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China's Shanghai Composite Index fell Tuesday
by 8.8 percent, while the smaller Shenzhen Composite
Index sank by 8.5 percent.
The selloff, the biggest one-day fall in a decade,
came as investors dumped shares for quick profit
from Monday's record high, when the Shanghai index
surpassed 3,000 points for the first time closing at
3,040. The Shanghai index closed Tuesday at 2,771
points, down 269 points.
Tony Tong is an analyst at Everbright Research in
Hong Kong. He says higher interest rates may also
have encouraged investors to take money out of
China's unpredictable stock markets and put it into
safer investments in state-run banks.
"The market is thinking that there may be another
hike in the reserve ratio and even interest rates.
So the credit-tightening issue would be a major
concern," he said. " I would say in the coming few
weeks the market will remain under pressure."
China's economy and the stock markets have boomed
over the past few years, prompting fears that excess
investment could lead to problems such as inflation
or excess industrial and property capacity. Those
problems could trigger a market collapse or a
recession.
The government, hoping to gently cool down the
economy, in the past year has repeatedly raised
interest rates and restricted bank loans.
However, those measures appear to have had little
deterrent effect on investors. China's stock markets
doubled in value last year, leading to concerns of a
market bubble that could collapse.
Stock markets around Asia Tuesday were down as well,
with many investors concerned about a possible
slowdown in the U.S. economy. Most indexes fell one
to three percent.
Indexes in South Korea, Australia and Singapore
dropped from record highs. Hong Kong's Hang Seng
Index of blue chip stocks fell 1.8 percent to a
four-week low, partly in reaction to the mainland
drop in stock value. |
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中国的“上证综合指数”星期二下跌了8.8%，规模较小的“深证综合指数”则下跌了8.5%。
这次大抛售是10年来最大的一次单日下跌。原因是投资者见星期一股票价格出现创记录高度急于抛售而获利。星期一的“上证综合指数”首次突破了3000点，以3040点收盘。星期二的“上证综合指数”以2771点做收，下跌了269点。
香港光大证券研究所分析师托尼.唐说，银行的高利率也使得投资者从中国不稳定的股市中拿出资金而转向国有银行更为稳妥的投资。
他说：“市场上的投资者认为银行可能会再次提高储备金率、甚至利率。所以信贷紧缩的问题成为人们的主要担心。我认为，在今后的几个星期里市场会继续面临压力。”
中国的经济和股市在过去的几年里蓬勃发展，使得人们担心过量的投资会导致通货膨胀以及工业和房产的过度投资等问题。这些问题可能会诱发市场崩溃或者是经济衰退。
政府为了使经济逐步降温，在过去的一年里不断提高利率和限制银行贷款的发放量。
不过，这些措施似乎对投资者没有起到太大的遏制作用。中国股市的总价值在去年增长了一倍，引发了人们对出现市场泡沫破裂的担心。
由于许多投资者担心美国经济增长可能会放缓，亚洲各地股市星期二也普遍下跌。大部份股市指数都下跌了1%至3%。
韩国、澳大利亚、新加坡的股市指数从创记录的高度下跌。某种程度上受到中国大陆股市下跌的影响，香港蓝筹股恒生指数下跌了1.8%，是4个星期来的最低点。
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