Tether 的 USDT 稳定币在中国的交易价格打折，表明对股票的需求

尽管中国在 2021 年禁止加密货币交易，但许多内地居民继续使用海外账户和交易所买卖数字货币

China may have banned crypto trading in 2021, but many mainland residents have continued to use overseas accounts and exchanges to buy and sell digital currencies, in part to avoid capital controls and move assets offshore.

中国可能已在 2021 年禁止加密货币交易，但许多大陆居民继续使用海外账户和交易所买卖数字货币，部分原因是为了避免资本管制并将资产转移到海外。

Now, as easing measures by the central bank send stock prices soaring, data points to traders shifting資金回流 from stablecoins like Tether into the dollar — and ultimately, Chinese equities.

现在，随着央行的宽松措施导致股价飙升，数据显示交易员将资金回流从 Tether 等稳定币转移到美元，并最终转移到中国股市。

Tether’s USDT stablecoin, the world’s most used cryptocurrency, has been trading at a discount at times relative to the dollar since the end of September, according to Dessislava Aubert, senior research analyst at blockchain data firm Kaiko. The emergence of the discount coincided with a series of easing measures by China’s central bank, designed to stem a worsening economic outlook that sent stock prices soaring.

区块链数据公司 Kaiko 的高级研究分析师 Dessislava Aubert 表示，Tether 的 USDT 稳定币是世界上最常用的加密货币，自 9 月底以来，其交易价格相对于美元有时会打折。折扣的出现恰逢中国央行采取一系列宽松措施，旨在遏制经济前景恶化导致股价飙升。

Stablecoins are cryptocurrencies whose value is usually pegged 1-to-1 to assets such as the dollar. They’re used to conduct transactions and as a refuge from the often volatile price swings seen in tokens such as Bitcoin.

稳定币是一种加密货币，其价值通常与美元等资产一比一挂钩。它们用于进行交易，并作为避免比特币等代币价格波动的避难所。

“If the traders are rushing to exchange back into fiat currency, it can be inferred that they are panic buying Chinese stocks,” said Livio Weng, chief executive officer of Hong Kong-based crypto exchange Hashkey.

香港加密货币交易所 Hashkey 首席执行官 Livio Weng 表示：“如果交易员急于兑换成法定货币，则可以推断他们正在恐慌性购买中国股票。”

The absence of USDT/Chinese yuan trading pairs on crypto exchanges because of the ban, has made the dollar the de facto barometer for measuring activity, Kaiko’s Aubert said. The slight discount suggests more demand for dollars and selling of Tethers.

Kaiko 的奥伯特表示，由于禁令，加密货币交易所上没有 USDT/人民币交易对，这使得美元成为衡量活动的事实上的晴雨表。小幅折扣表明对美元的需求增加以及 Tether 的抛售。

While it’s difficult to measure on exchanges how much of the USDT selling pressure has come from Chinese investors, other platforms present a clearer picture. Binance’s peer-to-peer marketplace shows that Chinese yuan merchants are giving over-the-counter price quotes in the range of 6.78-6.98 per yuan for USDT, while the offshore yuan trades at 7.07 per dollar in the traditional currency market.

虽然很难在交易所衡量 USDT 抛售压力有多少来自中国投资者，但其他平台提供了更清晰的情况。币安的点对点市场显示，中国人民币商家对 USDT 的场外报价在每美元 6.78-6.98 美元之间，而传统货币市场上的离岸人民币交易价格为每美元 7.07 美元。

“We can see the correlation there with demand to trade onshore A shares,” said Annabelle Huang, managing partner at digital-asset investment firm Amber Group in Singapore. Some brokerage firms were even open during China’s recent Golden Week holidays to “onboard new customers,” she said.

新加坡数字资产投资公司 Amber Group 的执行合伙人 Annabelle Huang 表示：“我们可以看到这与境内 A 股交易需求之间的相关性。”她说，一些经纪公司甚至在中国最近的黄金周假期期间向“新客户开放”。

The demand isn’t just being driven by retail investors, according to Laura Vidiella del Blanco, the New York-based head of business development and strategy at crypto hedge fund MNNC Group. Some of the firm’s institutional investors are shifting allocations to Chinese stocks.

加密货币对冲基金 MNNC Group 驻纽约的业务开发和策略主管 Laura Vidiella del Blanco 表示，这种需求不仅仅是由散户投资者推动的。该公司的一些机构投资者正在将配置转向中国股票。

The Shanghai Composite Index jumped 21% from Sept 23 to Sept 30, the day before China’s market closed for the holiday.

9月23日至30日，也就是中国股市假期休市的前一天，上证综指上涨了21%。

“These are mostly allocators in Asia who are familiar with the market, and have multiple strategies besides digital assets,” Vidiella del Blanco said.

Vidiella del Blanco 表示：“这些人大多是亚洲的配置者，他们熟悉市场，除了数字资产之外，还有多种策略。”

Hand Seng strongly outperforming Bitcoin, funny how many people believe Chinese stocks are speculative — yet it’s now outperforming arguably the most speculative asset — Bitcoin.

汉森的表现远远超过了比特币，有趣的是，有多少人认为中国股票具有投机性，但它现在的表现却超过了可以说是最具投机性的资产——比特币。

Blockchain intelligence firm Chainalysis Inc estimates show that China’s over-the-counter brokers are attracting “unprecedented” inflows this year, a sign of the strong demand from Chinese investors on cryptocurrencies despite the ongoing ban.

区块链情报公司 Chainaanalysis Inc 估计显示，中国的场外经纪商今年正在吸引“前所未有”的资金流入，这表明尽管禁令仍在继续，但中国投资者对加密货币的需求依然强劲。

“First time people wish the national holiday is shorter perhaps, pretty incredible move,” Amber’s Huang said.

“人们第一次希望国庆节假期短一点，这可能是相当不可思议的举动，”Amber 的黄说。