【英语财经】中国股市再次暴跌令人质疑救市功效 China stock plunge casts doubt on efficacy of government res ...

Chinese stocks plunged on Tuesday as investors rushed to cash out following a wobbly recovery in recent weeks.

The Shanghai Composite index lost 6.1 per cent, while the Shenzhen Composite shed 6.6 per cent. Both were the biggest daily losses since July 27. The latest rout casts doubt on whether the unprecedented market rescue efforts that the government undertook amid the dramatic fall in share prices that began in late-June have succeeded in restoring confidence.

The Shanghai Composite lost 35 per cent in roughly three weeks after hitting a 7-year high on June 12. But after an emergency rescue effort that involved at least $144bn in funds from state-owned banks, the market had appeared to regain its footing.

The securities regulator said on Friday that China Securities Finance Corp, the state-owned margin lender that had served as the main conduit for injecting rescue funds into the market, would no longer conduct daily interventions.

The Shanghai Composite briefly broke above the 4,000 point barrier in early trade on Tuesday morning, 18.7 per cent above its low point at the height of panic selling on July 9. But analysts say that level sparked a wave of profit-taking, as investors lacked confidence that the mini-rally was sustainable absent state support.

“Right now China’s stock market valuations are still too high, so value investors aren’t willing to enter the market. Without CSF, the market will plumb further depths,” said Zhu Bin, analyst at Southwest Securities in Shanghai.

Increasing signs of capital outflow are also hitting investor confidence.

Data released from the foreign exchange regulator on Tuesday showed that banks foreign-exchange purchases by banks exceeded renminbi purchases by $43bn in July, a sign that demand for the Chinese currency is waning. The data comes after the central bank moved unexpectedly last week to loosen its grip on the renminbi, allowing it to fall by 3 per cent.

“In reality, the recent rally was never really on a firm footing. Trading volume light. Compared with the bull market early in the year, people were still cautious and not willing to plough a lot of money into the market,” said Du Changchun, analyst at Northeast Securities in Shanghai.

More than 1,000 stocks fell by the maximum 10 per cent daily limit on Tuesday. Large state-owned enterprises (SOEs) were especially hard hit. Large-cap state groups had risen sharply in recent weeks amid reports that a government master plan on SOE reform would soon be released. CSF also spent a large chunk of its rescue funds to purchase shares in large SOEs, including banks and energy companies.

With their valuations elevated, such groups became the focus of profit-taking on Tuesday.

Additional reporting by Ma Nan

周二，由于投资者急于将手中股票变现，中国股市大幅下挫。最近几周，中国股市的反弹摇摆不定。

上证综指收跌6.15%，深证综指收跌6.58%。两者都出现了自7月27日以来的最大单日跌幅。股市的最新一轮暴跌，令人质疑中国政府史无前例的救市举措是否成功恢复了市场的信心。中国政府救市的原因是，中国股市从6月底开始出现大幅下跌。

6月12日触及七年高点后，上证综指在大约三周内下跌了35%。然而，在中国政府展开紧急救市行动后，中国股市似乎重新站稳了脚跟。国有银行在此次救市中至少投入了1440亿美元资金。

中国证监会上周五表示，中国证券金融股份有限公司（China Securities Finance Corp，简称：证金公司）将不再对市场展开日常干预。证金公司是一家国企，为券商融资融券业务提供转融通服务，此前充当了向市场注入救市资金的主要管道。

周二早盘前段，上证综指短暂突破4000点关口，比恐慌性抛售最严重的7月9日创下的低点高了18.7%。不过分析师表示，由于投资者对政府支撑缺失情况下的小幅上涨的可持续性缺乏信心，4000点关口引发了一波获利抛售。

上海西南证券(Southwest Securities)分析师朱斌表示：“目前中国股市的估值仍然太高，所以价值投资者不愿入市。离开了证金公司，股市还会进一步下挫。”

越来越多的资本外流迹象也在打击投资者的信心。

中国国家外汇管理局周二公布的数据显示，7月份银行结售汇逆差超过430亿美元，这是人民币需求正在减弱的迹象。该数据公布前，中国央行在上周出人意料地采取行动，放松了对人民币汇率的控制，允许人民币下跌3%。

“事实上，最近的反弹从未真正建立在稳固的基础上。成交量清淡。与今年早些时候的牛市相比，人们依然很谨慎，不愿向股市投入大量资金，”上海东北证券(Northeast Securities)分析师杜长春表示。

周二，超过1000只股票的跌幅达到10%，触及跌停板。大型国有企业受到的冲击尤为严重。近几周，在媒体报道政府将很快发布国企改革的整体规划后，国企大盘股大幅上扬。证金公司也花掉了很大一部分救市资金用来购买大型国企的股票，包括银行和能源企业。

随着这些企业的估值升高，它们成为了周二获利抛售的重点。

Ma Nan补充报道

译者/何黎