上周，在中国两大证券交易所过半数股票停牌的情况下，挂钩中国股市的交易所交易基金(ETF)经历了一场极限压力测试。
Exchange traded funds linked to China’s equity market underwent extreme stress testing last week after trading was halted on more than half of companies listed on the country’s two main stock exchanges.
根据数据供应商EPFR的数据，跟踪中国股市的ETF上周获得了创纪录的135亿美元资金净流入。一位证券经纪人推测，中国政府正把ETF用作股市维稳工具之一。
ETFs tracking Chinese stocks had a record weekly inflow of $13.5bn, according to figures from EPFR, the data provider. This led one broker to suggest the authorities in Beijing were using ETFs as part of the barrage of support measures aimed at stabilising the equity market.
美银美林(Bank of America Merrill Lynch)表示，资金集中流入在中国内地上市的A股ETF，“反映的是托市举措，而非私营部门的需求”。
Bank of America Merrill Lynch said the concentration of inflows into locally listed A-share ETFs “signal market support measures rather than private sector demand”.
尽管中国政府推出种种举措试图阻止股市暴跌，但在境外上市的A股ETF仍可继续交易。此次暴跌导致A股蒸发逾3万亿美元市值。
Chinese equity ETFs listed outside the mainland were able to continue trading despite authorities in Beijing introducing measures to try and stem the stock market rout, which saw more than $3tn wiped off the value of companies.
德意志资产及财富管理(Deutsche Asset and Wealth Management)亚洲被动资产管理部门主管马尔科•蒙塔纳里(Marco Montanari)表示：“尽管标的股票停牌，但我们跟踪中国A股的EFT仍然交易活跃。”
“Although there have been suspensions in underlying stocks, our ETFs referencing China A-shares continue to trade robustly,” said Marco Montanari, head of passive asset management in Asia at Deutsche Asset and Wealth Management.
蒙塔纳里补充称，由于市场波动性上升，中国ETF的交易成本有所升高，但流动性仍然充沛。该公司在美国上市的中国A股ETF上周交易额超过17亿美元。
The costs of buying and selling Chinese ETFs rose in response to the increase in market volatility but liquidity remained plentiful, added Mr Montanari. DeAWM’s US-listed China A-shares ETF experienced more than $1.7bn in trading last week.
ETF Securities驻伦敦执行董事Howard Li表示：“中国A股ETF正成为有用的价格发现工具。那些直接持有停牌股票的投资者无法交易，而持有ETF的投资者仍可在这个动荡的市场获得流动性。”
Howard Li, an executive director at ETF Securities in London, said: “The China A-shares ETFs are acting as a helpful price-discovery vehicle. Those investors that hold suspended stocks directly are unable to trade, while ETF holders still currently have access to liquidity in this volatile market.”
为境外资金提供中国A股直接敞口（不利用衍生品）的ETF于2013年底首次在美国推出，2014年初在欧洲问世。
ETFs offering direct access (without the use of derivatives) to China A-shares were first launched in the US in late 2013 and in Europe in early 2014.
初期，市场对这些ETF的需求相当强劲。根据咨询公司ETFGI的数据，2014年，在欧洲和美国上市的中国ETF的资金流入规模接近12亿美元。然而，亚太地区出现的抛售压力抵消了这些正向流入，去年该地区投资者从中国ETF中撤资38亿美元。
Early demand for these new products was strong. Chinese ETFs listed in Europe and the US gathered just under $1.2bn in inflows in 2014, according to ETFGI, a consultancy. However, these positive inflows were offset by selling pressure in the Asia-Pacific region, where investors withdrew $3.8bn last year.