SHANGHAI — Chinese stock markets staged a powerful rally late Tuesday, sending share prices sharply higher in a volatile day of trading. The surge in prices came after investors had suffered some of the sharpest losses in years over the previous two sessions.
上海——周二收盘前不久，中国股市上演了一轮强劲反弹。当天股市巨幅震荡，最后股价大幅走高。这次上涨之前，投资者在前两个交易日的下挫中蒙受了数年来最严重的损失。
After a roller coaster ride Tuesday, aggressive buying pushed the Shanghai composite index up 5.5 percent, to close at 4,277.22. The Shenzhen composite fared almost as well, rising 4.8 percent, to close at 2,464.23. And in Hong Kong, the Hang Seng index edged up 1.1 percent to close at 26,250.03.
在周二的一波过山车行情之后，买盘高歌猛进，推动上证综合指数上涨5.5%，收报4277.22点。深圳综指紧跟其后，涨幅达4.8%，收报2464.23点。香港恒生指数上扬1.1%，收报26250.03点。

The gains seemed to calm a jittery market after more than a trillion dollars in market value had been wiped out over the previous few weeks, amid fears that the market’s bull run was coming to an end. Until recently, China has had the world’s best-performing stock market.
这样的反弹似乎让紧张不安的市场平静下来。由于担心牛市即将终结，前几周里已有逾1万亿美元的市价蒸发。在那之前，中国股市的表现跻身全球前列。
No one knows for sure why prices recovered Tuesday. But some analysts said they believed that the market had stabilized on the expectation that the Chinese government would find ways to intervene and prop up share prices, some of which are down more than 40 percent from their highs.
没有人知道本周二究竟为什么会出现反弹。不过一些分析师表示，他们认为，市场对中国政府会设法干预并支撑股价的期望令其企稳。一些个股当前的股价已从高点下跌了逾40%。
The government had, after all, seemed to encourage investors to pile into stocks earlier this year, aided by optimistic reports published by the state-run news media. The authorities appeared to view higher stock prices as a way to help indebted state-owned companies to deleverage, analysts said, and with the economy weakening, the government is probably eager to keep prices from falling too sharply.
毕竟，政府在今年早些时候表现出鼓励投资者进入股市的姿态，官方媒体的乐观报道也推动了炒股热潮。分析人士表示，当局似乎将推高股价视作帮助负债累累的国企去杠杆化的一种途径，而且随着经济的走弱，政府很可能急于阻止股价大幅下跌。
“It’s in Beijing’s interest to be supportive of the stock market,” said Li Wei, an economist who covers China for the Commonwealth Bank of Australia. “It can help facilitate corporate deleveraging and offset some of the pain of the economic slowdown.”
“支持股市符合北京的利益，”澳洲联邦银行(Commonwealth Bank of Australia)负责中国事务的经济师李炜(Li Wei)说。“这有助于促进企业去杠杆化，缓解经济放缓带来的一些痛苦。”
One sign of the government’s intentions came last weekend, when China’s central bank moved to cut interest rates. But share prices plummeted on Monday, and worried investors began selling early Tuesday. Then a rally late in the day created a huge swing in prices.
透露政府意图的一个迹象是，周末期间，中国央行下调了利率。不过，股价在周一跳水，忧心忡忡的投资者在周二开盘后也先是抛售股票。到了下午，股市强劲反弹，使得当天股价出现巨大波动。