【英语财经】周五中国股市震荡后小幅收涨 China markets motor higher in choppy trading

China markets closed higher after taking another rollercoaster ride, as state-directed spending appeared to ride to the rescue, one day after a tumultuous shortened trading session.

The bluechip composite CSI 300 closed up 2.04 per cent amid reports that China’s state-backed funds were once again buying up shares.

On Thursday the securities regulator said that its promulgation of permanent rules restricting stock sales by large shareholders did not indicate that the “national team” is withdrawing from the market.

“Its market stability function will not change,” the agency said.

After opening up, shares gyrated much of the morning. At the close the Shanghai Composite had climbed 1.97 per cent and the Shenzhen Composite 1.05 per cent. Each of these fell more than 7 per cent within a half-hour on Thursday, triggering an early close.

That was not enough to prevent China racking up its worst start to the year in the markets’ 25-year history. Shanghai lost 9.97 per cent in the week, Shenzhen 14.3 per cent and the CSI 300 was down 9.9 per cent on the week.

“Volatility remains the name of the game,” said Fraser Howie, co-author of two books on China’s stock markets. He pointed out that small caps had swung as much as 6 per cent.

Hao Hong, managing director of research at Bank of Communications International, sees further choppiness. “Even though you remove the circuit breakers, you just get back to the original situation of weakening fundamentals ... The market is capable of significant volatility with or without the circuit breaker”.

In a graphic illustration of the erratic policy making behind the scenes, regulators late at night eliminated the four-day old circuit breakers.

Removal of the breakers, said Mr Howie “is an incredible loss of face for the the China Securities Regulatory Commission and the political masters. The government response is a shambles and they have been shown to be completely out of their depth.”

在经历了一个动荡且提前结束的交易日后，中国股市今日再次上演过山车行情，最终以上涨报收。看上去，似乎有政府指示下的资金前来救市。

有报道称，有政府背景的资金正再次买入股票。在这种情况下，成分股为蓝筹股的沪深300指数(CSI 300)收涨2.04%。

周四中国证监会(CSRC)表示，出台限制大股东减持的规定并不意味着“国家队”即将退出。

“其稳定市场的职能也不会发生改变，”中国证监会称。

今日开盘后，上午的大部分时段股价都在上下震荡。最终，上证综指收涨1.97%，深证综指收涨1.05%。周四，这两个指数都在开盘半小时内跌破7%，导致股市提前收市。

不过，今日的表现不足以使中国股市免于录得其25年历史上最差的年度开局。本周，沪市下跌了9.97%，深市下跌14.3%，沪深300指数下跌9.9%。

与人合著过两本关于中国股市的书籍的侯伟(Fraser Howie)表示：“波动仍是当下的主题。”他指出，小盘股的振幅高达6%。

交银国际(Bank of Communications International)研究部董事总经理洪灏预期还会出现波动。他说：“即便取消了熔断，你也只是回到了基本面疲软这一原始状态……无论有没有熔断，市场都能出现显著的波动。”

一件能够生动展示幕后的政策制定有多么反复无常的事情是，中国证监会周四夜间取消了才实施四天的熔断机制。

侯伟表示，取消熔断“大大有损中国证监会以及政治领导们的颜面。政府的应对是一片混乱，说明他们完全无力应对这一局面。”

译者/何黎