【英语财经】中国股市延续暴跌行情 Shenzhen closes down 6.6% as China market rout continues

China equities plunged further on Monday after one of the most horrid weeks on record, as investors failed to take heart from efforts by the central bank to support the renminbi.

The CSI 300 Index of bluechips from both exchanges was down 5 per cent at the close.

Swooning stocks followed a ghastly week for mainland exchanges, which saw some $1tn wiped off their value in the first week of the new year. The selloff reverberated around the globe as investors panicked about China’s currency, economy and ability to manage both.

Monday’s trading opened on a similarly downbeat note and proceeded to fall further, undeterred by of a stable fix for the renminbi 15 minutes before the open.

The Shanghai Composite closed down 5.3 per cent and the tech-heavy Shenzhen Composite lost 6.6 per cent. In the six sessions of 2016, the indices have fallen by 14.8 per cent and one-fifth, respectively.

The theme of disjointed policy making which has marked much of China’s market meltdown this year — itself a replay of last summer — also continued.

The People’s Bank of China was buying up renminbi offshore, foiling the burgeoning carry trade and driving the cost of offshore borrowing to a record high.

Markets were also digesting weekend comments from a senior Chinese official that the country will face great difficulty in achieving economic growth above 6.5 per cent over the 2016-2020 period.

President Xi Jinping earlier this year set 6.5 per cent as the minimum level necessary to achieve the target of doubling GDP from 2010 to 2020.

However, Li Wei, president of the State Council’s Development Research Centre, pointed to the global outlook and China’s own rising labour costs as obstacles towards that goal. He said: “6.5 per cent is not high, but it will be very difficult to achieve this pace of growth.

Equities took scant comfort from the People’s Bank of China’s move, for a second consecutive session, to keep the renminbi fix stable, following a series of weakenings in recent weeks that induced a mix of panic and confusion into markets.

The PBoC set the daily fix, or reference rate against the US dollar, at 6.5626. That is only 0.015 per cent stronger than on Friday and marks the second day the PBoC has basically kept the rate steady.

The move is likely to restrain some of the selling in China’s equity market but does not make Beijing’s policy any clearer.

HSBC analysts noted over the weekend that the PBoC appeared to have a “rising tolerance” for renminbi weakening, at least against the US dollar.

经历了非常糟糕的一周之后，中国股市在本周一继续暴跌，中国央行支撑人民币的努力未能带给投资者多少信心。

成份股为沪深股市蓝筹股的沪深300指数(CSI 300 Index)收跌5%。

中国股市新年第一周的行情非常惨烈，市值合计蒸发了约1万亿美元。由于投资者对中国的货币、经济以及当局对这两者的管理能力感到担忧，这波抛售在全球范围内引起了震荡。

周一刚一开盘，就出现了类似的悲观情绪，股市无视开盘前15分钟人民币汇率中间价企稳的事实进一步走低。

上证综指收跌5.3%，科技股云集的深证综指收跌6.6%。在2016年的6个交易日里，这两个指数分别下跌了14.8%和20%。

今年中国股市的暴跌行情是对去年夏天行情的重演，这一暴跌行情在很大程度上体现出了政策制定方面的不连贯，这一特点也在延续。

中国央行正在大举买入离岸人民币，挫败迅猛发展的套息交易，并把离岸人民币借贷成本推至创纪录高位。

此外，市场还在消化一名中国高官在上周末的表态：“十三五”期间国内生产总值(GDP)年均增速保持在6.5%以上难度很大。

今年早些时候，中国国家主席习近平把GDP增长底线设定为6.5%，这是实现到2020年时GDP比2010年翻一番的目标所必需的。

然而，中国国务院发展研究中心主任李伟却指出，全球经济前景和中国自身劳动力成本上升会对实现上述目标形成制约。他说：“6.5%并不高，但要实现这样速度的增长，难度将很大。”

在最近几周人民币持续走软、让市场感到既恐慌又困惑之后，中国央行连续第二个交易日稳住人民币汇率中间价，但股市却基本没有从中国央行的这一举措中获得多少安慰。

周一，中国央行把人民币兑美元汇率中间价设定在1美元兑6.5626元人民币。这较上周五的中间价仅高出0.015%，也是中国央行连续第二日基本保持汇率中间价稳定。

此举很可能意在抑制中国股市的抛售，但丝毫无助于更明确地表明北京方面的政策。

汇丰(HSBC)分析师指出，上周末，中国央行对人民币走软、起码是相对于美元走软的“容忍度（似乎）在升高”。

译者/何黎