如果杰洛米?科維爾(Jér?me Kerviel)想找個藏身之所的話，他可能會考慮中國。
If Jér?me Kerviel is looking for a place to lie low, he might consider China.
法國興業(yè)銀行(Société Générale)這位年輕的交易員一手炮制了投資銀行歷大的欺詐案，一舉震驚了全球市場。不過，上周五，在上海的幾家證券營業(yè)部里，散戶投資者們想得更多的，還是中國國內(nèi)的問題。
The story of the young French trader at Société Générale blamed for the biggest fraud in investment banking history has stunned markets around the world, but in several brokerages in Shanghai on Friday individual investors had their minds on more home-grown concerns.
事實上，很多人都不知道法國興業(yè)銀行的這個丑聞。
Indeed, many were unaware of the scandal at the French bank.
“我聽說過美林(Merrill)和花旗(Citigroup)的事，但不知道這個法國的家伙，”整天呆在營業(yè)部里交易股票的李超（音譯）表示。
“I have heard about what is going on at Merrill and Citigroup but I do not know about this French guy,” said Li Chao, who spends his days trading shares at a Shanghai brokerage.
“不管怎樣，中國的事情和外國市場發(fā)生的事情不太一樣。”
“Anyway, things are a little different in China from what happens in foreign markets.”
與全球很多市場一樣，中國市場上周也經(jīng)歷了驚心動魄的一周，上海股市下跌了8.1%，創(chuàng)下90年代末以來的大單周跌幅。
Just as in many other markets globally, this has been a gruelling week for Chinese investors, who have seen shares in Shanghai fall by 8.1 per cent, the biggest weekly decline since the late 1990s.
在中國股市去年上漲近100%之后，這樣的動蕩在中國不斷壯大的短線交易大軍之中引發(fā)了緊張反應(yīng)，一些比較年輕的股民緊張不已，不知自己是否應(yīng)該全部賣出。
After a rise of nearly 100 per cent last year, such turmoil provoked nervous reactions among China’s swelling army of day traders, with some younger investors particularly rattled and wondering whether they should sell out completely.
然而，中國的券商也吸引了很多年紀較大的人，有些人很喜歡到這里來避寒。即使在上周二，上海股市下跌了7.2%，但在上海市中心的一個證券營業(yè)部里，仍有不少人在玩牌，很多婦女在織毛衣?！叭绻麖?0年代就開始炒股，你就會多次經(jīng)歷過這種暴跌，不會被這次的嚇倒，”退休工程師王杰（音譯）說道。
However, brokerages in China also attract a lot of older people, some of whom are glad to get in from the cold, and even on Tuesday – when the Shanghai market was falling 7.2 per cent – there were games of cards being played in one downtown trading room, and a handful of women knitting. “If you have been investing since the 1990s, you have seen these slumps several times and will not be scared away by this,” said Wang Jie, a retired engineer.
然而，年輕人和老年人都相信一點。他們認為，中國股市目前的關(guān)鍵因素不是次貸危機或更多流氓交易員，而是政府如何反應(yīng)。
Yet, young and old are convinced about one thing. The key factor for Chinese shares now is not the subprime crisis or more rogue traders, they believe, but how the government responds.
直到近，很多散戶還一直堅信，在8月份舉辦奧運會之前，*會推動股市繼續(xù)上漲。
Until recently, it had been an article of faith among many small investors that the authorities would generate a further boom in the run-up to the Olympics in August.
“當然，美國經(jīng)濟減速已開始影響中國，但我們都在等著看政府下一步會怎么做，”股民應(yīng)晶（音譯）表示。
“Of course, the slowdown in the US is starting to affect China but we are all waiting to see what the government does next,” said Ying Jing, another regular trader.
上周發(fā)布的官方數(shù)據(jù)顯示，在1億多個股票交易賬戶中，只有4300萬個賬戶真正有股票。假設(shè)多數(shù)投資者同時擁有滬市和深市的賬戶，那么，除了基金投資者外，直接投資股票的人只有大約2000萬。
Official figures released this week showed that only 43m of the more than 100m equity trading accounts actually owned any shares. Assuming that most investors have trading accounts at both the Shanghai and Shenzhen exchanges, that leaves about 20m people who have invested directly in stocks, on top of the millions who have put money into mutual funds.
一些分析師擔心，如果股價暴跌，政府可能面對巨大的政治壓力。
Some analysts fear the government risks a strong political backlash if share prices collapse.
雖然中國的散戶投資者似乎不關(guān)心外國的金融問題，但中國官方媒體卻在悄悄分析歐美的困境。
While China’s individual investors appear unconcerned about financial problems overseas, Chinese official media aimed a quiet dig at US and European difficulties.
新華社(Xinhua)在上周五的一篇報道中說：“從次貸危機到法國興業(yè)銀行欺詐案，事實表明即使在金融市場高度發(fā)達的西方經(jīng)濟體，風(fēng)險管理也依然是一個重要課題?！?BR> “From the subprime crisis to the fraud of SocGen, the facts show that even in the highly advanced financial markets of western economies, risk management is still is an important issue,” Xinhua news agency said in a report on Friday.
