The worst possible outcome of official China’s effort to support the country’s stock markets would be success. Failure — the result so far — does not reflect lack of inventiveness. Officials have made cash available for margin lending, lowered transaction fees, threatened “manipulators” with investigation, bought blue-chip stocks, allowed a quarter of the exchange (by value) to stop trading for an extended period, and, reportedly, pushed some short sellers out of the market.
就中國當局支持國內股市的努力而言,最糟糕的可能結果是這項努力取得成功。失敗——到目前爲止的結果——並不反映缺乏創造性。官方向保證金貸款提供資金後盾、降低交易費、威脅對「操縱者」展開調查、買入藍籌股、允許股市的四分之一(按價值計算)長時間停牌,而且(根據一些報導)把一些做空者趕出市場。
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