China's biggest state-owned banks have lent a combined Rmb1.3tn ($209bn) to the country's margin finance agency in recent weeks to staunch a free-fall in the stock market, casting doubt on whether the recent market rebound is sustainable without government support.

最近几周，中国大型国有银行已向国内保证金融资机构总计出借了1.3万亿元人民币（合2090亿美元）资金，以止住股市的直线下跌。这不禁让人怀疑，若无政府的支撑，中国股市近期的反弹能否持续下去。

China Securities Finance Corp was established in 2011 to lend to securities brokerages and support margin lending to stock investors. Amid the stock market's dramatic tumble beginning in late June, however, the government has deployed CSF as a conduit for injecting rescue funds into the stock market.

中国证券金融股份有限公司（China Securities Finance Corp，简称：证金公司）成立于2011年，任务是向券商提供贷款，支持其对股票投资者发放保证金贷款。然而，在始于6月底的股市暴跌中，政府把证金公司用作了向股市注入救援资金的一条管道。

CSF has lent to brokerages to finance their stock investment and has also purchased mutual funds directly. But today's revelations indicate that state support for the stock market is much larger than previously disclosed.

证金公司向券商发放了贷款、支持其自营股票投资，另外还直接买入了共同基金。但今日公布的信息显示，政府对股市的支撑力度远大于此前披露的水平。

The Shanghai Composite Index has recovered about 15 per cent since its low point on July 10. The magnitude of state support suggests the rally is largely a government-driven phenomenon.

上证综指已较7月10日的低点回升了15%以上。政府的托市力度之大表明，这轮回升基本上是一波政府驱动的行情。

Financial magazine Caijing reported on Friday that the country's sixth-largest lender by assets, China Merchants Bank, provided the largest single loan, at Rmb186bn. The five largest banks — Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, Bank of China, and Bank of Communications — each provided more than Rmb100bn. In total, 17 banks provided interbank loans worth around Rmb1.3tn through July 13, the magazine reported.

《财经》杂志(Caijing)周五报道称，按资产规模计的中国第六大银行招商银行(CMB)提供的贷款最多，达1860亿元人民币。五大行——中国工商银行(ICBC)、中国建设银行(CCB)、中国农业银行(ABC)、中国银行(BoC)和交通银行(Bank of Communications)——每一家都提供了逾1000亿元人民币贷款。该杂志报道称，17家银行自7月13日以来提供了总共约1.3万亿元人民币的银行间贷款。

The People's Bank of China had previously said it was "actively assisting" CSF to obtain liquidity through interbank lending, bond issuance, and other methods. The central later confirmed it had provided loans directly to CSF, without specifying an amount.

中国央行此前表示，正通过银行间贷款、债券发行和其他方式“积极帮助”证金公司获得流动性。中国央行后来证实，它已直接向证金公司提供了贷款，但未说明贷款金额。

CSF also recently issued bonds in the interbank market worth Rmb800bn. With the interbank loans, that brings its total war chest to over Rmb2tn, even before direct loans from the central bank are included.

证金公司近来还在银行间市场发行了8000亿元人民币债券。有了银行间贷款，即便不计入从中国央行获得的直接贷款，证金公司掌控的总资金也达到了逾2万亿元人民币。

The Caijing report suggests the PBoC is seeking to minimise its direct role in lending to CSF, preferring to rely on commercial banks to provide funds for the stock market rescue.

《财经》的报道表明，中国央行正寻求尽量减少对证金公司的直接贷款，而更倾向于依赖商业银行提供救市资金。

"I think what the PBoC wants to achieve is like 'Do whatever it takes' as said by (European Central Bank president Mario) Draghi to boost confidence (in the euro), but no need to really print money to buy stocks. They want to do easing, but not this way," said Larry Hu, China economist at Macquarie Securities.

“我认为，中国央行想要达到的是（欧洲央行(ECB)行长）马里奥德拉吉(Mario Draghi)为提振（人们对欧元的）信心时所讲的‘不惜一切代价’那样的效果，但又不需要真正印钞购买股票。他们想搞宽松，但不是以印钞的方式，”麦格理证券(Macquarie Securities)中国经济学家胡伟俊(Larry Hu)表示。

Still, the central bank regularly lends to commercial banks through various mechanisms, so PBoC could have provided extra funds to support commercial banks' loans to CSF.

不过，中国央行会时不时通过各种机制向商业银行发放贷款，所以，中国央行可能已经向银行提供了额外的资金、以支持它们向证金公司发放贷款。

For the commercial banks, the burden of national service isn't too onerous. Their loans to CSF carry little risk, given CSF's status as a state-owned financial institution, and the return on their loans is "pretty good," Caijing reported.

对商业银行来说，“为国效劳”并不是个太苦的差事。《财经》报道称，鉴于证金公司是国有金融机构，所以商业银行提供给它的贷款风险很小，而且回报“相当不错”。