<h1><br /><img alt="交易大厅内的中国股民（资料图片）。" src="http://ichef.bbci.co.uk/news/ws/660/amz/worldservice/live/assets/images/2016/02/25/160225075601_an_investor_reacts_while_monitoring_stock_data_on_an_electronic_board_at_a_securities_brokerage_house_in_beijing_china_24_august_2015_976x549_epa_nocredit.jpg" width="976" height="549" style="font-family: inherit; font-size: 14px; font-style: inherit; font-weight: inherit; letter-spacing: inherit; line-height: inherit; color: #bdbdbd; margin: 0px; padding: 0px; vertical-align: baseline; height: auto; max-width: 100%; -webkit-user-select: none; width: 645.781px; display: block; background-color: #111111;" /></h1><div property="articleBody" style="border: 0px; color: #404040; font-family: Helvetica, Arial, STHeiti, 华文黑体, \’Microsoft YaHei\’, 微软雅黑, SimSun, 宋体, \’WenQuanYi Micro Hei\’, sans-serif; font-size: 14px; line-height: 14.5455px; margin: 0px 53.7642px 0px auto; padding: 0px; vertical-align: baseline; background-color: #ffffff;"><figure style="border: 0px; color: inherit; font-style: inherit; font-family: inherit; font-weight: inherit; letter-spacing: inherit; line-height: inherit; margin: 32px -54.2188px 0px 0px; padding: 0px; vertical-align: baseline; clear: both; background-color: #111111;"><span style="border: 0px; color: inherit; font-style: inherit; font-family: inherit; font-size: 14px; font-weight: inherit; letter-spacing: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline; display: block; position: relative;"><span style="border: 0px !important; color: inherit; font-style: inherit; font-family: inherit; font-size: 14px; font-weight: inherit; letter-spacing: inherit; line-height: inherit; margin: 0px; padding: 0px !important; vertical-align: baseline; clip: rect(1px 1px 1px 1px); overflow: hidden; position: absolute !important; height: 1px !important; width: 1px !important;">Image copyright</span><span style="border: 0px; color: #ececec; font-style: inherit; font-family: inherit; font-size: 0.5625rem; font-weight: inherit; letter-spacing: 0.25px; line-height: 1; margin: 0px; padding: 3px 8px 1px; vertical-align: baseline; bottom: 0px; position: absolute; right: 0px; background: rgba(0, 0, 0, 0.6);">EPA</span></span><figcaption style="border: 0px; color: inherit; font-style: inherit; font-family: inherit; font-weight: inherit; letter-spacing: inherit; line-height: inherit; margin: 0px; padding: 16px; vertical-align: baseline; visibility: visible;"><span style="border: 0px !important; color: inherit; font-style: inherit; font-family: inherit; font-size: 14px; font-weight: inherit; letter-spacing: inherit; line-height: inherit; margin: 0px; padding: 0px !important; vertical-align: baseline; clip: rect(1px 1px 1px 1px); overflow: hidden; position: absolute !important; height: 1px !important; width: 1px !important;">Image caption</span><span style="border: 0px; color: #ececec; font-style: inherit; font-family: inherit; font-size: 0.75rem; font-weight: inherit; letter-spacing: inherit; line-height: 1.33333; margin: 0px; padding: 0px; vertical-align: baseline; display: block;">交易大厅内的中国股民（资料图片）。</span></figcaption></figure><p style="border: 0px; font-style: inherit; font-family: inherit; font-size: 1rem; font-weight: bold; letter-spacing: inherit; line-height: 1.5; margin-top: 28px; padding: 0px; vertical-align: baseline;">尽管撤换了备受指责的证监会最高官员并对监管部门和机构的腐败及投机行为进行了严厉整肃，中国股市本周仍在短暂复苏后持续下跌。</p><p style="border: 0px; font-style: inherit; font-family: inherit; font-size: 1rem; font-weight: inherit; letter-spacing: inherit; line-height: 1.5; margin-top: 18px; padding: 0px; vertical-align: baseline;">G20财长及央行行长会议周五（2月26日）将在中国上海举行，在会议之前一天的交易日，中国上证指数收盘暴跌6.4%，深成指当天也暴跌7.34%。</p><p style="border: 0px; font-style: inherit; font-family: inherit; font-size: 1rem; font-weight: inherit; letter-spacing: inherit; line-height: 1.5; margin-top: 18px; padding: 0px; vertical-align: baseline;">上证指数当天轻松跌破2800点大关，收于2741点。