中國多管齊下全力託市 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.

中國當局加大力度，試圖恢復投資者對連連下跌的國內股市的信心，爲上海和深圳證券交易所迎來行情震盪的又一週搭起舞臺。

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.

中國證券監督管理委員會(CSRC)昨晚在一份簡短聲明中表示，中國央行將給予中國證券金融股份有限公司(China Securities Finance)流動性支持，以“維護市場穩定”。中國證券金融公司是向券商提供保證金融資的國家實體。

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).

證監會宣佈這一決定之前，券商、基金管理公司以及計劃進行首次公開發行(IPO)的企業紛紛在週末承諾幫助穩定市場信心。中國證監會在上週五表示，中國證券金融公司將進行增資擴股，使註冊資本增長三倍，增至1000億元人民幣（合160億美元）。

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.

中國證券金融公司進而可以向一隻1200億元人民幣的投資基金放貸，21家券商正要推出這隻平準基金，在股市起到維穩作用。“在17%的市值由保證金貸款支撐的情況下，政府會盡一切努力阻止一場真正的市場崩潰，”研究中國證券的專家卡爾•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.

自滬深兩市上月從高點開始回落以來，投資者已經失去了近3萬億元人民幣（相當於中國年度經濟產出的大約三分之一）的賬面收益。上證綜指和深證成指上週五分別下挫5.8%和5.3%，爲20餘年來最慘的三週跌勢畫上句號。

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.

支持市場的措施包括，28家已獲准在上海或深圳上市的公司自願暫停IPO，以及25家基金公司承諾買入各自基金的單位並持股至少一年，以幫助穩定市場。

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.”

研究中國資本市場的專家侯偉(Fraser Howie)表示：“這些措施幾乎每一個都散發出恐慌的氣息，而且非常短視。市場又將迎來瘋狂的一週。”

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.

中國證券業協會(Securities Association of China)表示，只要上證綜指低於4500點，21家參與建立平準基金的券商就不會拋出股票。該協會補充稱，其會員“對國內資本市場發展充滿信心”，它們還將回購自己的股票，以支撐市場。上證綜指上週五收於3686.92點，比該協會的目標水平低了大約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.”

中國社科院經濟學家張明表示：“如果採取所有這些措施之後市場沒有攀升，那就意味着投資者已經對政府失去信心。”

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.

對於正在以近25年來最慢速度增長的中國經濟，此輪股市大跌發生在一個關鍵的十字路口。去年國內生產總值(GDP)增長放緩至7.4%，今年首季又降至7%。第二季度的數字將於7月中旬出爐。

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

上月，中國央行出臺了去年11月以來第四次降息措施，還降低了商業銀行的存款準備金率。