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经过市场各方三个多月来的不懈努力,沪深股市6月中旬以前杠杆率过高的局面有了显著的改变,场内融资余额已悄然回到了年初的水平。现在不得不反思的一个问题就是,今后我们究竟该怎样来对待杠杆交易。在笔者看来,核心的一点是要让杠杆交易回归逆周期调节的本原,发挥其在逆周期调节中的功能。所谓逆周期调节,就是杠杆的使用与行情的运行客观
After more than three months of unrelenting efforts by all parties in the market, the leverage ratio in Shanghai and Shenzhen stock markets has changed significantly before mid-June. The balance of financing in the venue has quietly returned to the level of the beginning of the year. One issue that now has to be rethought is how we should deal with leveraged transactions in the future. In my opinion, the core point is to let leverage trading return to the counter-cyclical adjustment of the original, to play its role in counter-cyclical adjustment. The so-called inverse cycle adjustment, that is, the use of leverage and the operation of the market objective