中國股市週四再度暴跌 China stock markets shuttered after falling 7%

China’s entire equity market was shuttered within half an hour of opening after falling 7 per cent on further currency weakness as government rescue efforts failed to deter the tide of sellers.

今日人民幣匯率繼續走低，中國股市開盤不到30分鐘就下跌7%，整個股市提前關閉，政府的救市努力未能對潮水般的賣盤起到嚇阻作用。

China’s stock market meltdown and currency depreciation have spooked international investors in a replay of last summer’s rout that reverberated around the globe. So far this year — just four days — the bluechip CSI 300 index is down 12 per cent.

中國的股市暴跌和貨幣貶值令國際投資者驚慌不已，他們擔心去年夏天震動全球的市場動盪重演。今年迄今——才四個交易日——成份股爲藍籌股的滬深300指數(CSI 300)已下跌12%。

Newly minted circuit breakers, introduced and first tripped on Monday, kicked in again on Thursday after the CSI 300 fell 7 per cent. Trading was halted for 15 minutes after the index lost 5 per cent, but as stocks continued to fall the full-day closure was triggered.

今日，滬深300指數下跌7%後，新推出的熔斷機制再次被觸發。該機制是在本週一推出的，當天就被首次觸發。今日滬深300指數下跌5%後，股市暫停交易15分鐘，但恢復交易後繼續下跌，觸發第二檔熔斷線，導致全天交易提前結束。

Investors were rattled by further weakening of the renminbi, said Wang Jun, analyst at China Securities Co in Beijing. “It was a panicked response to the forex market,” he said. “Accelerating exchange-rate depreciation could lead to liquidity problems. Valuations can’t help but take a pounding.”

北京中信建投證券分析師王君表示，投資者對人民幣繼續走弱感到很緊張。他說：“這是外匯市場引發的恐慌反應。不斷加快的匯率貶值可能會導致流動性問題。估值不可避免地會受到衝擊。”

The renminbi fell to its weakest level in nearly five years on Thursday, with capital outflow pressure still heavy even after more than a year of nearly uninterrupted outflows. The renminbi was 0.6 per cent weaker on Thursday morning at 6.5928 per US dollar after falling by roughly the same amount on Wednesday.

週四，人民幣匯率跌至將近五年來的低點，資本外流壓力依舊沉重，儘管中國已經經歷了一年多的幾乎不間斷的資本外流。週四早盤，人民幣匯率再跌0.6%，至1美元兌6.5928元人民幣，週三的跌幅與此大致相同。

Policymakers appear uncertain about whether to wade back in to buy stocks with state funds or to stand back. On Tuesday, the “national team” of state-owned financial institutions appeared to re-enter the stock market after remaining on the sidelines since late August.

中國的政策制定者似乎拿不準是應該重新着手干預、用國家的資金買入股票，還是應該置身事外。週二，由國有金融機構組成的“國家隊”似乎再度進場。去年8月底以來，“國家隊”曾一直在場外觀望。

Goldman Sachs estimated in September that the government had spent Rmb1.5tn ($234bn) to support the stock market in July and August, when the main index was down by as much as 45 per cent from its late-June high. The “national team” owned at least 6 per cent of tradable market capitalisation in the Shanghai and Shenzhen exchanges at the end of the third quarter.

高盛(Goldman Sachs)去年9月估計，中國政府在去年7月和8月共花費1.5萬億元人民幣（合2340億美元）託市，當時主要股指從6月下旬的高點下跌了多達45%。去年第三季度末，“國家隊”至少持有滬深兩市可交易市值的6%。

On Wednesday, the stock market had clawed back some lost ground after state media said the securities regulator would extend a ban on share sales by large shareholders. After the trading halt on Thursday, the regulator published new permanent rules restricting share purchases by large shareholders, as well as by corporate management and directors.

週三，中國股市在官方媒體報道稱證券業監管部門將延長大股東禁售令後收復部分失地。週四股市交易終止後，中國證監會(CSRC)發佈了上市公司大股東、董事、監事和高級管理人員減持新規。

Starting January 9, large shareholders can sell a maximum of 1 per cent of a company's shares every three months. They also must disclose stake-cutting plans 15 days in advance. The China Securities Regulatory Commission said the new rules should help to stem panic-selling.

新規自1月9日起施行，大股東每三個月最多可減持公司股份的1%，而且必須提前15個交易日披露減持計劃。中國證監會表示新規應有助於遏制恐慌性拋售。

Forex traders on Tuesday reported signs that the People’s Bank of China, acting through large state-owned banks, was drawing on its foreign exchange reserves to support the renminbi.

外匯交易員週二報告稱，有跡象顯示中國央行通過大型國有銀行採取行動，動用外匯儲備來支撐人民幣。

But renminbi’s deline continued on Wednesday, and authorities now appear reluctant to devote further resources to rescuing the stock market. The securities regulator said in August that the government would halt large-scale stock purchases, though it did not rule out occasional intervention.

但人民幣在週三依然下跌，而且當局現在似乎不願再投入更多資源來拯救股市。去年8月，中國證監會表示政府將暫停大規模購股，儘管不排除會偶爾進行干預。

Thursday’s trading halt will raise fresh doubts about the newly implemented circuit breaker, which came into force only this week but has already been used twice. Critics say the mechanism may be amplifying losses, as investors rush to exit their positions for fear of being trapped in the event of a trading halt.

週四的提前收市將令新實施的熔斷機制受到新的質疑。該機制本週纔開始實施，但迄今已用了兩次。批評人士表示，熔斷機制可能會擴大損失，因爲投資者急於退出自己的頭寸、生怕萬一交易暫停自己會被困在場內。

On WeChat, the widely-used messaging and social network platform, a joke circulated: “Many people ask, ‘What is the circuit breaker mechanism?’ Actually it’s like this: You bring Rmb 3,000 to play mahjong, but you lose it all in half an hour. The game is paused for 15 minutes so you can pop downstairs to the ATM to withdraw another Rmb5,000. You come back and quickly lose that too. Then the winner says, 'Your luck is too bad, let’s just end the game for today’.”

在使用者衆多的通信和社交網絡平臺微信(WeChat)上，流傳着這樣一個段子：很多人問熔斷機制是什麼意思？ 簡單解釋就是：你帶3000元去打麻將，半個小時被打光了，立馬休戰15分鐘，去樓下銀行ATM取了5000元，上來又打光了，然後說“今天你手氣太差，散了算了”。