股市暴跌后 中国再次降息降准

HONG KONG — Acting a day after the Shanghai and Shenzhen stock markets plunged more than 7 percent, China’s central bank cut interest rates on Saturday and reduced the reserves that certain banks must hold.

香港——在中国沪深股市周五暴跌7%之后的第二天，中国央行周六宣布将分别降低利率和存款准备金率。

The two measures send a signal that the government may not be eager to see an abrupt end to a stock market rally that has seen prices more than double in the last 12 months. The rally has been underpinned by speculative trading heavily financed with borrowed money. Young, often poorly educated investors have been betting on further appreciation even as business managers, with more information on the true health of their companies, have reportedly been selling heavily.

此举传递了一种信号，政府可能不愿意看到股市的上升趋势戛然而止，在过去的12个月，中国股市已经上涨一倍有余。年轻且通常缺乏股市知识的投资者一直在押注股票继续升值，尽管有报道说，那些对自己企业的实际经营状况有着更多了解的企业高管们已经在大笔抛售股票。

“We think today’s move is mainly driven by the government desire to support a bull market,” Lan Shen and Shuang Ding, two economists at Standard Chartered, said in a statement on Saturday evening.

周六晚间，渣打银行(Standard Chartered)的两位经济学家沈兰和丁爽在一份报告中写道，“我们认为（央行）今天的举动主要是由政府支撑牛市的愿望所驱动。”

Keeping the stock market buoyant, through measures like the interest rate cut, could help the Chinese government sell part of its stakes in government-owned enterprises that have incurred huge debts.

通过降息等措施保持股市上涨，可能帮助持有国有企业股份的中国政府卖掉在那些背负巨额债务的企业中的部分持股。

Previous sharp drops in the stock markets this year have been quickly countered by optimistic statements in state-controlled media. But Saturday’s moves, which included the fourth reduction in interest rates since last November, were unusual in so closely following a stock market nose-dive.

今年以来的数次股市下跌之后国有媒体都很快发布乐观积极的言论作为回应，但是周六的降息行动却因为随着股市跳水接踵而来而显得不同寻常。这次降息也是自去年11月以来的第四次降息。

Yet both monetary policy moves on Saturday were carefully calibrated to limit their effect. China’s economy has already begun to stabilize in recent weeks, and the People’s Bank of China, the country’s central bank, has been concerned that it not feed another round of speculative lending and borrowing.

周六的货币政策调整是精心考虑后做出的，以限制它们可能产生的效果。在最近数周，中国经济已经开始企稳，而作为央行的中国人民银行一直在担心这样做会造成新一轮的投机性放款和借贷。

The People’s Bank cut interest rates by only a quarter of a percent, to 4.85 percent for one-year bank loans, and to 2 percent for one-year bank deposits. The central bank also told banks that specialize in agricultural loans and loans to smaller businesses that they could hold slightly smaller reserves against their deposits, freeing them to lend more.

央行将金融机构一年期贷款基准利率仅下调0.25个百分点至4.85%，一年期银行存款利率降至2%。央行还告知专营农业贷款和中小企业贷款的银行，他们可以略微缩小存款准备金规模，以释放出更多的资金供这些银行进行借贷。

But the central bank pointedly did not reduce the reserve requirement ratio for large banks, which represent more than half of the country’s financial system.

但是，央行明显没有缩减大型银行的存款准备金率，这些银行占据中国金融系统规模的一半以上。

The lower ratio and the reduced interest rates were to take effect on Sunday.

降准和降息从周日开始生效。

Economic measures like monthly surveys of corporate purchasing managers show that the Chinese economy remains fairly weak but is no longer deteriorating. A slide in housing prices that began in the spring of last year appears to have leveled off and even reversed in some cities.

作为宏观经济衡量指标的每周企业采购经理人指数显示，中国经济还相对疲弱，但已经不再恶化。去年春季开始的房价下跌已经持稳，某些城市还出现了上涨。

“The recent data that we had was definitely not good,” Louis Kuijs, the chief economist for greater China at the Royal Bank of Scotland, said in a recent interview. “But it wasn’t a disaster.”

苏格兰皇家银行大中华区的首席经济学家高路易(Louis Kuijs)在最近的一次采访中说，“我们近期的数据显示经济绝对不好，但并非灾难性的。”