The most important instrument driving this surge was margin trading, which enabled investors to borrow heavily to purchase shares. According to Bank of America strategist David Cui, some CN¥7.5 trillion ($1.2 trillion) in market positions are being carried on margin, “equivalent to some 13% of A-share’s market cap and 34% of its free float.”
助力这波涨势的最重要的工具是保证金交易。保证金交易让投资者大量借钱购买股票。据美国银行策略师崔伟的估计，7.5万亿元人民币的股票头寸来自保证金，“相当于A股市值的13%和流通市值的34%。”