China's sovereign-wealth fund stepped in Monday to buy shares of the country's battered banks, which have been caught in a selloff that analysts say partly reflects a loss of trust in the integrity of government statistics and corporate earnings.

　　周一，中國主權財富基金介入市場，買入陷入困境的中國國有銀行股票。近來國有銀行股遭市場拋售，分析師說這部分反映了市場對政府公布的統(tǒng)計數據以及公司盈利數據的完整性失去信任。

　　The skepticism of investors comes as China has become increasingly exposed to global markets, largely through stock listings of its state-owned enterprises and other companies, but more recently through its currency and bonds, which are now traded in Hong Kong.

　　Agence France-Presse/Getty Images中央匯金增持了了3,907萬股農業(yè)銀行股票。投資者出現疑慮正值中國越來越多地接觸全球市場，以往這主要是通過中國國有企業(yè)和其它企業(yè)的股票上市實現的，但最近卻主要是通過在香港交易的人民幣和債券來實現的。

　　The market rout began among a group of small U.S.-listed companies accused of fraud and quickly has spread to other Chinese assets available to overseas investors. Stock investors are fleeing China's state banking giants partly on fears that they aren't coming clean about their bad-debt problems after several years of blow-out lending.

　　在美上市的一群被指欺詐的小企業(yè)股票首先崩潰，然后迅速蔓延至海外投資者能夠購買的其它中國資產。股市投資者逃離中國大型國有銀行股的部分原因是投資者擔心在信貸出現多年井噴式增長之后，中國的國有銀行沒有如實公開他們的壞賬問題。

　　Investors also are selling high-flying Internet companies such as Baidu Inc. (BIDU, K3SD.SG) as there are questions about hidden ownership risks. And they are fleeing property stocks on fear that Beijing's inflation-fighting efforts have left developers and buyers in hock to illegitimate financiers.

　　投資者也在賣出百度（Baidu Inc.）這類非常成功的互聯網公司，因為這些企業(yè)存在所有權風險隱患。他們還遠離地產股，因為擔心中國政府抗擊通脹的舉措會讓舉債的開發(fā)商和購房人求助于非法的資金提供者。

　　Sentiment has even turned more cautious on China's currency, the yuan. It faced rare downward pressure in recent weeks as some investors bought the safe-haven U.S. dollar and others worried about potential for a slowing Chinese economy. On Monday, though, the yuan rose to a high, which traders attributed to easing concerns about a shortage of dollars in the market.

　　市場對人民幣的看法變得更為謹慎。最近幾周，隨著一些投資者買入避險貨幣美元，以及其它投資者擔心中國經濟增速可能放緩，人民幣面臨罕見的下行壓力。但在周一，人民幣匯率走高，交易員將此歸因為投資者對市場上美元短缺的擔憂減輕。

　　Enthusiasm is waning for Chinese bonds issued in Hong Kong--so-called dim sum bonds--that Western bankers have been touting to their corporate customers as the next big financial investment story.

　　市場對在香港發(fā)行的人民幣計價債券（即所謂“點心債券”）的熱情正在減弱。西方銀行家們一直在向他們的公司客戶兜售“點心債券”，將其描繪成下一個重大金融投資產品。

　　Analysts say that after years of downplaying risk, many investors now appear to be fearful that other aspects of China's economy may also not be as they seem. They are questioning the credibility of official numbers that show continued rapid growth in China's economy, one of the last remaining major engines of the global economy.

　　分析師們說，多年來有意淡化風險之后，許多投資者現在似乎開始擔心中國經濟的其它方面可能并非像看上去的那樣。投資者質疑官方數據的可靠性：官方數據顯示，作為全球經濟剩下的為數不多的主要增長引擎之一，中國經濟還在繼續(xù)快速增長。

　　Pessimism about China's prospects has grown so deep that some investors are betting against not only its stocks but its government debt, which by all accounts is safe. The net value of outstanding credit-default swaps on debt issued by the Chinese government nearly doubled, to $8.34 billion at the end of September from a year earlier, according to data from the New York-based Depository Trust & Clearing Corp.

　　市場對中國前景的悲觀情緒日益加重，以至于一些投資者不光看跌中國股市，還押注中國政府債也將下跌。市場普遍認為中國政府債是安全資產?？偛课挥诩~約的存管信托及結算公司（Depository Trust & Clearing Corp.）的數據顯示，截至9月底，中國政府所發(fā)行債券的信貸違約掉期（CDS）未執(zhí)行部分的凈值同比幾乎增長了一倍，達到83.4億美元。

　　“People don't trust the government statistics, they don't trust corporate earnings, they don't trust from government officials,” said Daiwa Securities Ltd. economist Sun Mingchun. “Investors are saying, I don't know who I should listen to.”

