境外基金撤离中国股市

Foreign funds are reducing their exposure to mainland Chinese equities, even as the market shows further signs of stabilising after a month-long rollercoaster ride.

境外基金正在减少其对中国内地股票的敞口，即便中国股市在经历了持续一个月的大起大落之后，昨日呈现出进一步企稳迹象。

International investors were net sellers of Chinese shares through the Shanghai-Hong Kong Stock Connect for a seventh straight session yesterday. Offshore investors have cut their holdings via the link by Rmb44.2bn ($7.1bn) since July 6.

昨日，利用沪港通(Shanghai-Hong Kong Stock Connect)机制的境外投资者连续第七个交易日成为中国股票的净卖家。自7月6日以来，境外投资者已通过沪港通减持中国股票442亿元人民币(合71亿美元)。

Fund managers have taken flight as Beijing has adopted drastic measures to prop up the market, steps that finally appear to be working.

基金经理们逃之夭夭之际，北京方面采取了严厉的救市措施，这些步骤似乎终于产生了效果。

The Shanghai Composite fell 1.2 per cent, ending a three-session winning streak with its smallest move for more than a month.

上证综指(Shanghai Composite)昨日下跌1.2%，结束了前三个交易日的反弹，变动幅度是一个多月来最小的。

For the tech-heavy Shenzhen Composite — up 1.4 per cent — the largest gains were concentrated in stocks that had been suspended.

科技股比较集中的深证综指(Shenzhen Composite)上涨1.4%，涨幅最大的主要是一些之前被停牌的股票。

Many analysts have been critical of China’s efforts and have called the bounce an artificial relief rally.

许多分析师近来批评中国的救市努力，他们形容当前的行情好转是人为的压抑后反弹(relief rally)。

“Actively intervening in the markets smacks of desperation and panic, said Michael Lai of GAM, the Swiss fund manager, in a note. “The final straw was allowing half the companies listed to be suspended from trading, effectively turning [China] shares into an un-investable market.

“积极干预市场释放出绝望和恐慌气息，瑞士基金管理公司GAM的Michael Lai在一份简报中表示，“(压断骆驼脊梁的)最后一根稻草是允许一半的上市公司停牌，实际上将中国股市搞成了了一个无法投资的市场。

The rate cut at the end of June was “the moment we realised that the policymakers had lost control, he said, adding that GAM had liquidated its domestic Chinese positions soon after.

Lai表示，6月底的降息是“我们意识到政策制定者已经失去掌控力的那一刻。他补充道，之后GAM很快抛出了中国股票。

In what BNP Paribas called an “unprecedented government rescue, Beijing has taken a series of steps to engineer a rally, pushing the Shanghai market up 13 per cent between Thursday and Monday.

在法国巴黎银行(BNP Paribas)所称的“史无前例的政府救市行动中，北京方面采取了一系列措施营造一轮涨势，推动上证综指本周一收盘价比上周三收盘价上涨13%。

Authorities allowed more than half the listed companies to suspend their shares and prohibited big stakeholders from selling. The People’s Bank injected liquidity into the market.

当局允许逾半数上市公司停牌，并禁止大股东售股。中国央行向市场注入流动性。

“The bailout has, for now, successfully reined in market panic and averted financial risk, said Jacqueline Rong, economist at BNP.

“就眼下而言，救市努力已经成功遏制了市场恐慌，规避了金融风险，法国巴黎银行经济学家Jacqueline Rong表示。

“But some of the bailout measures have raised eyebrows, such as requiring listed companies to report positive news to bolster stock prices.

“但一些救市措施令人愕然，比如要求上市公司报告利好消息以提振股价。

What Beijing wanted, she said, was a slow, gradual bull market. “However, if there is a strong rally and margin financing surges again, the withdrawal may happen more quickly and cooling measures would have to be adopted.

她表示，北京方面想要的是一个缓慢、渐进的牛市。“然而，如果出现强劲涨势，保证金融资再次飙升，救市措施的撤销可能会较快发生，还将不得不采取为股市降温的措施。