Chinese shares briefly dipped into negative territory early in the session, but recovered and moved steadily higher from mid-morning, with the Shanghai Composite closing 3.7 per cent higher to 3,756.5 and the Shenzhen Composite rising 3.8 per cent to 2,151 as the country's two main stock exchanges and one of its biggest brokers pledged to limit short selling activity.

今日早盘，中国股市涨幅曾短暂为负，但大盘从早盘中段开始回升并稳步上扬，上证综指收于3756.55点，涨幅为3.7%；深证综指收于2150.95点，涨幅为3.8%。沪深交易所及某大型券商承诺限制卖空活动是中国股市上涨的原因之一。

The gain brought to an end a three-day slide for the two Chinese benchmarks, with the best session for Shanghai stocks since a 4.5 per cent rise on July 10, and the best for Shenzhen stocks since a 5 per cent gain on July 17.

这一上涨结束了沪深股指连续三日的下滑，是沪指自7月10日上涨4.5%以来表现最好的一个交易日，也是深指自7月17日上涨5%以来表现最好的一个交易日。

Meanwhile, the tech-focused ChiNext rebounded 6.1 per cent to 2,546.2, a day after it fell 5.5 per cent owing to new incoming rules about online payment processors.

与此同时，聚焦科技股的中国创业板指数(ChiNext)上涨6.1%，至2546.2点。昨日，由于中国要出台关于在线支付机构的新规，该指数下跌5.5%。

Today was the ChiNext's biggest one-day gain since June 30 and its second-biggest of the year.

今日，创业板指数创下6月30日以来的最大单日涨幅，也是今年的第二大单日涨幅。

As the FT's Gabriel Wildau in Shanghai explains, China's two main stock exchanges issued new rules late Monday forbidding short sellers from opening and closing short positions within a single day.

周一晚，中国沪深交易所颁布新规，禁止卖空者在一个交易日内融入和偿还证券。

The exchanges said intraday short selling has contributed to price volatility in recent weeks. The new rules bring short selling in line with the so-called "T+1" settlement system that governs long-only trades, where stock is delivered one day after a transaction is completed.

沪深交易所表示，最近几周，同一个交易日内融入和偿还证券加大了“股票价格异常波动”。新规要求卖空遵守管理“只做多”(long-only)交易的所谓“T+1”结算制度。根据该制度，当日完成的股票交易要到下一个交易日才能交割。

Citic Securities, the country's largest brokerage by assets, also said it was voluntarily suspending its securities lending business, which is used to facilitate short selling.

中国资产规模最大的券商中信证券(Citic Securities)也表示，它自愿暂停融券业务。这种业务是为卖空提供便利。

Two other brokerages, Great Wall Securities and Huatai Securities, followed up with similar announcements.

另两家券商长城证券(Great Wall Securities)和华泰证券(Huatai Securities)也紧跟着发出了类似的声明。

Analysts say these moves are largely symbolic, as securities lending is rarely used in China due to the high cost of borrowing. Regulators' initial actions against short selling focused on the index futures market, which is much larger and more liquid.

分析师表示，这些举措基本上是象征性的。这么说的原因是，在中国，由于借入证券的成本较高，融券做法很少见。监管机构最初遏制卖空的举措聚焦于股指期货市场，这个市场规模要大得多、流动性也强得多。

Movements in the main index in recent days are largely driven by the so-called "national team" of state-owned financial institutions buying stock and mutual funds to support the market.

最近几天，中国沪深股市的波动基本上是由所谓的“国家队”（由国有金融机构组成）推动的，它们买入股票和共同基金来托市。

The national team has typically stayed on the sidelines in early trade to gauge sentiment among non-state investors, analysts say.

分析师表示，今日早盘，“国家队”基本上退场观望，以评估非国有投资者的情绪。

But when prices threaten to drop too far, they step in to prop up demand.

但当股价有可能大幅下跌时，它们入市提振了购买需求。

China Securities Finance Corp and other national team members have at least Rmb2.2tn in funds, but it's not clear how much of that total has already been spend.

中国证券金融股份有限公司（China Securities Finance Corp，简称：证金公司）和其他“国家队”成员至少拥有2.2万亿元人民币资金，但目前还不清楚它们为救市花掉了多少资金。

CSF and other state institutions must be careful not to spend their entire war chest, leaving them unable to provide further aid if markets again fall sharply.

证金公司和其他国有机构必须小心不要耗尽所有弹药，以免市场再度大幅下挫时无法提供更多救助。