資金大舉流入掛鉤A股的ETF

Exchange traded funds linked to China’s equity market underwent extreme stress testing last week after trading was halted on more than half of companies listed on the country’s two main stock exchanges.

上週，在中國兩大證券交易所過半數股票停牌的情況下，掛鉤中國股市的交易所交易基金(ETF)經歷了一場極限壓力測試。

ETFs tracking Chinese stocks had a record weekly inflow of $13.5bn, according to figures from EPFR, the data provider. This led one broker to suggest the authorities in Beijing were using ETFs as part of the barrage of support measures aimed at stabilising the equity market.

根據數據供應商EPFR的數據，跟蹤中國股市的ETF上週獲得了創紀錄的135億美元資金淨流入。一位證券經紀人推測，中國政府正把ETF用作股市維穩工具之一。

Bank of America Merrill Lynch said the concentration of inflows into locally listed A-share ETFs “signal market support measures rather than private sector demand”.

美銀美林(Bank of America Merrill Lynch)表示，資金集中流入在中國內地上市的A股ETF，“反映的是託市舉措，而非私營部門的需求”。

Chinese equity ETFs listed outside the mainland were able to continue trading despite authorities in Beijing introducing measures to try and stem the stock market rout, which saw more than $3tn wiped off the value of companies.

儘管中國政府推出種種舉措試圖阻止股市暴跌，但在境外上市的A股ETF仍可繼續交易。此次暴跌導致A股蒸發逾3萬億美元市值。

“Although there have been suspensions in underlying stocks, our ETFs referencing China A-shares continue to trade robustly,” said Marco Montanari, head of passive asset management in Asia at Deutsche Asset and Wealth Management.

德意志資產及財富管理(Deutsche Asset and Wealth Management)亞洲被動資產管理部門主管馬爾科•蒙塔納裏(Marco Montanari)表示：“儘管標的股票停牌，但我們跟蹤中國A股的EFT仍然交易活躍。”

The costs of buying and selling Chinese ETFs rose in response to the increase in market volatility but liquidity remained plentiful, added Mr Montanari. DeAWM’s US-listed China A-shares ETF experienced more than $1.7bn in trading last week.

蒙塔納裏補充稱，由於市場波動性上升，中國ETF的交易成本有所升高，但流動性仍然充沛。該公司在美國上市的中國A股ETF上週交易額超過17億美元。

Howard Li, an executive director at ETF Securities in London, said: “The China A-shares ETFs are acting as a helpful price-discovery vehicle. Those investors that hold suspended stocks directly are unable to trade, while ETF holders still currently have access to liquidity in this volatile market.”

ETF Securities駐倫敦執行董事Howard Li表示：“中國A股ETF正成爲有用的價格發現工具。那些直接持有停牌股票的投資者無法交易，而持有ETF的投資者仍可在這個動盪的市場獲得流動性。”

ETFs offering direct access (without the use of derivatives) to China A-shares were first launched in the US in late 2013 and in Europe in early 2014.

爲境外資金提供中國A股直接敞口（不利用衍生品）的ETF於2013年底首次在美國推出，2014年初在歐洲問世。

Early demand for these new products was strong. Chinese ETFs listed in Europe and the US gathered just under $1.2bn in inflows in 2014, according to ETFGI, a consultancy. However, these positive inflows were offset by selling pressure in the Asia-Pacific region, where investors withdrew $3.8bn last year.

初期，市場對這些ETF的需求相當強勁。根據諮詢公司ETFGI的數據，2014年，在歐洲和美國上市的中國ETF的資金流入規模接近12億美元。然而，亞太地區出現的拋售壓力抵消了這些正向流入，去年該地區投資者從中國ETF中撤資38億美元。