中国政府出手扶持股市和汇市
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国股市和汇市，平息人们对于售股禁令即将失效的担心，并干预汇市以提振人民币汇率，从而帮助遏制损失。
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.
一些交易员和分析师表示，由国有金融机构组成的“国家队”也已恢复买入股票，尽管证券监管机构在去年11月叫停了常态化购股操作。
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.
由蓝筹股构成的沪深300指数(CSI 300 index)昨日收盘微涨0.3%，周一该指数一度下跌7%，触发暂停全部市场交易的熔断机制，这个新设立机制的目的是打断恐慌性抛售。但是，覆盖面更广的上证综指(Shanghai Composite index)昨日下跌0.3%，深证综指(Shenzhen Composite index)下跌1.9%，后者在周一大跌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”.
“今日尾盘时分进场的资金肯定不是正常资金，”西安开元证券(Kaiyuan Securities)分析师杨海昨日表示。他补充说，近日波动主要是由“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.
当局正在谨慎拿捏，他们试图阻止市场秩序混乱，但不希望只是推迟一场不可避免的回落。
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.
蓝筹股和大盘之间的反差似乎表明，“国家队”再度进场，其操作一直专注于购买国有银行和工业集团的股票。尽管昨日出现小幅反弹，但分析师们表示，中国股市的根基仍然不稳。
“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.
“中国股市出现的一些动向相当令人担忧。很多市场内部指标显示，很可能出现又一轮抛售，市场重返去年8月下旬触及的低点，”墨尔本金融点差交易平台IG的分析师安格斯尼科尔森(Angus Nicholson)写道。
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.
为安抚神经，中国证券监管机构在开盘前发布的一份声明中表示，它可能会延长持有任何一只上市股票逾5%的投资者所持股份的锁定期。这一售股禁令是在去年7月实行的，当时一场毁灭性的股市暴跌一度抹去主要股指的45%；它原定在本周五失效。
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.
为进一步抚平紧张情绪，中国人民银行(PBoC)昨日通过定期进行的公开市场操作，向银行体系注入1300亿元人民币（合199亿美元），这是自去年9月下旬以来的最大单日注资。
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.
传统上，中国央行会在预计现金需求上升（比如在10月1日国庆黄金周前后）的时候提供额外现金，但本周并不存在这样的季节性因素。
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.
在外汇市场上，交易员看到一些迹象表明，中国央行在抛售外汇储备中的美元以支撑人民币。人民币昨日下午尾盘走高0.2%，此前在周一下跌0.6%，创下人民币汇率的第三大单日跌幅纪录。
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，在岸和离岸人民币的价差扩大至12个基点的创纪录水平，表明境外投资者对在岸人民币的反弹并不信服。