　　大和證券公司（Daiwa Securities Ltd.）經濟學家孫明春說，投資者不相信政府公布的統(tǒng)計數據，不相信公司盈利數據，不相信政府官員的評論。投資者在說，我不知道該聽誰的。

　　Skepticism about Chinese statistics isn't new, and over the years Chinese stocks listed overseas have been hit by periodic bouts of selling as waves of China euphoria turned to anxiety about the government's ability to sustain rapid growth.

　　對中國統(tǒng)計數據的質疑早已有之。此外，多年來，隨著看好中國的熱潮轉變成對政府保持經濟快速增長能力的擔憂，海外上市中國公司的股票一直受到周期性拋售的沖擊。

　　Many Chinese and foreign economists still broadly forecast Chinese economic growth of around 9% this year--slower than in recent years but still a cracking pace--and say the selloff is overblown. They are confident that banks could cope with a spike in nonperforming loans, and if necessary the government could bail them out. Its stash of $3 trillion-plus in foreign-exchange reserves shows its firepower.

　　很多中外經濟學家仍普遍預測今年中國經濟增速將在9%左右，雖然低于近年來的水平，但仍是很快的速度；此外，這些經濟學家還認為拋售過度了。他們相信，銀行能夠應對不良貸款的激增，如果必要，政府還能出手相救。中國逾3萬億美元的外匯儲備顯示了它的這種實力。

　　China keeps a tight control on capital flows across its borders, and foreigners have only limited access to stocks and bonds listed on mainland Chinese markets. That means an investor selloff overseas doesn't pose a direct risk to China's domestic economy.

　　中國嚴格控制跨境資本流動，外國人只有有限的途徑投資在中國內地市場發(fā)行的股票和債券。這意味著海外的拋售不會給中國國內經濟帶來直接風險。

　　Still, the sudden turn in investor sentiment could be costly for both China and the global economy. At stake is the prestige of a rising economic superpower that aspires to turn its companies into global leaders, and its currency into a rival to the U.S. dollar and the euro.

　　盡管如此，投資者情緒的突然轉變可能使中國和全球經濟付出高昂代價。這關系到一個日益崛起的超級經濟大國的聲望，這個國家渴望使本土公司成為全球領跑者，使本國貨幣成為能與美元和歐元比肩的貨幣。

　　China's private sector--most notably its Internet companies--has long relied on international markets to raise funds, since domestic stock exchanges and the banks are primarily geared toward serving state companies. The tumble in banks' shares complicates their options to raise additional funds if their profits fall short.

　　由于中國國內證券交易所和銀行主要為國有企業(yè)服務，中國私營企業(yè)（尤其是互聯網公司）一直依靠國際市場籌集資金。銀行類股的暴跌使他們在一旦利潤不足時籌集更多資金的選擇減少。

　　Global investors are exposed to the world's second-largest economy as never before. Chinese companies dominate new listings in Hong Kong and have a big role in New York. China's voracious demand for raw materials as it rolls out infrastructure and builds new cities helps set the price of everything from copper to emerging-market currencies.

　　全球投資者前所未有地暴露在世界第二大經濟體中國的風險中。中國公司在香港新上市股中占了主導地位，在紐約也發(fā)揮著很大的作用。隨著中國推出基礎設施項目、建造新城市，中國對原材料的巨大需求幫助設定了從銅到新興市場貨幣等各類商品的價格。

　　The slide in confidence in China investments began to pick up momentum late last year when investors who had taken short positions in overseas-listed small Chinese stocks--and thus stood to gain if the stocks fell--started sharing with the public their on-the-ground research. Most notably, Shanghai-based Muddy Waters LLC posted highly readable reports online that used photographs, interviews and government documents to support its claims that some companies had falsified key contracts and customers and vastly overstated revenues.

　　對中國投資信心的下滑在去年底開始升溫，當時做空海外上市中國小型股（在股價下挫時有望獲利）的投資者開始公布他們的實地研究結果。尤其值得注意的是，位于上海的公司Muddy Waters LLC在網上公布了可讀性很強的報告，報告使用照片、采訪和政府文件來支持其觀點，即一些公司偽造重要合約和客戶、極大地夸大收益。

　　Dozens of small Chinese companies that listed their shares in the U.S. through an opaque backdoor method--buying an already-listed shell company--have since been delisted or suspended while there are investigations by the U.S. Securities and Exchange Commission. That has spooked investors in dozens more Chinese companies.

　　數十家通過不透明的后門方法（即收購已上市的空殼公司）在美國上市的中國小企業(yè)此后紛紛被勒令摘牌退市或暫停交易，同時美國證券交易委員會(U.S. Securities and Exchange Commission)展開了調查。這令另外數十家中國公司的投資者不安起來。

　　“The returns were so good for so many years” that investors “just didn't care,” said Shaun Rein, managing director of Shanghai-based China Market Research Group, a research firm. Mr. Rein says that hedge funds suddenly account for around half of his business. “The fear of accounting fraud is very real,” he said.

