【中文版】

纸黄金保证金是指在纸黄金交易中，投资者按照一定比例缴纳的保证金，用作履行纸黄金合约的担保。纸黄金保证金制度是纸黄金交易中的重要组成部分，它能够使投资者以较少的资金获得较大的投资收益，同时也能提高纸黄金市场的流动性和活跃度。

在纸黄金交易中，投资者需要根据交易所的规定缴纳一定比例的保证金，一般保证金比例为合约价值的5%至10%。如果投资者的保证金账户余额低于交易所规定的保证金水平，投资者就需要及时追加保证金，否则将会面临强行平仓的风险。

纸黄金保证金的计算方式是根据合约价值和保证金比例来确定的。例如，如果投资者买入一份价值100万元的纸黄金合约，按照10%的保证金比例计算，投资者需要缴纳10万元的保证金。如果纸黄金价格波动导致投资者的账户余额低于保证金水平，投资者就需要追加保证金，以保证其持仓的安全。

纸黄金保证金制度在一定程度上降低了投资者的风险，同时也提高了市场的交易效率和流动性。然而，投资者在参与纸黄金交易时也需要注意控制风险，合理配置资产，避免过度投机带来的风险。

【英文版】

Paper gold margin refers to the deposit that investors pay in a certain proportion as a guarantee for the paper gold contract in the paper gold trading. The paper gold margin system is an important component of the paper gold trading, which enables investors to obtain a large investment return with less capital, and also enhances the liquidity and activity of the paper gold market.

In the paper gold trading, investors need to pay a certain proportion of the contract value as the margin according to the exchange's regulations, usually 5% to 10% of the contract value. If the investor's margin account balance is lower than the exchange's margin level, the investor needs to add margin in a timely manner, otherwise it will face the risk of forced closing.

The calculation method of paper gold margin is determined by the contract value and margin ratio. For example, if an investor buys a $1 million paper gold contract and pays a 10$100,000 as the margin. If the price of paper gold fluctuates and the investor's account balance is lower than the margin level, the investor needs to add margin to ensure the safety of their position.

The paper gold margin system reduces the risk of investors to a certain extent and also improves the trading efficiency and liquidity of the market. However, investors should also pay attention to controlling risks and reasonably allocate assets when participating in paper gold trading to avoid risks caused by excessive speculation.