looming wall of companies waiting to issue more shares 岸 factors prompting a number of government pledges since last year to reform the market.
對中國散戶投資者來說，找到有吸引力的回報率並不容易。過去一年上海基準股指下跌了8.7%左右，過去五年跌幅則超過25%。許多散戶投資者認爲一方面中國股市存在腐敗和內幕交易的漏洞，另一方面面臨着多家企業等待發行更多股票的狀況，這些因素導致政府自去年以來做出了多個將改革市場的承諾。Real estate is also a tough place for Chinese investors to park their money; they face restrictions on purchases of second homes and other efforts mandated by Beijing to tame housing prices. Its bond market is much smaller and less developed than in the U.S. China's tight capital controls limit investors' ability to take the money abroad. The government also caps bank deposit rates.
房地產市場也不適合投資者存放資金，因爲這個市場面臨二套房限購政策以及中國政府實施的其他旨在抑制房價的措施。而中國的債券市場的規模和成熟度都不及美國。中國嚴格的資本管制也限制了投資者投資海外的能力。政府還對銀行存款利率施加限制。That leaves a freewheeling alternative investment culture in China in which people regularly receive pitches on the next hot tip on a number of unusual markets. In recent years, frothy conditions have developed in the markets for everything from fancy tea to vintage Chinese liquor to caterpillar fungus, which is reputed to boost male virility.
因此中國不受監管市場的另類投資文化應運而生，人們總能在多個非常規市場找到下一個熱門投資品。近幾年，多個市場相繼出現泡沫，其中包括昂貴的茶葉、中國老字號白酒以及以壯陽聞名的冬蟲夏草。Rates on China's interbank market, where banks lend money to each other, spiked as high as 30% on Thursday before a significant easing on Friday. Still, they remain more than twice their average before the liquidity squeeze began earlier this month.
銀行相互拆借的中國銀行間市場利率上週四一度飆升至30%的高位，上週五又大幅回落。但是這一利率仍較本月初開始出現流動性短缺前的平均水平上漲了一倍多。Mr. Wang, the Haitong broker, said he began looking at the reverse repo market earlier this month. Specifically he looked at securities traded over China's two stock exchanges that track values on China's interbank market, which is closed to direct investment by individuals.
海通證券的王偉表示，他在本月早些時候開始關注逆回購市場，他尤其關注中國兩個股票交易所上追蹤中國銀行間市場的證券。中國銀行間市場不對個人直接投資開放。His friend, Mr. Ouyang, said he had had 500,000 yuan invested in wealth management products last month, which he said fetched a yearly return of a little over 4%. When they matured on Thursday, he pulled out all the money to focus on reverse repos.
他的朋友歐陽傅傑稱，上月投資了50萬元的理財產品，年化收益率略超4%。上週四這些產品到期後，他將這些資金全部投向逆回購產品市場。'I was looking for safe form of investment and higher rate than bank interest,' he said. As a financial professional, Mr. Ouyang said he knew about repos but hadn't before thought about buying it, since the rate was almost as low as bank interest rate.
他表示，他尋求具安全性並且收益率高於銀行利息的投資產品。作爲一名金融專業人士，他表示，他了解逆回購市場，但此前並未考慮過購買這一產品，因爲其利率幾乎和銀行利息一樣低。Mr. Wang said he is mainly recommending one-day as well as 28-day repos, which offer a return of 7%. That is higher than wealth-management products of similar duration. That could appeal to investors wondering what to do with the money in their pockets.
王偉表示，他主要推薦一天期和28天期逆回購產品，收益率在7%。這個水平比類似期限的理財產品收益率要高。這可能會吸引那些不知該如何處置手頭現金的投資者。'Small investors have idle cash,' Mr. Wang said.
王偉說，小投資者手頭有閒置資金。
