擔憂中國經濟放緩 股災蔓延全球
What’s the Latest?
有什麼最新消息？
Stock markets in the United States traded in a volatile session, with the Standard & Poor’s 500-stock index closing down nearly 4 percent.
美國股市結束了震盪的一天。標準普爾500指數收盤時跌幅近4%。
In China, the benchmark Shanghai composite index erased all of the gains it had made this year.
中國作爲基準的上證綜合指數回吐了今年的全部漲幅。
Many investors sought refuge from the upheaval by turning to American and European government bonds.
投資人面對股市震盪採取避險行爲，轉向美國和歐洲政府債券。
In Europe, stocks fell sharply, with the main indexes down by 4 percent or More in the early afternoon.
歐洲股市大幅下跌，截至午後，各主要指數下跌了至少4%。
The market drops have erased nearly $10 trillion from the global stock market since a peak on June 3.
世界各地的股票暴跌已導致全球股市市值與其6月3日的峯值相比，減少了近10萬億美元。
The American and international oil benchmarks have fallen to their lowest point in more than six years.
美國以及國際基準油價已降到六年多來的最低水平。
In-Depth
詳細情況
Stocks in the United States tumbled on Monday morning as another sell-off that started in China roiled markets around the world.
在中國開始的又一輪股市拋售攪亂了世界各地的市場，美國股市在週一早盤大跌。
Immediately after the opening bell in New York, the Dow Jones industrial average dropped more than 1,000 points, or more than 5 percent — one of the most precipitous such plunges in recent years. Within an hour, though, American stocks had made up much of their earlier losses and the Dow was down about 2 percent.
紐約股市開盤之後，道瓊斯工業平均指數馬上暴跌了1000多點，跌幅超過5%，這是最近幾年中最急劇的股市暴跌之一。但美國股市在不到一小時的時間裏收復了其早盤損失的大部分，目前道指跌幅在2%左右。
Investors’ concerns over China’s economic slowdown and a souring view of emerging economies have rattled financial markets around the world in recent days, and showed no signs of letting up.
投資者對中國經濟增速放緩的擔憂，加上對新興經濟體的看法轉爲悲觀，已使世界各地的金融市場在最近幾天裏動盪不安，尚無跡象表明這種不安會停止。
“There was a huge amount of negative sentiment built in this morning,” said Dan Greenhaus, the chief global strategist at BTIG.
“今天上午有一種巨大的、積累起來的負面情緒，”機構經紀公司BTIG首席全球策略師丹·格林豪斯(Dan Greenhaus)說。
Mr. Greenhaus said that many investors ended last week hoping that the Chinese government would step in over the weekend to announce some steps to support the markets, but nothing significant was announced, contributing to the pessimism on Monday morning.
格林豪斯表示，許多投資者在上週結束時曾希望，中國政府會在週末採取行動，宣佈一些救市措施，但週末並沒有任何重要宣佈，這導致了週一早上的悲觀情緒。
In early trading in the United States, the benchmark Standard & Poor’s 500-stock index was initially down more than 5 percent and the Nasdaq fell more than 8 percent. But about an hour into trading, the S.&P. was down about 2 percent and the Nasdaq, 2.4 percent.
在美國上午的股市上，作爲基準的標準普爾500指數(Standard & Poor’s 500-stock index)最初的跌幅超過了5%，納斯達克(Nasdaq)指數的跌幅超過8%。但在交易進行了大約一小時後，標普500指數的跌幅減小到約2%，納斯達克指數跌幅縮小至2.4%。
In China, the benchmark Shanghai composite index closed 8.5 percent lower on Monday, erasing all of the gains it had made in an extraordinary run-up this year. And in Europe, stocks fell sharply, with several of the main indexes down by 6 percent or more in late-afternoon trading.
在中國，作爲基準的上證綜合指數週一收盤時下跌了8.5%，抹去了其今年上半年的非凡漲幅。在歐洲，各個股市大幅下跌，幾個主要指數在午後尾盤交易中下降了6%以上。
The meltdown, which has erased nearly $10 trillion from the global stock market since a peak on June 3, poses a challenge to the Federal Reserve in the United States. The central bank’s chairwoman, Janet L. Yellen, and her colleagues on the Fed’s policy board have been warning investors for months that the central bank was moving toward the first increase in its main interest rate since it was cut to zero in December 2008.
股市的全面崩潰使全球股票市值從其6月3日達到的峯值中蒸發了近10萬億美元，對美國聯邦儲備提出了挑戰。美聯儲主席珍妮特·L·耶倫(Janet L. Yellen)、及其聯邦政策委員會的同事們幾個月來一直在警告投資者，美國央行在向加息的方向靠近，這將是美聯儲在2008年12月把一個主要利率降爲零之後的首次加息。
Many analysts have said that a correction to stock market valuations was overdue after a long bull market. And it is too early to say how the financial market slump will affect the underlying global economy where goods and services are actually produced and consumed.
許多分析師曾表示，經歷了一個漫長的牛市之後，股票市值早就該出現一次修正。金融市場低迷對作爲其基礎的全球實體經濟會有哪些潛在影響，尚無從可知，實體經濟是實際生產和消費商品和服務的經濟。
Many of the world’s central bankers will have a chance later this week to compare notes and discuss whether new policy steps are needed when they gather, along with finance ministers and academics, in Jackson Hole, Wyo., for the Federal Reserve Bank of Kansas City’s annual conference.
