中國採取新救市措施 China bans big share sales in drastic bid to steady markets

Chinese authorities took drastic action to try to prop up sinking stocks yesterday, banning listed company shareholders with big stakes from selling shares, and using central bank money to bolster the market.

中國政府昨日採取激進舉措試圖支撐不斷下跌的股市，包括禁止上市公司大股東出售股票，同時利用央行資金支撐市場。

The twin moves came as investors rushed to sell what they still could after a fresh wave of share suspensions that has halted trading in half the market.

在中國出臺這兩項舉措之際，在新一波股票停牌、造成中國股市一半股票暫停交易之後，投資者紛紛拋出手中仍可出售的股票。

Citing the “irrational drop” in share prices in recent days, the securities regulator banned listed company shareholders with stakes of 5 per cent or more from selling any shares for six months. The ban also applies to senior company executives and board members, regardless of the size of their stakes. The regulator said it would “deal sternly” with violators.

中國證監會(CSRC)指出最近幾天股市出現“非理性下跌”，規定在6個月內，上市公司持股5%或以上的股東不得出售股票。這一禁令還適用於上市公司高級管理人員以及董事，不管其持股多少。證監會表示將對違反規定者“嚴肅處理”。

Regulators acted as the Shanghai Composite closed down 5.9 per cent. The Shenzhen index lost 2.5 per cent, while the start-up ChiNext board managed to inch up 0.5 per cent. The renewed selling followed another round of share suspensions overnight that have now halted trading in 1,476 stocks — or more than 50 per cent of all listed companies on China’s two main exchanges. The suspensions have frozen $2.6tn worth of equity, according to Bloomberg calculations.

監管者採取最新行動之際，昨日上證綜指收盤下跌5.9%。深證成指下跌2.5%，而創業板指數(ChiNext)微漲0.5%。在投資者再度拋售股票之前，中國股市出現另一輪大規模停牌，目前有1476只股票暫停交易，佔滬深股市上市公司總數的50%以上。據彭博(Bloomberg)計算，停牌已導致價值2.6萬億美元的股票被凍結。

The sell-off was equally pronounced in Hong Kong, where global investors typically trade Chinese stocks. The Hang Seng index suffered one of its biggest point drops on record, shedding 5.8 per cent to erase all its gains over the previous 12 months.

香港股市也出現了大幅下挫，全球投資者一般會在香港交易中國內地股票。恆生指數(Hang Seng index)創下有記錄以來最大點數下跌之一，跌幅達5.8%，抹去了之前12個月的全部漲幅。

Hong Kong Exchanges & Clearing, the bourse operator, dropped 8.3 per cent, taking its loss over the past five days to almost 30 per cent.

股票交易所運營商——香港交易及結算所有限公司(Hong Kong Exchanges & Clearing)下跌8.3%，使過去5個交易日的累計跌幅接近30%。

As the stock rout continued, Beijing responded with further measures to steady the market. The People’s Bank of China said it was helping state-owned China Securities Finance Corporation access liquidity to help the fund “hold the line against the outbreak of systemic or regional financial risk”. This is the clearest statement yet about what CSF is doing — buying shares directly using PBoC money, a big departure from its traditional role of lending to brokerages to support margin lending.

隨着股市繼續大幅下挫，中國政府進一步出臺措施以穩定市場。中國人民銀行(PBoC)表示，正爲國有的中國證券金融公司(China Securities Finance Corporation)提供流動性支持，幫助後者“守住不發生系統性、區域性金融風險的底線”。這是迄今關於中國證券金融公司行動的最明確表述：直接使用央行資金購買股票，嚴重偏離了其向券商放貸以支持保證金貸款的傳統角色。

The CSF is also providing Rmb260bn ($41.9bn) of credit to brokerages in order to help them buy shares, according to the China Securities Regulatory Commission. In a statement the CSRC had noted: “There is a mood of panic in the market and a large increase in the irrational dumping of shares, causing a strain of liquidity.”

據中國證監會稱，中國證券金融公司還向券商提供了2600億元人民幣（合419億美元）的信貸以幫助它們購買股票。中國證監會在一份聲明中指出：“目前股票市場存在恐慌情緒，非理性拋盤大量增加，導致股市出現流動性緊張的狀況。”

As stocks fell, large-caps broke their recent run of gains, with PetroChina— the country’s biggest company — dropping 8.6 per cent.

隨着股市下跌，大型藍籌股停止了最近的上漲步伐，中國最大的公司中石油(PetroChina)下跌8.6%。

Since hitting a seven-year high in mid-June Chinese stocks have been in freefall, with both major indices dropping more than a third.

自今年6月中旬觸及7年高點以來，中國股市一直處於自由落體狀態，兩大主要股指跌幅超過三分之一。