Market plunge reignites fears

Chinese equities plunged on Monday by nearly 8.5 percent, the worst single-day decline in eight years, rekindling investors’ fears of a "double dip" after the benchmark index suffered a massive 30 percent loss in June and early July.

周一，中国股市再次暴跌8.5%，创下了8年来单日最大跌幅，又引发了投资者对于“二次探底”的恐慌，沪综指数在6月份和7月初大跌30%。

The benchmark Shanghai Composite Index sank by 8.48 percent, or 345.35 points, to close at 3,725.56, while the Shenzhen Component Index fell by 7.59 percent to end at 12,493.05.

上证综指下跌345.35点至3725.56点，跌幅达8.48%，深证指数下降7.59%至12493.05点。

More than 1,800 stocks in Shanghai and Shenzhen tumbled by the 10 percent daily trading limit.

沪深两市超过1800只个股下跌10%而停牌。

While anticipation of a technical correction has been on the rise after a steady three-week rebound from the recent low, the scale of Monday’s sell-off still caught many analysts and traders by surprise.

经过近期触底后连续三周稳定反弹，虽然有技术调整的预期，但周一的抛售规模还是令许多分析师和交易员感到意外。

"The substantial decline indicated that investors are still worried about excess valuations of stocks, which has weighed on buying sentiment despite the government rescue efforts," said Li Daxiao, chief economist at Yingda Securities.

?英达证券首席经济学家李大霄介绍：“虽然政府的救市努力很大，但连续的下跌还是反应了投资者仍然担心股票估值过高，购买信心需要重新衡量。”

Market sentiment has also been burdened by rising expectations that the US Federal reserve would raise the interest rate, which could exacerbate capital outflows, as well as the uncertainties over the domestic monetary easing policy, analysts said.

分析师称，市场信心也被美联储加息政策所带来的增长预期而蒙上了阴影，这可能会加剧资本外流，也会增加国内货币宽松政策的不确定性。

The surging price of pork and the recovery of the housing market are likely to drive up inflation, possibly complicating Beijing’s monetary easing policies, EverBright Securities said in a research note, adding that the A-share market is unlikely to move out of its current mess if the monetary policies and market reforms fail to convince investors.

光大证券在一份研究报告中称，猪肉价格上涨和房地产市场的复苏有可能引发通胀，可能会使中央政府的宽松货币政策复杂化，并称如果当前货币政策和市场改革不能使投资者信服，A股市场很难走出当前的困境。

Monday’s sell-off also shattered many investors’ hopes that a government-backed rally would be sustainable.

周一的暴跌也打破了许多投资者对于政府支撑股市持续反弹的期望。?

Anxiety has grown that the government was considering withdrawing its market-rescuing effort after the benchmark index had rebounded by 15 percent, before Monday’s sell-off.

周一暴跌之前，由于股指已经反弹15%，对于政府考虑撤出救市措施的恐慌已经在扩大。

The China Securities Regulatory Commission said on Monday night that the State-owned margin lender China Securities Finance Corp will continue to boost its holdings to support the market.

中国证监会周一晚间发表声明称，国有证券中国证金公司将继续增持股票以稳定市场。

"China Securities Finance Corp hasn’t retreated and is looking for chances to buy in to continue stabilizing the market," said CSRC spokesman Zhang Xiaojun.

中国证监会新闻发言人张?晓军?称：“中国证券金融公司没有退出，并将择机增持，继续发挥好稳定市场的职能。”

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来源:华尔街日报中文网爱语吧作者:孙梦光