滬深300指數出現17個月來最大單日跌幅
China’s blue-chip index suffered its worst one-day fall in 17 months on Thursday, as investors cited Rising bond yields and tough new regulations targeting corporate debt for scaling back their exposure to equities after a strong performance this year.
中國藍籌股指數週四遭遇17個月以來最大單日跌幅，在經歷了今年以來的強勁漲勢後，投資者開始縮減股票敞口，他們列舉的理由包括債券收益率上升以及當局出臺針對公司債務的嚴厲新規。The yield on 10-year Chinese government bonds rose above 4 per cent, before easing in late trade according to ChinaBond, the latest milestone in a bond rout that has gathered pace over most of this year.
中國債券信息網(China Bond)數據顯示，10年期中國國債收益率升至4%以上，只是在尾盤纔有所回落。今年以來的大部分時間裏，中國的債券遭遇拋售，昨日的行情堪稱最新里程碑。Analysts say the bond turmoil reflects the government’s increasing determination to rein in runaway debt growth, raising concern among investors that China’s economy will slow and knock global demand for commodities. The previous two major bouts of global risk aversion were triggered in January 2016 and August 2015 by worries over China’s economic outlook.
分析師們表示，債市動盪反映出政府日益下定決心遏制扶搖直上的債務增長，這令投資者擔心中國經濟將會放緩，並打壓全球對大宗商品的需求。前兩次全球嚴重風險厭惡發生在2016年1月和2015年8月，原因都是人們擔憂中國經濟前景。
Last week, five regulators led by the People’s Bank of China introduced the toughest rules yet designed to curb shadow banking. They restrict banks’ ability to buy bonds with borrowed money and to lend to corporate clients through off-balance-sheet channels.
上週，以中國人民銀行(PBoC)爲首的五家監管機構出臺了迄今最嚴厲的旨在遏制影子銀行業務的規則。新規限制銀行用借款購買債券和通過表外渠道向企業客戶放貸的能力。The rules will curb demand for bonds directly and could also hamper economic growth and corporate earnings via tighter credit conditions.
這些規則將直接抑制債券需求，還可能通過更嚴格的信貸條件阻礙經濟增長和企業盈利。The CSI 300 index, which tracks the largest companies traded in Shanghai and Shenzhen, closed 2.9 per cent lower, the worst one-day loss since June 2016.
跟蹤滬深兩市大盤股的滬深300指數(CSI 300)收盤下跌2.96%，爲2016年6月以來最大單日跌幅。The benchmark remains 24 per cent higher this year, although analysts said the link between bond turmoil and the stock market was less clear.
這個基準股指今年以來的漲幅仍有24%，儘管分析師們表示，債市動盪與股市之間的關聯並不那麼明確。“In the first half, big-name shares rose by so much. Now with year-end evaluations approaching, people want to cash out and lock-in their profit numbers,” said Dong Chunxiao, equity strategist at Pacific Securities in Beijing. “Rising bond yields may have contributed, but I don’t think it’s the driving force.”
“上半年大盤股漲幅如此之大。現在，隨着年終評估臨近，人們希望變現，鎖定利潤，”太平洋證券(Pacific Securities)在北京的股票策略師董春曉表示。“債券收益率不斷上升可能起到一定作用，但我不認爲它是主要推動力量。”Ms Dong noted that the mainland stock market rose strongly last week, despite a similar jump in bond yields.
董春曉指出，內地股市上週大幅上漲，儘管債券收益率出現類似幅度的上升。The broader Shanghai Composite index is up 8 per cent despite shedding 2.3 per cent on Thursday.
囊括上海證交所所有上市股票的上證綜指(Shanghai Composite index)上漲8%，儘管該股指週四下跌2.3%。“Right now the index is in an oscillating pattern of three steps forward, two steps back. A few days ago the market rebounded pretty sharply, so today it corrected,” said Lin Longpeng, strategist at Guotai Junan Securities in Shanghai.
“現在這個指數呈現走三步、退兩步的震盪規律。前幾天市場出現強勁反彈，所以今天市場就回調了，”國泰君安證券(Guotai Junan Securities)上海分析師林隆鵬表示。
Also this week, the Shanghai stock exchange took the unusual step of criticising an investment bank for an overly optimistic research report on Kweichow Moutai, the luxury liquor producer whose stock has rallied 90 per cent this year. That move contributed to a perception that regulators are focused on restraining asset bubbles.
同樣在本週，上海證交所採取不尋常舉動：批評一家投行有關貴州茅臺(Kweichow Moutai)的研究報告過於樂觀；這家高檔酒釀造商的股價今年以來上漲了90%。上證所此舉助燃了一個觀點，即監管者目前聚焦於抑制資產泡沫。On Wednesday, a multi-agency task force on internet finance suspended approvals for new online consumer loan companies, amid concerns about abusive lending practices and diversion of funds into property speculation. Some market chatter has also suggested that retail punters have used online consumer loans to finance stock market investment.
週二，統管互聯網金融的一個跨機構工作小組暫停審批新的網絡小額貸款公司，其背景是監管者擔心違規放貸行爲和資金投向房地產投機。一些市場傳言還似乎表明，散戶投機者使用網絡小額貸款爲股市投資提供融資。
