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Soothing words from state media appear to have had their desired effect on China’s markets, with the Shanghai and Shenzhen bourses on Tuesday partially recovering from last week’s hefty declines.
官方媒体的安抚性言论似乎对中国股市达到了预期的效果，沪深股市周二从上周的暴跌中部分反弹。
The Shanghai Composite finished Tuesday with a 2.2 per cent gain — its best day since June 1 — after stumbling as much as 4.7 per cent in morning trading.
上证综指周二收盘上涨2.2%，为自6月1日以来最大涨幅，今日早盘曾一度下跌4.7%。
The volatile session, which was the first day of trading after a long weekend, followed the worst week for Chinese stocks since 2008. Some $1.3tn was wiped off China’s stock market last week, more than the entire value of Australia’s stock market, according to Bloomberg.
这是端午节小长假后的首个交易日，上周，中国股市遭遇自2008年以来最大跌幅。根据彭博(Bloomberg)的数据，上周，中国股市市值蒸发约1.3万亿美元，超过澳大利亚股市总市值。
The 13.3 per cent decline in the Shanghai Composite last week spurred a flurry of editorials and front-page commentaries in many of China’s state-backed papers that encouraged the retail-dominated market to believe that the rally was sustainable.
上证综指上周下跌13.3%，这促使中国很多官方报纸纷纷发表社论和首页评论文章，对以散户为主的中国股市给予鼓励，让股民相信上涨行情是可持续的。
“Volatility is a normal status of capital markets and all participants should be aware of this fact,” the official Securities Times wrote on Monday. “After a reasonable analysis of the current market environment, we find the bullish market logic has not changed yet.”
官方的《证券时报》写道，“波动乃是资本市场的常态，有大涨必有大跌，置身其中的各个主体，对此当有清醒的认识。理性分析当前市场环境，可以发现牛市的逻辑未变。”
Some analysts have warned that China was inflating a state-sanctioned stock market bubble, as looser monetary policy has tempted millions of retail investors to shift cash from deposits into equities. Margin debt has surged, while trading volumes have jumped to record-breaking levels.
一些分析师警告称，中国在吹大由政府支持的股市泡沫，因较为宽松的货币政策促使数百万散户投资者将资金从银行存款转向股市。融资融券贷款飙升，交易额升至创纪录水平。
However, many believe the rally has further to run and that Beijing will step in should the market wobble show signs of turning into a rout.
然而，很多人认为，股市上涨行情将继续，一旦此次市场动荡显示出将演变为大跌的迹象，中国政府将出手干预。
As a result, the tech-heavy Shenzhen market has still almost doubled this year alone, even after recent declines. On Tuesday it rebounded 1.2 per cent.
因此，科技股众多的深圳股市今年仍累积上涨近一倍，即便在最近股市大跌之后。周二，深圳股市反弹1.2%。
“While there was no single catalyst, the loss of momentum was mostly a reaction to [a continuing] government crackdown in margin lending and an expected surge in IPO supply,” said analysts at BlackRock. “The takeaway for investors, however, is that liquidity and central bank actions will probably continue to drive Chinese stocks.”
“尽管影响因素不是单一的，但股市缺乏动力主要是对政府继续打击融资融券贷款以及首次公开发行(IPO)供应预计飙升做出回应，”贝莱德(BlackRock)分析师表示，“然而投资者应该明白，流动性以及央行的举措可能会继续助推中国股市。”
