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《金融时报》报道:LME与中国达成仓单协议

来源:集团总部 发布时间:2016年03月24日

Security has become concern for banks that finance commodities since financing controversy

  自从融资争议事件后,安全问题已成为各商品融资银行的关注点。

The London Metal Exchange has struck a deal with one of the China’s biggest logistics companies to use its electronic warehouse receipt system, as the 139-year-old bourse looks to capitalise on growing concerns about falsified documents.

  LME已与中国最大的物流企业之一就使用其电子仓单系统达成协议,在对虚假单据的关注不断升级之际,这家拥有139年历史的交易所试图把握契机从中获利。

In the first phase of the agreement, China Materials Storage and Transportation Development (CMSTD) will list one of its warehouses as an LME Shield facility along the Maritime Silk Road, which runs from China through Southeast Asia.

  在协议的第一阶段,中储发展将在始于中国横贯东南亚的海上丝绸之路沿线设立一家LMEShield注册仓库。

Seven banks have agreed to support the financing of stocks held at warehouses along the route, with Mercuria, one of the largest commodity traders, set to deposit metal.

  七家银行已商定支撑海上丝绸之路沿线仓库的货物融资,全球最大商品贸易商之一摩科瑞即将在此存储金属。

The security of warehouse receipts has become a concern for banks that finance commodities since an alleged fraud in China caused hundreds of millions of dollars in losses for big banks.

  自从中国的诈骗事件导致各大银行损失数以亿计的金额,仓单的安全性问题就成为了商品融资银行的顾虑。

In the eastern port cites of Qingdao and Penglai, warehouse receipts were allegedly used multiple times as collateral in deals known as sale and repurchase agreements, important financing tools for commodity traders.

  抵押融资是贸易商的重要融资工具在东部港口城市青岛和蓬莱,仓单在买卖协议交易中被多次抵押。

That highlighted the shortcomings of systems’ lack of a secure depositary for receipts and an electronic audit trial. Some Chinese banks approached the LME to ask about using their system in more locations around the world, according to a person familiar with the exchange.

  这凸显了系统缺乏安全的仓单保管及电子审计追踪的缺陷。据交易所业内人士透露,部分中国的银行联系LME,要求在全球更多地区使用LME系统。

Han Tielin, CMSTD chairman, said the use of LME Shield would provide “great confidence to the metals community, especially to financing banks in light of recent metals financing frauds”.

  中储发展股份有限企业董事长韩铁林表示,“使用LMEShield系统可以为金属行业提供信心,鉴于最近的金属融资诈骗,尤其是为融资银行提供了信心。”

CMSTD has been charged by Beijing with building a network of commodity warehouses outside the country.

  北京对中储发展股份有限企业在海外打造商品仓储系统委以重任。

To spearhead its international expansion drive, the state-controlled group bought this year a majority stake in Henry Bath, the 221-year-old metals warehousing business own by Mercuria.

The “One Belt, One Road” policy, launched by Xi Jinping, Chinese president, aims to boost investment and trade along a land route linking central Asia, Russia and Europe. A sea route is expected to go through Southeast Asia and the Indian ocean.

   为领先国际化拓展,这家国企集团于今年买下了摩科瑞控股的拥有221年历史的金属仓储企业Henry Bath的大多数股权。由中国国家主席习大大发起的“一带一路”政策旨在连接中亚、俄罗斯和欧洲的陆地沿线促进投资和贸易活动。海上沿线预计经过东南亚及印度洋。

Analysts say the policy could spur demand for metals and commodities in countries along the route as China steps up investment projects. It could also boost exports of metals and materials from producers in China that are struggling with excess capacity.

  分析专家表示,在中国加快投资项目进程之际,此政策将刺激沿线国家的金属和商品需求,有利于中国挣扎于产量过剩的生产商出口金属及其他材料。

Last year the LME and a group of Chinese banks agreed goals to support the initiative. These included: price convergence between Chinese and global markets, the use of LME-approved warehousing systems on established trade routes and assisting the internationalisation of the renminbi.

  去年LME和一群中国银行就支撑“一带一路”计划达成目标共识。目标包括:中国和国际市场的价格趋同,在贸易沿线采用LME批准的仓储系统,协助人民币国际化。

The LME, which is owned by Hong Kong Exchanges and Clearing, is looking for ways to license its system of receipts, or warrants as they are more commonly known, to companies operating warehouses outside its network.

  LME目前由港交所控股,正积极寻求将网络外的仓库运营企业纳入其仓单系统。

In the case of some metals such as aluminium, “off warrant” storage dwarfs the number of tonnes held in LME-licensed warehouses. Greater use of the LME’s system could make these stocks more transparent.

  在某些金属领域例如铝方面,“仓单外”存储大大减少了LME注册仓库的库存量。更好利用LME系统可以使此类库存更加透明。

A test would be whether banks accept Shield receipts as collateral for short-term loans, said traders.

  贸易商表示,不过银行是否接受Shield仓单作为短期贷款的抵押将会是个考验。

 

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