境外基金撤離中國股市 Foreign funds retreat from mainland shares

Foreign funds are reducing their exposure to mainland Chinese equities, even as the market shows further signs of stabilising after a Month-long rollercoaster ride.

境外基金正在減少其對中國內地股票的敞口，即便中國股市在經歷了持續一個月的大起大落之後，昨日呈現出進一步企穩跡象。

International investors were net sellers of Chinese shares through the Shanghai-Hong Kong Stock Connect for a seventh straight session yesterday. Offshore investors have cut their holdings via the link by Rmb44.2bn ($7.1bn) since July 6.

昨日，利用滬港通(Shanghai-Hong Kong Stock Connect)機制的境外投資者連續第七個交易日成爲中國股票的淨賣家。自7月6日以來，境外投資者已通過滬港通減持中國股票442億元人民幣（合71億美元）。

Fund managers have taken flight as Beijing has adopted drastic measures to prop up the market, steps that finally appear to be working.

基金經理們逃之夭夭之際，北京方面採取了嚴厲的救市措施，這些步驟似乎終於產生了效果。

The Shanghai Composite fell 1.2 per cent, ending a three-session winning streak with its smallest move for more than a month.

上證綜指(Shanghai Composite)昨日下跌1.2%，結束了前三個交易日的反彈，變動幅度是一個多月來最小的。

For the tech-heavy Shenzhen Composite — up 1.4 per cent — the largest gains were concentrated in stocks that had been suspended.

科技股比較集中的深證綜指(Shenzhen Composite)上漲1.4%，漲幅最大的主要是一些之前被停牌的股票。

Many analysts have been critical of China’s efforts and have called the bounce an artificial relief rally.

許多分析師近來批評中國的救市努力，他們形容當前的行情好轉是人爲的壓抑後反彈(relief rally)。

“Actively intervening in the markets smacks of desperation and panic,” said Michael Lai of GAM, the Swiss fund manager, in a note. “The final straw was allowing half the companies listed to be suspended from trading, effectively turning [China] shares into an un-investable market.”

“積極干預市場釋放出絕望和恐慌氣息，”瑞士基金管理公司GAM的Michael Lai在一份簡報中表示，“（壓斷駱駝脊樑的）最後一根稻草是允許一半的上市公司停牌，實際上將中國股市搞成了了一個無法投資的市場。”

The rate cut at the end of June was “the moment we realised that the policymakers had lost control”, he said, adding that GAM had liquidated its domestic Chinese positions soon after.

Lai表示，6月底的降息是“我們意識到政策制定者已經失去掌控力的那一刻”。他補充道，之後GAM很快拋出了中國股票。

In what BNP Paribas called an “unprecedented government rescue”, Beijing has taken a series of steps to engineer a rally, pushing the Shanghai market up 13 per cent between Thursday and Monday.

在法國巴黎銀行(BNP Paribas)所稱的“史無前例的政府救市”行動中，北京方面採取了一系列措施營造一輪漲勢，推動上證綜指本週一收盤價比上週三收盤價上漲13%。

Authorities allowed more than half the listed companies to suspend their shares and prohibited big stakeholders from selling. The People’s Bank injected liquidity into the market.

當局允許逾半數上市公司停牌，並禁止大股東售股。中國央行向市場注入流動性。

“The bailout has, for now, successfully reined in market panic and averted financial risk,” said Jacqueline Rong, economist at BNP.

“就眼下而言，救市努力已經成功遏制了市場恐慌，規避了金融風險，”法國巴黎銀行經濟學家Jacqueline Rong表示。

“But some of the bailout measures have raised eyebrows, such as requiring listed companies to report positive news to bolster stock prices.”

“但一些救市措施令人愕然，比如要求上市公司報告利好消息以提振股價。”

What Beijing wanted, she said, was a slow, gradual bull market. “However, if there is a strong rally and margin financing surges again, the withdrawal may happen more quickly and cooling measures would have to be adopted.”

她表示，北京方面想要的是一個緩慢、漸進的牛市。“然而，如果出現強勁漲勢，保證金融資再次飆升，救市措施的撤銷可能會較快發生，還將不得不採取爲股市降溫的措施。”