　　市場研究公司中國市場研究集團（China Market Research Group）的董事總經理雷小山（Shaun Rein）說，這些年來，回報一直非常好，投資者已經不在乎了。雷小山又說，如今對沖基金已經占了業(yè)務的一半，人們對會計欺詐非常擔心。

　　Before Monday's share purchases by the sovereign-wealth fund, Industrial & Commercial Bank of China Ltd. (IDCBY, 1398.HK, 601398.SH), the country's largest bank by assets, had dropped 22% since the end of August, and Agricultural Bank of China Ltd. (ACGBF, 1288.HK, 601288.SH) had fallen 31%. The Hang Seng, Hong Kong's benchmark index, fell 14% over the same period.

　　在中國主權財富基金于本周一購入股份之前，中國資產總值最高的銀行中國工商銀行股份有限公司(Industrial & Commercial Bank of China Ltd.)的股價自八月底以來已經下跌了22%，中國農業(yè)銀行股份有限公司(Agricultural Bank of China Ltd.)的股價已經下跌了31%。香港恒生指數同期下跌了14%。

　　In Monday's market intervention, Central Huijin Investment, the domestic investment arm of the $400 billion sovereign-wealth fund, said it had started buying shares in those two banks, plus Bank of China Ltd. (BACHY, 3988.HK, 601988.SH) and China Construction Bank Corp. (CICHY, 0939.HK, 601939.SH), to help stabilize their prices. The fund, already a major shareholder in the state banks, said it would continue to buy in the open market. Huijin previously stepped in to buy Chinese bank stocks as part of a year-long effort to prop up the domestic stock market after the collapse of Lehman Brothers in 2008.

　　對于在周一進行的市場干預，總值達4,000億美元的主權財富基金旗下國內投資業(yè)務子公司中央匯金投資有限責任公司(Central Huijin Investment Co., 簡稱：中央匯金)表示，已經開始買入上述兩家銀行的股票，并且還買入了中國銀行股份有限公司(Bank of China Ltd.)和中國建設銀行股份有限公司(China Construction Bank co.)的股票，以幫助這些銀行的股價回穩(wěn)。本已是這幾家國有銀行的主要股東的該基金表示，還將繼續(xù)在公開市場買入股份。2008年雷曼兄弟(Lehman Brothers)倒閉后，中央匯金就曾在一年之內，買入中國的銀行類股票，以提振中國股市。

　　The intervention sent Chinese bank shares up and spurred a 1.6% late-day rebound in the Hong Kong market. Huijin bought Shanghai-listed shares of the banks, announcing its purchases after the Shanghai market closed but when Hong Kong was still trading. The banks are dual-listed in Shanghai and Hong Kong.

　　這次干預使得中國銀行類股價格出現上升，刺激香港股市尾盤回升了1.6%。中央匯金購入的是這些銀行在滬市的股份。宣布購股的消息時，滬市已經閉市，但香港的股市仍在交易。這些銀行都同時在上海和香港上市。

　　“By buying the heavyweight banking stocks, the government clearly sent a message that it wants to boost confidence in the market,” said Wu Dazhong, an analyst at Shenyin Wanguo Securities.

　　申銀萬國證券分析師吳大中說，政府重倉買入銀行類股，清楚地傳達了想要提振市場信心的信號。

　　Some are skeptical. “Unless market participants can get a more credible picture of balance-sheet risks...we expect share prices to remain quite volatile,” said Sarah Wu, an analyst with UBS, in a note issued before Monday's intervention. She said banks face a “credibility gap” between what they “are actually reporting and what the market is willing to believe.”

　　但一些人對此持懷疑態(tài)度。瑞銀(UBS )的分析師吳拳拳(Sarah Wu)在周一中央匯金購股之前稱，除非市場參與者能夠比較可信地了解到銀行資產負債表的風險狀況，否則按照我們的預測股價仍將波動。她說，就可信度而言，銀行實際報告的程度和市場愿意相信的程度之間存在差距。

　　Chinese Internet stocks, once darlings of U.S. investors, have cratered on new worries about complicated legal structures that don't give foreign investors an ownership stake in their Chinese assets. Baidu is off 27% since its peak in July. Sina Corp. (SINA) is down 40% from its peak in the same month.

　　曾一度受到美國投資者青睞的中國的互聯網股票也引發(fā)了新的憂慮，因為復雜的法律結構不允許將中國資產的所有權交給外國投資者。與7月份的股價峰值相比，百度的股價下跌了27%，新浪的股價下跌了40%。

　　“Pessimism about China is close to being at an all-time high,” said Andy Mantel, chief executive of investment advisory Pacific Sun Advisors, who has been investing in the country for 20 years.

　　投資咨詢公司Pacific Sun Advisors的首席執(zhí)行長曼特爾（Andy Mantel）說，針對中國的悲觀情緒已經接近歷史最高水平。該公司在中國從事投資已經有20年了。