Stock price indexes in China had their sharpest one-day drop in eight years on Monday. Stock indexes also decreased around the world but to a lesser extent.
本周一，中国股票指数创下了八年以来最大单日跌幅。全球股票指数都在下跌但幅度较小。
The Shanghai Composite index lost 8.5 percent. Another index of the largest listed companies in Shanghai and Shenzhen, in southern China, fell by 8.6 percent.
上证综合指数下跌了8.5%。而在上海和深圳上市的大型公司指数下跌了8.6%（沪深300指数）。
Experts say Monday's price drop came from investors trying to secure profits following recent Chinese government efforts to support prices. In early July, China's central bank made billions of dollars available to brokerages. The money was for the purchase of shares in companies to prevent their prices from falling too far. At that time, more than 1,400 companies requested that trading in their stocks be stopped to avoid further losses. That number is now smaller.
专家表示，周一股票下跌源于投资者试图保住最近政府救市以来的收益。七月初，中国央行向券商提供了数十亿美元。这笔资金用于购买各个公司股份防止股价跌得太猛。当时有超过1400家公司申请停牌以避免进一步损失。目前这一数字已经缩小。
Other experts say investors reacted to reports that the International Monetary Fund wanted China to reduce its market intervention. Also, Chinese industrial companies reported earnings that were worse than expected and pork prices rose.
其它专家表示，投资者对国际货币基金组织希望中国减少干预市场做出了反应。此外，中国各行业企业盈利报告差于预期，同时猪肉价格上涨。
Raymond Yeung is a China economist at the Australia and New Zealand Banking Group. He says the main reason for the sharp drop is that Chinese stock markets are not done de-leveraging. De-leveraging means to reduce the amount of money borrowed to pay for investments.
雷蒙德·杨（Raymond Yeung）是澳新银行的中国经济学家。他说，大跌的主要原因是中国股市没有实现去杠杠化。去杠杆化意味着减少用于投资的借贷资金。
"Because of the high leverage exposure of the Chinese markets, anything that triggers a decline in such a short time will see some negative spiral effects in such highly leveraged markets," Yeung says.
“因为中国市场的高杠杆曝光，在如此短时间内触发下跌就会看到高杠杆市场的负面螺旋影响。”
Many investors borrowed money to buy stocks as China's mainland stock markets rose by about 150 percent over the past year. Borrowing in this way is known as margin lending. But as markets have fallen, many investors could struggle to pay back the loans.
随着过去一年中国内地股市上涨了150%，许多投资者借钱购买股票。这种借贷方式被称之为保证金贷款（融资）。但是随着市场下跌，很多投资者可能很难偿还借款。
Raymond Yeung says he expects Chinese stock regulators to continue restricting such practices.
雷蒙德·杨表示，他预计中国监管机构会继续限制这种做法。
China has taken a number of measures to try to make sure the markets do not fall. These include requiring anyone with five percent of shares in a company to hold them for six months.
中国已经采取了一些措施试图确保股市不再下跌。这些措施包括要求占公司5%份额的任何股东持有股票半年。
Lu Suiqi is an associate professor of economics at Peking University. He says regulators will not be able to keep the markets from falling, and they should not try to do so. Mr. Lu says Chinese stocks remain too costly.
Lu Suiqi是北京大学经济学助理教授。他说，监管机构无法防止市场下跌，而且他们不应该试图这样做。他说中国股价仍然过高。
"The government's rescue measures could curb the slides in a short term, but are powerless in reversing the long-term trend," he says.
“政府的措施可以段时间遏制下滑，但是无力扭转长期趋势。”
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