hina’s brokers have raised more capital this yearthan in the past three combined — and more thanhalf the $14bn proceeds are being ploughed straightback into financing the equity boom that enabledthem to tap the markets in the first place.
中国券商今年的融资规模超过了过去3年的总和,在140亿美元筹资所得中,超过一半正被直接投入股市热潮,正是这波股市热潮令它们得以利用市场筹资。
The frenzied rallies in Shanghai and Shenzhen thisyear have been largely fuelled by margin lending,where loans to invest in the market are securedagainst the stocks purchased.
上海和深圳股市今年的疯狂上涨,在很大程度上是由融资交易推动的,即以购买的股票为担保,向券商贷款投资股市。
Margin-financed long positions in the onshore A-Share market now total Rmb1.9tn, or $307bn— up 84 per cent this year, and four times the level this time last year, according to Macquarieanalysts. The sharp rise has stoked fears it could reverse almost as quickly: if the value ofmargin-financed portfolios were to fall, lenders would demand more collateral or reduce thesize of loans, which could trigger forced selling.
据麦格理(Macquarie)分析师介绍,如今,中国A股市场的融资买入额总计1.9万亿元人民币(合3070亿美元),今年累计增长84%,是去年这个时候的4倍。这一巨大增幅令人担心,当前局面可能几乎同样迅速地逆转:如果融资买入的股票组合价值下跌,券商将要求追加保证金或缩小贷款规模,这可能导致投资者被迫卖出。
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