中国祭出的托市新招未能奏效

Chinese investors have ignored efforts by thesecurities regulator to curb downward pressure onthe country’s tumbling stock market, with bourses inShanghai and Shenzhen registering hefty declines onThursday.

中国证券监管机构已采取多项举措，试图减轻不断下跌的中国股市的下行压力，但中国投资者对此却并不买账。周四，上海和深圳股市出现大幅下跌。

Moves by the China Securities RegulatoryCommission late on Wednesday to relax collateralrules on margin loans failed to staunch marketlosses on Thursday, with the Shanghai Composite Index falling as much as 5.5 per cent —deepening Wednesday’s 5.3 per cent decline — while Shenzhen was down 5.8 per cent.

周三晚，中国证监会采取行动，放宽了融资融券担保物规定，但这并没能阻止股市在周四继续下跌：上证综指下跌了3.48%，收于3912.77点，深证综指则收跌5.55%。

Margin finance has been a major driver of the rally that propelled China's main stock index to aseven-year high on June 12, but the market has since tumbled more than 20 per cent due inpart to worries about a clampdown on leveraged bets.

融资交易是这轮上涨行情的主要推动力之一。在这轮行情中，中国主要股指曾在6月12日触及7年高点，但在那之后累计下跌了逾20%，部分原因是人们担心监管机构打压杠杆交易。

The China Securities Regulatory Commission said late on Wednesday that brokerages are freeto set their own rules for demanding more collateral from clients when stocks bought withborrowed money fall in value. Previous rules required clients to add assets to their accountswhen their collateral ratio dropped below 130 per cent, or else liquidate their positions.

周三晚，中国证监会表示，券商可以自行制定要求客户追加担保物的相关规定，这种要求追加担保物的情况发生在客户用所借资金买入的股票发生贬值时。此前的规定要求，当客户担保比例低于130%时，就必须向其账户补充资产，否则就会遭遇强行平仓。

“The new CSRC rules to stop forced liquidation have hit the nail on the head and will calm themarket for now, Hao Hong, research director at Bocom International, wrote in a note.

交银国际(Bocom International)研究总监洪灏在一份报告中写道：“证监会的新规定停止强平盘击中了问题要害，将暂时使市场平静。

Stock exchange data show that after surging to a high of Rmb2.27tn ($366bn) on June 18 —from Rmb401bn a year earlier — outstanding margin loans have fallen Rmb236bn. But Mr Haoalso warned that the relaxation may sow the seeds for a future crisis.

证券交易所数据显示，中国股市融资余额在6月18日激增至2.27万亿元人民币(一年前为4010亿元人民币)之后，已减少2360亿元人民币。但洪灏表示，放宽担保物规定可能为未来的危机埋下种子。

“Beyond the short term, we believe margin call is a necessary risk management mechanism forbrokers. The premise of margin trades is that asset prices will rise perpetually. It simplycannot be true, he said.

他说：“展望未来，我们认为追加保证金是券商的一个必要的风险管理机制。融资交易的前提是资产价格将永远上涨。然而，这是不可能的。

In addition to loosening collateral requirements, the new rules allow margin loans to beextended for longer than the previous six-month limit, and eliminate the requirement thatmargin clients must have assets in their securities account worth at least Rmb500,000.

除了放宽担保物要求，新规还允许融资融券合约展期至此前的限制(即6个月)以上，并取消了融资融券客户证券账户资产的价值不得低于50万元人民币的规定。

The CSRC first proposed the changes on June 12 in the form of draft rules open for a month-long public comment period. But in its statement on Wednesday the regulator said that“because the situation is special the rules would now take effect immediately.

这些改革举措是中国证监会在6月12日以草案形式首次提出的，并启动了为时一个月的征求公众意见期。不过，在周三发布的这份声明中，该会表示“因情况特殊，规定会尽快实施。

Also late on Wednesday, the Shanghai and Shenzhen stock exchanges as well as the state-backed clearing house lowered transaction fees on stock trades by 30 per cent, from 0.0696per cent to 0.0487 per cent. China Securities Depository and Clearing, the state-backed clearinghouse, also cut its transfer fee by about a third.

同样在周三晚，沪、深证券交易所和中国证券登记结算公司(China Securities Depository and Clearing)将A股交易经手费下调30%，从0.0696%降至0.0487%。此外，中国证券登记结算公司还把A股交易过户费下调了大约三分之一。

The finance ministry and stock exchanges have traditionally used taxes and fees to influencethe market, either to boost flagging sentiment or to cool an overheated rally. Many analystsalso expect the finance ministry to follow with a reduction in the stamp tax, which is also leviedon stock transactions.

传统上，中国财政部和证券交易所会以税费为手段影响市场，或为提振低迷的市场情绪，或为过热的上涨势头降温。许多分析师还预计，中国财政部随后会降低印花税。

In another effort to buoy the market the securities regulator issued rules expanding financeoptions for securities brokerages. A pilot project that allowed 20 large brokerages to sellbonds on the stock exchange will be expanded to the entire industry.

另一项托市的举措是，中国证监会发布规定，扩大了券商的融资渠道。此前推出的一个允许20家大型券商在股市出售债券的试点项目，将推广至整个行业。

Brokerages will also be permitted to securitise their margin loans, boosting their ability toexpand margin lending without burdening their own balance sheets.

此外，券商还被允许将其融资融券收益权资产证券化，从而在不为其资产负债表增加负担的同时，提升其发放保证金贷款的能力。