中國政府出手扶持股市和匯市
Beijing waded in to prop up China’s stock and currency markets yesterday, helping to temper losses by calming fears over the looming expiration of a share-sale ban and intervening to boost the renminbi.
北京方面昨日出手扶持中國股市和匯市，平息人們對於售股禁令即將失效的擔心，並干預匯市以提振人民幣匯率，從而幫助遏制損失。
Some traders and analysts said that the “national team” of state-owned financial institutions had also resumed buying shares, despite the securities regulator’s pledge in November to halt regular purchases.
一些交易員和分析師表示，由國有金融機構組成的“國家隊”也已恢復買入股票，儘管證券監管機構在去年11月叫停了常態化購股操作。
The blue-chip CSI 300 index closed 0.3 per cent higher after its 7 per cent fall on Monday triggered a market-wide trading halt under a new “circuit breaker” mechanism intended to interrupt panic selling. But the broader Shanghai Composite index fell 0.3 per cent, while the Shenzhen Composite lost 1.9 per cent, adding to its 8.2 per cent tumble on Monday.
由藍籌股構成的滬深300指數(CSI 300 index)昨日收盤微漲0.3%，週一該指數一度下跌7%，觸發暫停全部市場交易的熔斷機制，這個新設立機制的目的是打斷恐慌性拋售。但是，覆蓋面更廣的上證綜指(Shanghai Composite index)昨日下跌0.3%，深證綜指(Shenzhen Composite index)下跌1.9%，後者在週一大跌8.2%。
“The money that came in at the bottom today definitely isn’t normal money,” said Yang Hai, analyst at Kaiyuan Securities in Xi’an, who added that the recent volatility was mainly caused by “irrational panic”.
“今日尾盤時分進場的資金肯定不是正常資金，”西安開元證券(Kaiyuan Securities)分析師楊海昨日表示。他補充說，近日波動主要是由“非理性恐慌”引起的。
Authorities are walking a fine line as they attempt to prevent market disorder without simply postponing an inevitable correction.
當局正在謹慎拿捏，他們試圖阻止市場秩序混亂，但不希望只是推遲一場不可避免的回落。
The contrast between blue-chips and the broader market suggests the renewed presence of the “national team”, which has focused its buying on state-owned banks and industrial conglomerates. Despite yesterday’s modest recovery, analysts say the Chinese stock market remains on a shaky footing.
藍籌股和大盤之間的反差似乎表明，“國家隊”再度進場，其操作一直專注於購買國有銀行和工業集團的股票。儘管昨日出現小幅反彈，但分析師們表示，中國股市的根基仍然不穩。
“The moves seen in Chinese stock markets are quite concerning. Many market internals point to a likely renewed sell-off and a revisit of the late-August lows,” wrote Angus Nicholson, analyst at IG, a Melbourne-based spread betting platform.
“中國股市出現的一些動向相當令人擔憂。很多市場內部指標顯示，很可能出現又一輪拋售，市場重返去年8月下旬觸及的低點，”墨爾本金融點差交易平臺IG的分析師安格斯尼科爾森(Angus Nicholson)寫道。
In an effort to calm nerves, the securities regulator said in a statement before trading began that it may extend a lock-up period for investors holding more than 5 per cent of a listed stock. The selling ban — imposed in July amid the devastating equity rout that wiped 45 per cent off the main index at one point — is due to expire on Friday.
爲安撫神經，中國證券監管機構在開盤前發佈的一份聲明中表示，它可能會延長持有任何一隻上市股票逾5%的投資者所持股份的鎖定期。這一售股禁令是在去年7月實行的，當時一場毀滅性的股市暴跌一度抹去主要股指的45%；它原定在本週五失效。
In a further bid to douse jitters, the People’s Bank of China injected Rmb130bn ($19.9bn) into the banking system yesterday through regularly scheduled open market operations, the biggest one-day cash infusion since late September.
爲進一步撫平緊張情緒，中國人民銀行(PBoC)昨日通過定期進行的公開市場操作，向銀行體系注入1300億元人民幣（合199億美元），這是自去年9月下旬以來的最大單日注資。
The central bank traditionally provides extra cash in anticipation of elevated cash demand around the October 1 national holiday, but no such seasonal factors are present this week.
傳統上，中國央行會在預計現金需求上升（比如在10月1日國慶黃金週前後）的時候提供額外現金，但本週並不存在這樣的季節性因素。
In the foreign exchange market, traders saw signs that the PBoC was selling dollars from its foreign exchange reserves to support the renminbi. The renminbi was 0.2 per cent stronger in late trade yesterday afternoon following a 0.6 per cent fall on Monday, the currency’s third-largest single-day fall on record.
在外匯市場上，交易員看到一些跡象表明，中國央行在拋售外匯儲備中的美元以支撐人民幣。人民幣昨日下午尾盤走高0.2%，此前在週一下跌0.6%，創下人民幣匯率的第三大單日跌幅紀錄。
But the spread between onshore and offshore renminbi widened to its highest level on record, at 12 basis points, a sign that offshore investors were unconvinced by the currency’s onshore rally.
但是，在岸和離岸人民幣的價差擴大至12個基點的創紀錄水平，表明境外投資者對在岸人民幣的反彈並不信服。
