中國託市舉措收復部分失地

China’s stock market sell-off abated on Thursday morning, as Beijing rolled out further measures to boost liquidity and calm investor nerves following days of sharp share price falls.

在股價連日來的急劇下跌之後，中國政府進一步採取了多項舉措，以提升股市流動性並平復投資者情緒。隨着這些舉措的推出，週四早上中國股市的拋售狂潮有所緩解。

Early trading on the Shanghai Composite was choppy but the index was up 0.6 per cent by 11am local time. Shenzhen had gained 2.4 per cent, while the small cap ChiNext board had added 1.9 per cent.

上證綜指(Shanghai Composite)早盤雖遭遇劇烈震盪，收盤時卻得以收漲1.3%。深證綜指(Shenzhen Composite)收漲2.93%，而以小盤股爲主的創業板(ChiNext)則收漲2.76%。

In Hong Kong, the Hang Seng rose 2.9 per cent, while the China Enterprises index was 3 per cent higher.

在香港，恆生指數(Hang Seng)收漲3.43%。其中恆生中國企業指數(Hang Seng China Enterprises Index)收漲3.58%。

The break from the sell-off followed another raft of measures from Chinese authorities aimed at halting a share rout that has wiped trillions of dollars off the value of the country’s equity markets.

在股票這次止住跌勢之前，中國當局還曾推出一系列其他旨在終結股市暴跌的舉措。這輪暴跌行情已導致中國股市數萬億美元的市值蒸發。

On Thursday morning, China’s banking regulator said it would allow lenders to ease margin requirements for some wealth management clients, and encouraged banks to offer financing to companies seeking to buy their own shares.

週四早上，中國銀行監管機構銀監會表示，將允許銀行放寬對部分理財客戶的保證金要求，並鼓勵銀行爲增持自身股票的企業提供融資。

That came on the heels of a new rule imposed late on Wednesday by the securities regulator banning investors with shareholdings of more than 5 per cent in a company from selling shares. The restriction also applies to senior executives and board members of listed companies.

就在銀監會這一舉措之前，週三晚上中國證券監管機構證監會(CSRC)還曾出臺新規定，禁止持股比例在5%以上的投資者減持股票。這一規定也適用於上市公司的高管和董事會成員。

The China Securities Regulatory Commission said separately that China Securities Finance Corporation, a government-backed fund, would provide “abundant liquidity” to help steady the market.

此外，證監會還曾表示，由政府出資的中國證券金融公司(China Securities Finance Corporation)將提供“充足流動性”，幫助穩定市場。

State-owned enterprises have also been directed towards share buy-backs. So far, 292 companies have pledged to buy their own stock, according to state media.

此外，多家國有企業也被指示回購股票。根據中國國家媒體的報道，迄今已有292家企業承諾要增持自身股票。

With Beijing’s efforts to underpin the market having limited effect in the face of panicked retail investor selling, many analysts think further steps will be taken if downward pressure returns.

在恐慌散戶的拋售行爲面前，中國政府的託市努力效果十分有限。出於這個原因，許多分析師認爲，如果股市再次面臨下行壓力，中國政府將會採取進一步措施。

Thursday also saw dozens more companies request their shares be halted from trading, adding to the list of more than 1,400 companies that have has suspended their stock. More than half the companies listed on China’s two stock exchanges are currently not trading as a result.

週四又有數十家企業要求停牌。此前，中國股市已有逾1400家企業停牌，這令中國兩市的停牌企業數目超過了一半。

China’s stock market rout began in mid-June following a clampdown on margin finance — the use of borrowed money to buy shares. That has led to a rapid unwind of leveraged trades, a process many believe is still far from reaching its end.

中國這次股災始於6月中旬，此前中國政府曾試圖限制融資融券業務——即借錢炒股業務。這輪暴跌導致股市迅速去槓桿化，不過許多人相信這一去槓桿過程還遠遠沒有結束。

“The deleveraging process is likely to continue in the near term and therefore the [domestic] share market will likely remain volatile,” said analysts at UBS.

瑞銀(UBS)分析師表示：“近期內這一去槓桿過程可能會繼續開展下去。因此（國內）股市可能會保持很高的波動性。”