混乱的市场只用了几天时间就迫使中国政府干预外汇市场(而非更少地介入)。随着全球金融混乱持续不断,中国政府还感到有必要辅以一系列货币刺激措施——包括降息、降准以及直接注入流动性。
There is a risk that a similar phenomenon could play out following reports that the governmentmay pare down its involvement in the stock market.
中国政府可能会减少干预股市的报道出现后,类似的一幕有可能还会上演。
Recognising that it cannot (and should not) be in the business of supporting overvalued stocks,there are reports that Beijing is considering moving away from its policy of large-scale marketpurchases. This is the right thing to do. But, once again, if the government is not careful, astep consistent with medium-term reform could well come at the wrong time; and, this timearound, it is regrettably accompanied by the shaming of those raising doubts about currentmarket valuations.
有报道称,在认识到自身无法(也不应该)支撑估值过高的股价之后,中国政府正在考虑退出大规模购股政策。这是正确的做法。但是,如果中国政府不谨慎行事的话,一项与中期改革一致的措施很有可能再次出现在错误的时间;而遗憾的是,这次还要伴随着那些对当前股市估值提出质疑人士的羞辱。
Markets in China and elsewhere are still in the process of trying to regain their footing after aweek of unprecedented volatility. In such circumstances, market-savvy policymakers wouldallow the dust to settle further before doing something that could destabilise still-anxiousinvestor sentiment.
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