两市跌停及跌超9.9%的个股达1475家。</p><p style="border: 0px; font-style: inherit; font-family: inherit; font-size: 1rem; font-weight: inherit; letter-spacing: inherit; line-height: 1.5; margin-top: 18px; padding: 0px; vertical-align: baseline;">中国媒体用“黑色星期四”、“再现千股跌停”等词汇形容当天股市的惨状。分析称，3月1日新股注册制改革将开始实施、保监会投资禁令、金融机构外汇占款下降等消息导致了当天的股市大跌。</p><h2>刺激需求与汇率</h2><figure style="border: 0px; color: inherit; font-style: inherit; font-family: inherit; font-weight: inherit; letter-spacing: inherit; line-height: inherit; margin: 24px -24.6449px 0px 0px; padding: 0px; vertical-align: baseline; clear: both; background-color: #111111;"><span style="border: 0px; color: inherit; font-style: inherit; font-family: inherit; font-size: 14px; font-weight: inherit; letter-spacing: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline; display: block; position: relative;"><img src="http://ichef.bbci.co.uk/news/ws/624/amz/worldservice/live/assets/images/2016/02/25/160225080052_a_man_attends_the_2016_iif_g20_conference_at_the_financial_district_of_pudong_in_shanghai_china_february_25_976x549_reuters_nocredit.jpg" datasrc="http://ichef.bbci.co.uk/news/ws/320/amz/worldservice/live/assets/images/2016/02/25/160225080052_a_man_attends_the_2016_iif_g20_conference_at_the_financial_district_of_pudong_in_shanghai_china_february_25_976x549_reuters_nocredit.jpg" alt="G20财长和央行行长会议召开在即，中国上海街头的指示牌。" width="976" height="549" style="color: #bdbdbd; font-style: inherit; font-family: inherit; font-weight: inherit; letter-spacing: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline; height: auto; max-width: 100%; -webkit-user-select: none; width: 616.207px; transition: opacity 0.5s ease-in; display: block;" /><span style="border: 0px !important; color: inherit; font-style: inherit; font-family: inherit; font-size: 14px; font-weight: inherit; letter-spacing: inherit; line-height: inherit; margin: 0px; padding: 0px !important; vertical-align: baseline; clip: rect(1px 1px 1px 1px); overflow: hidden; position: absolute !important; height: 1px !important; width: 1px !important;">Image copyright</span><span style="border: 0px; color: #ececec; font-style: inherit; font-family: inherit; font-size: 0.5625rem; font-weight: inherit; letter-spacing: 0.25px; line-height: 1; margin: 0px; padding: 3px 8px 1px; vertical-align: baseline; bottom: 0px; position: absolute; right: 0px; background: rgba(0, 0, 0, 0.6);">Reuters</span></span><figcaption style="border: 0px; color: inherit; font-style: inherit; font-family: inherit; font-weight: inherit; letter-spacing: inherit; line-height: inherit; margin: 0px; padding: 16px; vertical-align: baseline; visibility: visible;"><span style="border: 0px !important; color: inherit; font-style: inherit; font-family: inherit; font-size: 14px; font-weight: inherit; letter-spacing: inherit; line-height: inherit; margin: 0px; padding: 0px !important; vertical-align: baseline; clip: rect(1px 1px 1px 1px); overflow: hidden; position: absolute !important; height: 1px !important; width: 1px !important;">Image caption</span><span style="border: 0px; color: #ececec; font-style: inherit; font-family: inherit; font-size: 0.75rem; font-weight: inherit; letter-spacing: inherit; line-height: 1.33333; margin: 0px; padding: 0px; vertical-align: baseline; display: block;">G20财长和央行行长会议召开在即，中国上海街头的指示牌。</span></figcaption></figure><p style="border: 0px; font-style: inherit; font-family: inherit; font-size: 1rem; font-weight: inherit; letter-spacing: inherit; line-height: 1.5; margin-top: 18px; padding: 0px; vertical-align: baseline;">中国资本市场的持续颓势似乎印证了20国集团财政及央行行长会议前夕国际机构和美国方面对于世界经济和中国经济的担忧。</p><p style="border: 0px; font-style: inherit; font-family: inherit; font-size: 1rem; font-weight: inherit; letter-spacing: inherit; line-height: 1.5; margin-top: 18px; padding: 0px; vertical-align: baseline;">国际货币基金组织（IMF）在20国集团（G20）财长及央行行长会议前夕警告称，在逆向冲击面前高度脆弱的世界经济正在走向进一步的衰退。