政府救市預期推動中國股市回升

SHANGHAI — Chinese stock markets staged a powerful rally late Tuesday, sending share prices sharply higher in a volatile day of trading. The surge in prices came after investors had suffered some of the sharpest losses in years over the previous two sessions.

上海——週二收盤前不久，中國股市上演了一輪強勁反彈。當天股市巨幅震盪，最後股價大幅走高。這次上漲之前，投資者在前兩個交易日的下挫中蒙受了數年來最嚴重的損失。

After a roller coaster ride Tuesday, aggressive buying pushed the Shanghai composite index up 5.5 percent, to close at 4,277.22. The Shenzhen composite fared almost as well, rising 4.8 percent, to close at 2,464.23. And in Hong Kong, the Hang Seng index edged up 1.1 percent to close at 26,250.03.

在週二的一波過山車行情之後，買盤高歌猛進，推動上證綜合指數上漲5.5%，收報4277.22點。深圳綜指緊跟其後，漲幅達4.8%，收報2464.23點。香港恆生指數上揚1.1%，收報26250.03點。

The gains seemed to calm a jittery market after more than a trillion dollars in market value had been wiped out over the previous few weeks, amid fears that the market’s bull run was coming to an end. Until recently, China has had the world’s best-performing stock market.

這樣的反彈似乎讓緊張不安的市場平靜下來。由於擔心牛市即將終結，前幾周裏已有逾1萬億美元的市價蒸發。在那之前，中國股市的表現躋身全球前列。

No one knows for sure why prices recovered Tuesday. But some analysts said they believed that the market had stabilized on the expectation that the Chinese government would find ways to intervene and prop up share prices, some of which are down more than 40 percent from their highs.

沒有人知道本週二究竟爲什麼會出現反彈。不過一些分析師表示，他們認爲，市場對中國政府會設法干預並支撐股價的期望令其企穩。一些個股當前的股價已從高點下跌了逾40%。

The government had, after all, seemed to encourage investors to pile into stocks earlier this year, aided by optimistic reports published by the state-run news media. The authorities appeared to view higher stock prices as a way to help indebted state-owned companies to deleverage, analysts said, and with the economy weakening, the government is probably eager to keep prices from falling too sharply.

畢竟，政府在今年早些時候表現出鼓勵投資者進入股市的姿態，官方媒體的樂觀報道也推動了炒股熱潮。分析人士表示，當局似乎將推高股價視作幫助負債累累的國企去槓桿化的一種途徑，而且隨着經濟的走弱，政府很可能急於阻止股價大幅下跌。

“It’s in Beijing’s interest to be supportive of the stock market,” said Li Wei, an economist who covers China for the Commonwealth Bank of Australia. “It can help facilitate corporate deleveraging and offset some of the pain of the economic slowdown.”

“支持股市符合北京的利益，”澳洲聯邦銀行(Commonwealth Bank of Australia)負責中國事務的經濟師李煒(Li Wei)說。“這有助於促進企業去槓桿化，緩解經濟放緩帶來的一些痛苦。”

One sign of the government’s intentions came last weekend, when China’s central bank moved to cut interest rates. But share prices plummeted on Monday, and worried investors began selling early Tuesday. Then a rally late in the day created a huge swing in prices.

透露政府意圖的一個跡象是，週末期間，中國央行下調了利率。不過，股價在週一跳水，憂心忡忡的投資者在週二開盤後也先是拋售股票。到了下午，股市強勁反彈，使得當天股價出現巨大波動。