中國限制賣空新舉措推動股市大幅上揚
Chinese shares briefly dipped into negative territory early in the session, but recovered and moved steadily higher from mid-morning, with the Shanghai Composite closing 3.7 per cent higher to 3,756.5 and the Shenzhen Composite rising 3.8 per cent to 2,151 as the country's two main stock exchanges and one of its biggest brokers pledged to limit short selling activity.
今日早盤，中國股市漲幅曾短暫爲負，但大盤從早盤中段開始回升並穩步上揚，上證綜指收於3756.55點，漲幅爲3.7%；深證綜指收於2150.95點，漲幅爲3.8%。滬深交易所及某大型券商承諾限制賣空活動是中國股市上漲的原因之一。
The gain brought to an end a three-day slide for the two Chinese benchmarks, with the best session for Shanghai stocks since a 4.5 per cent rise on July 10, and the best for Shenzhen stocks since a 5 per cent gain on July 17.
這一上漲結束了滬深股指連續三日的下滑，是滬指自7月10日上漲4.5%以來表現最好的一個交易日，也是深指自7月17日上漲5%以來表現最好的一個交易日。
Meanwhile, the tech-focused ChiNext rebounded 6.1 per cent to 2,546.2, a day aFTer it fell 5.5 per cent owing to new incoming rules about online payment processors.
與此同時，聚焦科技股的中國創業板指數(ChiNext)上漲6.1%，至2546.2點。昨日，由於中國要出臺關於在線支付機構的新規，該指數下跌5.5%。
Today was the ChiNext's biggest one-day gain since June 30 and its second-biggest of the year.
今日，創業板指數創下6月30日以來的最大單日漲幅，也是今年的第二大單日漲幅。
As the FT's Gabriel Wildau in Shanghai explains, China's two main stock exchanges issued new rules late Monday forbidding short sellers from opening and closing short positions within a single day.
週一晚，中國滬深交易所頒佈新規，禁止賣空者在一個交易日內融入和償還證券。
The exchanges said intraday short selling has contributed to price volatility in recent weeks. The new rules bring short selling in line with the so-called "T+1" settlement system that governs long-only trades, where stock is delivered one day after a transaction is completed.
滬深交易所表示，最近幾周，同一個交易日內融入和償還證券加大了“股票價格異常波動”。新規要求賣空遵守管理“只做多”(long-only)交易的所謂“T+1”結算制度。根據該制度，當日完成的股票交易要到下一個交易日才能交割。
Citic Securities, the country's largest brokerage by assets, also said it was voluntarily suspending its securities lending business, which is used to facilitate short selling.
中國資產規模最大的券商中信證券(Citic Securities)也表示，它自願暫停融券業務。這種業務是爲賣空提供便利。
Two other brokerages, Great Wall Securities and Huatai Securities, followed up with similar announcements.
另兩家券商長城證券(Great Wall Securities)和華泰證券(Huatai Securities)也緊跟着發出了類似的聲明。
Analysts say these moves are largely symbolic, as securities lending is rarely used in China due to the high cost of borrowing. Regulators' initial actions against short selling focused on the index futures market, which is much larger and more liquid.
分析師表示，這些舉措基本上是象徵性的。這麼說的原因是，在中國，由於借入證券的成本較高，融券做法很少見。監管機構最初遏制賣空的舉措聚焦於股指期貨市場，這個市場規模要大得多、流動性也強得多。
Movements in the main index in recent days are largely driven by the so-called "national team" of state-owned financial institutions buying stock and mutual funds to support the market.
最近幾天，中國滬深股市的波動基本上是由所謂的“國家隊”（由國有金融機構組成）推動的，它們買入股票和共同基金來託市。
The national team has typically stayed on the sidelines in early trade to gauge sentiment among non-state investors, analysts say.
分析師表示，今日早盤，“國家隊”基本上退場觀望，以評估非國有投資者的情緒。
But when prices threaten to drop too far, they step in to prop up demand.
但當股價有可能大幅下跌時，它們入市提振了購買需求。
China Securities Finance Corp and other national team members have at least Rmb2.2tn in funds, but it's not clear how much of that total has already been spend.
中國證券金融股份有限公司（China Securities Finance Corp，簡稱：證金公司）和其他“國家隊”成員至少擁有2.2萬億元人民幣資金，但目前還不清楚它們爲救市花掉了多少資金。
CSF and other state institutions must be careful not to spend their entire war chest, leaving them unable to provide further aid if markets again fall sharply.
證金公司和其他國有機構必須小心不要耗盡所有彈藥，以免市場再度大幅下挫時無法提供更多救助。
