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2007年2月27日,中国股市的暴跌270余点引发了美国、欧洲日本及港台股市的大幅下挫。于是,关于中美股市是否存在联动性问题又一次成为人们关注焦点。本文剖析了中美两国股市长期来没有出现联动性的原因,如中美两国宏观实体经济走势的不同、汇率走势不同、货币流动性充裕程度不同以及市场开放程度不同等等,据此论证了中美股市在将来相当长一段时间里也不存在实质性的正相关联关系。
On February 27, 2007, a plunge of more than 270 points in the Chinese stock market triggered a sharp fall in the stock markets of the United States, Japan, Hong Kong and Taiwan in Europe. As a result, once again, the issue of the linkage between China and the United States stock market has become the focus of attention. This article analyzes the reasons for the lack of linkage between China and the United States in the long run. For example, the macroeconomic trends in China and the United States are different, the exchange rate movements are different, the degree of currency liquidity is different, and the degree of market opening is different. Sino-US stock market in the future for a long period of time there is no substantive positive correlation.