While the government has assembled considerable firepower to limit the unwinding of a spectacular bubble, the overhang of highly leveraged speculative demand is disconcerting. Indeed, in the 12 months ending in June, margin financing of stock purchases nearly tripled as a share of tradable domestic-equity-market capitalization.
中国国内股市基本上仍处于封闭状态，因此很难知道此次修正走势的动物精神何时耗尽。政府集中了大量弹药遏制一个巨大的泡沫的破裂，但高杠杆投机性需求的堆积令人不安。事实上，在截至6月的12个月中，保证金融资买入股票规模占国内股市流通市值之比翻了近三倍。