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The market's focus was pretty squarely on the Chinese central banks move to cut both the benchmark lending rates and a short-term policy interest rate.
市场的焦点全部集中在中国央行下调贷款基准利率和短期政策利率的举措上。
10 basis point cuts to the 1 year and 5 year loan prime rates or LPRs will impact consumer and mortgage lending.
1年期和5年期贷款市场报价利率（LPRs）下调10个基点，将对消费者和抵押贷款产生影响。
The other cut was to the 7-day reverse repurchase rate which is basically just the interest rate that banks pay to the central bank for short-term loans.
另一降息是7天期逆回操作利率，也就是银行向央行支付的短期贷款利率。
All this taken together looks like an effort to boost economic growth by pulling on the monetary policy levers.
所有这些结合到一起来看，似乎是努力通过拉动货币政策杠杆来促进经济增长。
Investor confidence is still at a pretty low ebb though, and the Shanghai Composite Index shed another 0.6% today.
尽管如此，投资者信心仍然处于相当低的水平，上证综合指数今天又下跌了0.6%。
Energy stocks were among the hardest hit.
能源股是受冲击最严重的股票之一。
A report from Morgan Stanley out today says that the global oil market is likely to be in surplus next year, and it flags significant price declines.
摩根士丹利今天发布的一份报告称，明年全球石油市场可能出现供应过剩，并预示着油价将大幅下跌。
Output growth is expected to be well ahead of demand growth according to that report.
根据该报告，预计石油产量增长将远远超过需求增长。
PetroChina stocks led the market lower, shedding 3.4%.
中石油股价领跌大盘，下跌3.4%。
Consumer and financial stocks were falling too.
消费类和金融类股票也在下跌。
