China LPR cut comes as no surprise. Now 20 companies leveraging PBOC buyback facility to borrow to buy its own stock.
中国贷款市场报价利率（LPR）下调并不意外。目前已有20家公司利用中国人民银行（PBOC）的回购设施借款以购买自身股票。
“More than 20 Chinese listed companies have announced plans to tap special central bank lending for share purchases, according to exchange filings, days after the People’s Bank of China (PBOC) kicked off the $42 billion funding scheme.” (RTRS)
“据交易所文件显示，在中国人民银行启动420亿美元资金计划后，已有超过20家中国上市公司宣布计划利用该央行特别贷款进行股票回购。”（路透社）
Chinese stocks fading with HSI down nearly -2% while onshore is closer to flat (shprop is up 2%). Copper bouncing +1% alongside the rest of base and oil recovering from its sell-off last week. Dollar modestly higher.
中国股市下跌，恒生指数（HSI）下跌近2%，而A股几乎持平（地产股上涨2%）。铜价上涨1%，与其他基础金属一道反弹，石油则在上周的抛售后有所回升。美元小幅上涨。
Flows last week showed a clear stop into general risk. “Largest weekly net buying in 5 months driven by long buying activity…North America was the most net bought region while EM was the most net sold region driven by selling in China, which saw the largest 2-week net selling in almost 4 years” (PB).
上周的资金流动显示出明显的止损迹象。
“这是五个月来最大的一周净买入，主要由多头买入推动…北美是净买入最多的地区，而新兴市场是净卖出最多的地区，主要由于中国市场的抛售，中国市场经历了近四年来最大规模的两周净卖出。”（PB）
Think last few weeks been all about stopping market participants into the tape at a time where they wanted to exercise caution. With only a few weeks to the election, it feels that the Republican sweep outcome is increasingly being priced…this despite some historic unreliability from betting markets/polls.
过去几周，市场参与者在想采取谨慎态度时，却被迫进入市场。距离大选仅剩几周，市场似乎越来越多地计入共和党大获全胜的可能性…尽管历史上投注市场/民意调查并不完全可靠。