抑制做空的舉措未能阻止A股下跌

Chinese stocks fell again as authorities continued to try to halt the slide.

雖然中國有關部門繼續採取措施阻止股市下滑，但中國股市週五再次出現下跌。

The country’s main stock index in Shanghai fell 5.8 per cent on Friday, after shedding 3.5 per cent on Thursday, while the Shenzhen Composite shed 5.4 per cent after falling 5.6 per cent the previous day.

繼週四下跌3.5%後，上證綜指週五收跌5.8%；而深證綜指則在週四下跌5.6%後，週五收跌5.4%。

The declines came as China’s securities regulator said it had launched a probe into short selling, and there were reports on Friday that the futures exchange was using “window guidance” to urge traders not to short the market.

此前中國證券業監管部門表示，它已啓動針對做空行爲的調查。週五還有報道稱，中國的期貨交易所正通過“窗口指導”敦促交易員不要做空市場。

The China Securities Regulatory Commission said late on Thursday that it had opened an investigation into market manipulation “based on reports of unusual movements” in securities and futures markets.

週四晚，中國證監會(CSRC)表示，已根據證券和期貨交易所“市場監察異動報告”，啓動對市場操縱行爲的調查。

The country’s two main indices have tumbled more than 20 per cent over the past three weeks, taking them into bear-market territory.

中國兩大股指在過去三週裏下跌了逾20%，已經步入熊市。

The Shanghai Composite fell 12.1 per cent for the latest week, its third consecutive week of double-digit losses after hitting a seven-year high on June 12.

上證綜指最近一週下跌了12.1%，這是該指數自6月12日觸及七年高點以來，連續第三週出現兩位數的周跌幅。

Some 457 companies suspended trading of their shares on Thursday, ostensibly because of pending announcements, according to data compiled by the official China Securities News, though many suspect the real motive was to prevent further share-price losses.

根據官方的《中國證券報》(China Securities Journal)的數據，週四大約有457家公司的股票被停牌，停牌的表面原因是等待進一步公告。不過，許多人懷疑這麼做的真實動機是阻止股價進一步下跌。

The effort to curb short selling follows relaxation of margin lending rules on Thursday, which also failed to staunch the bleeding.

就在推出限制做空行爲的舉措之前，中國有關部門週四還曾放寬對融資融券的規定，但此舉未能阻止股市下跌。

The 21st Century Business Herald, a Chinese daily, quoted multiple futures traders as saying they had received phone calls from the China Financial Futures Exchange instructing them not to short the market. Stock index futures are the main tool for placing bearish bets on mainland stocks, as short selling of individual shares is difficult.

中文日報《21世紀經濟報道》(21st Century Business Herald)援引多名期貨交易員的說法稱，他們已接到中國金融期貨交易所(China Financial Futures Exchange)打來的電話，指示他們不要做空市場。在中國，由於很難做空個股，股指期貨是做空中國內地股票的主要工具。

Analysts say any effort to discourage short selling is probably coming from regulators, with exchange officials simply carrying out orders. The futures and stock exchanges are state-owned companies with close links to financial regulators.

分析師表示，所有旨在抑制做空行爲的舉措很可能都出自監管部門，交易所的官員只是在執行命令。在中國，期貨交易所和證券交易所都是國有企業，與金融監管部門關係密切。

Most market participants question whether illegal market manipulation is behind the market’s fall. Instead, they say investors are using index futures to hedge long positions in small and mid-cap stocks.

多數市場參與者都質疑股市下跌的背後是否真的隱藏着非法市場操縱行爲。相反，他們表示，投資者是在用股指期貨對衝中小盤股上的多頭倉位。

“In the futures market we have quantitative traders, algorithmic traders and short sellers. Everyone is there. And of course there are hedgers, too. The whole purpose of futures is for risk management,” said a trader at a major futures company in Shanghai. “After the big drop, what the market lacks most is confidence.”

上海一家主要期貨公司的一名交易員表示：“在期貨市場，我們有量化交易員、算法交易員和賣空者。各種人都有。對衝者當然也不例外。期貨的唯一用途就是管理風險。大跌之後，市場最缺的是信心。”

The futures exchange on Thursday denied rumours that foreign investors including Goldman Sachs were using futures to place big bearish bets on mainland stocks, known as A shares.

週四，中國金融期貨交易所否認了高盛(Goldman Sachs)等外國投資者用期貨做空A股的傳聞。

The exchange said foreign investors with access to the futures market via the Qualified Foreign Institutional Investor (QFII) programme were only permitted to use futures for hedging operations and are not allowed to make directional bets. All recent trades by QFIIs complied with regulations, it said.

該所表示，有權通過合格境外機構投資者(QFII)計劃進入期貨市場的外國投資者只能用期貨做套保交易，不允許建立裸頭寸。該所表示，QFII資金近期從事的一切交易都符合規則。

Small and mid-caps have been the biggest losers in the recent downturn, as investors have sought the relative safety of large caps amid the turmoil. An index of large mainland-listed banks has fallen 13 per cent since June 12 compared to 28 per cent for the Shanghai Composite.

在近期的下跌中，中小盤股一直是最大的輸家，原因是投資者在動盪的行情中更青睞大盤股具備的相對安全性。自6月12日以來，一個以中國大銀行A股股票爲成分股的指數只下跌了13%，相比之下上證綜指下跌了28%。

Margin lending, which helped fuel the stock market rally that began late last year, is now dragging on the market. Outstanding margin loans on the Shanghai and Shenzhen exchanges fell by Rmb51bn on Thursday, the second-biggest daily drop ever, just below the Rmb56bn loss last Friday.

保證金貸款曾爲中國股市從去年底開始上漲助了一臂之力，但它如今卻在拖累股市。週四，滬深兩市融資餘額減少510億元人民幣，是有史以來第二大單日降幅，僅次於上週五560億元人民幣的降幅。