官方安撫性言論助推股市止跌回升

Soothing words from state media appear to have had their desired effect on China’s markets, with the Shanghai and Shenzhen bourses on Tuesday partially recovering from last week’s hefty declines.

官方媒體的安撫性言論似乎對中國股市達到了預期的效果，滬深股市週二從上週的暴跌中部分反彈。

The Shanghai Composite finished Tuesday with a 2.2 per cent gain — its best day since June 1 — after stumbling as much as 4.7 per cent in Morning trading.

上證綜指週二收盤上漲2.2%，爲自6月1日以來最大漲幅，今日早盤曾一度下跌4.7%。

The volatile session, which was the first day of trading after a long weekend, followed the worst week for Chinese stocks since 2008. Some $1.3tn was wiped off China’s stock market last week, more than the entire value of Australia’s stock market, according to Bloomberg.

這是端午節小長假後的首個交易日，上週，中國股市遭遇自2008年以來最大跌幅。根據彭博(Bloomberg)的數據，上週，中國股市市值蒸發約1.3萬億美元，超過澳大利亞股市總市值。

The 13.3 per cent decline in the Shanghai Composite last week spurred a flurry of editorials and front-page commentaries in many of China’s state-backed papers that encouraged the retail-dominated market to believe that the rally was sustainable.

上證綜指上週下跌13.3%，這促使中國很多官方報紙紛紛發表社論和首頁評論文章，對以散戶爲主的中國股市給予鼓勵，讓股民相信上漲行情是可持續的。

“Volatility is a normal status of capital markets and all participants should be aware of this fact,” the official Securities Times wrote on Monday. “After a reasonable analysis of the current market environment, we find the bullish market logic has not changed yet.”

官方的《證券時報》寫道，“波動乃是資本市場的常態，有大漲必有大跌，置身其中的各個主體，對此當有清醒的認識。理性分析當前市場環境，可以發現牛市的邏輯未變。”

Some analysts have warned that China was inflating a state-sanctioned stock market bubble, as looser monetary policy has tempted millions of retail investors to shift cash from deposits into equities. Margin debt has surged, while trading volumes have jumped to record-breaking levels.

一些分析師警告稱，中國在吹大由政府支持的股市泡沫，因較爲寬鬆的貨幣政策促使數百萬散戶投資者將資金從銀行存款轉向股市。融資融券貸款飆升，交易額升至創紀錄水平。

However, many believe the rally has further to run and that Beijing will step in should the market wobble show signs of turning into a rout.

然而，很多人認爲，股市上漲行情將繼續，一旦此次市場動盪顯示出將演變爲大跌的跡象，中國政府將出手干預。

As a result, the tech-heavy Shenzhen market has still almost doubled this year alone, even after recent declines. On Tuesday it rebounded 1.2 per cent.

因此，科技股衆多的深圳股市今年仍累積上漲近一倍，即便在最近股市大跌之後。週二，深圳股市反彈1.2%。

“While there was no single catalyst, the loss of momentum was mostly a reaction to [a continuing] government crackdown in margin lending and an expected surge in IPO supply,” said analysts at BlackRock. “The takeaway for investors, however, is that liquidity and central bank actions will probably continue to drive Chinese stocks.”

“儘管影響因素不是單一的，但股市缺乏動力主要是對政府繼續打擊融資融券貸款以及首次公開發行(IPO)供應預計飆升做出迴應，”貝萊德(BlackRock)分析師表示，“然而投資者應該明白，流動性以及央行的舉措可能會繼續助推中國股市。”