黑色5月28 中國股市大跌6.5%
The Shanghai Composite has ended a seven-day winning streak with a bang, wiping out 6.5 per cent to record its second-worst session of 2015, or its 10th worst session in 15 years.
今日上證綜指(Shanghai Composite)結束了連續7日的上漲態勢，跌幅達6.5%，爲2015年第二大單日跌幅，近15年來的第10大單日跌幅。
Until Thursday China's benchmark index had surged more than 50 per cent, despite widespread concerns that the market was in bubble territory. The seven session run was the longest since a 10-day run to March 24.
儘管各方廣泛擔心股市已進入泡沫區間，從今年年初至本週四，中國的這一基準股指已累計上漲逾50%。這次七連漲是截至3月24日的十連漲以來連續上漲時間最長的一次。The tech-heavy Shenzhen Composite, which had more than doubled this year alone, also lost 5.5 per cent — the third biggest fall in five years.
科技股權重較高的深成指(Shenzhen Composite)僅今年以來便上漲了一倍以上。今日，深成指也下跌了6.19%。
Earlier this week, analysts at Credit Suisse offered some level-headed advice to clients who were considering investing in Shenzhen stocks: "At some point, there will be a massive correction of these stocks, in our view. Avoid this space!!!"
本週早些時候，瑞信(Credit Suisse)分析師曾向考慮投資深圳股市的客戶提出了冷靜的建議：“我們認爲，深市將在某一時點發生劇烈回調。請注意迴避！”Market participants will be searching for a clear catalyst for the late sell-off, but it's doubtful there is one. So much of the rise this year has been based on momentum, fuelled by easing and hopes of more easing from the People's Bank of China. When selling begins, the momentum can turn quickly. Besides profit taking, a wider catalyst is hardly needed.
市場參與者將爲最近的拋售行情尋找一個明顯的催化劑，但是否真存在催化劑令人懷疑。今年的上漲行情主要依靠走勢，而驅動走勢的則是中國央行(PBoC)的寬鬆政策以及市場對央行進一步寬鬆的預期所賜。當拋售開始，走勢可能迅速調頭。除了獲利回吐，基本上不需要影響更廣的催化劑。
