Abstract In early May, the SAFE issued the Notice of the State Administration of Foreign Exchange on Strengthening the Management of Foreign Exchange Fund Inflows, from strengthening the regulation of the limits of bank settlement and sales, and strengthening the management of foreign exchange receipts and payments of import and export enterprises. In terms of curbing hot money and other abnormal cross-border assets...
At the beginning of May, the SAFE issued the Notice of the State Administration of Foreign Exchange on Strengthening the Management of Foreign Exchange Fund Inflows, from strengthening the supervision of the limits of bank settlement and sales, and strengthening the management of foreign exchange receipts and payments of import and export enterprises. To curb the risk of abnormal cross-border capital inflows such as hot money. Since then, various types of financing trade, including copper financing, have become the focus of media attention. It is understood that since the end of May, most domestic banks have tightened related businesses, which has made it difficult for some copper trading enterprises to import and issue certificates, which has had a major impact on business operations. In this regard, the industry believes that the actual financing of copper financing risks can be controlled, the state and banks should rationally deal with copper trade financing business.
“The copper trade industry and the steel trade industry are very different in terms of the degree of marketization.†Zhang Shuijin, secretary general of the Chamber of Commerce, said at the copper trade financing seminar hosted by the Shanghai Chamber of Commerce and Industry of the Metals and Metals Trade Association yesterday.
“The copper trade industry has a high maturity of credit chain, low financing cost and relatively stable comprehensive income of main trade. Enterprises usually carry out synchronous preservation after importing price, which fundamentally eliminates price risk.†Zhang Shuijin believes that it is related to steel trade industry. The overall risk of the copper trading industry is relatively controllable.
The head of Yanyin Metal Trading Co. said that more than 90% of copper trading companies will participate in hedging, and some foreign banks even use full hedging as a prerequisite for mortgage. "Imported companies are more concerned about the difference between internal and external prices. Once the price is upside down, it can also use entrepot trade as the final means of preservation."
"Electrolysis copper import enterprises often maintain value in the futures market, banks will also determine the amount of mortgages depending on the amount of corporate value. The downward trend of copper prices has little impact on enterprises." Cha Jihong, general manager of Zhongrong Huixin Futures Co., Ltd. said that electrolysis The argument that the fall in copper prices will lead to a financial collapse is simply untenable.
The reporter learned from a bank company staff that the bank has not found a trader with a loan risk. “The copper trade loan is still a safe business, and the tightening of loans is due to policy requirements,†he said.
"Of course, in the process of a large number of electrolytic copper trade, it is not excluded that there are some risk exposures and the policy of "edge the ball". Industry self-discipline and effective supervision are necessary, but because of the waste, the whole copper trade industry will tighten monetary policy, not only will It has an adverse impact on the industry's operations, and may even exacerbate price volatility, resulting in new uncontrollable risks," said Cha Jihong, general manager of Zhongrong Huixin Futures.
"If you only ban the trade financing behavior of domestic enterprises, it is equal to giving the opportunity to foreign investment." A person in charge of a non-ferrous metal import company in Shanghai said. In this regard, Zhang Shuijin believes that there should be strict restrictions on false idling trade, and that there should be strong support for copper trade based on real imports, and limited support for real entrepot trade. “The risk of copper financing is not in the financing itself, but in its useâ€.
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