中國股市上演黑色星期一 China plunges 8.5% triggering global rout

Chinese stocks plunged 8.5 per cent at the end of a tumultuous session dubbed “Black Monday” by no less than Beijing’s official mouthpiece, intensifying concerns over a made-in-China economic slowdown that stands to reverberate across the globe.

在這個連中國政府喉舌都形容爲“黑色星期一”的動盪交易日，中國股市收跌8.5%，令人們愈發擔心“中國製造”的經濟放緩將在全球引發震盪。

Reflecting these fears, spooked investors sold off almost every asset class in almost every market. all Asian indices fell; oil prices hit a six-year low. Even the price of gold, a traditional haven, fell 0.6 per cent to break a five-day winning streak.

作爲這種恐懼心態的表現，已成驚弓之鳥的投資者在幾乎所有市場拋售幾乎所有類別的資產。亞洲股指全線下跌。油價跌至6年低點。就連傳統避險資產黃金的價格，也中斷了連續5天的漲勢，下跌了0.6%。

Global stock markets have lost more than $5.5tn since the People’s Bank of China devalued the renminbi on August 11. Beijing couched the move as market liberalisation, but numerous analysts saw it as a bid to boost exports after other stimulative policies failed to spur economic recovery.

自中國央行8月11日讓人民幣貶值以來，全球股市的市值已蒸發了逾5.5萬億美元。雖然中國政府宣稱人民幣貶值之舉是一種市場自由化舉措，但許多分析師認爲此舉是爲了提振出口——之前出臺的其他刺激政策未能推動經濟實現復甦。

Just as China once brought welcome disinflation to consumers across the world it now stands to export its own economic weakness. At 15 per cent of the world’s economy it packs a far bigger punch now too, contributing half of total growth in recent years.

正如中國曾爲全球消費者帶來受歡迎的通脹減速一樣，如今中國將向世界輸出其自身的經濟疲軟。中國對世界的影響力也要比以前大得多，它的經濟規模目前佔世界經濟的15%，近些年來全球經濟增長的一半由中國貢獻。

“It is a key moment for China,” said Angus Nicholson, market analyst at IG. “The equity market in free fall, the banking system increasingly starved of liquidity, rising capital outflows, and a rapidly slowing economy

IG市場分析師安格斯尼科爾森(Angus Nicholson)表示：“眼下是中國面臨的一個關鍵時刻。股市直線下跌，銀行體系日益缺乏流動性，資金外流加劇，經濟增長迅速放緩。”

The Shanghai Composite fell 11.5 per cent last week, spurring expectations that the People’s Bank of China would inject some stimulus, likely by reducing the level reserves banks are required to hold and thus unleashing more liquidity.

上週，上證綜指下跌了11.5%，助長了對中國央行出臺某種刺激的期望，可能性較大的是下調銀行存款準備金率，從而釋放更多流動性。

Instead, Beijing stood pat, abandoning what had been seen as a defence of the 3,500 level on the Shanghai Composite. It crashed through that floor in the first second of trading and carried on tanking until the index was down 9 per cent to 3,191, its lowest since March and wiping out the entire year’s index ended the session down 8.5 per cent.

但中國政府卻按兵不動，棄守了被視爲上證綜指一道防線的3500點關口。該指數在今日開盤後的第一秒就擊穿了這一防線，並一路下滑，直到跌至3191點（跌幅達9%），即今年3月以來的最低點位，抹去了全年的漲幅。該指數後收跌8.5%。

Of the 1,114 stocks listed in Shanghai, nearly 900 were down by more than 9.9 per cent. Just five rose.

在滬市的1114只股票中，近900只跌幅逾9.9%，只有5只上漲。

Shuang Ding, an economist at Standard Chartered in Hong Kong, argued that it was “quite necessary for the central bank to inject liquidity” into the banking system by cutting the reserve requirement ratio because the recent depreciation of the renminbi was likely to have accelerated capital outflows.

渣打銀行(Standard Chartered)駐香港經濟學家丁爽認爲，由於人民幣近期的貶值很有可能加快了資本外流，“央行很有必要（以降準方式向銀行體系）注入流動性”。

A move to cut the RRR could also boost market he said the government is caught in a bind between the need to support the slowing economy and a desire to pursue wider reforms.

降準還會提振市場的信心。不過，丁爽表示，中國政府正陷入一種兩難境地：一方面需要支撐放緩的經濟，一方面又希望推行更廣泛的改革。

“On the one hand they don’t want to let local government financing vehicles borrow so much again, but on the other, the economy is weak and they’d like to have credit growth at a reasonable level,” he said.

他說：“一方面，他們不想讓地方政府融資平臺再次大舉借債，但另一方面，經濟又很疲軟，他們希望信貸增長處於一種合理的水平。”

The euro rose 0.6 per cent against the dollar, suggesting investors have pulled back expectations of when the Federal Reserve will begin to lift interest rates.

截至本文發稿時，歐元兌美元匯率上漲了0.6%，意味着投資者已調低了對美聯儲(Fed)何時將開始加息的預期。

Futures suggest the S&P 500 will decline 2.5 per cent in New York.

在紐約，股指期貨行情暗示，標普500指數將下跌2.5%。

“Caution remains warranted,” said analysts at Crédit Agricole. “Currencies such as the euro are likely to remain well supported, at least until monetary policy expectations become a more dominant market driver anew.”

法國農業信貸銀行(Crédit Agricole)分析師表示：“謹慎依然是有道理的。歐元等貨幣很可能仍會得到有力的支撐，至少在貨幣政策預期再次主導市場前是如此。”