In doing so, China’s regulatory authority changed many well-established rules of the game virtually overnight. And, while massive official intervention may have halted the rout, it could have permanently damaged regulators’ credibility.
为此，中国监管当局几乎在一夜之间打破了许多早已完善的规则。此外，尽管大规模官方干预或许阻止了崩盘，但也过早透支了监管者的信誉。而这完全是没有必要的；银行并未过度暴露在风险中，也不存在任何系统性风险。