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Remember, back in November, when China overtook Japan in stock market capitalisation? Well now there's no contest: China's market is worth about $1tn more (see chart).
去年11月，中国股市总市值就已超越了日本。如今差距再度拉大：中国股市总市值已较日本高出约1万亿美元
The Shanghai Composite jumped 2.1 per cent on Wednesday, marking a new high since May 2008. Year to date the Shanghai index has now risen 10.6 per cent.
周三，上证综指(Shanghai Composite)大涨2.1%，创2008年5月以来新高。今年迄今，上证综指累计上涨10.6%
That undershoots a 12 per cent gain for Tokyo's Nikkei 225 this year. It's is at a 15-year peak.
东京日经225指数(Nikkei 225)今年涨幅达到更高的12%，创15年新高。
But whereas Japanese rallies are correlated with a weakening yen, China's renminbi is pegged to the US dollar, which has been hitting 12-year highs against a basket of currencies.
但日本股市上涨的同时，日元在走低，而与美元挂钩的人民币则与美元一同走高。衡量美元对一揽子货币汇率变化的美元指数已创下12年新高。
So in US dollars, the capitalisation of China's stock market — a broader measure than just Shanghai — has gained 18.2 per cent this year. Japan's stock market cap, by contrast, is up 9.8 per cent, according to Bloomberg data (both as of Tuesday).
按美元计，中国股市总市值今年累计升高18.2%。相比之下，日本股市总市值则升高9.8%（均根据截至周二的彭博数据）。
Shanghai's trading volumes today were 91 per cent higher than the 30-day average, as the market gained for a sixth straight day. The materials, industrial and financial sectors each rose more than 2.3 per cent. As with many global markets, the rally is driven by speculation about policymaker moves.
周三，上交所成交量较30日平均水平高出91%，股市连续第6天上涨。原材料、工业和金融板块涨幅均高于2.3%。与许多全球性市场类似，这轮上攻行情也是由市场对政策制定者宽松政策的预期驱动的。
"Monetary policy is easing, the government is alluding to more stimulus and the threat from the property slump is receding a bit," said Shane Oliver, chief economist at AMP Capital. "While a re-run of last year's 50 per cent gain is unlikely, Chinese shares remain attractive."
“货币政策开始放松，政府暗示或加大刺激力度，房地产不景气的威胁减轻了一点儿，”安保资本(AMP Capital)首席经济学家谢恩•奥利弗(Shane Oliver)说。“尽管像去年那样上涨50%不大可能，但中国股票仍有吸引力。”
