A stunning equity rally and a series of easing steps from the central bank has done little to embolden Chinese consumers.
A股涨幅惊人，中国央行也祭出一系列宽松措施，但这些都没能帮中国消费者壮胆。
The Westpac MNI China Consumer Sentiment Indicator held steady this month at 111.1, after falling from 114.7 in March. The level is below the 12-month average of 112.4.
本月，澳大利亚西太研究所中国消费者信心指数(Westpac MNI China Consumer Sentiment Indicator)维持在111.1，低于3月的114.7。本月读数低于112.4的12个月平均值。

With the economy in a broad slowdown, perhaps this shouldn't be surprising. "Consumer confidence has declined throughout much of the last year along with deterioration in the economy," MNI says.
随着经济整体放缓，或许对于这一读数的低迷并不应感到意外。国际市场新闻社(MNI)表示：“由于经济形势的恶化，去年大部分时间里消费者信心一直在下滑。”
But Beijing played a key role in propelling the stock market higher in the last year, likely in an effort to create a "wealth effect" and help aid the economy.
但北京方面在去年推动股市上涨方面发挥了关键的作用，很可能是为了制造“财富效应”，并为帮助支撑经济发展。
Details of the report bear out some success on this front: lower income households, who are less likely to be involved in the equity market, reported a 3.1 per cent decline in confidence, but higher income households reported a 2.8 per cent increase.
报告的细节证明了这方面的部分成功：低收入家庭（不大可能投资股市）的信心指数下降了3.1%，但高收入家庭的信心指数则升高了2.8%。
Plus, a record 7.8 per cent of consumers said that local shares "were the wisest place to keep their savings." (The worrying aspect of that line can be dealt with later).
另外，有7.8%的消费者表示，国内股票“是他们配置存款的最明智渠道。”这一比例是创纪录的。
But where's the ripple effect? Consumers "turned less optimistic about future business conditions," the survey noted, and the component tracking the one-year outlook is now "back to the level recorded before the authorities began cutting interest rates in November."
但连锁反应体现在哪里？调查指出，消费者“对未来商业状况更不乐观了，”现在追踪一年展望的指数“回到了当局去年11月降息之前的水平。”
Current conditions and the five-year outlook also registered declines, while confidence among people aged between 55 and 64 even hit a record low. (Everyone between 18 and 54 was feeling better, however).
当前状况和五年展望的信心指数也在下降，55岁至64岁之间人群的信心指数甚至下降到创纪录的低点。（然而，18岁至54岁人群的信心更强。）
In short, the stock market might be up but it's the broader economy weighing on the minds of ordinary people. Efforts from the People's Bank of China have helped to stabilise sentiment, but that might be it.
简言之，股市或许会上涨，但对普通民众影响更大的是宏观经济。中国央行(PBoC)的努力对稳定信心有帮助，但那也只是一种可能性。