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ECONOMICS REPORT - Another Sharp Drop on China's Stock Exchanges

作者:Mario Ritter 发布日期:7-28-2015

An investor stands near an electronic board showing stock information in a brokerage house in Anhui, China July 27, 2015. China stocks plunged more than 8 percent, their biggest one-day drop in more than eight years. (REUTERS/Stringer)
An investor stands near an electronic board showing stock information in a brokerage house in Anhui, China July 27, 2015. China stocks plunged more than 8 percent, their biggest one-day drop in more than eight years. (REUTERS/Stringer)

Stock price indexes in China had their sharpest one-day drop in eight years on Monday. Stock indexes also decreased around the world but to a lesser extent.

The Shanghai Composite index lost 8.5 percent. Another index of the largest listed companies in Shanghai and Shenzhen, in southern China, fell by 8.6 percent.

Experts say Monday's price drop came from investors trying to secure profits following recent Chinese government efforts to support prices. In early July, China's central bank made billions of dollars available to brokerages. The money was for the purchase of shares in companies to prevent their prices from falling too far. At that time, more than 1,400 companies requested that trading in their stocks be stopped to avoid further losses. That number is now smaller.

Other experts say investors reacted to reports that the International Monetary Fund wanted China to reduce its market intervention. Also, Chinese industrial companies reported earnings that were worse than expected and pork prices rose.

Raymond Yeung is a China economist at the Australia and New Zealand Banking Group. He says the main reason for the sharp drop is that Chinese stock markets are not done de-leveraging. De-leveraging means to reduce the amount of money borrowed to pay for investments.

"Because of the high leverage exposure of the Chinese markets, anything that triggers a decline in such a short time will see some negative spiral effects in such highly leveraged markets," Yeung says.

Many investors borrowed money to buy stocks as China's mainland stock markets rose by about 150 percent over the past year. Borrowing in this way is known as margin lending. But as markets have fallen, many investors could struggle to pay back the loans.

Raymond Yeung says he expects Chinese stock regulators to continue restricting such practices.

China has taken a number of measures to try to make sure the markets do not fall. These include requiring anyone with five percent of shares in a company to hold them for six months.

Lu Suiqi is an associate professor of economics at Peking University. He says regulators will not be able to keep the markets from falling, and they should not try to do so. Mr. Lu says Chinese stocks remain too costly.

"The government's rescue measures could curb the slides in a short term, but are powerless in reversing the long-term trend," he says.

I'm Mario Ritter.

Joyce Huang reported this story for VOA. Additional material came from Reuters and other news services. Mario Ritter wrote it for VOA Learning English. Caty Weaver was the editor.

Words in This Story

listed - adj. to be among the companies that are traded on a stock exchange

de-leverage - v. (financial term) to reduce the amount of debt owed

margin lending - n. lending for investment purposes; lending part of the money owed in order to make a stock transaction

regulators - n. government officials who have power to make and enforce rules

curb - v. to limit; to reduce or discourage

trend - n. the general direction in which something is going

星期一,上海股市行情出现2007年以来最大幅度的单日下跌。尽管在过去几个星期里中国政府采取各种措施试图稳住市场,但抛售潮再度回潮。

上证综指收盘时下跌8.5%,跌至3725点。大部分下跌发生在即将收市的前一个小时。金融数据公司Factset的记录显示,2007年2月27日,中国股市曾单日下跌8.8%。

国金证券财富中心策略分析师黄岑栋认为,中国股市再现大幅下跌,主要原因还是人心不稳。

他说:"现在我们虽然看到央行通过救市的举措试图把指数稳住,但是在人心方面还没有出现稳定的情绪。另外,今天出现新下跌之后,大家很可能想到先前的连续的下跌。毕竟对以前的场景还是记忆犹新的。所以在短期之内,人心(的浮动)也有可能会加大(市场)波动的幅度。"

一些分析家认为,引发星期一大幅度下跌的是一些经纪公司限制用信贷来购买股票。

自从中国股市上个月出现大幅度连续下跌以来,中国当局采取各种强力手段试图稳定市场。中国股市暴跌导致相当于大约20万亿人民币蒸发消失。

受中国大陆股市暴跌影响,香港恒生指数星期一也骤降百分之3.09。

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