中国托市举措收复部分失地

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.

在股价连日来的急剧下跌之后，中国政府进一步采取了多项举措，以提升股市流动性并平复投资者情绪。随着这些举措的推出，周四早上中国股市的抛售狂潮有所缓解。

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.

上证综指(Shanghai Composite)早盘虽遭遇剧烈震荡，收盘时却得以收涨1.3%。深证综指(Shenzhen Composite)收涨2.93%，而以小盘股为主的创业板(ChiNext)则收涨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，恒生指数(Hang Seng)收涨3.43%。其中恒生中国企业指数(Hang Seng China Enterprises Index)收涨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.

在股票这次止住跌势之前，中国当局还曾推出一系列其他旨在终结股市暴跌的举措。这轮暴跌行情已导致中国股市数万亿美元的市值蒸发。

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.

周四早上，中国银行监管机构银监会表示，将允许银行放宽对部分理财客户的保证金要求，并鼓励银行为增持自身股票的企业提供融资。

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.

就在银监会这一举措之前，周三晚上中国证券监管机构证监会(CSRC)还曾出台新规定，禁止持股比例在5%以上的投资者减持股票。这一规定也适用于上市公司的高管和董事会成员。

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，证监会还曾表示，由政府出资的中国证券金融公司(China Securities Finance Corporation)将提供“充足流动性”，帮助稳定市场。

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，多家国有企业也被指示回购股票。根据中国国家媒体的报道，迄今已有292家企业承诺要增持自身股票。

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.

在恐慌散户的抛售行为面前，中国政府的托市努力效果十分有限。出于这个原因，许多分析师认为，如果股市再次面临下行压力，中国政府将会采取进一步措施。

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.

周四又有数十家企业要求停牌。此前，中国股市已有逾1400家企业停牌，这令中国两市的停牌企业数目超过了一半。

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.

中国这次股灾始于6月中旬，此前中国政府曾试图限制融资融券业务——即借钱炒股业务。这轮暴跌导致股市迅速去杠杆化，不过许多人相信这一去杠杆过程还远远没有结束。

“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.

瑞银(UBS)分析师表示：“近期内这一去杠杆过程可能会继续开展下去。因此（国内）股市可能会保持很高的波动性。”