中國股市市值超日本約1萬億美元

Remember, back in November, when China overtook Japan in stock market capitalisation? Well now there's no contest: China's market is worth about $1tn more (see chart).

去年11月，中國股市總市值就已超越了日本。如今差距再度拉大：中國股市總市值已較日本高出約1萬億美元

The Shanghai Composite jumped 2.1 per cent on Wednesday, marking a new high since May 2008. Year to date the Shanghai index has now risen 10.6 per cent.

週三，上證綜指(Shanghai Composite)大漲2.1%，創2008年5月以來新高。今年迄今，上證綜指累計上漲10.6%

That undershoots a 12 per cent gain for Tokyo's Nikkei 225 this year. It's is at a 15-year peak.

東京日經225指數(Nikkei 225)今年漲幅達到更高的12%，創15年新高。

But whereas Japanese rallies are correlated with a weakening yen, China's renminbi is pegged to the US dollar, which has been hitting 12-year highs against a basket of currencies.

但日本股市上漲的同時，日元在走低，而與美元掛鉤的人民幣則與美元一同走高。衡量美元對一攬子貨幣匯率變化的美元指數已創下12年新高。

So in US dollars, the capitalisation of China's stock market — a broader measure than just Shanghai — has gained 18.2 per cent this year. Japan's stock market cap, by contrast, is up 9.8 per cent, according to Bloomberg data (both as of Tuesday).

按美元計，中國股市總市值今年累計升高18.2%。相比之下，日本股市總市值則升高9.8%（均根據截至週二的彭博數據）。

Shanghai's trading volumes today were 91 per cent higher than the 30-day average, as the market gained for a sixth straight day. The materials, industrial and financial sectors each rose more than 2.3 per cent. As with many global markets, the rally is driven by speculation about policymaker moves.

週三，上交所成交量較30日平均水平高出91%，股市連續第6天上漲。原材料、工業和金融板塊漲幅均高於2.3%。與許多全球性市場類似，這輪上攻行情也是由市場對政策制定者寬鬆政策的預期驅動的。

"Monetary policy is easing, the government is alluding to more stimulus and the threat from the property slump is receding a bit," said Shane Oliver, chief economist at AMP Capital. "While a re-run of last year's 50 per cent gain is unlikely, Chinese shares remain attractive."

“貨幣政策開始放鬆，政府暗示或加大刺激力度，房地產不景氣的威脅減輕了一點兒，”安保資本(AMP Capital)首席經濟學家謝恩•奧利弗(Shane Oliver)說。“儘管像去年那樣上漲50%不大可能，但中國股票仍有吸引力。”