【英语财经】中国股市再次上演“过山车”行情 Chinese shares buffeted by renewed volatility

Chinese stocks on Wednesday afternoon reversed a morning slide in which key indices fell more than 5 per cent.

On a volatile day’s trading the Shanghai Composite was up 1.1 per cent half an hour before the close after falling as much as 5.1 per cent in the morning, while the Shenzhen Composite was up 1.9 per cent, having tumbled as much as 5.3 per cent.

On Tuesday an aggressive late-day sell-off pushed the Shanghai benchmark down 6.2 per cent and Shenzhen down 6.6 per cent — their worst one-day drops since July 27.

Analysts said a brief rise by the Shanghai index above the 4,000-point mark early on Tuesday may have prompted investors to cash out on the view that the rocky recovery in the wake of the June-July tumble was unsustainable.

After slumping 35 per cent in roughly three weeks from a seven-year high on June 12, the Shanghai Composite had appeared to regain some composure thanks to emergency rescue efforts involving at least $144bn in funds from state-owned banks.

The country’s securities regulator said on Friday that China Securities Finance Corp, the state-owned margin lender that has been the main conduit for the central bank to inject rescue funds into the market, would no longer conduct daily interventions to support shares.

The renewed slide this week casts doubt on whether the unprecedented market rescue efforts Beijing has taken have succeeded in restoring confidence.

Market sentiment has also been dented by increasing signs of capital outflow. Official data on Tuesday showed that foreign exchange purchases by banks exceeded renminbi purchases by $43bn in July, a sign that demand for the Chinese currency is waning. That followed the unexpected decision by the People’s Bank of China last week to devalue the renminbi.

On Wednesday the PBoC set the reference point for the renminbi at Rmb6.3963 to the US dollar, virtually unchanged from Tuesday’s Rmb6.3966.

Additional reporting by Gabriel Wildau

周三，中国股市早盘大幅下滑，主要股指一度下跌逾5%，午盘时行情逆转，收复了早盘的失地。

在今日过山车般的行情中，上证综指早盘跌幅一度高达5.1%，最后却收涨1.23%。深证综指一度下跌5.3%，最后收涨2.19%。

周二尾盘的大举抛售曾导致当天上证综指收跌6.2%，深证综指收跌6.6%，是7月27日以来这两大股指的最大单日跌幅。

分析师表示，周二早盘上证综指短暂突破4000点关口，这或许促使投资者展开获利抛售，原因是这些投资者认为，股市在经历了6、7月间的暴跌后上演的磕磕绊绊的反弹，难以持续下去。

自6月12日达到七年高点后，上证综指在大约三周内跌去35%。在那之后，多亏政府出台紧急救市举措，上证综指似乎有所企稳。国有银行在此次救市中至少拿出了1440亿美元。

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）将不再展开支撑股价的日常干预。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。

本周的新一轮下跌，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。

越来越多的资本外流迹象也在打击投资者的信心。周二公布的官方数据显示，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，中国央行曾在上周出人意料地令人民币大幅贬值。

周三，中国央行将人民币汇率中间价设为1美元兑6.3963元人民币，与周二的1美元兑6.3966元人民币基本持平。

吴佳柏(Gabriel Wildau)补充报道

译者/简易