11/10/10 22:02:59.43 SDr/l2n7
The stock markets in mainland China were already closed, but Chinese bank shares in Hong Kong turned sharply positive on
the news. ICBC, which had been down 3 per cent, rallied at the finish line to close up 1 per cent. Analysts said the sudden
turn-around may have partly reflected short covering.
中国の市場は既に引けているが香港市場の中国銀行株はシャープに値上がりした。ICBCは3％値下がりしていたが引け際のラリーで＋1％
となった。アナリストは空売りの買戻しが大きな値動きの要因と見ている。
Global investors have soured on Chinese bank shares over the past year, worried that their bad debt levels will soar because
of their lending spree since 2008. Shorting Chinese bank shares in Hong Kong has also been a popular play for investors who
believe that the world’s fastest-growing major economy is due for a slowdown.
“They [Huijin] are trying to signal to the market that they feel confident,” said Sanjay Jain, a Chinese banking analyst
with Credit Suisse in Hong Kong. “And of course valuations are depressed, so it’s not a bad idea to buy at these levels
for a long-term strategic investor.”
香港市場での中国銀行株のショートは中国経済のスローダウンに賭ける投資家にとって好まれており、クレディ・スイス香港支店の
Sanjay Jainに依れば「中国の国富ファンドは市場に対して彼らが（大手銀行を）信頼している事を示した」という。「価格低下でバリ
エーションが向上しているから、この時点で（国富ファンドが）長期投資のために銀行株を買うことは悪いアイデアではない」
In a further rebuff to traders who have been betting that the renminbi will weaken as the Chinese economy slows, Beijing also
pushed through the currency’s biggest one-day appreciation in years on Monday, letting it rise 0.6 per cent against the
dollar. The motivation for that also appeared to be diplomatic, with the US Senate set to vote on Tuesday on legislation
that would punish China for keeping its currency undervalued.