中国股市大举反弹 Chinese sell off eases after margin requirement cut

The sell-off in Chinese equities is fading after the country’s banking regulator eased margin requirements for some clients, drawing investors in amid hopes for a relief rally.

中国银行业监管机构放宽了部分客户的保证金要求，将心怀触底反弹希望的投资者吸引入市。

But the China rebound comes with a large number of suspensions after another 194 companies halted their shares from trading on Thursday according to Bloomberg, bringing the total to 1,439, about half the entire market.

不过，中国股市的反弹，伴随着大量企业的停牌。据彭博(Bloomberg)报道，此前在周四早上，又有194家上市企业停牌，令A股停牌企业总数达到1439家。

The China Securities Regulatory Commission also took unprecedented action to prop up the market after the close on Wednesday, banning company bosses, senior management and major investors from selling shares for six months. In early Thursday trade, there was further selling after various fund management groups overnight called the action desperate, extreme and counter-productive.

周三闭市之后，中国证监会(CSRC)也采取了史无前例的托市举措，禁止企业老板、高管和大股东在六个月内减持股票。当晚，多家基金管理集团曾称此举是绝望之举，太过极端，会起到反作用。周四开盘之初，市场上再次出现了抛售现象。

But the action on margin requirements — announced as trading began by the China Banking Regulatory Commission — took more of an effect. The China Securities Finance Corporation, which has access to People’s Bank of China funds, also said it would “provide abundant capital”.

然而，开盘后银监会(China Banking Regulatory Commission)公布的放宽证券投资平仓线的举措却产生了更大效果。此外，获中国央行(PBoC)资金支持的中国证券金融公司(China Securities Finance Corporation)也曾表示，该公司会“提供充裕资金”。

The Shanghai Composite turned around from opening losses of more than 3 per cent to rise 5.4 per cent. The Hang Seng in Hong Kong regained 4.5 per cent and the tech-heavy Shenzhen Composite rose 3.7 per cent.

自开盘下跌3%之后，上证综指(Shanghai Composite)止跌回升，收涨5.76%。香港恒生指数收涨3.7%，偏重科技股的深证综指(Shenzhen Composite)则收涨3.76%。

“In our view, the political will to take outsized policy actions in Beijing today is stronger than that seen in Washington in early September 2008,” said Dong Tao at Credit Suisse.

瑞士信贷(Credit Suisse)的陶冬表示：“在我们看来，今天中国政府采取强力政策措施的政治意志，比2008年初华盛顿的政治意志还要强烈。”

“It probably will take some time to figure out the right mix of policy tools and more importantly to demonstrate policy determination. We are inclined to believe that Beijing will escalate policy responses until they start working.”

“也许还要一段时间，才能找到政策工具的适当搭配方式，才能显示政策决心——这一点更为重要。我们倾向于认为，中国政府会加大政策力度，直到它们开始生效。”