上證指數大跌近6%

　　　　
　　China's benchmark stock index fell almost 6 per cent on Monday, dropping through the 3,000 point level and extending two weeks of falling prices that have wiped out two months of gains.

　　中國基準股指周一下跌近6%，跌破3000點，延續2周來的跌勢。本輪下跌抵消了2個月來的升幅。 

　　The drop was the largest in percentage terms in nine months and appears to reflect concern over government efforts to rein in bank lending that has been diverted to the country's stock and property markets amid an unprecedented credit boom.

　　昨日股指創下9個月來最大百分比跌幅，似乎反映市場擔憂政府力圖收斂銀行放貸。在空前的信貸繁榮中，部分銀行信貸流入了股市和房地產市場。

　　The Shanghai Composite index, China's most-watched benchmark, fell 5.8 per cent to 2,871 yesterday, a drop of more than 17 per cent from the peak it reached on August 4, when the market was up 91 per cent for the year.

　　昨日，中國最受關注的股指——上證綜指下跌5.8%，報2871點，較8月4日達到的高點下跌逾17%，當時市場自年初以來累計上漲91%。

　　The index is up 58 per cent from the start of the year but is still far below the levels it reached in late 2007, when it topped 6,090.

　　今年迄今，上證綜指上漲58%，但目前點位仍遠低于2007年末6090點這一最高位。

　　The market appeared to ignore an attempt by China's top securities regulator on Friday to boost sagging stock prices with supportive comments.

　　市場似乎無視中國證券監管機構上周五的托市言論。

　　Such verbal interventions from senior leaders have often roused the market in the past but on Monday more than 100 Shanghai-listed companies fell by their 10 per cent daily limit. Turnover in Shanghai was also subdued, falling to about half the level seen two weeks ago when prices were rising.

　　過去，來自高層領導人的此類口頭干預往往能夠振奮市場，但周一上海股市有100多只股票跌停，同時成交量大幅萎縮，降至2周前水平（當時股市處于升勢）的一半左右。

　　In June, Beijing lifted a nine-month ban on new share sales, precipitating a flood of new applications for initial public offerings and secondary share issuances from mostly state-owned companies.

　　6月份，北京取消了為時9個月的新股發行禁令，引發了一波申請首次公開發行(IPO)和增發新股的熱潮，其中多數來自國有企業。

　　That has added to concerns about fresh supply, just as the government moves to rein in the flood of liquidity that has driven prices up this year.

　　在政府著手控制流動性之際，這增添了投資者對供應增多的擔憂。今年以來，流動性泛濫推高了股市。

　　In the first half of the year, Chinese banks added Rmb7,370bn ($1,078bn) in new loans to their books, triple the amount extended in the same period a year earlier. Most of the loans went to large state-controlled enterprises and by some estimates as much as half of the money found its way into real estate, stock markets or other financial assets.

　　今年上半年，中資銀行新增貸款7.37萬億人民幣，為去年同期的3倍。多數貸款流向大型國有企業，據一些人估計，其中多達半數的資金流入了房地產、股票等金融資產。

　　Last month, the central bank ordered the country's largest banks to slow lending growth and the banking regulator introduced stricter regulations to try and ensure new loans were directed to the real economy rather than speculative activity.

　　上月，央行下令各大銀行放緩貸款增長步伐；銀監會也出臺了更嚴格的規定，力圖確保新貸款流入實體經濟，而非投機活動。

　　Bank lending in July fell 77 per cent from a month earlier to Rmb356bn, the lowest amount of new loans since October, raising fears that the flood of easy credit is now receding.

　　7月份，銀行貸款環比下降77%，至3560億人民幣，創去年10月以來新低，這引發人們擔憂：可輕松獲得的信貸浪潮正在消退。

　　The specific trigger for Monday's plunge might also have been disappointment in data on Friday showing US consumer confidence has not recovered, according to Jerry Lou, China equity strategist at Morgan Stanley.

　　摩根士丹利(Morgan Stanley)中國股票策略師婁剛(Jerry Lou)表示，觸發周一股市大跌的誘因，可能也有上周五美國消費信心指數令人失望的因素。

　　Without a rebound in US demand for Chinese exports, many economists believe it will be hard for China to sustain a strong economic recovery.

　　許多經濟學家認為，在美國對中國出口產品需求沒有回升的情況下，中國經濟將難以保持強勁復蘇。