Beijing managed to get a pop at the Shanghai open, but will it last?
中国政府成功策动上海股市开盘跳涨，但上涨势头能否持续下去？
A 7.8 per cent climb in the first minute of trading on the Shanghai Composite couldn't be maintained. Within 15 minutes the gain fell to 3.8 per cent, suggesting investors are using the pop to sell into the rally.
上证综指在开盘后的头一分钟内跳涨7.8%，但这一涨幅没有维持多久，不到15分钟，涨幅就收窄到3.8%，说明投资者正在利用这一上涨出货。

At Citi, analysts said the stabilisation measures rolled out by Beijing policy makers were likely to support sentiment in some circles. But they foresee levered up buyers continuing to wind down trades:
花旗银行(Citi)分析师表示，中国政府政策制定者出台的稳定股市举措，很可能会在一段时间内内提振市场信心。不过，他们预计杠杆投资者会继续减仓。
"Despite the sentiment help, we believe continued deleverage, and possible reform concerns given recent administrative intervention, will cap index upside. Our calculation suggests only one-fourth margin buys have been forced out so far," they wrote.
他们写道：“尽管这些举措对提振市场信心有帮助，但我们相信去杠杆过程仍会继续下去。此外，考虑到近期中国政府的行政干预，人们可能会对中国的改革产生担忧，这也会限制指数的上涨。我们的计算显示，到目前为止，只有四分之一的融资买盘被强行平仓。”
Citi calculates the Margin Buy balance has dropped 16 per cent from the peak. But see the second chart below: margin financing is still way up on the year. "Deleveraging still has a long way to go," they said.
据花旗计算，中国股市融资余额已较峰值减少16%。但我们从下方第二张表中可以看出：股市融资余额仍大大高于一年前。花旗分析师表示：“去杠杆仍有很长的路要走。”