Chinese shares posted their biggest one-day fall in a month yesterday, with indices closing more than 6 per cent lower after a late sell-off.

中国股市昨天出现一个月来最大单日跌幅，在尾盘抛售之后，沪深股指收跌逾6%。

The Shanghai Composite fell 6.4 per cent to 2,741.2, having been down as much as 6.8 per cent in the final 15 minutes of trading. The tech-focused Shenzhen Composite shed 7.3 per cent to 1,738.67, while the CSI 300 — comprising the top 300 stocks on the two bourses — ended down 6.1 per cent.

上证综指(Shanghai Composite)下跌6.4%，至2741.2点，在交易日最后15分钟跌幅曾高达6.8%。以科技股为主的深证综指(Shenzhen Composite)下跌7.3%，至1738.67点，涵盖沪深两市前300只股票的沪深300(CSI 300)指数收跌6.1%。

All three benchmarks are down more than 20 per cent so far this year.

今年到目前为止，所有三个基准指数跌幅都超过了20%。

“Investors can be demanding and unforgiving,” said Steven Sun, HSBC’s head of Hong Kong-China equity research. “China’s financial market is increasingly correlated with global financial markets, and different asset classes are becoming more correlated with each other. As far as the equity market is concerned, this dynamic has translated into new levels of volatility.”

汇丰(HSBC)香港-中国股市研究部门主管孙瑜(Steven Sun)表示：“投资者可能要求很高，而且不肯宽恕。中国金融市场与全球金融市场的关联度日益提高，不同资产类别之间的关联度也在提高。就股市而言，这种格局导致市场波动达到新的水平。”

Yesterday’s tumble comes ahead of the two-day meeting of G20 finance ministers and central bankers in Shanghai, which begins today. Against a backdrop of a slowing Chinese economy, Yi Gang, the central bank’s deputy governor, reassured attendees at a conference on the eve of the G20 meeting that demand would “remain fairly strong” for the foreseeable future.

昨天的股市暴跌发生在20国集团(G20)财长和央行行长在上海召开两天会议之前——该会议将于今天开幕。在中国经济放缓的背景下，中国央行(PBoC)副行长易纲在G20会议前夕的一次记者会上宽慰与会者，表示在可预见的未来中国需求将“维持强劲”。

HSBC expects the Chinese market to rebound in the coming months, in part because of a more stable renminbi. Mr Sun said a surge in share buybacks in January had been an “accurate indicator of the market and valuations bottoming out” in 2001 and 2008.

汇丰预计中国股市在未来几个月里会出现反弹，在一定程度上得益于更稳定的人民币。孙瑜表示，1月份股票回购的激增曾在2001年和2008年“准确预示了股市和估值的触底回升”。

Shanghai’s fall was the worst one-day decline since January 26, when the index dropped 6.4 per cent. The Shenzhen Composite’s drop was its biggest since an 8.2 per cent fall on January 7, when a rapid plunge triggered circuit breakers and closed the market in the first half-hour of trade.

沪市这次下跌是1月26日（当日沪指下跌6.4%）以来最大单日跌幅。深证综指则出现自1月7日8.2%的跌幅以来的最大跌幅。1月7日的迅速暴跌曾引发股市熔断机制，在最初半个小时就导致股市闭市。

Yesterday’s fall takes the Shanghai and Shenzhen exchanges back to levels last touched just before the lunar new year holiday. Shanghai shares are just 3.1 per cent away from a 15-month low reached at the end of January.

昨天的下跌令沪市和深市重返春节假期前刚刚触及的水平。沪指只比1月底触及的15个月低点高了3.1%。