Chinese stocks plunged 8.5 per cent at the end of a tumultuous session dubbed “Black Monday” by no less than Beijing’s official mouthpiece, intensifying concerns over a made-in-China economic slowdown that stands to reverberate across the globe.

在这个连中国政府喉舌都形容为“黑色星期一”的动荡交易日，中国股市收跌8.5%，令人们愈发担心“中国制造”的经济放缓将在全球引发震荡。

Reflecting these fears, spooked investors sold off almost every asset class in almost every market. all Asian indices fell; oil prices hit a six-year low. Even the price of gold, a traditional haven, fell 0.6 per cent to break a five-day winning streak.

作为这种恐惧心态的表现，已成惊弓之鸟的投资者在几乎所有市场抛售几乎所有类别的资产。亚洲股指全线下跌。油价跌至6年低点。就连传统避险资产黄金的价格，也中断了连续5天的涨势，下跌了0.6%。

Global stock markets have lost more than $5.5tn since the People’s Bank of China devalued the renminbi on August 11. Beijing couched the move as market liberalisation, but numerous analysts saw it as a bid to boost exports after other stimulative policies failed to spur economic recovery.

自中国央行8月11日让人民币贬值以来，全球股市的市值已蒸发了逾5.5万亿美元。虽然中国政府宣称人民币贬值之举是一种市场自由化举措，但许多分析师认为此举是为了提振出口——之前出台的其他刺激政策未能推动经济实现复苏。

Just as China once brought welcome disinflation to consumers across the world it now stands to export its own economic weakness. At 15 per cent of the world’s economy it packs a far bigger punch now too, contributing half of total growth in recent years.

正如中国曾为全球消费者带来受欢迎的通胀减速一样，如今中国将向世界输出其自身的经济疲软。中国对世界的影响力也要比以前大得多，它的经济规模目前占世界经济的15%，近些年来全球经济增长的一半由中国贡献。

“It is a key moment for China,” said Angus Nicholson, market analyst at IG. “The equity market in free fall, the banking system increasingly starved of liquidity, rising capital outflows, and a rapidly slowing economy

IG市场分析师安格斯尼科尔森(Angus Nicholson)表示：“眼下是中国面临的一个关键时刻。股市直线下跌，银行体系日益缺乏流动性，资金外流加剧，经济增长迅速放缓。”

The Shanghai Composite fell 11.5 per cent last week, spurring expectations that the People’s Bank of China would inject some stimulus, likely by reducing the level reserves banks are required to hold and thus unleashing more liquidity.

上周，上证综指下跌了11.5%，助长了对中国央行出台某种刺激的期望，可能性较大的是下调银行存款准备金率，从而释放更多流动性。

Instead, Beijing stood pat, abandoning what had been seen as a defence of the 3,500 level on the Shanghai Composite. It crashed through that floor in the first second of trading and carried on tanking until the index was down 9 per cent to 3,191, its lowest since March and wiping out the entire year’s gains.The index ended the session down 8.5 per cent.

但中国政府却按兵不动，弃守了被视为上证综指一道防线的3500点关口。该指数在今日开盘后的第一秒就击穿了这一防线，并一路下滑，直到跌至3191点（跌幅达9%），即今年3月以来的最低点位，抹去了全年的涨幅。该指数后收跌8.5%。

Of the 1,114 stocks listed in Shanghai, nearly 900 were down by more than 9.9 per cent. Just five rose.

在沪市的1114只股票中，近900只跌幅逾9.9%，只有5只上涨。

Shuang Ding, an economist at Standard Chartered in Hong Kong, argued that it was “quite necessary for the central bank to inject liquidity” into the banking system by cutting the reserve requirement ratio because the recent depreciation of the renminbi was likely to have accelerated capital outflows.

渣打银行(Standard Chartered)驻香港经济学家丁爽认为，由于人民币近期的贬值很有可能加快了资本外流，“央行很有必要（以降准方式向银行体系）注入流动性”。

A move to cut the RRR could also boost market sentiment.But he said the government is caught in a bind between the need to support the slowing economy and a desire to pursue wider reforms.

降准还会提振市场的信心。不过，丁爽表示，中国政府正陷入一种两难境地：一方面需要支撑放缓的经济，一方面又希望推行更广泛的改革。

“On the one hand they don’t want to let local government financing vehicles borrow so much again, but on the other, the economy is weak and they’d like to have credit growth at a reasonable level,” he said.

他说：“一方面，他们不想让地方政府融资平台再次大举借债，但另一方面，经济又很疲软，他们希望信贷增长处于一种合理的水平。”

The euro rose 0.6 per cent against the dollar, suggesting investors have pulled back expectations of when the Federal Reserve will begin to lift interest rates.

截至本文发稿时，欧元兑美元汇率上涨了0.6%，意味着投资者已调低了对美联储(Fed)何时将开始加息的预期。

Futures suggest the S&P 500 will decline 2.5 per cent in New York.

在纽约，股指期货行情暗示，标普500指数将下跌2.5%。

“Caution remains warranted,” said analysts at Crédit Agricole. “Currencies such as the euro are likely to remain well supported, at least until monetary policy expectations become a more dominant market driver anew.”

法国农业信贷银行(Crédit Agricole)分析师表示：“谨慎依然是有道理的。欧元等货币很可能仍会得到有力的支撑，至少在货币政策预期再次主导市场前是如此。”