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Chinese shares posted their biggest one-day fall in a month yesterday, with indices closing more than 6 per cent lower after a late sell-off.
中國股市昨天出現一個月來最大單日跌幅，在尾盤拋售之后，滬深股指收跌逾6%。
The Shanghai Composite fell 6.4 per cent to 2,741.2, having been down as much as 6.8 per cent in the final 15 minutes of trading. The tech-focused Shenzhen Composite shed 7.3 per cent to 1,738.67, while the CSI 300 — comprising the top 300 stocks on the two bourses — ended down 6.1 per cent.
上證綜指(Shanghai Composite)下跌6.4%，至2741.2點，在交易日最后15分鐘跌幅曾高達6.8%。以科技股為主的深證綜指(Shenzhen Composite)下跌7.3%，至1738.67點，涵蓋滬深兩市前300只股票的滬深300(CSI 300)指數收跌6.1%。
All three benchmarks are down more than 20 per cent so far this year.
今年到目前為止，所有三個基準指數跌幅都超過了20%。
“Investors can be demanding and unforgiving,” said Steven Sun, HSBC’s head of Hong Kong-China equity research. “China’s financial market is increasingly correlated with global financial markets, and different asset classes are becoming more correlated with each other. As far as the equity market is concerned, this dynamic has translated into new levels of volatility.”
匯豐(HSBC)香港-中國股市研究部門主管孫瑜(Steven Sun)表示：“投資者可能要求很高，而且不肯寬恕。中國金融市場與全球金融市場的關聯度日益提高，不同資產類別之間的關聯度也在提高。就股市而言，這種格局導致市場波動達到新的水平。”
Yesterday’s tumble comes ahead of the two-day meeting of G20 finance ministers and central bankers in Shanghai, which begins today. Against a backdrop of a slowing Chinese economy, Yi Gang, the central bank’s deputy governor, reassured attendees at a conference on the eve of the G20 meeting that demand would “remain fairly strong” for the foreseeable future.
昨天的股市暴跌發生在20國集團(G20)財長和央行行長在上海召開兩天會議之前——該會議將于今天開幕。在中國經濟放緩的背景下，中國央行(PBoC)副行長易綱在G20會議前夕的一次記者會上寬慰與會者，表示在可預見的未來中國需求將“維持強勁”。
HSBC expects the Chinese market to rebound in the coming months, in part because of a more stable renminbi. Mr Sun said a surge in share buybacks in January had been an “accurate indicator of the market and valuations bottoming out” in 2001 and 2008.
匯豐預計中國股市在未來幾個月里會出現反彈，在一定程度上得益于更穩定的人民幣。孫瑜表示，1月份股票回購的激增曾在2001年和2008年“準確預示了股市和估值的觸底回升”。
Shanghai’s fall was the worst one-day decline since January 26, when the index dropped 6.4 per cent. The Shenzhen Composite’s drop was its biggest since an 8.2 per cent fall on January 7, when a rapid plunge triggered circuit breakers and closed the market in the first half-hour of trade.
滬市這次下跌是1月26日（當日滬指下跌6.4%）以來最大單日跌幅。深證綜指則出現自1月7日8.2%的跌幅以來的最大跌幅。1月7日的迅速暴跌曾引發股市熔斷機制，在最初半個小時就導致股市閉市。
Yesterday’s fall takes the Shanghai and Shenzhen exchanges back to levels last touched just before the lunar new year holiday. Shanghai shares are just 3.1 per cent away from a 15-month low reached at the end of January.
昨天的下跌令滬市和深市重返春節假期前剛剛觸及的水平。滬指只比1月底觸及的15個月低點高了3.1%。
