故事背景是3年前中國某代表在新加坡作原油期貨被痛殺
損失慘重
他們一朝被蛇咬......


中国航空业因“退保”蒙受损失

Chinese airline profits hit by dispute over oil hedging

英国《金融时报》 欧阳德 香港报道

A dispute with international banks has cost Chinese airlines dearly as they have been flying for much of the past year without insurance against surging oil prices.	中国航空业因为与国际银行之间存在的争议而付出了高昂代价。在过去一年的大部分时间里，它们都在没有针对油价暴涨的保险的情况下运营。
Profits at two of the country’s biggest airlines have fallen sharply as a result, providing an example of how too much risk aversion in Beijing’s management of the economy can itself be risky.	结果，中国两家最大的航空公司的利润大幅下滑。这表明中国政府在经济管理中过于规避风险的做法本身，也具有极大风险。
Three years ago the Chinese government barred airlines from buying crude future contracts – an essential form of protection against rising fuel costs.	3年前，中国政府禁止航空公司购买原油期货合约。这种期货合约是抵御燃油成本上涨的一种保护方式。
This hardline stance was based on the view that the airlines had been duped by western bankers when they suffered big losses in 2008 after the value of their crude futures collapsed alongside the price of oil during the global financial crisis.	中国政府立场强硬的理由是，全球金融危机期间，中国各大航空公司购买的原油期货的价值与油价一同暴跌，导致2008年损失惨重，中国政府因此认为这些航空公司被西方银行业愚弄了。
Airlines sought to claw back some of their losses from the banks, alleging that they had been “maliciously” sold hedging products that were overly complex.	这些航空公司曾试图从那些银行得到部分补偿，指责这些银行向它们“恶意”出售过于复杂的对冲产品。
Since then the airlines have let their existing hedging arrangement expire and have not entered any new ones, according to financial statements published this week by Air China and China Eastern Airlines.	本周中国国际航空公司(Air China)和中国东方航空公司(China Eastern Airlines)发布的财报显示，自那以后，航空公司在手中的对冲合约到期后，没有购买任何新的对冲产品。
“All the contracts signed in past years were settled by 31 December 2011,” China Eastern disclosed in its full-year results. Air China said: “As at 31 December 2011, the fuel derivative contracts of the company all expired, and no new position has been established.”	东航在年报中披露道：“以往年度签署的合约于2011年12月31日前交割完毕。”国航表示：“截至2011年12月31日，公司的油料衍生合同全部到期，并且没有购买新的头寸。”
That lack of protection against oil prices has made them extremely vulnerable.	由于没有抵御油价暴涨的措施，这些航空公司很容易蒙受损失。
Air China’s jet fuel costs were Rmb34.7bn ($5.5bn) last year, accounting for nearly 38 per cent of overall expenses. Its hedging positions – holdovers from before the ban – allowed it to recoup a mere 0.2 per cent of those costs. Typically, airlines try to hedge about a third of their fuel bills.	去年国航的航空油料成本是347亿元人民币（合55亿美元），占总经营费用的近38%。其持有的对冲头寸——来自禁令发布之前——仅仅弥补了其中0.2%的成本。通常航空公司会试图对大约三分之一的油料成本进行对冲。
Air China’s 2011 profits fell 38.8 per cent to Rmb7.5bn, worse than expected. China Eastern’s profits last year were down 9.1 per cent to Rmb4.9bn and it posted a loss in the fourth quarter.	2011年国航的利润下降了38.8%，至75亿元人民币，比预期糟糕。去年东航的利润下降了9.1%，至49亿元人民币，第四季度出现亏损。
“As an airline, rising crude costs are what we most dislike seeing,” Liu Shaoyong, China Eastern chairman, told the Financial Times.	东航董事长刘绍勇向英国《金融时报》表示：“航空公司最不愿意看到的就是原油成本上涨。”
Regulators have not announced a change in their futures policy, but Mr Liu said that they were beginning to row back from a blanket prohibition on hedging.	中国监管机构尚未宣布期货政策方面的任何改变，不过刘绍勇表示，监管机构正在开始放松全面禁止对冲的做法。
“They have given us permission to buy hedging contracts for jet fuel. These will be about 20 per cent of our overall [fuel cost],” Mr Liu said.	刘绍勇表示：“监管机构已经允许我们购买航空油料对冲合约。这将覆盖我们全部（油料成本）的20%。”
	译者/倪卫国