After the government clamped down on that too, the liquidity was channeled toward stock exchanges; once those crashed, it sloshed into the bond market. But the bond market is not large enough to absorb it all, so some has now returned to the stock exchanges, leading to a partial recovery in share prices, with the Shanghai index reaching 3,500.
一开始，过剩流动性助长了房地产泡沫。政府打压住宅和商用项目贷款后，高风险影子银行活动激增。政府打压影子银行后，流动性来到了股市；股市崩盘后，流动性又融入了债市。但债券市场不够大，吸收不了那么多流动性，因此其中一些流动性又回到了股市，股价出现了局部反弹，上证综指达到了3,500点。