中國股市大舉反彈 Chinese sell off eases after margin requirement cut

The sell-off in Chinese equities is fading after the country’s banking regulator eased margin requirements for some clients, drawing investors in amid hopes for a relief rally.

中國銀行業監管機構放寬了部分客戶的保證金要求，將心懷觸底反彈希望的投資者吸引入市。

But the China rebound comes with a large number of suspensions after another 194 companies halted their shares from trading on Thursday according to Bloomberg, bringing the total to 1,439, about half the entire market.

不過，中國股市的反彈，伴隨着大量企業的停牌。據彭博(Bloomberg)報道，此前在週四早上，又有194家上市企業停牌，令A股停牌企業總數達到1439家。

The China Securities Regulatory Commission also took unprecedented action to prop up the market after the close on Wednesday, banning company bosses, senior management and major investors from selling shares for six months. In early Thursday trade, there was further selling after various fund management groups overnight called the action desperate, extreme and counter-productive.

週三閉市之後，中國證監會(CSRC)也採取了史無前例的託市舉措，禁止企業老闆、高管和大股東在六個月內減持股票。當晚，多家基金管理集團曾稱此舉是絕望之舉，太過極端，會起到反作用。週四開盤之初，市場上再次出現了拋售現象。

But the action on margin requirements — announced as trading began by the China Banking Regulatory Commission — took more of an effect. The China Securities Finance Corporation, which has access to People’s Bank of China funds, also said it would “provide abundant capital”.

然而，開盤後銀監會(China Banking Regulatory Commission)公佈的放寬證券投資平倉線的舉措卻產生了更大效果。此外，獲中國央行(PBoC)資金支持的中國證券金融公司(China Securities Finance Corporation)也曾表示，該公司會“提供充裕資金”。

The Shanghai Composite turned around from opening losses of more than 3 per cent to rise 5.4 per cent. The Hang Seng in Hong Kong regained 4.5 per cent and the tech-heavy Shenzhen Composite rose 3.7 per cent.

自開盤下跌3%之後，上證綜指(Shanghai Composite)止跌回升，收漲5.76%。香港恆生指數收漲3.7%，偏重科技股的深證綜指(Shenzhen Composite)則收漲3.76%。

“In our view, the political will to take outsized policy actions in Beijing today is stronger than that seen in Washington in early September 2008,” said Dong Tao at Credit Suisse.

瑞士信貸(Credit Suisse)的陶冬表示：“在我們看來，今天中國政府採取強力政策措施的政治意志，比2008年初華盛頓的政治意志還要強烈。”

“It probably will take some time to figure out the right mix of policy tools and more importantly to demonstrate policy determination. We are inclined to believe that Beijing will escalate policy responses until they start working.”

“也許還要一段時間，才能找到政策工具的適當搭配方式，才能顯示政策決心——這一點更爲重要。我們傾向於認爲，中國政府會加大政策力度，直到它們開始生效。”