Measure adopted to cool stock market

时间：2007-03-22 00:36:39

（单词翻译:单击）

Mar1.21 - Regulators, worried about by China's red-hot stock market fever, are taking a new measure to cool it by banning listed firms, flush with new share sale proceeds, from investing it in securities.

 

The listed companies are also banned from buying derivatives2 and convertible3 bonds with the proceeds, the China Securities Regulatory Commission, China's stock market watchdog, said in a statement seen on its website on Tuesday.

 

The regulator said it will monitor companies more closely. Prime Minister Wen Jiabao said at a press conference in Beijing on Friday that his administration wants to see to a healthy stock market in China. He promised closer look into companies' books.

 

"Companies should not directly or indirectly4 use newly acquired funds to buy stocks or derivatives or convertible company bonds," the regulator said in a statement. Firms must use the proceeds from share sales for the intended purposes, it said.

 

If the enterprises intend to spend more than 10 percent of the raised capital on items that the share sale was not originally aimed at funding, they must get board approval and arrange an online shareholder5 vote, it said.

 

"Regulators are concerned that proceeds are fueling the stock market frenzy6," said a securities fund manager in Shanghai.

 

Beijing wants to curb7 speculation8 in the real estate and stock markets to break boom-bust cycles fueled by 33.5 trillion yuan (US$4.3 trillion) of household and corporate9 deposits. The speculative10 activity has driven equity11 prices up by around 150 percent in the last 15 months.

 

China's central bank, the People's Bank of China, announced over the weekend that it was raising interest rates by 27 basic points, but it has failed to damp the feverish12 stock market, which rose both Monday and Tuesday.

 

The frenzy has prompted officials to repeatedly warn that a major bubble had formed and that investors13, especially inexperienced retail14 punters, stood to lose everything if the markets crashed.

 

On February 27, investors got a strong taste of the kind of volatility15 that worries regulators when China's key Shanghai index slumped16 nearly nine percent in its steepest one-day fall in 10 years. Prices have since recovered and surged to new record highs.

 

In another step aimed at dampening the frenzy, banking17 regulators have moved to investigate a sudden spike18 in consumer loans believed to be fuelling the market speculation.

 

The China Banking Regulatory Commission ordered in January that commercial banks recall property loans suspected of being used instead to speculate in the nation's red-hot stock markets.
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点击收听单词发音收听单词发音  

1 mar f7Kzq     
vt.破坏，毁坏，弄糟
参考例句：
  • It was not the custom for elderly people to mar the picnics with their presence.大人们照例不参加这样的野餐以免扫兴。
  • Such a marriage might mar your career.这样的婚姻说不定会毁了你的一生。
2 derivatives f75369b9e0ef2282b4d10e367e4ee2a9     
n.衍生性金融商品；派生物，引出物( derivative的名词复数 )；导数
参考例句：
  • Many English words are derivatives of Latin words. 许多英语词来自拉丁语。 来自《简明英汉词典》
  • These compounds are nitrosohydroxylamine derivatives. 这类合成物是亚硝基羟胺衍生物。 来自辞典例句
3 convertible aZUyK     
adj.可改变的，可交换，同意义的；n.有活动摺篷的汽车
参考例句：
  • The convertible sofa means that the apartment can sleep four.有了这张折叠沙发，公寓里可以睡下4个人。
  • That new white convertible is totally awesome.那辆新的白色折篷汽车简直棒极了。
4 indirectly a8UxR     
adv.间接地，不直接了当地
参考例句：
  • I heard the news indirectly.这消息我是间接听来的。
  • They were approached indirectly through an intermediary.通过一位中间人，他们进行了间接接触。
5 shareholder VzPwU     
n.股东，股票持有人
参考例句：
  • The account department have prepare a financial statement for the shareholder.财务部为股东准备了一份财务报表。
  • A shareholder may transfer his shares in accordance with the law.股东持有的股份可以依法转让。
6 frenzy jQbzs     
n.疯狂，狂热，极度的激动
参考例句：
  • He was able to work the young students up into a frenzy.他能激起青年学生的狂热。
  • They were singing in a frenzy of joy.他们欣喜若狂地高声歌唱。
7 curb LmRyy     
n.场外证券市场，场外交易；vt.制止，抑制
参考例句：
  • I could not curb my anger.我按捺不住我的愤怒。
  • You must curb your daughter when you are in church.你在教堂时必须管住你的女儿。
8 speculation 9vGwe     
n.思索，沉思；猜测；投机
参考例句：
  • Her mind is occupied with speculation.她的头脑忙于思考。
  • There is widespread speculation that he is going to resign.人们普遍推测他要辞职。
9 corporate 7olzl     
adj.共同的，全体的；公司的，企业的
参考例句：
  • This is our corporate responsibility.这是我们共同的责任。
  • His corporate's life will be as short as a rabbit's tail.他的公司的寿命是兔子尾巴长不了。
10 speculative uvjwd     
adj.思索性的，暝想性的，推理的
参考例句：
  • Much of our information is speculative.我们的许多信息是带推测性的。
  • The report is highly speculative and should be ignored.那个报道推测的成分很大，不应理会。
11 equity ji8zp     
n.公正，公平，（无固定利息的）股票
参考例句：
  • They shared the work of the house with equity.他们公平地分担家务。
  • To capture his equity,Murphy must either sell or refinance.要获得资产净值，墨菲必须出售或者重新融资。
12 feverish gzsye     
adj.发烧的，狂热的，兴奋的
参考例句：
  • He is too feverish to rest.他兴奋得安静不下来。
  • They worked with feverish haste to finish the job.为了完成此事他们以狂热的速度工作着。
13 investors dffc64354445b947454450e472276b99     
n.投资者，出资者( investor的名词复数 )
参考例句：
  • a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
  • a cash bonanza for investors 投资者的赚钱机会
14 retail VWoxC     
v./n.零售；adv.以零售价格
参考例句：
  • In this shop they retail tobacco and sweets.这家铺子零售香烟和糖果。
  • These shoes retail at 10 yuan a pair.这些鞋子零卖10元一双。
15 volatility UhSwC     
n.挥发性，挥发度，轻快，（性格）反复无常
参考例句：
  • That was one reason why volatility was so low last year.这也是去年波动性如此低的原因之一。
  • Yet because volatility remained low for so long,disaster myopia prevailed.然而，由于相当长的时间里波动性小，灾难短视就获胜了。
16 slumped b010f9799fb8ebd413389b9083180d8d     
大幅度下降，暴跌( slump的过去式和过去分词 )； 沉重或突然地落下[倒下]
参考例句：
  • Sales have slumped this year. 今年销售量锐减。
  • The driver was slumped exhausted over the wheel. 司机伏在方向盘上，疲惫得睡着了。
17 banking aySz20     
n.银行业，银行学，金融业
参考例句：
  • John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
  • He possesses an extensive knowledge of banking.他具有广博的银行业务知识。
18 spike lTNzO     
n.长钉，钉鞋；v.以大钉钉牢，使...失效
参考例句：
  • The spike pierced the receipts and held them in order.那个钉子穿过那些收据并使之按顺序排列。
  • They'll do anything to spike the guns of the opposition.他们会使出各种手段来挫败对手。

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