用户名: 密码: 验证码:    注册 | 忘记密码?
您的位置:主页 > 英语能力 > 翻译 > 笔译 > 练习材料 > 经济 >


2015-07-06    来源:小E网    【      美国外教 在线口语培训


At a stock trading hall for retail investors near People’s Square in Shanghai, the mood is glum. 

Shenyin Wanguo, like other Chinese brokerages, maintains its hall for investors to hang around, make a few trades and share tips. Among the mostly elderly investors, zest for market speculation goes hand-in-hand with the socialist conviction that the government can and should protect them from risk. 
就像中国其他券商那样,申银万国(Shenyin Wanguo)维持这个营业厅是为了让投资者流连于股市,做几笔买卖,交流炒股点子。在这些以老年人为主的散户中,对市场投机的狂热与社会主义信念同时存在,这种信念就是:政府能够而且应当保护他们免受风险。

“Even I, an old party member, don’t believe the regulators any more,” says Ms Xu, a 76-year-old retiree.

China’s main stock index lost 5 per cent yesterday, shrugging off an interest-rate cut by the central bank over the weekend. The market has now tumbled 22 per cent since hitting a seven-year high on June 12. Ms Xu blames the securities regulator for approving too many initial public offerings, siphoning demand away from existing shares. 

She also lost money punting on internet stocks amid pledges by top leaders to promote the technology sector. ChiNext, the Shenzhen-based start-up index, had more than tripled in the year to June but has since plummeted 30 per cent.  

“The country is promoting ‘internet plus’ so I bought some internet-themed stocks,” she says. “Their results looked good. But then came a few days of limit-down. Now I’m stuck,” she says, referring to the maximum 10 per cent limit on a stock’s gain or loss on a single day. 

Reflecting the surge of retail investors into the market, trading accounts holding at least some stock hit 68m by the end of May, up 27 per cent from a year earlier, according to clearing houses.

Yet analysts say the roots of China’s stock boom, and its unfolding bust, lie not in old-fashioned retail trading halls. Instead, margin lending, which did not exist during China’s last big equity boom and bust, has played a central role. 

Official margin lending through securities brokerages peaked at Rmb2.3tn ($371bn) on June 19, up from just Rmb403bn a year earlier. Goldman Sachs estimates such lending equals 12 per cent of the free-float market capitalisation of margin-eligible stocks, and 3.5 per cent of gross domestic product. 
通过券商进行的正规保证金贷款在6月19日达到2.3万亿元人民币(合3710亿美元)的巅峰,而去年此时只有4030亿元人民币。高盛(Goldman Sachs)估计,此类贷款相当于符合融资交易条件的股票的自由流通股总市值的12%,国内生产总值(GDP)的3.5%

But even that figure fails to capture the full extent of leveraged stock investing. In addition to brokerages, grey-market margin lending through third parties has pumped an additional Rmb500bn to Rmb1tn in borrowed money into the market, according to estimates from Haitong Securities. 
但是,就连上述数字也未能充分反映杠杆炒股的规模。除了券商外,据海通证券(Haitong Securities)测算,通过第三方进行的灰色市场保证金贷款,也向股市输送了5000亿至1万亿元人民币。

Brokerages limit margin leverage to a ratio of two to one and require clients to put up at least Rmb500,000. By contrast, Xunqianwang, a company that connects punters with borrowed money, allows leverage of up to six to one, and requires as little as Rmb2,000 of the client’s own funds. The company, whose Chinese name translates as “search for money”, boasts that new clients can gain approval in an hour. 

“We can still control the risk because we strictly examine and assess every client,” says Zhong Jingtian, the founder and chief executive. The company restricts which stocks a client can buy and does not give loans to a single client exceeding Rmb3m. 

Analysts say the proliferation of margin lending creates the risk of a snowball effect as margin investors, faced with mounting losses, are forced to liquidate their positions unless they can post additional collateral.  

David Cui, equity analyst at Bank of America Merrill Lynch, estimates that the Shanghai Composite would need to fall an additional 40 per cent for large-scale margin calls to kick in on official margin lending. “However, this doesn’t mean that margin call is not a serious risk right now,” he wrote in a note yesterday. “The selling pressure so far has mainly come from stock-related borrowings via various unofficial channels where the leverage is much higher.” 
美银美林(BofAML)股票策略师崔伟(David Cui)估计,上证综指(Shanghai Composite)还需要再下跌40%,才会触发正规保证金贷款的大规模追加要求。“不过,这并不意味着追加保证金通知现在不是一个严重风险,”他在昨日一份简报中写道。“迄今的抛压主要来自各种非正规渠道的股票相关借款,它们的杠杆率要高得多。”

Some analysts still expect the market to rebound. They argue that the fundamental factors underpinning the rally, especially loose monetary policy and ongoing economic reforms in China, are still intact, even as valuations now look more reasonable.

手机上普特 m.putclub.com 手机上普特
发表评论 查看所有评论
用户名: 密码: 验证码:
  • 推荐文章
  • 资料下载
  • 讲座录音