衰退源自愈演愈烈的金融动荡和持续下跌的资产价格。</p><p style="border: 0px; font-style: inherit; font-family: inherit; font-size: 1rem; font-weight: inherit; letter-spacing: inherit; line-height: 1.5; margin-top: 18px; padding: 0px; vertical-align: baseline;">这份报告称，中国经济减速增加了各方对全球经济前景的担忧。而中国正处于25年来最慢的经济增长周期。</p><p style="border: 0px; font-style: inherit; font-family: inherit; font-size: 1rem; font-weight: inherit; letter-spacing: inherit; line-height: 1.5; margin-top: 18px; padding: 0px; vertical-align: baseline;">路透社预测，2月中国PMI指数将继续走低，显示中国制造业将进一步萎缩。今年1月的中国PMI指数创下2012年8月以来的新低。</p><figure style="border: 0px; color: inherit; font-style: inherit; font-family: inherit; font-weight: inherit; letter-spacing: inherit; line-height: inherit; margin: 24px -24.6449px 0px 0px; padding: 0px; vertical-align: baseline; clear: both;"><span style="border: 0px; color: inherit; font-style: inherit; font-family: inherit; font-size: 14px; font-weight: inherit; letter-spacing: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline; display: block; position: relative;"><img src="http://ichef-1.bbci.co.uk/news/ws/624/amz/worldservice/live/assets/images/2016/02/25/160225080330_a_man_attends_the_2016_iif_g20_conference_at_the_financial_district_of_pudong_in_shanghai__976x549_reuters_nocredit.jpg" datasrc="http://ichef-1.bbci.co.uk/news/ws/320/amz/worldservice/live/assets/images/2016/02/25/160225080330_a_man_attends_the_2016_iif_g20_conference_at_the_financial_district_of_pudong_in_shanghai__976x549_reuters_nocredit.jpg" width="976" height="549" style="color: inherit; font-style: inherit; font-family: inherit; font-weight: inherit; letter-spacing: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline; height: auto; max-width: 100%; -webkit-user-select: none; width: 616.207px; transition: opacity 0.5s ease-in; display: block;" alt="" /><span style="border: 0px !important; color: inherit; font-style: inherit; font-family: inherit; font-size: 14px; font-weight: inherit; letter-spacing: inherit; line-height: inherit; margin: 0px; padding: 0px !important; vertical-align: baseline; clip: rect(1px 1px 1px 1px); overflow: hidden; position: absolute !important; height: 1px !important; width: 1px !important;">Image copyright</span><span style="border: 0px; color: #ececec; font-style: inherit; font-family: inherit; font-size: 0.5625rem; font-weight: inherit; letter-spacing: 0.25px; line-height: 1; margin: 0px; padding: 3px 8px 1px; vertical-align: baseline; bottom: 0px; position: absolute; right: 0px; background: rgba(0, 0, 0, 0.6);">Reuters</span></span></figure><p style="border: 0px; font-style: inherit; font-family: inherit; font-size: 1rem; font-weight: inherit; letter-spacing: inherit; line-height: 1.5; margin-top: 18px; padding: 0px; vertical-align: baseline;">美国财政部高级官员周一则透露，敦促各国加大财政支出以提振经济增长是美国方面在此次G20会议上的主要议题。</p><p style="border: 0px; font-style: inherit; font-family: inherit; font-size: 1rem; font-weight: inherit; letter-spacing: inherit; line-height: 1.5; margin-top: 18px; padding: 0px; vertical-align: baseline;">这位要求匿名的美国财政部高级官员对法新社表示，美国财政部长雅各布•卢将赴中国上海参会，此后赴北京会见其他中国官员。</p><p style="border: 0px; font-style: inherit; font-family: inherit; font-size: 1rem; font-weight: inherit; letter-spacing: inherit; line-height: 1.5; margin-top: 18px; padding: 0px; vertical-align: baseline;">本月26-27日，G20的财长和央行行长将齐聚中国上海，预计全球增长、货币及汇率政策将成为此次会议的主要议题。</p><p style="border: 0px; font-style: inherit; font-family: inherit; font-size: 1rem; font-weight: inherit; letter-spacing: inherit; line-height: 1.5; margin-top: 18px; padding: 0px; vertical-align: baseline;">据透露，美国财长雅各布•卢将尝试在会议期间呼吁20国成员采取增加财政支出、货币政策以及结构性改革等措施刺激经济。</p><p style="border: 0px; font-style: inherit; font-family: inherit; font-size: 1rem; font-weight: inherit; letter-spacing: inherit; line-height: 1.5; margin-top: 18px; padding: 0px; vertical-align: baseline;">美国还在G20会议前夕再次表达了对人民币贬值趋势的关注并呼吁包括中国在内的所有国家避免采取竞争式贬值的方式刺激出口。</p></div>