抑制做空的举措未能阻止A股下跌

Chinese stocks fell again as authorities continued to try to halt the slide.

虽然中国有关部门继续采取措施阻止股市下滑，但中国股市周五再次出现下跌。

The country’s main stock index in Shanghai fell 5.8 per cent on Friday, after shedding 3.5 per cent on Thursday, while the Shenzhen Composite shed 5.4 per cent after falling 5.6 per cent the previous day.

继周四下跌3.5%后，上证综指周五收跌5.8%；而深证综指则在周四下跌5.6%后，周五收跌5.4%。

The declines came as China’s securities regulator said it had launched a probe into short selling, and there were reports on Friday that the futures exchange was using “window guidance” to urge traders not to short the market.

此前中国证券业监管部门表示，它已启动针对做空行为的调查。周五还有报道称，中国的期货交易所正通过“窗口指导”敦促交易员不要做空市场。

The China Securities Regulatory Commission said late on Thursday that it had opened an investigation into market manipulation “based on reports of unusual movements” in securities and futures markets.

周四晚，中国证监会(CSRC)表示，已根据证券和期货交易所“市场监察异动报告”，启动对市场操纵行为的调查。

The country’s two main indices have tumbled more than 20 per cent over the past three weeks, taking them into bear-market territory.

中国两大股指在过去三周里下跌了逾20%，已经步入熊市。

The Shanghai Composite fell 12.1 per cent for the latest week, its third consecutive week of double-digit losses after hitting a seven-year high on June 12.

上证综指最近一周下跌了12.1%，这是该指数自6月12日触及七年高点以来，连续第三周出现两位数的周跌幅。

Some 457 companies suspended trading of their shares on Thursday, ostensibly because of pending announcements, according to data compiled by the official China Securities News, though many suspect the real motive was to prevent further share-price losses.

根据官方的《中国证券报》(China Securities Journal)的数据，周四大约有457家公司的股票被停牌，停牌的表面原因是等待进一步公告。不过，许多人怀疑这么做的真实动机是阻止股价进一步下跌。

The effort to curb short selling follows relaxation of margin lending rules on Thursday, which also failed to staunch the bleeding.

就在推出限制做空行为的举措之前，中国有关部门周四还曾放宽对融资融券的规定，但此举未能阻止股市下跌。

The 21st Century Business Herald, a Chinese daily, quoted multiple futures traders as saying they had received phone calls from the China Financial Futures Exchange instructing them not to short the market. Stock index futures are the main tool for placing bearish bets on mainland stocks, as short selling of individual shares is difficult.

中文日报《21世纪经济报道》(21st Century Business Herald)援引多名期货交易员的说法称，他们已接到中国金融期货交易所(China Financial Futures Exchange)打来的电话，指示他们不要做空市场。在中国，由于很难做空个股，股指期货是做空中国内地股票的主要工具。

Analysts say any effort to discourage short selling is probably coming from regulators, with exchange officials simply carrying out orders. The futures and stock exchanges are state-owned companies with close links to financial regulators.

分析师表示，所有旨在抑制做空行为的举措很可能都出自监管部门，交易所的官员只是在执行命令。在中国，期货交易所和证券交易所都是国有企业，与金融监管部门关系密切。

Most market participants question whether illegal market manipulation is behind the market’s fall. Instead, they say investors are using index futures to hedge long positions in small and mid-cap stocks.

多数市场参与者都质疑股市下跌的背后是否真的隐藏着非法市场操纵行为。相反，他们表示，投资者是在用股指期货对冲中小盘股上的多头仓位。

“In the futures market we have quantitative traders, algorithmic traders and short sellers. Everyone is there. And of course there are hedgers, too. The whole purpose of futures is for risk management,” said a trader at a major futures company in Shanghai. “After the big drop, what the market lacks most is confidence.”

上海一家主要期货公司的一名交易员表示：“在期货市场，我们有量化交易员、算法交易员和卖空者。各种人都有。对冲者当然也不例外。期货的唯一用途就是管理风险。大跌之后，市场最缺的是信心。”

The futures exchange on Thursday denied rumours that foreign investors including Goldman Sachs were using futures to place big bearish bets on mainland stocks, known as A shares.

周四，中国金融期货交易所否认了高盛(Goldman Sachs)等外国投资者用期货做空A股的传闻。

The exchange said foreign investors with access to the futures market via the Qualified Foreign Institutional Investor (QFII) programme were only permitted to use futures for hedging operations and are not allowed to make directional bets. All recent trades by QFIIs complied with regulations, it said.

该所表示，有权通过合格境外机构投资者(QFII)计划进入期货市场的外国投资者只能用期货做套保交易，不允许建立裸头寸。该所表示，QFII资金近期从事的一切交易都符合规则。

Small and mid-caps have been the biggest losers in the recent downturn, as investors have sought the relative safety of large caps amid the turmoil. An index of large mainland-listed banks has fallen 13 per cent since June 12 compared to 28 per cent for the Shanghai Composite.

在近期的下跌中，中小盘股一直是最大的输家，原因是投资者在动荡的行情中更青睐大盘股具备的相对安全性。自6月12日以来，一个以中国大银行A股股票为成分股的指数只下跌了13%，相比之下上证综指下跌了28%。

Margin lending, which helped fuel the stock market rally that began late last year, is now dragging on the market. Outstanding margin loans on the Shanghai and Shenzhen exchanges fell by Rmb51bn on Thursday, the second-biggest daily drop ever, just below the Rmb56bn loss last Friday.

保证金贷款曾为中国股市从去年底开始上涨助了一臂之力，但它如今却在拖累股市。周四，沪深两市融资余额减少510亿元人民币，是有史以来第二大单日降幅，仅次于上周五560亿元人民币的降幅。