China’s blue-chip index suffered its worst one-day fall in 17 months on Thursday, as investors cited rising bond yields and tough new regulations targeting corporate debt for scaling back their exposure to equities after a strong performance this year.
中国蓝筹股指数周四遭遇17个月以来最大单日跌幅，在经历了今年以来的强劲涨势后，投资者开始缩减股票敞口，他们列举的理由包括债券收益率上升以及当局出台针对公司债务的严厉新规。
The yield on 10-year Chinese government bonds rose above 4 per cent, before easing in late trade according to ChinaBond, the latest milestone in a bond rout that has gathered pace over most of this year.
中国债券信息网(China Bond)数据显示，10年期中国国债收益率升至4%以上，只是在尾盘才有所回落。今年以来的大部分时间里，中国的债券遭遇抛售，昨日的行情堪称最新里程碑。
Analysts say the bond turmoil reflects the government’s increasing determination to rein in runaway debt growth, raising concern among investors that China’s economy will slow and knock global demand for commodities. The previous two major bouts of global risk aversion were triggered in January 2016 and August 2015 by worries over China’s economic outlook.
分析师们表示，债市动荡反映出政府日益下定决心遏制扶摇直上的债务增长，这令投资者担心中国经济将会放缓，并打压全球对大宗商品的需求。前两次全球严重风险厌恶发生在2016年1月和2015年8月，原因都是人们担忧中国经济前景。
Last week, five regulators led by the People’s Bank of China introduced the toughest rules yet designed to curb shadow banking. They restrict banks’ ability to buy bonds with borrowed money and to lend to corporate clients through off-balance-sheet channels.
上周，以中国人民银行(PBoC)为首的五家监管机构出台了迄今最严厉的旨在遏制影子银行业务的规则。新规限制银行用借款购买债券和通过表外渠道向企业客户放贷的能力。
The rules will curb demand for bonds directly and could also hamper economic growth and corporate earnings via tighter credit conditions.
这些规则将直接抑制债券需求，还可能通过更严格的信贷条件阻碍经济增长和企业盈利。
The CSI 300 index, which tracks the largest companies traded in Shanghai and Shenzhen, closed 2.9 per cent lower, the worst one-day loss since June 2016.
跟踪沪深两市大盘股的沪深300指数(CSI 300)收盘下跌2.96%，为2016年6月以来最大单日跌幅。
The benchmark remains 24 per cent higher this year, although analysts said the link between bond turmoil and the stock market was less clear.
这个基准股指今年以来的涨幅仍有24%，尽管分析师们表示，债市动荡与股市之间的关联并不那么明确。
“In the first half, big-name shares rose by so much. Now with year-end evaluations approaching, people want to cash out and lock-in their profit numbers,” said Dong Chunxiao, equity strategist at Pacific Securities in Beijing. “Rising bond yields may have contributed, but I don’t think it’s the driving force.”
“上半年大盘股涨幅如此之大。现在，随着年终评估临近，人们希望变现，锁定利润，”太平洋证券(Pacific Securities)在北京的股票策略师董春晓表示。“债券收益率不断上升可能起到一定作用，但我不认为它是主要推动力量。”
Ms Dong noted that the mainland stock market rose strongly last week, despite a similar jump in bond yields.
董春晓指出，内地股市上周大幅上涨，尽管债券收益率出现类似幅度的上升。
The broader Shanghai Composite index is up 8 per cent despite shedding 2.3 per cent on Thursday.
囊括上海证交所所有上市股票的上证综指(Shanghai Composite index)上涨8%，尽管该股指周四下跌2.3%。
“Right now the index is in an oscillating pattern of three steps forward, two steps back. A few days ago the market rebounded pretty sharply, so today it corrected,” said Lin Longpeng, strategist at Guotai Junan Securities in Shanghai.
“现在这个指数呈现走三步、退两步的震荡规律。前几天市场出现强劲反弹，所以今天市场就回调了，”国泰君安证券(Guotai Junan Securities)上海分析师林隆鹏表示。

Also this week, the Shanghai stock exchange took the unusual step of criticising an investment bank for an overly optimistic research report on Kweichow Moutai, the luxury liquor producer whose stock has rallied 90 per cent this year. That move contributed to a perception that regulators are focused on restraining asset bubbles.
同样在本周，上海证交所采取不寻常举动：批评一家投行有关贵州茅台(Kweichow Moutai)的研究报告过于乐观；这家高档酒酿造商的股价今年以来上涨了90%。上证所此举助燃了一个观点，即监管者目前聚焦于抑制资产泡沫。
On Wednesday, a multi-agency task force on internet finance suspended approvals for new online consumer loan companies, amid concerns about abusive lending practices and diversion of funds into property speculation. Some market chatter has also suggested that retail punters have used online consumer loans to finance stock market investment.
周二，统管互联网金融的一个跨机构工作小组暂停审批新的网络小额贷款公司，其背景是监管者担心违规放贷行为和资金投向房地产投机。一些市场传言还似乎表明，散户投机者使用网络小额贷款为股市投资提供融资。