“Beyond the short term, we believe margin call is a necessary risk management mechanism forbrokers. The premise of margin trades is that asset prices will rise perpetually. It simplycannot be true, he said.

他说：“展望未来，我们认为追加保证金是券商的一个必要的风险管理机制。融资交易的前提是资产价格将永远上涨。然而，这是不可能的。

In addition to loosening collateral requirements, the new rules allow margin loans to beextended for longer than the previous six-month limit, and eliminate the requirement thatmargin clients must have assets in their securities account worth at least Rmb500,000.

除了放宽担保物要求，新规还允许融资融券合约展期至此前的限制(即6个月)以上，并取消了融资融券客户证券账户资产的价值不得低于50万元人民币的规定。

The CSRC first proposed the changes on June 12 in the form of draft rules open for a month-long public comment period. But in its statement on Wednesday the regulator said that“because the situation is special the rules would now take effect immediately.

这些改革举措是中国证监会在6月12日以草案形式首次提出的，并启动了为时一个月的征求公众意见期。不过，在周三发布的这份声明中，该会表示“因情况特殊，规定会尽快实施。

Also late on Wednesday, the Shanghai and Shenzhen stock exchanges as well as the state-backed clearing house lowered transaction fees on stock trades by 30 per cent, from 0.0696per cent to 0.0487 per cent. China Securities Depository and Clearing, the state-backed clearinghouse, also cut its transfer fee by about a third.

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