“其制度要達到完善水平還有很長的路要走?！?BR> “The system still has a long road to go before reaching the perfect state.“
If Jér?me Kerviel is looking for a place to lie low, he might consider China.
法國興業(yè)銀行(Société Générale)這位年輕的交易員一手炮制了投資銀行歷大的欺詐案，一舉震驚了全球市場。不過，上周五，在上海的幾家證券營業(yè)部里，散戶投資者們想得更多的，還是中國國內(nèi)的問題。
The story of the young French trader at Société Générale blamed for the biggest fraud in investment banking history has stunned markets around the world, but in several brokerages in Shanghai on Friday individual investors had their minds on more home-grown concerns.
事實上，很多人都不知道法國興業(yè)銀行的這個丑聞。
Indeed, many were unaware of the scandal at the French bank.
“我聽說過美林(Merrill)和花旗(Citigroup)的事，但不知道這個法國的家伙，”整天呆在營業(yè)部里交易股票的李超（音譯）表示。
“I have heard about what is going on at Merrill and Citigroup but I do not know about this French guy,” said Li Chao, who spends his days trading shares at a Shanghai brokerage.
“不管怎樣，中國的事情和外國市場發(fā)生的事情不太一樣。”
“Anyway, things are a little different in China from what happens in foreign markets.”
與全球很多市場一樣，中國市場上周也經(jīng)歷了驚心動魄的一周，上海股市下跌了8.1%，創(chuàng)下90年代末以來的大單周跌幅。
Just as in many other markets globally, this has been a gruelling week for Chinese investors, who have seen shares in Shanghai fall by 8.1 per cent, the biggest weekly decline since the late 1990s.
在中國股市去年上漲近100%之后，這樣的動蕩在中國不斷壯大的短線交易大軍之中引發(fā)了緊張反應(yīng)，一些比較年輕的股民緊張不已，不知自己是否應(yīng)該全部賣出。
After a rise of nearly 100 per cent last year, such turmoil provoked nervous reactions among China’s swelling army of day traders, with some younger investors particularly rattled and wondering whether they should sell out completely.
然而，中國的券商也吸引了很多年紀較大的人，有些人很喜歡到這里來避寒。即使在上周二，上海股市下跌了7.2%，但在上海市中心的一個證券營業(yè)部里，仍有不少人在玩牌，很多婦女在織毛衣?！叭绻麖?0年代就開始炒股，你就會多次經(jīng)歷過這種暴跌，不會被這次的嚇倒，”退休工程師王杰（音譯）說道。
However, brokerages in China also attract a lot of older people, some of whom are glad to get in from the cold, and even on Tuesday – when the Shanghai market was falling 7.2 per cent – there were games of cards being played in one downtown trading room, and a handful of women knitting. “If you have been investing since the 1990s, you have seen these slumps several times and will not be scared away by this,” said Wang Jie, a retired engineer.
然而，年輕人和老年人都相信一點。他們認為，中國股市目前的關(guān)鍵因素不是次貸危機或更多流氓交易員，而是政府如何反應(yīng)。
Yet, young and old are convinced about one thing. The key factor for Chinese shares now is not the subprime crisis or more rogue traders, they believe, but how the government responds.
直到近，很多散戶還一直堅信，在8月份舉辦奧運會之前，*會推動股市繼續(xù)上漲。
Until recently, it had been an article of faith among many small investors that the authorities would generate a further boom in the run-up to the Olympics in August.
“當然，美國經(jīng)濟減速已開始影響中國，但我們都在等著看政府下一步會怎么做，”股民應(yīng)晶（音譯）表示。
“Of course, the slowdown in the US is starting to affect China but we are all waiting to see what the government does next,” said Ying Jing, another regular trader.
上周發(fā)布的官方數(shù)據(jù)顯示，在1億多個股票交易賬戶中，只有4300萬個賬戶真正有股票。假設(shè)多數(shù)投資者同時擁有滬市和深市的賬戶，那么，除了基金投資者外，直接投資股票的人只有大約2000萬。
Official figures released this week showed that only 43m of the more than 100m equity trading accounts actually owned any shares. Assuming that most investors have trading accounts at both the Shanghai and Shenzhen exchanges, that leaves about 20m people who have invested directly in stocks, on top of the millions who have put money into mutual funds.
一些分析師擔心，如果股價暴跌，政府可能面對巨大的政治壓力。
Some analysts fear the government risks a strong political backlash if share prices collapse.
雖然中國的散戶投資者似乎不關(guān)心外國的金融問題，但中國官方媒體卻在悄悄分析歐美的困境。
While China’s individual investors appear unconcerned about financial problems overseas, Chinese official media aimed a quiet dig at US and European difficulties.
新華社(Xinhua)在上周五的一篇報道中說：“從次貸危機到法國興業(yè)銀行欺詐案，事實表明即使在金融市場高度發(fā)達的西方經(jīng)濟體，風(fēng)險管理也依然是一個重要課題?！?BR> “From the subprime crisis to the fraud of SocGen, the facts show that even in the highly advanced financial markets of western economies, risk management is still is an important issue,” Xinhua news agency said in a report on Friday.
“其制度要達到完善水平還有很長的路要走?！?BR> “The system still has a long road to go before reaching the perfect state.“