Beijing is too savvy – and interventionist – to allow that to happen. First of, rules drafted in 2006 are couched around with enough caveats to ensure only the most determined short sellers make it through the net. Stock can only be borrowed from a small clutch of brokers, a group not renowned for holding huge quantities of shares. Not all shares can be shorted. Worse, according to local brokers, only certain categories of investors will be able to short. This could exclude domestic mutual funds and the handful of foreign investors able to buy “A” shares. And should the whole experiment go horribly wrong, there can be little doubt that Beijing will nix it overnight. These are the regulators, after all, who increased stamp duty and equity issuance as the stock market bubble inflated, and took reverse steps once it burst.
manbetx3.0 官方是不会允许发生这种情况的，因为它一来聪明得很，二来还不惜动用干预手段。首先，2006年草拟的规则含有多项限制条款，意味着只有一些特定的卖空者才能进行卖空操作。只有一小批券商能够借出用于卖空的股票，而这些券商并不以持有大量股票而著称。也不是所有股票都能卖空。更糟的是，根据manbetx3.0 国内券商的说法，只有某些类别的投资者才能进行卖空操作。这一限制可能把国内共同基金和一小批能够买入A股的外国投资者拒之门外。再者，如果试点下来的情况很糟糕，北京无疑将在一夜之间叫停卖空操作。毕竟，manbetx3.0 监管机构在股市泡沫充气阶段提高印花税和股票发行量，在泡沫破灭后又采取相反步骤。