上证指数大跌近6%

　　　　
　　China's benchmark stock index fell almost 6 per cent on Monday, dropping through the 3,000 point level and extending two weeks of falling prices that have wiped out two months of gains.

　　中国基准股指周一下跌近6%，跌破3000点，延续2周来的跌势。本轮下跌抵消了2个月来的升幅。 

　　The drop was the largest in percentage terms in nine months and appears to reflect concern over government efforts to rein in bank lending that has been diverted to the country's stock and property markets amid an unprecedented credit boom.

　　昨日股指创下9个月来最大百分比跌幅，似乎反映市场担忧政府力图收敛银行放贷。在空前的信贷繁荣中，部分银行信贷流入了股市和房地产市场。

　　The Shanghai Composite index, China's most-watched benchmark, fell 5.8 per cent to 2,871 yesterday, a drop of more than 17 per cent from the peak it reached on August 4, when the market was up 91 per cent for the year.

　　昨日，中国最受关注的股指——上证综指下跌5.8%，报2871点，较8月4日达到的高点下跌逾17%，当时市场自年初以来累计上涨91%。

　　The index is up 58 per cent from the start of the year but is still far below the levels it reached in late 2007, when it topped 6,090.

　　今年迄今，上证综指上涨58%，但目前点位仍远低于2007年末6090点这一最高位。

　　The market appeared to ignore an attempt by China's top securities regulator on Friday to boost sagging stock prices with supportive comments.

　　市场似乎无视中国证券监管机构上周五的托市言论。

　　Such verbal interventions from senior leaders have often roused the market in the past but on Monday more than 100 Shanghai-listed companies fell by their 10 per cent daily limit. Turnover in Shanghai was also subdued, falling to about half the level seen two weeks ago when prices were rising.

　　过去，来自高层领导人的此类口头干预往往能够振奋市场，但周一上海股市有100多只股票跌停，同时成交量大幅萎缩，降至2周前水平（当时股市处于升势）的一半左右。

　　In June, Beijing lifted a nine-month ban on new share sales, precipitating a flood of new applications for initial public offerings and secondary share issuances from mostly state-owned companies.

　　6月份，北京取消了为时9个月的新股发行禁令，引发了一波申请首次公开发行(IPO)和增发新股的热潮，其中多数来自国有企业。

　　That has added to concerns about fresh supply, just as the government moves to rein in the flood of liquidity that has driven prices up this year.

　　在政府着手控制流动性之际，这增添了投资者对供应增多的担忧。今年以来，流动性泛滥推高了股市。

　　In the first half of the year, Chinese banks added Rmb7,370bn ($1,078bn) in new loans to their books, triple the amount extended in the same period a year earlier. Most of the loans went to large state-controlled enterprises and by some estimates as much as half of the money found its way into real estate, stock markets or other financial assets.

　　今年上半年，中资银行新增贷款7.37万亿人民币，为去年同期的3倍。多数贷款流向大型国有企业，据一些人估计，其中多达半数的资金流入了房地产、股票等金融资产。

　　Last month, the central bank ordered the country's largest banks to slow lending growth and the banking regulator introduced stricter regulations to try and ensure new loans were directed to the real economy rather than speculative activity.

　　上月，央行下令各大银行放缓贷款增长步伐；银监会也出台了更严格的规定，力图确保新贷款流入实体经济，而非投机活动。

　　Bank lending in July fell 77 per cent from a month earlier to Rmb356bn, the lowest amount of new loans since October, raising fears that the flood of easy credit is now receding.

　　7月份，银行贷款环比下降77%，至3560亿人民币，创去年10月以来新低，这引发人们担忧：可轻松获得的信贷浪潮正在消退。

　　The specific trigger for Monday's plunge might also have been disappointment in data on Friday showing US consumer confidence has not recovered, according to Jerry Lou, China equity strategist at Morgan Stanley.

　　摩根士丹利(Morgan Stanley)中国股票策略师娄刚(Jerry Lou)表示，触发周一股市大跌的诱因，可能也有上周五美国消费信心指数令人失望的因素。

　　Without a rebound in US demand for Chinese exports, many economists believe it will be hard for China to sustain a strong economic recovery.

　　许多经济学家认为，在美国对中国出口产品需求没有回升的情况下，中国经济将难以保持强劲复苏。