周小川:中國股市調整已大致到位
China’s stock market has almost completed its correction after a bubble formed in the first half of the year, according to remarks to G20 finance ministers by Zhou Xiaochuan, governor of China’s central bank.
根據中國央行行長周小川對20國集團(G20)財長髮表的言論，中國股市在上半年形成泡沫後，現已大致調整到位。
Sharp drops in the country’s equities after a debt-fuelled rise earlier in the year have spooked domestic and international investors and forced Beijing to launch a raft of policies aimed at stemming further losses. Chinese stock markets are down nearly 40 per cent from their June peak.
中國股市在今年早些時候出現保證金融資助推的上漲行情，但隨後大幅下滑，嚇壞了國內和國際投資者，迫使北京方面出臺一系列政策以求遏止進一步下跌。相對於6月達到的高峯，中國股市已下跌近40%。
In remarks at the G20 in Turkey, the People’s Bank of China quoted Mr Zhou as saying: “At present, the exchange rate of the renminbi against the dollar is stabilising, the correction in the stock market is already mostly over and the financial markets show hope for stabilising.”
中國人民銀行(PBoC)引述周小川在G20土耳其會議上發表的講話稱：“目前，人民幣兌美元匯率已經趨於穩定，股市調整已大致到位，金融市場可望更爲穩定。”
Mr Zhou acknowledged that “before June, the Chinese stock market bubble grew continuously”, but added that of the three major corrections since June, only the most recent in mid-August had a global impact. Chinese government action had prevented further slides and systemic risks, he added.
周小川承認，“今年6月中旬以前，中國股市泡沫不斷積累”，但補充說，在6月中旬以來中國股市發生的三輪調整中，只有8月下旬的第三輪調整產生了一些全球性影響。他接着說，中國政府的措施避免了股市斷崖式下滑和系統性風險發生。
“Following the correction, levels of leverage are clearly lower and there has been no notable effect on the real economy,” he added.
“股市調整以來，槓桿率已明顯下降，對實體經濟也未產生顯著影響，”他補充道。
The PBoC issued its paraphrased transcript of Mr Zhou’s remarks only after Taro Aso, Japanese finance minister, told reporters that Mr Zhou had three times used the term “burst” referring to the stock market bubble. The Chinese transcript uses the more decorous term “correction”, and refers to a “bubble” only once.
此前日本財務大臣麻生太郎(Taro Aso)告訴記者，周小川三次使用“破裂”這個詞描述股市泡沫。在這之後，中國央行才發佈經過整理的周小川發言記錄。中文稿使用了比較委婉的“調整”一詞，並且只有一次提到“泡沫”。
Finance ministers and central bankers in the G20 on Saturday supported China’s argument that changes to its state-managed currency peg last month were a step towards a more market-determined exchange rate.
上週六，各國財長和央行行長在G20會議上紛紛支持中國的說法，即上月出臺的對於有管理匯率形成機制的改革，是向着在更大程度上由市場決定匯率的目標邁出的一步。
The sole dissenter was Mr Aso, who said the Chinese presentation was not detailed enough.
唯一表示不滿的是麻生太郎，他說，中方的說明不夠詳盡。
The meeting addressed worries of competitive devaluation amid a broader economic slowdown, particularly in emerging markets that are also contending with sharply lower prices for their commodity exports.
本次會議討論了各方對於競爭性貶值的憂慮，其大背景是普遍的經濟放緩，尤其是在新興市場，不少新興市場經濟體還要對付其大宗商品出口價格大幅走低的困境。
Recent data show that China-focused funds have been hit hard by the stock market turmoil, with international traders selling on soft Chinese economic data.
近期數據顯示，聚焦中國的基金受到股市動盪重創，中國經濟數據疲弱促使國際交易員拋售。
In addition to restrictions on selling stocks and the deployment of the “national team” of state-owned investment funds and institutions to buy up shares, part of the Chinese government’s strategy has been to criticise the media over its role in the stock market drops. Last week state-run television aired the confession from custody of a Chinese financial reporter detained for causing “panic and disorder”.
除了限制出售股票、並投入由國有投資基金和機構組成的“國家隊”買入股票以外，中國政府的策略的一部分就是批評媒體在股市下跌中起到的作用。上週，官方電視臺播出了一名在押的中國財經記者供認自己引起“混亂和恐慌”的畫面。
Additional reporting by Kana Inagaki in Tokyo
Kana Inagaki東京補充報道
