Investors in Hong Kong went on the hunt for the next potential victim. Shares in Shui On Land Ltd. dropped 25% Wednesday on local media reports that the property developer was exposed to losses on a U.S. dollar currency swap. Shui On late Wednesday pointed to previous disclosures that described terminating the contracts in the spring, resulting in a loss of 115 million yuan. Its shares bounced back 14% Thursday.

香港投资者继续在寻找下一个有可能因外汇投资而蒙受损失的企业。瑞安房地产有限公司(Shui On Land Ltd.,简称：瑞安房地产)的股价周三下跌了25%，因为有香港媒体报导说，这家房地产公司有可能因一项美元掉期交易而蒙受损失。瑞安房地产周三晚间称，该公司此前已经披露过，它早在今年春天就已对这些掉期合约作了平仓处理，并录得损失人民币1.15亿元。瑞安房地产的股价周四反弹了14%。

Hong Kong-listed China State Construction International Holdings Ltd. said Thursday that it had not entered into any currency interest-rate swap arrangements or other derivatives. Its stock had fallen 12.5% the day before.

在香港上市的中国建筑国际集团有限公司(China State Construction International Holdings Ltd.,简称：中国建筑)周四表示，它从未涉足过任何货币利率掉期安排或其他衍生金融产品交易。该公司股价周三下跌了12.5%。

Mining company Jiangxi Copper Co. Tuesday said it suffered a 172 million yuan 'investment' loss in the third quarter, which knocked its overall net profit down to 919.5 million yuan. Details weren't disclosed, but company board secretary Pan Qifang said it decided to announce earnings a day earlier than scheduled as investors flooded the company with questions about its investment performance. Its shares fell 7.9% Thursday.

矿业公司江西铜业股份有限公司(Jiangxi Copper Co.,简称：江西铜业)周二表示，它在第三季度遭受了人民币1.72亿元的“投资”损失，这使其净利润总额降至人民币9.195亿元。虽然江西铜业未披露具体细节，但该公司董事会秘书潘其方说，由于投资者纷纷向江西铜业询问其投资业绩，该公司决定比计划提前一天公布收益报告。江西铜业的股价周四下跌了7.9%。

'The market is reacting irrationally because of the panicky overall state,' says Henry Ho, a Hong Kong-based strategist for CLSA Asia-Pacific Markets. Mr. Ho issued a report on Tuesday listing 26 Hong Kong-listed stocks with investments in structured products, including China Railway Group.

里昂证券亚太区市场(CLSA Asia-Pacific Markets)驻香港的策略师何显鸿(Henry Ho)说，由于投资者都处于恐慌状态，市场正在作出非理性反应。何显鸿周二发表的一份报告中列出了投资结构性产品的26家香港上市企业，其中包括中国中铁。

China Railway Group's Mr. Yu said foreign currency investments were made partly because government rules prevented the company from moving proceeds of last year's initial public offering into Chinese yuan. His comment highlighted how tight exchange rate controls encourage Chinese companies to keep their money offshore, potentially raising their currency risks.

中国中铁的董事会秘书于腾群说，该公司之所以进行外汇投资，部分原因是按照政府的规定它不能将去年首次公开募股筹得的资金兑换成人民币。于腾群的这番话彰显出，中国严格控制人民币汇率导致许多中国企业将资金存放在海外，从而增加了其承受的汇率风险。

Within the past year, stock offerings by the two Chinese rail companies raised a combined $11 billion, spread between the Shanghai and Hong Kong markets. Without directly addressing the government restrictions, the companies said separately in their share-offering documents that the nearly $5 billion they generated in Hong Kong wouldn't be returned to mainland China anytime soon.

过去一年中，中国中铁和中国铁建通过在上海和香港市场发行股票共募集资金110亿美元。两家公司都在其募股说明书中称，它们在香港股市筹集的近50亿美元资金不会很快汇回中国大陆，不过双方均未直接提及政府的相关限制规定。

According to some analysts, strength in the Australian dollar earlier this year may have made it look like a safe place for Chinese companies to keep money amid gains in their own country's currency. China Railway Group said it had about $1.5 billion in Australian-dollar structured deposits as part of its plan to fund projects in that country, but that their value had declined by the time they expired at the end of September.

据一些分析师说，由于澳元汇率今年早些时候表现强劲，对于那些不想因人民币升值而使自己外汇资产相对缩水的中国公司来说，将外汇兑换成澳元可能是个不错的选择。中国中铁称，作为给其在澳投资项目提供资金的一项措施，它持有了约值15亿美元的澳元结构存款，但到这笔存款9月底到期时其价值已经缩水。