外媒问我支持不支持熔断?

外狙强敌，内管小弟 。

你说我滋持不滋持，当然滋持。也观察到，具体操作也在改良中。

"There are clearly state funds, around 40-50 billion yuan, entering the
market after 2:15pm to pull up the index, buying stocks like China Life, Ping
An Insurance and oil producers. The market had to digest all sorts of negative
news yesterday including Middle East tensions and weaker yuan, and the circuit
breaker mechanism and concerns over share sale ban served as the excuses to
sell. The circuit breaker may help fend off some investors unfavored by the
government, and after the test yesterday, the government will be able to
stabilize the stock market by both administrative orders and use of support
funds, and so far it looks they are using both tools relatively well." 
Yin Ming, vice president of Shanghai based investment firm Baptized
Capital, says by phone。

附彭博社全文

Sent From Bloomberg Mobile MSG

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China Stocks Eke Out Gains Amid State Buying After Monday’s Rout

2016-01-05 09:35:00.496 GMT

By Bloomberg News

     (Bloomberg) -- China’s stocks rose in volatile trade as

state-backed funds were said to intervene after a plunge on

Monday wiped out $590 billion of market value.

     The CSI 300 Index advanced 0.3 percent at the close after

swinging between a gain of 1.4 percent and a loss of 2.7

percent. Trading was halted on Monday after the gauge plunged 7

percent, triggering new market circuit breakers that some

analysts said exacerbated the sell-off.

     State-controlled funds bought equities and the securities

regulator signaled a selling ban on major investors will remain

beyond this week’s expiration date, according to people familiar

with the matter. The China Securities Regulatory Commission also

suggested it’s open to tweaking the circuit breakers, while the

central bank conducted the biggest reverse-repurchase operations

since September.

     "The government will be able to stabilize the stock market

by both administrative orders and use of support funds," said

Yin Ming, vice president of Shanghai-based investment firm

Baptized Capital. "The circuit breaker mechanism and concerns

over share sale ban served as excuses to sell."

     The Shanghai Composite Index lost 0.3 percent, while the

Hang Seng China Enterprises Index retreated 1 percent, extending

its steepest decline since August on Monday.

     Equities slumped worldwide on Monday in the wake of the

selloff in mainland equities. Chinese stocks’ influence on

global markets has increased after the nation’s $5 trillion

equity market rout, when the Shanghai gauge tumbled more than 40

percent from mid-June through its August low, rattled investor

confidence in the world’s second-largest economy.

     Chinese policy makers, who went to unprecedented lengths to

prop up stock prices during a summer rout, are trying to prevent

financial-market volatility from weighing on an already-slowing

economy. The nation’s first economic reports of 2016 showed a

series of interest-rate cuts and increased fiscal stimulus have

failed to boost flagging growth by the nation’s manufacturers.

     The central bank offered 130 billion yuan ($19.9 billion)

of seven-day reverse repos on Tuesday at an interest rate of

2.25 percent. The overnight repurchase rate fell 1 basis points

to 2.01 percent after climbing to its highest since April on

Dec. 31.

     While the regulator reiterated that circuit breakers play

an important role in stabilizing the market, Citigroup Inc.,

Deutsche Bank AG and Nomura Holdings Inc. said the rules failed

to restore calm on Monday as investors scrambled to exit

positions before getting locked in by the halts. Changes

suggested by analysts include widening the threshold for the

first halt beyond 5 percent and creating a bigger gap between

trigger levels for the initial suspension and the full-day halt.

     A gauge of short-term price swings held Monday’s surge. The

Shanghai Composite’s 10-day historical volatility was at 39.4,

the highest since September, after almost doubling yesterday.

     "The market lacks strong buying momentum so the Shanghai

index will likely trade around 3,300 points," said Shenwan

Hongyuan Group Co. director Qian Qimin.

     The impact of circuit breakers on the mainland is posing a

new threat to Chinese shares in Hong Kong, already battered by

the nation’s economic slowdown, a falling yuan and vanishing top

executives. The Hang Seng China Enterprises fell as much as 4.4

percent on Monday after trading halts in Shanghai and Shenzhen

spurred investors to shift sell orders to Hong Kong.

     “Now it is up to Hong Kong to carry the burden, as traders

who cannot sell their mainland portfolio will likely use Hong

Kong," said Hao Hong, chief China strategist at Bocom

International Holdings Co. in the city, who called both the boom

and bust in mainland share prices last year. “Many traders are

disenchanted.”

     The H-share gauge is valued at the biggest discount versus

the MSCI All-Country World Index since 2003, according to data

compiled by Bloomberg. The measure trades at 6.8 times earnings,

ranking it among the cheapest gauges tracked by Bloomberg after

indexes in Zambia, Lebanon, Kazakhstan and Laos.