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南华早报

中国各银行与监管机构将开会商讨遏制股市下滑的措施China’s banks, regulators to meet on measures to arrest stock slide

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中国央行和证券监管机构预计将于周一与金融机构会面,讨论提振该国股市的措施,此前10月的抛售加剧了对市场稳定性的担忧,据内地媒体报道。

China’s central bank and securities regulator are expected to meet with financial institutions on Monday to discuss measures to bolster the country’s stock market, following a sell-off in October that heightened concerns over market stability, according to mainland media reports.

据国有《上海证券报》周日报道,援引业内人士消息,中国人民银行(PBOC)将与国家金融监督管理总局和中国证券监督管理委员会(CSRC)一同,会见主要银行代表,讨论优化一项旨在支持中国上市公司及其大股东回购股份和增持股份的贷款便利工具的措施。

The People’s Bank of China (PBOC) will meet representatives from major banks alongside the National Financial Regulatory Administration and the China Securities Regulatory Commission (CSRC) to discuss measures to optimise a lending facility designed to support share buy-backs and stake increases by listed Chinese companies and their major shareholders, state-owned Shanghai Securities News reported on Sunday, citing industry sources.

据该报道,一些券商和基金管理人收到了与央行和证监会周一开会的通知,将讨论旨在支持资本市场的政策工具的使用。

Some securities firms and fund managers received notices of a meeting with the PBOC and CSRC scheduled for Monday to discuss the use of policy tools aimed at supporting the capital market, according to the report.

“通过市场化激励机制,这些工具有助于纠正市场超调并稳定投资者预期,”东北证券首席宏观分析师廖博表示。“当股市超跌、股价被低估时,此类逆周期措施尤为有用。” 据报道,此次会议是在内地股市经历了动荡的10月之后召开的,当时全球人工智能相关股票的抛售打压了市场情绪,这发生在对中国经济增长前景和进一步财政刺激前景的持续担忧之中。

“Through market-oriented incentive mechanisms, these tools can help correct market overshooting and stabilise investor expectations,” said Liao Bo, chief macroeconomic analyst at Northeast Securities. “Such countercyclical measures are particularly useful when the stock market is oversold and share prices are undervalued.”The reported meeting comes after mainland China’s equity market suffered a turbulent October, as a global sell-off in artificial intelligence-related stocks weighed on sentiment amid persistent concerns over China’s economic growth and the outlook for further fiscal stimulus.

基准沪深300指数10月下跌8.5%,录得十多年来最大单月跌幅,而上证综合指数下跌6.3%。

The benchmark CSI 300 Index fell 8.5 per cent in October, its biggest monthly decline in more than a decade, while the Shanghai Composite Index dropped 6.3 per cent.

“这些工具有助于纠正市场超调并稳定投资者预期,”东北证券廖博表示。

这些报道出台于中国证监会10月10日举行座谈会数周后,当时主席吴清会见了上市公司高管以及券商和基金机构专家,探讨资本市场和金融形势。

These tools can help correct market overshooting and stabilise investor expectationsLiao Bo, Northeast Securities The reports came weeks after a CSRC symposium on October 10, where chairman Wu Qing met executives of listed Chinese companies and experts from securities and fund institutions to discuss the capital market and financial conditions.

2024年10月,中国当局推出3000亿元人民币(约合450亿美元)再贷款工具,鼓励商业银行向上市公司和大股东提供贷款,用于回购股份和增持股份,这是稳定股市的一揽子措施的一部分。

Chinese authorities introduced a 300 billion yuan (US$45 billion) relending facility in October 2024 to encourage commercial banks to provide loans to listed Chinese companies and major shareholders for share repurchases and stake increases, as part of a broader package of measures to stabilise the stock market.

该工具允许符合条件的银行从央行获得相对低成本的资金,以支持此类交易,帮助上市公司托举股价、增强投资者信心。

The facility allows eligible banks to obtain relatively low-cost funding from the central bank to finance such transactions, helping listed Chinese companies support their share prices and bolster investor confidence.

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