The surge in trading on China’s commodity exchanges is the latest example of speculative frenzy in an economy awash with credit. From the rise of shadow banking, to real estate bubbles and August’s stock market crash, regulators have struggled to contain the excesses resulting from Beijing’s habit of supporting growth through debt-fuelled stimulus. The rush into metals markets follows record credit expansion of more than Rmb6tn in the first quarter, engineered by officials to prevent a sharp slowdown in the world’s second-largest economy.
中國各大宗商品交易所的交易量激增，是這個信貸泛濫的經濟體中投機狂潮的最新例子。從影子銀行的興起、房地產泡沫，到去年的股市崩盤，監管機構一直在艱難地控制市場過度行為，而后者是北京方面通過債務驅動的刺激來支撐增長的一貫做法造成的。為了阻止世界第二大經濟體大幅放緩，在中國政府官員的主導下，第一季度信貸出現逾6萬億元人民幣的創紀錄擴張，之后資金涌入金屬市場。
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