SHANGHAI — Chinese officials cheered on the country’s stock market when it reached heady new highs, offering hope that it could become a new source of money to fix China’s economic problems. Then, last year, the market crashed.
上海——去年,当中国股市令人兴奋地屡创新高时,中国官员欢欣雀跃不已,希望它可以成为一个新的资金来源,帮助解决中国的经济问题。然后,股市崩盘了。
Now another fast-growing part of China’s vast and increasingly complicated financial market is showing signs of distress: its $9 trillion bond market.
现在,在中国庞大且日趋复杂的金融市场中,另一个快速增长的部门正在显露出危机迹象:9万亿美元规模的债券市场。
Prices for government and corporate bonds have tumbled over the past week, a sell-off that continued on Tuesday. The situation has spooked investors, prompting the government to temporarily restrain some trading and to make emergency loans to struggling financial institutions.
上周,国债和企业债券出现价格下跌,本周二抛售仍在继续。这种情况令投资者感到惊恐,他们敦促政府暂时限制一些交易,并向处于困境的金融机构提供紧急贷款。
The price drops have resulted in higher borrowing costs at a time when more Chinese companies need the money to cope with slowing economic growth. Yields reached new highs again on Tuesday.
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