The Shanghai Composite lost 3.4 per cent — continuing its remarkable volatility of recent weeks — despite Beijing’s announcement that it would scrap the country’s limit on bank lending, a move that may ultimately help China’s banking sector respond more quickly to changes in monetary policy.
中国政府宣布将取消银行贷存比上限，此举最终可能有助于中国银行业对货币政策变化作出更迅速的反应。尽管如此，上证综指在周四还是下跌了3.46%，延续了近几周来的大幅波动行情。

The State Council passed a draft amendment on Wednesday night removing China’s longstanding loan-to-deposit ratio of 75 per cent. The move, part of a broad push to modernise the country’s regulatory framework, should help reduce banks’ administrative burden but overall, analysts did not foresee an immediate impact on market liquidity.
周三晚，中国国务院通过了一份法律修正案草案，拟删除存在已久的银行贷存比不得超过75%的规定。此举是中国金融监管架构现代化进程的一部分，应该会有助于减轻银行的管理负担。不过，分析师预计，此举总体上不会对市场流动性产生立竿见影的影响。
HSBC chief China economist Qu Hongbin noted that the change should help reduce deposit competition among banks, “which has in the past caused large seasonal distortions to money supply. In this process it will also help to reduce the upward pressures on banks’ funding cost and improve the efficiency of the monetary transmission mechanism.”
汇丰(HSBC)首席中国经济学家屈宏斌指出，这一改革应该有助于缓和银行之间的揽储大战，“过去这种现象曾对货币供应造成很大的季节性扭曲。这一改革还将有助于减轻银行资金成本的上行压力，提高货币政策传导机制的效率。”
Additional reporting by Peter Wells in Hong Kong
彼得•韦尔斯(Peter Wells)香港补充报道