在中国股市历经波折后，最新消息为投资者带来了显著提振。中国人民银行宣布将设立一项创新机制，允许证券公司、基金和保险公司从中央银行获取流动性资金，用于购买股票，此举预示着自2020年以来最大幅度的反弹。具体来说，央行计划建立一项目对项目交换设施，该设施将向上述机构提供来自中央银行的资金支持，以提高市场活力。
此外，还筹备了专门针对上市企业和大股东回购股份、增加持股额的再融资平台。总体而言，这些措施预计将释放至少8000亿元人民币（约为1130亿美元）的初始流动性资源，不过有分析人士质疑在经济增长乏力的背景下，这笔资金能否持续推动市场增长。
上证综合指数（CSI 300），中国股市的重要指标，在这一利好消息公布后跳涨4.3%，录得自2020年7月以来的最佳表现。与此同时，香港市场的中国相关股票亦出现了超过5%的涨幅。
这是中国政府一系列努力中的最新措施之一，旨在稳定陷入抛售困境的股市。此前的多项举措未能实现可持续反弹。此外，中国人民银行还下调了金融机构的准备金比例，并降低了关键政策利率，目的是帮助经济达到约5%的官方年度增长目标。
对于市场而言，“惊喜”在于明确的央行支持信号，以及作为坚定流动性后盾的承诺。短期内，这一行动有望为中国资本市场带来一段时间内的充裕流动性，同时为中国赢得更多时间来解决深层次的增长问题。市场分析人士指出，这可能代表了中国当局和监管机构在即将来临的美国大选前所能采取的最大刺激力度。
这些措施包含500亿元人民币的项目对项目交换设施和300亿元人民币的再融资平台，预计将分阶段引入总计1000亿元人民币的资金。对于一些观察者而言，这是一个在选举周期内最激进的情绪提振手段。
中国政府自至少2020年10月以来一直在考虑建立一个由政府支持的稳定基金，尽管部分投资者对该措施的效果持怀疑态度，认为其过去救市行动影响有限。当前市场情绪仍处于低谷，主要是由于中国房地产市场的长期危机、消费者信心疲软以及股价下滑等因素。
值得注意的是，在股市危机爆发时，中国政府也曾使用过类似的工具。潜在的资金来源来自于中央银行，并被认为可以无限扩大规模。然而，有分析认为许多基金公司可能不会在此阶段积极借款以利用这一机制。
今年至今，据彭博智能估计，国际投资者已经购买了超过800亿美元的中国交易所交易基金（ETF），试图提振股价。与此同时，监管部门实施了更严格的卖空和量化交易限制措施，旨在减少市场波动性，并避免形成恶性循环。
2024年四月，中国政府宣布了一项跨世纪资本市场的改革计划，鼓励企业增加分红、提升新股质量并堵塞公司治理漏洞。此前的二月份，中国证券监管机构出乎意料地任命了新的负责人，此举也被视为一次重大转变。
中国10年期国债收益率上升至2.07%的历史高位，在周二早些时候跌至创纪录低位2%之后反弹，反映了投资者对风险资产的偏好增强。人民币汇率也得益于改善的情绪，正在逼近关键的每美元7元这一水平。
自2021年的峰值以来，中国和香港股市市值总共有超过6万亿美元蒸发。尽管如此，CSHI 300指数年内仍下跌超过2%，面临连续第四年亏损的可能性，并且整体市值相比巅峰时期已减少近四分之一。
虽然上述措施可能带来资金增加、提升市场流动性和短期市场信心的改善，但并不能改变市场的趋势。深圳龙汇基金管理公司的创始人兼投资总监周南指出：“短期内和中期，市场很可能会在底部之前进一步下跌。”
总而言之，中国政府的最新举措旨在为股市提供必要的流动性支持，并恢复投资者的信心。不过，在经济面临挑战的背景下，这些措施能否实现长期复苏尚待观察。
新闻来源：www.bloomberg.com
原文地址：China to Allow Funds, Brokers to Tap PBOC Funding to Buy Stocks
新闻日期：2024-09-24
原文摘要：
China said it will allow institutional investors to tap central bank financing for stock purchases and is weighing plans for a market stabilization fund, sparking the biggest rally since 2020 for the nation’s beaten-down equities.The People’s Bank of China will set up a swap facility allowing securities firms, funds and insurance companies to tap liquidity from the central bank to purchase equities, Governor said at a briefing on Tuesday. There are also plans to set up a specialized re-lending facility for listed companies and major shareholders to buy back shares and raise holdings. The moves will unleash at least 800 billion yuan ($113 billion) of initial liquidity support, though some analysts questioned whether that will be enough to fuel longer-term market gains amid weak economic growth. The CSI 300 , a benchmark of onshore Chinese stocks, surged 4.3% to cap its best day since July 2020. In Hong Kong, a gauge of Chinese shares was up more than 5% intraday.The steps mark the latest effort to stem a selloff in the stock market, after previous measures failed to drive a sustainable rebound. Authorities also the amount of money banks must hold in reserve and reduced a key policy rate as part of a push to help the economy meet the official annual growth target of around 5%.“What surprised the market is the clear direction and funding from the PBOC in being a firm liquidity resort to prop up the stock market,” said , head of equity advisory for North Asia at Union Bancaire Privee in Hong Kong. “In the near term, Chinese capital markets should enjoy a sweet liquidity honeymoon period, while China is buying time to fix more deep-seated growth problems.” Read more: Beijing’s liquidity support for the stock market will come in the form of a 500 billion yuan swap facility and a 300 billion yuan re-lending facility. Pan said authorities may add another 500 billion yuan in phases.“This is probably the most aggressive sentiment booster that the PBOC and market regulators can introduce before the US election,” said , senior macro strategist at Lombard Odier Singapore Ltd. “The overall packaging of these measures was done quite well, with helpful guidance for more easing down the road.”More details on the swap facilities:Beijing has been weighing the formation of a state-backed stabilization fund since at least October, although some investors doubt it’ll be effective given that previous rescue efforts had limited impact. Sentiment remains depressed as a result of China’s long-running property crisis, weak consumer sentiment and falling prices.“They have used this tool when the 2015 bubble burst,” said , chief economist at Grow Investment Group. “The potential funding can be considered unlimited because it is coming from the central bank. But I doubt many fund companies would borrow aggressively to tap this facility at this stage.” have purchased over $80 billion worth of onshore exchange-traded funds so far in 2024, according to estimates by Bloomberg Intelligence, in an attempt to prop up share prices. Regulators have also introduced tighter restrictions on short selling and quantitative trading to reduce volatility and prevent a downward spiral.In April, authorities announced what analysts said was a once-a-decade capital-market reform which encouraged firms to boost dividend payments, improve the quality of new stock offerings and plug corporate governance loopholes. Earlier in February, China Wu Qing as the head of its securities regulator in a surprise move. Read more: China’s 10-year government bond yield climbed three basis points to as high as 2.07%, after sliding to 2% for the first time on record earlier on Tuesday, as investors preferred riskier assets. The yuan also benefited from the improved sentiment, rising toward the key 7-per-dollar level in both onshore and overseas trading.Still down more than 2% in 2024, the CSI 300 is heading for an unprecedented fourth year of losses. In all, more than $6 trillion has been from the market value of Chinese and Hong Kong stocks since a peak reached in 2021.“The measures can raise more funds, increase market liquidity, and can also improve market confidence to a certain extent in the short term, but it cannot change the market trend,” said Zhou Nan, founder and investment director at Shenzhen Longhui Fund Management Co. “There is a high probability that in the short and medium term, the market will have to fall further before it bottoms out.”Read more:
