中國股市再次暴跌 滬指創八年最大單日跌幅

After several weeks of relative calm, tumult returned to China’s stock markets on Monday, casting new doubt on the government’s measures to support share prices.

經過幾周的相對平靜之後，動盪在週一重返中國股市，讓人對政府的救市措施產生新的疑問。

The main Shanghai share index plunged 8.5 percent on Monday, its steepest one-day drop in eight years, while Shenzhen’s main index fell 7 percent.

主要的上海股市指數週一大跌8.5％，是八年來最大的單日跌幅，而深圳股市指數則下跌了7％。

“The return of debacle!” China’s official Xinhua news agency tweeted Monday on its verified account, noting that in the sell-off, about two-thirds of all mainland-listed stocks fell by the daily limit of 10 percent.

中國官方媒體新華社週一在其經過認證的Twitter帳號上發帖大呼“崩潰再現！”，並指出，在拋售中，所有在內地上市的公司，大約有三分之二的股票暴跌超過每天10％的下限。

The downturn ended a modest rally that started three weeks ago. The recovery had been engineered by direct and indirect intervention by the government to arrest a slide in the markets. Starting in June, shares lost more than $3 trillion worth of market value in a matter of weeks.

週一的暴跌結束了股市三週前開始的溫和反彈。反彈是政府爲了阻止股市跌落而直接和間接干預造成的。自6月份以來，股市已在幾周內失去了相當於逾3萬億美元的市值。

Those support measures, which included a new $120 billion stock market stabilization fund backed by the central bank, a suspension of new share offerings and a six-month moratorium on big shareholders selling their stock, had partly restored investors’ confidence. As of Friday, those moves had helped lift the Shanghai index by 16 percent from its low on July 8.

政府的救市措施包括，成立新的由中央銀行支持的1200億元的股市穩定基金，暫停發行新股，禁止大股東在六個月內出售股票，這些措施已部分恢復了投資者的信心。截至上週五，這些措施幫助上證指數從其7月8日的低谷上升了16％。

Coming on the back of such state support, the dive on Monday was most likely to further unsettle investors. It also has broader economic ramifications for China, as the bull market in stocks in recent months had helped offset the slowdown in China’s traditional industrial drivers of growth. Despite the recent volatility, Shanghai’s main share index closed on Monday more than 70 percent higher than its level a year ago.

在國家的這些支持措施背景下，週一的股市跳水很有可能會進一步動搖投資者的信心。這對中國來說，還有更廣泛的經濟影響，因爲近幾個月的股票牛市曾幫助抵消由傳統產業驅動的中國經濟增長的放緩。儘管有這些近期的波動，但上海的主要股票指數週一收盤時，仍比一年前高出逾70％。

But the calm that had settled on the markets in recent weeks appears to have been fleeting. Part of the problem is the gigantic amount of borrowed money at play; investors in China took out huge amounts of loans from brokerage firms in recent months to invest in stocks. With share prices falling, the pressure will rise for investors to unwind some of these so-called margin trades to repay what they borrowed.

但股市最近幾周的趨穩看來已轉瞬即逝。問題的部分原因是股市中的鉅額借貸；中國投資者在最近幾個月裏從證券公司得到鉅額貸款，用來購買股票。隨着股票價格的下跌，投資者面臨着巨大壓力，他們需要拋售一些這類靠所謂的融資交易賣下的股票，以償還他們借來的錢。

The government could act further to support prices if the decline continues, for example, by pumping more money into the market, either directly or indirectly, and officials have recently signaled their willingness to continue stabilization measures.

如果股市繼續下跌，政府可能會進一步採取支撐股價的行動，比如，直接或間接地將更多資金注入股市，官員最近也表示願意繼續採取穩定股市的措施。

Last week, the China Securities Regulatory Commission issued a denial of a report in Caijing, a respected Chinese financial news outlet, which had said the regulator was considering how to begin removing its supports for share prices.

上週，中國證券監督管理委員會否認了《財經》雜誌的一篇報道，《財經》是一家受人尊敬的中國金融新聞媒體，其報道稱，證監會正在研究如何推出救市措施的方案。

In a July 20 statement denying the report, Zhang Xiaojun, a spokesman for the regulator, said: “The commission will continue to stabilize the market and provide reassurance, and will use all its resources working towards the goal of preventing systemic risk.”

證監會新聞發言人張曉軍在7月20日的一份聲明中否認了上述報道，他說，“證監會將繼續把穩定市場、穩定人心、防範系統性風險作爲工作目標，全力做好相關工作。”

Caijing promptly removed the article from its website.

《財經》迅速將該報道從其網站上刪除。