中国泛亚风波持续发酵 China author apologises for endorsing exchange
A Chinese author has apologised to investors for endorsing Fanya Metals Exchange in a rare acknowledgment of the role celebrities and state media play in promoting high-interest products to the public.
一名中国作家为自己曾经认可泛亚有色金属交易所(Fanya Metals Exchange)向投资者道歉，此举罕见地承认了名人和官方媒体在向公众推介高息产品方面扮演的角色。
As China’s economy slows, regulators are growing more concerned about the matter. The money raised is often lent at even higher rates in the unregulated shadow market, or used to pay returns to previous investors.
随着中国经济放缓，监管机构对这个问题变得更加担忧。通过高息产品筹集的资金往往以更高利率在不受监管的影子市场放贷，或用来向先前的投资者支付回报。
Based in the southwestern city of Kunming, the Fanya exchange traded in a little-known group of metals used in high-tech and military applications, as well as issuing very liquid products at interest rates as high as 13 per cent.
总部位于西南城市昆明的泛亚有色金属交易所，专门交易一类应用在高科技和军工领域的不知名金属，同时以高达13%的利率发行高流动性产品。
An estimated $6.4bn in funds from investors who bought Fanya’s products has been frozen since its liquidity dried up early this year.
据估计，自今年初泛亚流动性枯竭以来，投资者用来购买泛亚产品的64亿美元一直被冻结。
Many investors said they felt safe about putting their money into Fanya products because of promotional spots on China Central Television, advertisements on trains or endorsements by celebrities such as Song Hongbing, author of Currency Wars. Fanya conferences held in cities around China also featured banking executives.
许多投资者表示，他们之所以对投资泛亚产品感到安全，是因为中国中央电视台的宣传、列车上的广告，以及《货币战争》作者宋鸿兵等名人的站台。一些银行业高管也曾出席泛亚在中国各地举行的会议。
Mr Song later said on social media that his handwritten apology was given under duress after disgruntled Fanya investors surrounded him at an investment conference this weekend. Fanya investors earlier took the law into their own hands with a citizen’s arrest of Fanya’s founder although police declined to press charges.
宋鸿兵事后在社交媒体上表示，他手写的道歉是胁迫之下的产物，此前愤怒的泛亚投资者在周末的一个投资会议上包围了他。较早前，泛亚投资者曾自行把泛亚创始人抓起来交给警方，但是警方没有提出任何指控。
Many products, including those issued by Fanya, are sold through state-owned bank branches, adding to an aura of reliability but increasing systemic risk posed by defaults if investors or regulators hold the banks accountable.
很多产品（包括由泛亚发行的产品）是通过国有银行的营业网点销售的，此举增添了可靠性的光环，但也增加了违约将构成的系统性风险——如果投资者或监管者追究相关银行的责任。
One Fanya investor who took expert endorsements into consideration said: “Their influence on people’s decisions vary from person to person. Most people are at least influenced in a subtle way.”
曾将专家的认可纳入考虑的一名泛亚投资者表示：“他们对各人决策的影响有大有小，因人而异。多数人至少受到了潜移默化的影响。”
Mr Song’s book, on the influence of the Rothschild family on a number of financial institutions including the US Federal Reserve, became a bestseller in China when it was published in 2007. He was cornered by Fanya investors when speaking at an unrelated conference this weekend, and hand-wrote his apology on a piece of paper during the confrontation.
上述宋鸿兵的书讲述罗斯柴尔德家族对多家金融机构——甚至包括美联储(Federal Reserve)——的影响力。该书在2007年出版后成为中国的畅销书。他上周末在一个不相关的会议上发表讲话时受到泛亚投资者围攻，在对峙期间手写了自己的道歉书。
His apology, carried by several Chinese media outlets and posted online by Fanya investors, read: “I deeply apologise for having participated in Fanya commercial events. I didn’t understand Fanya’s business model and misled everyone. I will make the greatest efforts to help everyone to clarify and make up for the losses suffered by Fanya investors.”
根据中国多家媒体报道和泛亚投资者发帖，他的道歉是这么说的：“对于参加泛亚商业活动，我表示深深的歉意，我事先并没有清楚地了解泛亚的模式，误导了大家。对于泛亚投资人的损失，我将尽最大努力帮助大家申明情况，并尽可能补救损失。”
Mr Song participated in at least one conference co-organised by Fanya and CCTV in autumn 2014.
宋鸿兵至少参加了2014年秋季由泛亚和中央电视台共同举办的一个会议。
Several months later the exchange stopped paying out on its investment products and protesters took to the streets.
几个月后，该交易所停止兑付其投资产品，投资者走上街头抗议。
