中国多管齐下全力托市 China’s central bank steps up efforts to ensure market stability

Chinese authorities have ramped up their attempts to restore investor confidence in the country’s tumbling stock markets, setting the stage for another turbulent week of trading on the Shanghai and Shenzhen stock exchanges.

中国当局加大力度，试图恢复投资者对连连下跌的国内股市的信心，为上海和深圳证券交易所迎来行情震荡的又一周搭起舞台。

The China Securities Regulatory Commission said in a brief statement late last night that the central bank would “uphold market stability” by providing liquidity to China Securities Finance, a state entity that makes margin financing available to brokers.

中国证券监督管理委员会(CSRC)昨晚在一份简短声明中表示，中国央行将给予中国证券金融股份有限公司(China Securities Finance)流动性支持，以“维护市场稳定”。中国证券金融公司是向券商提供保证金融资的国家实体。

The regulator’s announcement came after brokers, fund managers and groups planning initial public offerings pledged to help stabilise market confidence over the weekend. The CSRC had said on Friday that CSF’s capital would be quadrupled to Rmb100bn ($16bn).

证监会宣布这一决定之前，券商、基金管理公司以及计划进行首次公开发行(IPO)的企业纷纷在周末承诺帮助稳定市场信心。中国证监会在上周五表示，中国证券金融公司将进行增资扩股，使注册资本增长三倍，增至1000亿元人民币（合160亿美元）。

CSF could, in turn, lend to a Rmb120bn investment fund that 21 brokerages are launching to support the market. “With 17 per cent of market cap supported by margin financing, the government will do anything to prevent a real market collapse,” said Carl Walter, a China securities expert.

中国证券金融公司进而可以向一只1200亿元人民币的投资基金放贷，21家券商正要推出这只平准基金，在股市起到维稳作用。“在17%的市值由保证金贷款支撑的情况下，政府会尽一切努力阻止一场真正的市场崩溃，”研究中国证券的专家卡尔•沃特(Carl Walter)表示。

Investors have lost almost $3tn in paper gains — equivalent to about one-third of China’s annual economic output — since the two exchanges’ began their headlong retreat from highs last month. The Shanghai and Shenzhen indices fell 5.8 per cent and 5.4 per cent respectively on Friday, capping their worst three-week decline in more than 20 years.

自沪深两市上月从高点开始回落以来，投资者已经失去了近3万亿元人民币（相当于中国年度经济产出的大约三分之一）的账面收益。上证综指和深证成指上周五分别下挫5.8%和5.3%，为20余年来最惨的三周跌势画上句号。

Measures to support the market include the voluntary suspension of IPOs by 28 companies that had received earlier approvals to float on the Shanghai and Shenzhen stock exchanges, and a pledge by 25 fund managers to help stabilise the market by buying units in their own funds and holding on to shares for at least a year.

支持市场的措施包括，28家已获准在上海或深圳上市的公司自愿暂停IPO，以及25家基金公司承诺买入各自基金的单位并持股至少一年，以帮助稳定市场。

Fraser Howie, an expert on China’s capital markets, said: “Almost every one of these measures reeks of panic and is very short-sighted. It’s going to be another crazy week.”

研究中国资本市场的专家侯伟(Fraser Howie)表示：“这些措施几乎每一个都散发出恐慌的气息，而且非常短视。市场又将迎来疯狂的一周。”

The Securities Association of China said that the 21 brokers contributing to a market stabilisation fund would not sell stocks as long as the Shanghai Composite index remained below 4,500. It added that its members, which had “full confidence in China’s capital markets”, would also buy back their own shares to support the market. The Shanghai market closed on Friday at 3,686.92, about 20 per cent below the association’s target level.

中国证券业协会(Securities Association of China)表示，只要上证综指低于4500点，21家参与建立平准基金的券商就不会抛出股票。该协会补充称，其会员“对国内资本市场发展充满信心”，它们还将回购自己的股票，以支撑市场。上证综指上周五收于3686.92点，比该协会的目标水平低了大约20%。

Zhang Ming, an economist with the Chinese Academy of Social Sciences, said: “If the market doesn’t climb after all these measures, it means investors have lost confidence in the government.”

中国社科院经济学家张明表示：“如果采取所有这些措施之后市场没有攀升，那就意味着投资者已经对政府失去信心。”

The sell-off comes at a critical juncture for China’s economy, which is growing at its slowest rate in almost 25 years. Gross domestic product growth slowed to 7.4 per cent last year and 7 per cent in the first quarter with second-quarter figures due to be released in mid-July.

对于正在以近25年来最慢速度增长的中国经济，此轮股市大跌发生在一个关键的十字路口。去年国内生产总值(GDP)增长放缓至7.4%，今年首季又降至7%。第二季度的数字将于7月中旬出炉。

Last month the central bank made its fourth interest rate cut since November and reduced the reserve requirement for commercial banks.

上月，中国央行出台了去年11月以来第四次降息措施，还降低了商业银行的存款准备金率。