So-called price-keeping operations by China’s monetary authorities (an approach tried in Japan in the early 1990s) are presumably the reason why the domestic stock market rose sharply over the last year, far beyond the levels warranted by the country’s economic fundamentals. The recent stock-market plunge suggests that investors have concluded that equity prices have become unsustainable.
中国货币当局所谓的维持价格操作（日本在20世纪90年代曾经尝试过）想必正是过去一年中国股市暴涨的原因，其涨幅远远超过了经济基本面所隐含的水平。最近的股市暴跌表明投资者认定股价已不可持续。