本週晚些時候，世界上多家央行的行長將有機會在一起交換意見，屆時他們將和各國財長和金融學者一起在懷俄明州的傑克遜霍爾參加堪薩斯城聯邦儲備銀行年會，討論是否有必要採取新的政策。
Commodities also slumped on Monday. Futures for Brent and United States crude oil fell to their lowest point in more than six years on concerns about possible weaker demand from Asia amid a general oversupply. Contracts for the European benchmark Brent crude fell 3.7 percent to $43.80 — its first time below $45 since March 2009.
大宗商品價格週一也出現下跌。布倫特原油和美國原油期貨價格跌至六年多來的最低點，這是由於對來自亞洲的需求可能減弱的擔憂，石油市場目前已經普遍供過於求。歐洲基準布倫特原油的未來合同價下跌了3.7%，至每桶43.8美元，這是2009年3月以來首次跌破每桶45美元的油價。
The selling in China has accelerated despite extraordinary government intervention in the last two months aimed at propping up share prices. As the slide on Monday highlighted, those efforts have not been a success and the damage has been felt far beyond the Chinese market. The gloom was shared across Asia. In Japan, the Nikkei 225 stock average closed 4.6 percent lower, while Australia’s main index fell 4.1 percent.
中國股市上的拋售仍在加速，儘管政府在過去兩個月裏已經爲救市採取了非同尋常的干預做法。週一的暴跌突出顯示了這些努力未見成效，失敗所造成的後果已經遠遠超出了中國股票市場。亞洲所有的股市都籠罩在黯淡的前景之下。日本的日經225種股票平均價格指數收盤時下跌了4.6%，而澳大利亞的主要指數則下跌了4.1%。
In Hong Kong, where the Hang Seng Index closed 5.2 percent lower, the mood at brokerage firms was grim.
香港的恆生指數以5.2%的跌幅收盤，令證券經紀商們心情沉重。
“People who had wanted to bottom feed by buying earlier this morning are all losing money,” said Andy Wong, a Hong Kong stockbroker. “The market trend does not look good, it is all bad news, globally. All the markets are going down, globally; the Chinese stock markets are in free fall today.”
“那些今天上午早些時候購買了股票想抄底的人都賠了錢，”香港股票經紀人安迪·黃(Andy Wong)說。“股票走勢一點也不看好，全球所有的消息都是壞的，全球所有的股市都在下跌。中國的股市今天是在做自由落體運動。”
Leung Chung, a 62-year-old retiree and day trader in a T-shirt and with a toothpick in his mouth, looked sourly at the monitors at his local brokerage firm in late morning. “I just purchased some stocks earlier this morning, but have already lost money,” Mr. Leung said. “I am not too concerned as I only bought stocks with solid financial strength.”
62歲的退休人員樑聰（音）白天從事股票交易。快中午的時候，身着T恤、嘴裏含着一根牙籤的他，看着當地一家證券公司內的顯示屏，臉色陰沉。“我一大早剛買了些股票，但已經虧了，”樑聰說。“我不是很擔心，因爲我只買經濟實力雄厚的股票。”
The dollar rose against most Asian currencies, with the exception of the yen, which is considered a regional haven. The dollar fell 1.5 percent to 120.18 yen.
美元相對大部分亞洲貨幣升值了，但被當做地區性避風港的日元是個例外。美元兌日元匯率下降1.5%，跌至1美元兌120.18日元。
The euro gained 0.9 percent against the dollar, trading at $1.1491.
歐元相對美元升值0.9%，交易價爲1歐元兌1.1491美元。
Lee Hardman, a currency analyst at Bank of Tokyo-Mitsubishi UFJ in London, said in a research note that the rising euro and yen were “creating a policy headache for the European Central Bank and Bank of Japan,” as well as for the Fed.
三菱東京日聯銀行(Bank of Tokyo-Mitsubishi UFJ)駐倫敦外匯分析師李·哈德曼(Lee Hardman)在一份研究報告中表示，歐元和日元的升值“讓日本銀行(Bank of Japan)和歐洲央行(European Central Bank)在制定政策時感到頭疼”，這對美聯儲來說也一樣。
Stronger currencies, he said, would make it harder for central banks to fight deflationary pressures. He noted that long-term forecasts for the eurozone showed inflation beginning to return to the levels that existed before the European Central Bank began its bond-buying program this year.
他說，貨幣走強，會讓央行更難抵抗通縮壓力。他指出，對歐元區的長期預測顯示，通脹水平正在回到歐洲央行今年啓動債券購買計劃之前的水平。
The rout has deepened globally as uncertainties have increased over the health of China’s economy, previously a major engine of global growth. The surprise devaluation on Aug. 11 of China’s currency, the renminbi, was the biggest drop since the country’s modern exchange rate system was established in 1994.
隨着涉及中國經濟健康狀況的不確定性增加，全球範圍內的市場下挫也加劇了。中國經濟此前曾是全球增長的一個主要動力。8月11日，中國的貨幣人民幣貶值，出乎外界的意料。這是人民幣自中國1994年建立現代匯率制度以來，幅度最大的貶值。
The move raised concerns that China’s slowdown was worse than it had previously appeared to be, a development that would have far-reaching effects, given China’s increasing economic importance to Asia and the rest of the world.
此舉讓外界擔心，中國經濟的放緩比之前看上去的情況更糟。考慮到中國對於亞洲和世界其他地方的經濟越來越重要，這樣的事態發展可能會帶來深遠的影響。
