【英语财经】中国企业虚构黄金交易融资近千亿人民币 China groups created fake gold deals

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2014-7-1 01:05

小艾摘要: Chinese companies have used falsified gold transactions to obtain more than Rmb94bn in loans since 2012, according to the country’s national auditor.The fraud, involving 25 bullion processing compani ...
China groups created fake gold deals
Chinese companies have used falsified gold transactions to obtain more than Rmb94bn in loans since 2012, according to the country’s national auditor.

The fraud, involving 25 bullion processing companies, was cited in the National Audit Office’s annual report to legislators this week and has raised further concerns about the integrity of China’s commodity markets.

An inquiry was launched this month in the northeastern port city of Qingdao following allegations that a metals company had pledged the same stocks of copper and aluminium multiple times as collateral for loans. Other commodities, including soyabeans, iron ore and rubber, are also routinely used in financing deals struck with local and foreign banks in order to circumvent tight domestic credit conditions.

The audit office said on its website the gold scam had netted the companies involved combined profits exceeding Rmb900m. The companies used the loans to take advantage of the difference between offshore and onshore interest rates, as well as the appreciation of the Chinese currency, according to the auditor.

Evidence of the falsified deals was discovered during spot checks on companies that process bullion, such as jewellers. The report covered a period starting in 2012. No end date was specified, and the 25 offending companies were not named. It was not clear from the report how the gold transactions were falsified.

Analysts have suspected for some time that large quantities of gold were being used to obtain financing in China. In April, the London-based World Gold Council, the industry’s marketing arm, said imported bullion was being used “to raise low-cost funds for business investment and speculation”, and was part of the wider growth in shadow banking in China.

Precious Metals Insights, a consultancy that provided figures for the WGC report, said that by the start of 2014 China companies could have locked up as much as 1,000 tonnes of gold in financial deals – equal to a nominal value of $42bn. Most of that bullion was acquired since 2011, the report said, a period that overlaps with the audit office investigation.

The use of gold for arbitrage deals would imply consumer demand for physical metal in China was not as strong as previously believed. China last year overtook India to become the biggest gold consumer for the first time. The gold price, which is mainly dictated by western investor demand, appeared unaffected by the news, trading at $1,317 a troy ounce yesterday, a 0.1 per cent decline for the day.

The report also revealed problems relating to China’s stockpiles of cotton, coal and corn. About 70 per cent of corn imported by China Grain Reserves Corp contained impurities exceeding the 3 per cent limit. Average month inventories at 12 emergency coal reserve locations were up to 30 per cent lower than the official targeted levels in 2011 and 2012.

中国国家审计机构称,一些中国企业自2012年以来利用虚构的黄金交易,获得逾940亿元人民币贷款。

涉及25家黄金加工企业的这起欺诈,是在国家审计署(National Audit Office)本周提交全国人大的年度报告中曝光的,进一步引发了关于中国大宗商品市场诚信问题的担忧。

本月,中国有关部门在华东港口城市青岛展开一项调查,此前一家金属企业被指用同一批铜和铝库存重复质押,以骗取贷款。其它大宗商品,包括大豆、铁矿石和橡胶,也经常被用于同国内和外资银行达成融资交易,以规避国内偏紧的信贷条件。

国家审计署在其网站上称,黄金骗局给参与企业带来了共计逾9亿元人民币的利润。审计人员称,这些公司利用此类贷款,获利于离岸和在岸利率的差异,以及人民币的升值。

虚构交易的证据是在对黄金加工企业(如珠宝公司)进行抽查时发现的。报告覆盖从2012年起的一段时期,但没有说明截止日期,也没有对25家违规企业点名。从报告内容看不出此类黄金交易是如何虚构的。

一段时间以来,分析师们一直怀疑大量黄金在中国被用来获得融资。今年4月,黄金行业营销机构——总部位于伦敦的世界黄金协会(World Gold Council,简称WGC)称,进口的黄金被用来“筹集低成本资金,用于商业投资和投机”,这是中国影子银行业整体增长的一部分。

为世界黄金协会的报告提供数据的咨询机构——贵金属见解(Precious Metals Insights)表示,截止2014年初,中国企业可能已经在融资交易中锁定了1000吨黄金,名义价值相当于420亿美元。报告称,这些黄金大部分是2011年起买入的,在时间上与国家审计署的调查有所重叠。

在套利交易中使用黄金意味着,中国消费者对实物黄金的需求不像此前所认为的那样强烈。去年,中国首次超越印度,成为最大黄金消费国。主要受西方投资者需求支配的金价,似乎未受这一消息的影响,昨日微跌0.1%,报每金衡盎司1317美元。

国家审计署的报告还揭露了与中国棉花、煤炭和玉米储备相关的问题。中国储备粮管理总公司(China Grain Reserves Corp)进口的玉米中,大约70%玉米的杂质含量超过3%的上限。在12个应急煤炭储备点,2011年、2012年月均库存量达不到当期储备任务,最大缺口为30%。

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