【政治経済】平成床屋談義 町の噂その431
ttp://ftalphaville.ft.com/blog/2011/08/31/665791/a-new-development-in-chinas-copper-collateral-trade/
A new development in China’s copper collateral trade Posted by Izabella Kaminska on Aug 31 14:23.
中国の銅輸入の信用状（L/C、レターオブクレジット）を使った融資に政府の規制強化、このため中国の銅輸入に影響が
FT Alphaville has talked volumes about China’s cash-for-copper collateral obsession.
Recently, however, speculation has picked up that these trades have started to be unwound ? mainly because the
Chinese government caught up on the funding loophole, and moved to restrict it.
Indeed, as the Wall Street Journal reported this week:
FTアルファビレが以前に紹介したように、中国の業者による銅輸入のL/Cを利用した融資（輸入物件を担保として支払い
期限の6ヶ月の安価な銀行融資を受け、これを他の投機の資金にするというもの）が広く見られるために、中国政府がそ
の規制を強化した。このため、以前のような融資のための銅の購入・輸入の動きに巻き戻しが起こっている。WSJはこれ
を報じていて：
ttp://online.wsj.com/article/SB10001424053111904199404576538393093775266.html
China's Collateral Damage for Copper By CHUIN-WEI YAP And TOM ORLIK AUGUST 30, 2011, 11:32 A.M. ET
China's central bank has kicked away a key support to copper prices.
Though, could there be other dynamics at work?
According to copper market veteran Simon Hunt of Simon Hunt Strategic Services, the funding trade may have simply
shifted offshore. Indeed, as he noted on Wednesday:
しかしこれで、銅のマーケットに対する投機的な動きが収まるかといえば、HuntストラテジックサービスのSimon Hunt
の言うには、中国のこうした動きがオフショアに移行しただけである、と。
Now most of this business has shifted from Chinese banks to foreign banks in Hong Kong. Given central government’s
continued focus on a tight monetary policy perhaps this loophole will soon be closed. When copper is used as a
financing instrument, it is not bought for furnaces but sits in a warehouse, though eventually it could be
destined for a furnace but at the expense of future imports.
そうしたわけで、銅のマーケットは今のところは崩壊していないが、リスクが消えたわけでもない。
In which case, the risk of a collapse hasn’t quite dissipated (yet).
A new development in China’s copper collateral trade Posted by Izabella Kaminska on Aug 31 14:23.
中国の銅輸入の信用状（L/C、レターオブクレジット）を使った融資に政府の規制強化、このため中国の銅輸入に影響が
FT Alphaville has talked volumes about China’s cash-for-copper collateral obsession.
Recently, however, speculation has picked up that these trades have started to be unwound ? mainly because the
Chinese government caught up on the funding loophole, and moved to restrict it.
Indeed, as the Wall Street Journal reported this week:
FTアルファビレが以前に紹介したように、中国の業者による銅輸入のL/Cを利用した融資（輸入物件を担保として支払い
期限の6ヶ月の安価な銀行融資を受け、これを他の投機の資金にするというもの）が広く見られるために、中国政府がそ
の規制を強化した。このため、以前のような融資のための銅の購入・輸入の動きに巻き戻しが起こっている。WSJはこれ
を報じていて：
ttp://online.wsj.com/article/SB10001424053111904199404576538393093775266.html
China's Collateral Damage for Copper By CHUIN-WEI YAP And TOM ORLIK AUGUST 30, 2011, 11:32 A.M. ET
China's central bank has kicked away a key support to copper prices.
Though, could there be other dynamics at work?
According to copper market veteran Simon Hunt of Simon Hunt Strategic Services, the funding trade may have simply
shifted offshore. Indeed, as he noted on Wednesday:
しかしこれで、銅のマーケットに対する投機的な動きが収まるかといえば、HuntストラテジックサービスのSimon Hunt
の言うには、中国のこうした動きがオフショアに移行しただけである、と。
Now most of this business has shifted from Chinese banks to foreign banks in Hong Kong. Given central government’s
continued focus on a tight monetary policy perhaps this loophole will soon be closed. When copper is used as a
financing instrument, it is not bought for furnaces but sits in a warehouse, though eventually it could be
destined for a furnace but at the expense of future imports.
そうしたわけで、銅のマーケットは今のところは崩壊していないが、リスクが消えたわけでもない。
In which case, the risk of a collapse hasn’t quite dissipated (yet).
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