中國泛亞風波持續發酵 China author apologises for endorsing exchange
A Chinese author has apologised to investors for endorsing Fanya Metals Exchange in a rare acknowledgment of the role celebrities and state media play in promoting high-interest products to the public.
一名中國作家爲自己曾經認可泛亞有色金屬交易所(Fanya Metals Exchange)向投資者道歉，此舉罕見地承認了名人和官方媒體在向公衆推介高息產品方面扮演的角色。
As China’s economy slows, regulators are growing more concerned about the matter. The money raised is often lent at even higher rates in the unregulated shadow market, or used to pay returns to previous investors.
隨着中國經濟放緩，監管機構對這個問題變得更加擔憂。通過高息產品籌集的資金往往以更高利率在不受監管的影子市場放貸，或用來向先前的投資者支付回報。
Based in the southwestern city of Kunming, the Fanya exchange traded in a little-known group of metals used in high-tech and military applications, as well as issuing very liquid products at interest rates as high as 13 per cent.
總部位於西南城市昆明的泛亞有色金屬交易所，專門交易一類應用在高科技和軍工領域的不知名金屬，同時以高達13%的利率發行高流動性產品。
An estimated $6.4bn in funds from investors who bought Fanya’s products has been frozen since its liquidity dried up early this year.
據估計，自今年初泛亞流動性枯竭以來，投資者用來購買泛亞產品的64億美元一直被凍結。
Many investors said they felt safe about putting their money into Fanya products because of promotional spots on China Central Television, advertisements on trains or endorsements by celebrities such as Song Hongbing, author of Currency Wars. Fanya conferences held in cities around China also featured banking executives.
許多投資者表示，他們之所以對投資泛亞產品感到安全，是因爲中國中央電視臺的宣傳、列車上的廣告，以及《貨幣戰爭》作者宋鴻兵等名人的站臺。一些銀行業高管也曾出席泛亞在中國各地舉行的會議。
Mr Song later said on social media that his handwritten apology was given under duress after disgruntled Fanya investors surrounded him at an investment conference this weekend. Fanya investors earlier took the law into their own hands with a citizen’s arrest of Fanya’s founder although police declined to press charges.
宋鴻兵事後在社交媒體上表示，他手寫的道歉是脅迫之下的產物，此前憤怒的泛亞投資者在週末的一個投資會議上包圍了他。較早前，泛亞投資者曾自行把泛亞創始人抓起來交給警方，但是警方沒有提出任何指控。
Many products, including those issued by Fanya, are sold through state-owned bank branches, adding to an aura of reliability but increasing systemic risk posed by defaults if investors or regulators hold the banks accountable.
很多產品（包括由泛亞發行的產品）是通過國有銀行的營業網點銷售的，此舉增添了可靠性的光環，但也增加了違約將構成的系統性風險——如果投資者或監管者追究相關銀行的責任。
One Fanya investor who took expert endorsements into consideration said: “Their influence on people’s decisions vary from person to person. Most people are at least influenced in a subtle way.”
曾將專家的認可納入考慮的一名泛亞投資者表示：“他們對各人決策的影響有大有小，因人而異。多數人至少受到了潛移默化的影響。”
Mr Song’s book, on the influence of the Rothschild family on a number of financial institutions including the US Federal Reserve, became a bestseller in China when it was published in 2007. He was cornered by Fanya investors when speaking at an unrelated conference this weekend, and hand-wrote his apology on a piece of paper during the confrontation.
上述宋鴻兵的書講述羅斯柴爾德家族對多家金融機構——甚至包括美聯儲(Federal Reserve)——的影響力。該書在2007年出版後成爲中國的暢銷書。他上週末在一個不相關的會議上發表講話時受到泛亞投資者圍攻，在對峙期間手寫了自己的道歉書。
His apology, carried by several Chinese media outlets and posted online by Fanya investors, read: “I deeply apologise for having participated in Fanya commercial events. I didn’t understand Fanya’s business model and misled everyone. I will make the greatest efforts to help everyone to clarify and make up for the losses suffered by Fanya investors.”
根據中國多家媒體報道和泛亞投資者發帖，他的道歉是這麼說的：“對於參加泛亞商業活動，我表示深深的歉意，我事先並沒有清楚地瞭解泛亞的模式，誤導了大家。對於泛亞投資人的損失，我將盡最大努力幫助大家申明情況，並儘可能補救損失。”
Mr Song participated in at least one conference co-organised by Fanya and CCTV in autumn 2014.
宋鴻兵至少參加了2014年秋季由泛亞和中央電視臺共同舉辦的一個會議。
Several months later the exchange stopped paying out on its investment products and protesters took to the streets.
幾個月後，該交易所停止兌付其投資產品，投資者走上街頭抗議。
