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2001年2月19日,中国证监会突然宣布 B 股市场向持有“合法外汇”的境内投资者开放。这对于当时还处于低迷的 B 股市场无疑是投下一颗重磅“炸弹”。同时,管理层为了抑制可能出现的猖狂的外汇“黑市”交易及 B 股复市后狂热的炒风,特别制定了一条规定,即2001年2月19日后存入境内商业银行的外汇资金在6月1日后方可进入 B股市场。由于该项政策的出台,很容易使投资者对 B 股的走势从时间上划分为两个阶段,即从2月28日到5月底为一个阶段,6月1日后为一个阶段。笔者对这个问题有两点见解:
On February 19, 2001, China Securities Regulatory Commission suddenly announced that the B-share market was open to domestic investors holding “legitimate foreign exchange”. This is undoubtedly cast a heavyweight “bombs” for the stock market was still in the doldrums. In the meantime, in order to curb possible rampant foreign exchange “black market” transactions and fanatic speculation after the B share market recovers, the management made a special provision that foreign exchange funds deposited into domestic commercial banks after February 19, 2001 After June 1 to enter the B-share market. As a result of the introduction of this policy, it is easy for investors to divide the trend of B shares into two phases from time to time: from February 28 to the end of May as a phase and after June 1 as a phase. I have two opinions on this issue: