Beijing tells some investors not to sell as Chinese stock rout resumes
中国股市重现颓势，北京呼吁部分投资者不要抛售股票

Chinese authorities have in recent days told some institutional investors not to sell stocks, as regulators face renewed pressure to stabilise share prices following the steep decline in the first weeks of the new year.
继新年前几周股价暴跌之后，监管机构再次面临稳定股价的压力，中国政府最近几天要求一些机构投资者不要抛售股票。

Since October, market regulators have been providing private instructions — known as “window guidance” — to some investors, which prevent them from being net sellers of equities on certain days.
自 10 月份以来，市场监管机构一直在向一些投资者提供私下指示，即所谓的 "窗口指导"，以防止他们在某些日子成为股票净卖家。

Such restrictions on selling helped to spur a rebound of about 3 per cent for the benchmark CSI 300 stock index in the final week of 2023, traders said.
交易员们说，这种限制抛售的措施有助于刺激基准沪深 300 股指在 2023 年最后一周反弹约 3%。
But as the curbs on some smaller mutual funds and on brokers were eased in the new year, the index completely reversed those gains and is down more than 4 per cent this month.
但随着新的一年对一些小型共同基金和经纪人的限制有所放松，该指数完全扭转了涨势，本月下跌超过 4%。

Beijing has now reimposed such restrictions on securities companies — large institutional investors in China that both act as brokers and have proprietary trading arms — according to traders and investment managers at three different financial institutions.
据三家不同金融机构的交易员和投资经理称，中国政府现已对证券公司（中国的大型机构投资者，既充当经纪人，又拥有自营交易部门）重新实施此类限制。

The investors and traders also said the change of direction by regulators, the latest in a series of U-turns, was distorting the market and undermining broader confidence.
投资者和交易商还说，监管机构改变方向是一系列 "大转弯 "中最新的一次，它扭曲了市场，破坏了更广泛的信心。

“This type of window guidance creates delayed selling pressure, but it’s not like you can postpone that forever,” said a director at one Shanghai-based securities company whose proprietary trading desk was recently told to avoid net selling again.
"上海一家证券公司的自营交易柜台最近被告知要避免再次出现净卖出。
“Market sentiment will eventually dictate performance.”
"市场情绪最终将决定业绩"。

Financial regulators are under pressure from top leaders to end a protracted sell-off that has left the CSI 300 down 19 per cent in the past year.
沪深 300 指数在过去一年中下跌了 19%，金融监管机构正面临来自高层领导的压力，要求其结束旷日持久的抛售。
Public measures to reinvigorate demand, such as trading fee cuts and purchases of bank shares by a central government investment fund, have failed to restore investor confidence.
为重振需求而采取的公共措施，如削减交易费和由中央政府投资基金购买银行股票等，都未能恢复投资者的信心。

Instead the China Securities Regulatory Commission and stock exchanges in Shanghai and Shenzhen have turned to issuing private window guidance. The CSRC, Shanghai Stock Exchange and Shenzhen Stock Exchange did not respond to requests for comment.
相反，中国证监会和上海、深圳证券交易所转而发布非公开窗口指导意见。中国证监会、上海证券交易所和深圳证券交易所没有回应置评请求。

Authorities were forced at the start of January to permit net sales at smaller mutual funds, which faced mounting redemptions from customers worried about further price falls, said traders and fund managers.
交易员和基金经理说，1月初，当局被迫允许规模较小的共同基金进行净销售，这些基金面临着越来越多的客户赎回，他们担心价格会进一步下跌。

Those divestments spooked Chinese retail investors, said the traders and investment managers, triggering renewed selling. This saddled some of the country’s largest mutual funds, which still face strict limits on net selling, with heavy losses.
交易员和投资经理们说，这些撤资行为吓坏了中国的散户投资者，引发了新一轮抛售。这使得中国一些最大的共同基金损失惨重，而这些基金仍面临严格的净卖出限制。

The recent interventions have differed from the playbook typically deployed by Beijing, traders said. The government has yet to deploy state-run funds and financial institutions, the so-called “national team”, to buy up stocks on a large scale as they have done during previous routs.
交易商们说，最近的干预行动与中国政府通常采取的策略不同。政府尚未部署国营基金和金融机构，即所谓的 "国家队"，像在以前的溃败中那样大规模买入股票。

For mutual fund companies, the severity of restrictions on net sales is based on a given fund’s assets under management, with larger funds facing more stringent policing.
对共同基金公司而言，净销售限制的严厉程度取决于特定基金的管理资产，规模较大的基金面临的监管更为严格。

“There’s not a good track record of this type of intervention in equities actually working,” said Mohammed Apabhai, head of Asia trading strategy at Citigroup.
"花旗集团（Citigroup）亚洲交易策略主管穆罕默德-阿帕巴伊（Mohammed Apabhai）说："这种对股票的干预并没有实际奏效的良好记录。
“Yes it can potentially relieve some of the selling pressure, but the Chinese market is very much driven by what’s going on with the fundamentals and attitudes towards private business more than anything else.”
"是的，这有可能缓解一些抛售压力，但中国市场在很大程度上是由基本面和对民营企业的态度所驱动的，而不是其他任何因素"。

Allowing some smaller funds to sell more shares has enabled them to meet demand for redemptions, but fund managers said these exceptions were only granted on a case-by-case basis by officials, who did not provide any rationale for rejecting one request or accepting another.
允许一些规模较小的基金出售更多股份，使它们能够满足赎回需求，但基金经理们说，这些例外情况只是由官员们逐个批准的，他们没有提供拒绝一项请求或接受另一项请求的任何理由。

Xia Chun, chief economist at Forthright Financial Holdings in Hong Kong, said the net sales restrictions were unlikely to lift investor sentiment in China.
香港懿德金融控股公司（Forthright Financial Holdings）首席经济学家夏春（音译）说，净销售限制不太可能提振中国的投资者情绪。

“Retail investors won’t welcome such window guidance in any case, because it’s simply not working,” he said.
"他说："无论如何，散户投资者都不会欢迎这种窗口指导，因为它根本不起作用。