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This year’s stunning rise in Chinese share prices experienced a dramatic shift in fortune yesterday, with the Shanghai market recording one of its steepest declines in 15 years.
今年以来涨势惊人的中国股市昨日遭遇命运突变，上海股市出现15年来最大的单日跌幅之一。
The speed at which many stocks have risen to dizzying valuations has prompted concerns that the market is in a bubble and the decline in prices may mark the start of a broader correction. However, some also cautioned that such sharp corrections are typical in China’s fast-paced, retail-driven market.
此前许多股票的价格快速飙升至令人目眩的估值水平，令人担忧股市已形成一个泡沫，此次下滑可能标志着一轮全面回调的开始。但也有一些人警告说，在快节奏、散户驱动的中国市场上，如此剧烈的调整是家常便饭。
The Shanghai market snapped a seven-day winning streak with a bang, tumbling 6.5 per cent, which was the 10th largest in the past 15 years. The tech-heavy Shenzhen Composite, which had more than doubled this year alone, lost 5.5 per cent — its third-biggest fall in five years — while in Hong Kong, the Hang Seng index shed 2.2 per cent.
上海股市连续7日的上涨态势嘎然而止，昨日下挫6.5%，这是15年来第10大单日跌幅。科技股权重较大的深成指(Shenzhen Composite)今年以来飙升一倍以上，昨日也下跌5.5%，这是5年来第三大单日跌幅。在香港，恒生指数(Hang Seng index)下跌2.2%。
Share prices in Shanghai and for the tech-heavy Shenzhen Composite have comfortably outpaced global markets and analysts’ forecasts so far this year. Investors have piled into the market since January, with bullish momentum fuelled by monetary easing by the People’s Bank of China, the central bank — and hopes of more to come.
今年迄今，无论是上海股市的股价，还是深成指，都轻松跑赢全球市场和分析师预测。自1月份以来，投资者大举进场，而中国央行(PBoC)放松货币政策的举措——以及人们对于更多此类举措的期待——助燃了看涨势头。
This week, analysts at Credit Suisse warned clients away from investing in Shenzhen. “At some point, there will be a massive correction of these stocks,” they said. “Avoid this space!!!”
本周早些时候，瑞信(Credit Suisse)分析师警告客户不要投资深圳股市：“我们认为，深市将在某一时点发生剧烈回调。请注意回避！”
Analysts pointed to a number of possible factors behind the sudden bout of selling. Investors were rattled by steps to drain liquidity by the PBoC, and local media reports of requests from the banking regulator for more information from lenders on their stock market exposure. A number of mainland brokers have also announced a tightening of margin requirements this week.
分析师们指出，这场突如其来的抛售背后有多个可能的因素。中国央行吸收流动性的操作，以及中国媒体有关银行业监管机构要求银行更详尽报告各自股市敞口的报道，可能惊吓了投资者。本周中国多家券商还宣布收紧融资交易保证金要求。
Another source of concern was a move to sell shares in ICBC and China Construction Bank by Central Huijin Holdings, a state investment fund. It marked the first time the fund has reduced its stakes in the country’s large banks. “The size of the sale is not that huge, but the impact on the market is maybe a bit bigger,” said François Perrin, head of China equities at BNP Paribas Investment Partners.
另一件令人担忧的事情是，中央汇金公司(Central Huijin)进行了出售中国工商银行(ICBC)和中国建设银行(CCB)股票的操作。这是这只国有投资基金首次减持中国大银行股份。“售股的规模并不是很大，但对市场的影响也许有点大，”法国巴黎银行投资伙伴(BNP Paribas Investment Partners)中国股票部主管弗朗索瓦•佩兰(François Perrin)表示。
Individual stocks in Shanghai can fall by no more than 10 per cent. Of the 1,083 stocks on the index, 260 hit that limit on Thursday, according to Bloomberg data. Large energy and financial stocks were among the biggest drags on the overall market, with ICBC down 5 per cent and PetroChina off 8.4 per cent. Turnover in the Shanghai market hit a new high of $190bn.
上海股市的个股单日跌幅不能超过10%。根据彭博(Bloomberg)的数据，在上证综指的1083只成份股中，周四有260只股票跌停。大型能源和金融类股票领跌，拖累大盘，工行下跌5%，中石油(PetroChina)下跌8.4%。上海股市的成交量创下1900亿美元的新高。
Additional reporting by Patrick McGee and Peter Wells
帕特里克•麦吉(Patrick McGee)和彼得•韦尔斯(Peter Wells)补充报道
