Central bank: deposits 'diverted to stocks'

时间：2007-05-15 01:36:26

（单词翻译:单击）


 
May 14 - Reduced bank deposits by Chinese households suggest that a large amount of money is being invested in the capital market, according to the central bank.

 

Household deposits decreased by 167.4 billion yuan ($21.7 billion) in April. In contrast, they increased by 60.6 billion yuan ($7.9 billion) at the same time last year, the People's Bank of China said on its website yesterday.

 

The high growth rate of M1 a narrow measure of money supply that includes cash and demand deposits plus diminishing household deposits suggests Chinese households are keeping money on tap for investment in the capital market. The red-hot stock market has grown by more than 50 percent this year after doubling last year.

 

Stock mania1 is sweeping2 the country despite warnings of a speculative3 bubble but small investors4 are rushing to pull out money from bank savings5 accounts and deposits to pump them into the share market.

 

Some are even mortgaging their houses or dipping into retirement6 savings to feed the frenzy7.

 

Economists9 say the government should take steps to moderate the price surge or risk a sharp fall that could hurt millions of small investors.

 

"This is a very critical time. If policy adjustments take place now, the market can still have sustainable development," Hong Liang, a Goldman Sachs economist8, told Associated Press. "The longer they wait, the harder the eventual10 landing will be."

 

Enthusiasm for stocks is fueled in part by a lack of other attractive investments and low interest rates.

 

Some have made fortunes in the booming real estate market, but the government is cracking down on speculation11 to rein12 in soaring housing costs.

 

On Friday, the government announced it will raise the amount that Chinese banks are allowed to invest in stocks abroad, possibly diverting some of the money pouring into domestic markets. But economists said the amounts involved will be too small to affect the country's money flows.

 

Regulators have also discussed raising interest rates on bank savings to make them more attractive and creating other new investment options but have announced no timetable. There has also been some talk of imposing13 a capital gains tax to cool off speculation.

 

The securities watchdog on Friday urged stock exchanges, securities dealers14 and other authorities to educate investors about the risks of stock market trading.

 

The institutions must make investors understand that stock markets are risky15 and they should be cautious in entering, especially those who use all their savings or pawn16 their apartments for loans to invest in stocks, the notice by the China Securities Regulatory Commission (CSRC) said.

 

Saying that the number of "irregularities" in the stock market was rising, the CSRC also told listed companies, securities dealers and other related institutions to release accurate, authentic17, complete and timely information.

 

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点击收听单词发音收听单词发音  

1 mania 9BWxu     
n.疯狂；躁狂症，狂热，癖好
参考例句：
  • Football mania is sweeping the country.足球热正风靡全国。
  • Collecting small items can easily become a mania.收藏零星物品往往容易变成一种癖好。
2 sweeping ihCzZ4     
adj.范围广大的，一扫无遗的
参考例句：
  • The citizens voted for sweeping reforms.公民投票支持全面的改革。
  • Can you hear the wind sweeping through the branches?你能听到风掠过树枝的声音吗？
3 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。
4 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
5 savings ZjbzGu     
n.存款，储蓄
参考例句：
  • I can't afford the vacation,for it would eat up my savings.我度不起假，那样会把我的积蓄用光的。
  • By this time he had used up all his savings.到这时，他的存款已全部用完。
6 retirement TWoxH     
n.退休，退职
参考例句：
  • She wanted to enjoy her retirement without being beset by financial worries.她想享受退休生活而不必为金钱担忧。
  • I have to put everything away for my retirement.我必须把一切都积蓄起来以便退休后用。
7 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。
8 economist AuhzVs     
n.经济学家，经济专家，节俭的人
参考例句：
  • He cast a professional economist's eyes on the problem.他以经济学行家的眼光审视这个问题。
  • He's an economist who thinks he knows all the answers.他是个经济学家，自以为什么都懂。
9 economists 2ba0a36f92d9c37ef31cc751bca1a748     
n.经济学家，经济专家( economist的名词复数 )
参考例句：
  • The sudden rise in share prices has confounded economists. 股价的突然上涨使经济学家大惑不解。
  • Foreign bankers and economists cautiously welcomed the minister's initiative. 外国银行家和经济学家对部长的倡议反应谨慎。 来自《简明英汉词典》
10 eventual AnLx8     
adj.最后的，结局的，最终的
参考例句：
  • Several schools face eventual closure.几所学校面临最终关闭。
  • Both parties expressed optimism about an eventual solution.双方对问题的最终解决都表示乐观。
11 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。
12 rein xVsxs     
n.疆绳，统治，支配；vt.以僵绳控制，统治
参考例句：
  • The horse answered to the slightest pull on the rein.只要缰绳轻轻一拉,马就作出反应。
  • He never drew rein for a moment till he reached the river.他一刻不停地一直跑到河边。
13 imposing 8q9zcB     
adj.使人难忘的，壮丽的，堂皇的，雄伟的
参考例句：
  • The fortress is an imposing building.这座城堡是一座宏伟的建筑。
  • He has lost his imposing appearance.他已失去堂堂仪表。
14 dealers 95e592fc0f5dffc9b9616efd02201373     
n.商人( dealer的名词复数 )；贩毒者；毒品贩子；发牌者
参考例句：
  • There was fast bidding between private collectors and dealers. 私人收藏家和交易商急速竞相喊价。
  • The police were corrupt and were operating in collusion with the drug dealers. 警察腐败，与那伙毒品贩子内外勾结。
15 risky IXVxe     
adj.有风险的，冒险的
参考例句：
  • It may be risky but we will chance it anyhow.这可能有危险，但我们无论如何要冒一冒险。
  • He is well aware how risky this investment is.他心里对这项投资的风险十分清楚。
16 pawn 8ixyq     
n.典当，抵押，小人物，走卒；v.典当，抵押
参考例句：
  • He is contemplating pawning his watch.他正在考虑抵押他的手表。
  • It looks as though he is being used as a political pawn by the President.看起来他似乎被总统当作了政治卒子。
17 authentic ZuZzs     
a.真的，真正的；可靠的，可信的，有根据的
参考例句：
  • This is an authentic news report. We can depend on it. 这是篇可靠的新闻报道, 我们相信它。
  • Autumn is also the authentic season of renewal. 秋天才是真正的除旧布新的季节。

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