中国股市引入熔断机制

 　　The planned introduction of an index circuit breaker system would be similar to trading-curb triggers currently used on the markets in New York.

　　It would help limit volatility¹ by temporarily cutting off, or restricting, trading during intra-day periods when the market sees significant rises or drops.

　　Zhang Lan with GF Securities' Development Research Center says the creation of the system makes sense.

　　"The implementation² of a circuit breaker system is already available in more mature markets. In case of extreme market volatility, the system will give investors³ more time to confirm whether a stock's price is reasonable. This will help prevent knee-jerk reactions by investors."

　　The China Securities Regulatory Commission is suggesting the trading-curbs kick-in after a 5 percent rise or fall in the CSI 300 Index from the previous day's close.

　　It would trigger a 30-minute suspension of all mainland trades, provided it happens before 2:30pm.

　　If there's a swing of 5-percent after 2:30pm, the markets will be shut down for the day.

　　中国股市引入熔断机制 股息红利局部免税

　　But if the market sees a more dramatic swing, either up or down 7-percent from the previous close, the markets can be shut down for the rest of the day, regardless of what time it takes place.

　　Word of the new plans hasn't seemed to bother most professional traders in China.

　　GF Securities' Zhang Lan says they still expect the mainland markets to continue moving in a somewhat-uNPRedictable way in the short-term.

　　"Even if stocks rallied this Tuesday, it is still possible to see corrections in the future. I don't think we can determine whether the policy will be effective or not based on a single day's market performance. It's not a good idea to try to determine one-day's performance based on a policy announcement."

　　Meanwhile, in another move to try to bolster⁴ the markets, Chinese authorities have also announced that investors holding a stock for more than a year will be exempt⁵ from the 5-percent dividend⁶ tax as of this Tuesday.

　　Authorities have also cut the tax on dividends⁷ for those holding shares between a month and a year by half.

　　This is the latest in a string of moves by Chinese authorities to try to rejuvenate⁸ investment in the mainland markets.

　　China's A-Share market has lost around 2.5-trillion US dollars in value since mid-June.

　　In a speech over the weekend at a G20 meeting, central bank governor Zhou Xiaochuan says he still believes the markets in China are stabilizing⁹.

　　Chen Xiaosheng with Shenwan Hongyuan Securities says it's their belief the worst may be over.

　　"From a market perspective, for the main board and the growth enterprise board, including small caps, market leverage¹⁰ has fallen sharply since the downturn. So it is fair to say that market risks have been eased to some extent."

　　Unlike markets in Developed economies, the vast majority of trading accounts on the mainland - around 80-percent - are held by individuals, rather than institutional firms.

　　It's for this reason PBOC Chief Zhou Xiaochang has told this past weekend's G20 finance and central bank leaders meeting in Turkey he feels the Chinese economy is going to weather any storm put forward by the equities¹¹ markets.

　　For CRI, I'm Luo Wen.

1 volatility   

n.挥发性，挥发度，轻快，（性格）反复无常

参考例句：

• That was one reason why volatility was so low last year.这也是去年波动性如此低的原因之一。
• Yet because volatility remained low for so long,disaster myopia prevailed.然而，由于相当长的时间里波动性小，灾难短视就获胜了。

2 implementation   

n.实施，贯彻

参考例句：

• Implementation of the program is now well underway.这一项目的实施现在行情看好。

3 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

4 bolster   

n.枕垫；v.支持，鼓励

参考例句：

• The high interest rates helped to bolster up the economy.高利率使经济更稳健。
• He tried to bolster up their morale.他尽力鼓舞他们的士气。

5 exempt   

adj.免除的；v.使免除；n.免税者，被免除义务者

参考例句：

• These goods are exempt from customs duties.这些货物免征关税。
• He is exempt from punishment about this thing.关于此事对他已免于处分。

6 dividend   

n.红利，股息；回报，效益

参考例句：

• The company was forced to pass its dividend.该公司被迫到期不分红。
• The first quarter dividend has been increased by nearly 4 per cent.第一季度的股息增长了近 4%。

7 dividends   

红利( dividend的名词复数 )； 股息； 被除数； （足球彩票的）彩金

参考例句：

• Nothing pays richer dividends than magnanimity. 没有什么比宽宏大量更能得到厚报。
• Their decision five years ago to computerise the company is now paying dividends. 五年前他们作出的使公司电脑化的决定现在正产生出效益。

8 rejuvenate   

v.(使)返老还童；(使)恢复活力

参考例句：

• The mountain air will rejuvenate you.山里的空气会使你恢复活力。
• Exercise is perhaps the most effective way to rejuvenate your skin.锻炼可能是使皮肤恢复活力的最好手段。

9 stabilizing   

n.稳定化处理[退火]v.（使）稳定， （使）稳固( stabilize的现在分词 )

参考例句：

• The disulfide bridges might then be viewed primarily as stabilizing components. 二硫桥可以被看作是初级的稳定因素。 来自辞典例句
• These stabilizing design changes are usually not desirable for steady-state operation. 这些增加稳定性的设计改变通常不太符合稳态工作的要求。 来自辞典例句

10 leverage   

n.力量，影响；杠杆作用，杠杆的力量

参考例句：

• We'll have to use leverage to move this huge rock.我们不得不借助杠杆之力来移动这块巨石。
• He failed in the project because he could gain no leverage. 因为他没有影响力，他的计划失败了。

11 equities   

普通股，股票

参考例句：

• These are invested mainly in the OECD bonds and equities. 这些资产主要投资于经济合作及发展组织的债券与股票市场。
• They are also advantage of the global rebound in equities. 它们还在利用全球股市反弹的机会。