[财经英语角区] China set to bolster short selling [推广有奖]

China is poised to unveil measures to bolster the country’s nascent short-selling industry in an effort to deepen its capital markets, according to securities officials and fund managers.

一些证券业官员和基金经理表示，中国即将公布一系列措施，扶持国内新生的融券卖空行业，以增大中国资本市场的深度。

Beijing will create a new body called the Centralised Securities Lending Exchange to facilitate short selling as early as this quarter. China Securities Regulatory Commission, the market regulator, will be the largest shareholder in the body, which was first mooted last year.

中国ZF最早将在本季度建立一家新机构，名为“中央证券借贷交易所”(Centralised Securities Lending Exchange, CSLE)，为融券卖空提供便利。市场监管者中国证监会(CSRC)将是该机构的最大股东。有关方面是在去年开始酝酿建立这个机构的。

Short sellers sell borrowed shares in the hope of reaping a profit by buying the equivalent securities back later at a lower price and returning them to the lender.

卖空者出售借入的股票，寄望于稍后以更低价格购入相同的证券，并将其返还出借者，并由此获利。

The practice has been curbed in some markets on the grounds it can exacerbate volatility, and Beijing has care to retain control of its introduction and development. Defenders of the practice say it increases liquidity and provides income for shareholders who are willing to lend their securities.

这种操作已在某些市场受到限制，理由是它可能加剧波动，而中国ZF对融券交易的推出和发展保留了控制。这种操作的捍卫者称，它有助于提高流动性，并且为愿意出借证券的股东提供了收入。

China embraced short selling in 2010, but efforts to promote its use have been hampered by the limited number of shares available for qualified asset managers to borrow.

中国在2010年允许进行融券交易，但推动其使用的努力受到阻碍，原因是可供合格资产管理机构借入的股票数量有限。

Other shareholders in the CSLE will include the Shanghai and Shenzhen stock exchanges, as well as brokerage firms and other financial institutions. It is not clear which firms will be involved, but in early 2010 just six had licences to engage in securities lending and margin financing. At the end of that year, only 25 brokerages had licences to provide a broader array of prime services.

CSLE的其他股东将包括上海和深圳证交所，以及一些券商和其它金融机构。目前尚不清楚哪些公司将参与其中，但在2010年初，只有6家机构获准进行融资融券交易。2010年底，只有25家券商获准提供更齐全的一级服务。

The new centralised lending exchange will make shares available to qualified fund managers in China who wish to borrow them, for a fee. It will source the shares from institutions in China including banks, insurers and fund management firms.

新的中央证券借贷交易所将向有意借入股票的中国境内合格基金经理提供股票，并收取费用。它将从中国境内的机构（包括银行、保险公司和基金管理公司）得到相关股票。

Currently, qualified fund managers can only borrow shares owned by brokerage firms. Both parties must meet high asset requirements, discouraging such activity. Margin financing also remains under-developed, with just 285 stocks are allowed to be traded on margin.

目前，合格基金经理只能借入券商拥有的股票。双方均须达到较高的资产要求，这抑制了此类活动。融资交易也处于欠发达状态，只有285只股票获准进行融资交易。

Securities firms believe Beijing’s move will spur the development of the hedge fund industry. China’s hedge fund industry is dominated by less regulated “sunshine funds”, which target wealthy individuals and are the closest thing China has to hedge funds. According to The Securities Association of China, there were 400 such funds operating at the end of 2010.

各证券公司相信，北京方面的举措将推动对冲基金行业的发展。中国的对冲基金行业被监管较少的“阳光基金”主导，这些面向富裕人士的基金，是中国最接近对冲基金的事物。根据中国证券业协会(Securities Association of China)的数据，2010年底有400只此类基金。

According to Chinese brokerage executives, the timing of the introduction of the new measures may also have been affected by the recent leadership shuffle at the CSRC which saw Guo Shuqing, the former chairman of China Construction Bank, become the regulatory body’s new chairman.

据中国券商高管介绍，出台新措施的时机，可能也受到中国证监会近期高层人事变动的影响。在这场变动中，中国建设银行(CCB)前董事长郭树清成为中国证监会新任主席。

Some asset managers say the prospect of the new rules was one reason that Chinese stock markets were among the world’s worst performers in 2011, with the Shanghai Composite index down almost 22 per cent for the year.

一些资产管理机构表示，出台这些新规则的前景，正是中国股市在2011年跻身于全球表现最糟糕股市行列的原因之一，上证综指去年全年下跌近22%。

译者/和风