China’s renminbi slump has companies and individuals alike scrambling to move capital overseas, but it has not damped the enthusiasm of China’s equity investors.

人民币贬值促使企业和个人争相将资本转移至海外，却并未浇灭中国股票投资者的热情。

The Shanghai Composite, which tracks stocks on the mainland’s biggest exchange, has been gradually rising since May. That is the opposite of what happened in August 2015 after China’s surprise renminbi devaluation caused an already falling market to drop further.

追踪中国内地最大股票交易所的上证综指(Shanghai Composite)自5月以来逐渐上升。这与2015年8月的情况截然相反，当时人民币的意外贬值使原本已在下跌的市场进一步下挫。

That episode seems to be a distant memory for investors, who say the central bank is getting better at communicating policy moves. Now the renminbi’s reference rate is determined by the previous day’s currency market movements.

对投资者而言，那一幕似乎已成为遥远的记忆，他们表示中国央行正在改善政策举动的沟通。现在人民币的参考汇率是由前一天的汇市走势决定的。

“The domestic stock market rises when the renminbi goes down, which means equity investors don’t think lower renminbi is bad,” said Chen Long of Gavekal Dragonomics, a Beijing-based consultancy.

“国内股市在人民币下跌的时候上扬，这意味着股票投资者并不认为人民币贬值是坏事，”北京咨询机构龙洲经讯(Gavekal Dragonomics)的陈龙说。

The positive half-year for the stock market is mainly fuelled by a lack of alternative investment options as domestic real estate has cooled, according to Chen Xingdong, chief China economist at BNP Paribas in Beijing.

北京的法国巴黎银行(BNP Paribas)中国区首席经济学家陈兴动表示，股市在这半年间走势良好，主要推动因素是随着国内房地产市场降温，人们缺乏其他投资选择。

“Last year stock investors moved their money into property. But that market’s tightly regulated now, and so money has flooded back into the stock market,” he said.

“去年股票投资者将资金转入房地产，但房地产市场目前受到严格监管，因此资金回流到股市中，”他说。

The current appetite of investors for stocks is a “classic short-term versus long-term response”, according to Chris Powers of Z-Ben Advisors, a Shanghai-based consultancy. “People can see in the short term that a falling renminbi may benefit exporters and aid monetary easing efforts.”

当前投资者对股票的兴趣是一种“经典的短期与长期回应之间的权衡”，总部位于上海的泽奔咨询(Z-Ben Advisors)的克里斯.鲍尔斯(Chris Powers)说，“人们可以看到，短期内人民币下跌可能惠及出口商，并有助于货币宽松的努力。”

The enthusiasm comes despite a weaker renminbi hindering the Chinese government’s goals of internationalising its currency and rebalancing the economy towards consumption, he suggested.

他表示，尽管人民币走弱阻碍了中国政府实现两个目标——人民币国际化和推动经济朝着消费拉动型再平衡，但投资者的热情依旧。

Meanwhile China’s chances of being included in the highly desirable MSCI index are even lower now that Beijing plans stricter capital controls to stem the renminbi’s further decline.

同时，由于中国政府计划利用更严格的资本管制来遏止人民币的进一步下跌，中国被纳入受高度推崇的MSCI明晟新兴市场指数(MSCI Emerging Markets index)的可能性现在变得更低。

China’s leadership has been pushing to get Chinese stocks into the index, which would mean funds would automatically send a wave of capital in Shanghai’s direction.

中国领导层一直在推动中国股市被纳入该指数，如果被纳入，来自基金的一股资金洪流将自动涌向上海A股市场。