Since the peak in late January, Chinese asset prices have strongly underperformed their global counterparts. The equity market in local currency terms has fallen by a quarter compared to the US market, corporate bond defaults have rattled the fixed income market, and the RMB/$ rate has dropped by 8 per cent. It seems clear that a China-specific shock must have been to blame.
自今年1月下旬達到峯值以來，中國資產價格的表現一直明顯遜於全球其他地區。以本幣計算的股票市場與美國股市相比下跌了四分之一，公司債券違約衝擊著固定收益市場，人民幣對美元匯率下跌了8%。顯然，這一定可以歸咎於一場具有中國特色的衝擊。
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