when equity trading was halted after prices fell by 7%.

星期一的恐慌拋售使股價下跌7%，股權交易也就終止。

It's not clear what caused the panic, there was some bad manufacturing numbers,

造成恐慌的原因並不清楚，可能是有一些表現不好的製造業，*

it was also the prospect of mass selling by big investors after the end of a lock-in period imposed on them

在許多大投資客在套牢期間結束後，開始大量拋售

after last summer's route on the Shanghai exchange, which is due to be lifted on Friday.

套牢從去年夏天上海證券交易所開始，即將在週五解除。*

The government said today the lock-in might be extended

政府今天指出套牢期間可能會延長，

and it also seems to have sent in state banks to buy shares.

這似乎也讓國內的銀行購買股票。*

Even with those factors in place, some Chinese analysts are calling this week's panic irrational.

雖然是上述原因造成此次拋售，但有些中國的分析師稱這次拋售「非理性恐慌」。

Maybe it is part of a new more volatile world opening up in 2016.

這可能也是造成2016年世界更不穩定波動的原因之一。

Since the global financial crisis, central banks in developed markets have been deliberately squashing market volatility.

自從全球金融海嘯以來，已開發國家的中央銀行都刻意的擠壓市場波動。

Now the US Federal Reserve has reversed direction,

現在美國聯準會開始改變方向，

unlike the European Central Bank and the Bank of England.

不像歐洲央行跟英格蘭銀行。

Maybe what's happening in China this week marks our first move into what some analysts are calling uncharted waters.

這週中國發生的拋售事件可能會影響分析師對這片未知水域所做出的決策。

As well as buying stocks, Beijing was buying the Renminbi on Tuesday to try and bring some sense of stability,

除了買股票外，北京也在星期二購買人民幣，試著維持市場的穩定性，

but few people doubt that the Chinese currency will continue to depreciate as it did last year.

但是有些人懷疑人民幣是否會像去年一樣持去走貶。

This only adds to global deflationary pressures, especially on other emerging markets.

這只會增加全球通貨緊縮壓力，特別是在新興市場。

We knew 2016 was going to be a challenging year for emerging economies,

對新興經濟市場來說，2016年會是一個充滿挑戰的一年，

we didn't know it would get off to a start like this one.

我們不確定他是否會像中國市場一樣，有這樣的開始。*