[Explanation] On March 9, local time, the US stock market plummeted, and the three major stock indexes fell sharply by more than 7% at the opening of the market, triggering a fusing mechanism. This is the first time that US stocks have triggered a fusing mechanism since 1997. In response, Tan Yaling, chief economist of the China Foreign Exchange Investment Research Institute, said that the sharp drop in international oil prices was an important reason for the plunge in US stocks.
[Same Period] Tan Yaling, Chief Economist, China Foreign Exchange Investment Research Institute
Saudi Arabia used an extreme method, low oil prices to launch an impact on the market. So from this one, it is likely to intensify the further plunge of the US stock market. The decline in oil stocks in the US stock market has caused the US stock market's fuse mechanism to trigger a 15-minute suspension. The fusing mechanism is that when it falls or rises, if it exceeds a certain indicator limit, it will use the fusing mechanism to terminate the transaction, so as to avoid the mood of inertia that will cause the entire stock market to be destructive or essential. impact. Emotions plus liquidity plus US stocks are in a falling channel, so this phenomenon is not surprising.
[Explanation] Tan Yaling believes that the decline in international oil prices is a sharp short-term market fluctuation. Domestic refined oil prices will not fall sharply, and international oil prices may rebound.
[Same Period] Tan Yaling, Chief Economist, China Foreign Exchange Investment Research Institute
I think the prices of refined oil products have fallen, and I don't think I will choose now. Because this is a sudden and abnormal situation, after all, we are both an oil-producing country and an importing country on many levels. I think the (National) Development and Reform Commission may still weigh it. However, if we look at it from the perspective of our epidemic situation and industrial resumption, we are not particularly optimistic. Even if the oil (price) has fallen, our resumption of work has not fully started, and the association and normalization between the upstream and downstream (industry) have not appeared. So even if the oil (price) falls, will it have a great impact on China? Is uncertain. (International) Oil prices are likely to rebound, but to what extent, depending on the economic environment and epidemic situation, it is still uncertain. However, one thing can be confirmed, if all technical price indicators fall sharply, they will definitely rebound.
[Explanation] Compared with the US stock market, the Chinese stock market is relatively stable. On March 10, China's three major stock indexes turned red. Tan Yaling said that from the recent performance of the stock market, China's stock market is generally stable.
[Same Period] Tan Yaling, Chief Economist, China Foreign Exchange Investment Research Institute
When the turbulence of the external stock market is relatively large recently, in fact, according to the rhythm of our stock market, there is a big difference from the external stock market. Because our stock market is relatively stable after hovering. It is also related to our current special environment. Because of the impact of the epidemic, our policies may maintain stability. This intention is very prominent, including some reforms and the opening of the securities market. I think these may be our A different piece for other countries. The state of foreign capital entering the Chinese stock market is between good and bad, so there may be more favourable things. Therefore, the internal economic factors of the Chinese stock market and the external capital forces are combined to keep the Chinese stock market. Relatively stable.
[Explanation] From the perspective of investment, Bai Ming, deputy director of the International Market Research Institute of the Ministry of Commerce, believes that China has recently released large-scale investment projects in infrastructure projects. Impact, investors are advised to stay focused.
[Contemporary] Bai Ming, Deputy Director, International Market Research Institute, Ministry of Commerce
For the stock market, I think the future growth point may still be in technology, and investors may have to pay more attention to technology, especially the so-called new infrastructure technology-based infrastructure. (But) if the rise is too high, then there will be a big bubble, and this (investment) risk is high.
Lang Jiahui reports from Beijing
Editor-in-chief: [Li Yuxin]