shanghai stock exchange Zhengyi Xie/ZumaPress

中国金融监管的问题

上海—中国股市动荡似乎已经进入尾声。但仍存在巨大的不确定性,不仅是关于最近沪深交易所崩盘的原因的不确定性,还包括关于此次崩盘对中国金融改革意味着什么的不确定性。

中国股市暴跌被归因于多重因素。一开始,官媒主要将股灾归因于外资银行和交易者“恶意”做空中国股票。随后,国内投资者也被列入了嫌疑犯名单,中国当局还宣布将严查卖空源头。

最近,套阿伦又转向了似乎更加可信的原因:2010年以来保证金融资的大幅增长。散户借入了大量资金用于购买股票,股市参与度大幅提高,这让稳健的牛市演变为“疯牛”。

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