Eric raised a
speculative eyebrow.
埃里克疑惑地耸起了眉毛。
Tom's conclusions are purely
speculative.
汤姆的结论完全是推测而来的。
What you found was not just
speculative.
你们发现的不仅仅是猜测。
The scientist proposed a
speculative theory about the existence of parallel universes.
这位科学家提出了一种关于平行宇宙存在的推测性理论。
The article discussed
speculative investments in emerging technologies that could yield high returns.
文章讨论了对新兴技术的投机性投资，这些投资可能带来高回报。
Her latest novel is a work of
speculative fiction, imagining a world where humans can time travel.
她的最新小说是一部推测性小说，构想了一个人类可以时间旅行的世界。
The company made a
speculative bid for the competitor, hoping to expand its market share.
这家公司出于投机目的对竞争对手提出了收购报价，希望能扩大市场份额。
The economist's report included
speculative assumptions about future interest rates.
经济学家的报告中包含了对未来利率的推测性假设。
He engaged in
speculative trading, buying stocks based on rumors rather than solid analysis.
他从事投机交易，根据谣言而非扎实的分析购买股票。
The documentary explored
speculative scenarios of how artificial intelligence might evolve in the next century.
这部纪录片探讨了人工智能在未来一个世纪如何发展的几种推测性情景。
Their decision to open a new store was based on
speculative market research rather than actual demand.
他们开设新店的决定是基于推测性的市场调研，而不是实际需求。
The historian's book offers a
speculative account of what might have happened if key events unfolded differently.
历史学家的书提供了一个推测性的叙述，讲述了如果关键事件以不同方式展开可能会发生什么。
The art piece invited viewers to engage in
speculative thinking about humanity's relationship with nature.
这件艺术品邀请观众就人类与自然的关系进行推测性思考。
Vanke Chairman Yu Liang said that the company, confronted with extreme uncertainty in 2019, will abandon any speculative attitude or reliance on bull market thinking.
The policy came as the government increased scrutiny of overseas investment and reined in speculative deals by Chinese companies in some industries and sectors, such as equity investment funds, and the defense sector.
But the Chinese government has increased scrutiny on overseas investment and tightened restrictions on speculative deals by Chinese companies in sectors such as property, sports and entertainment.
Huang Fusheng, an analyst at Pacific Securities, said in the past three years, the growth rate of Moutai's net profit had been lower than 10 percent, its shares had been affected by speculative investment.
On March 26, Beijing housing authorities tightened regulations on commercial real estate projects as a way to cool down a housing market with soaring prices fueled by speculative buyers.
Meanwhile, the risks of speculative activity on domestic financial assets by overseas speculators cannot be overlooked.
For instance, some private enterprises, particularly those in the real estate sector, exhibit speculative intentions, prioritizing scale and borrowing, disregarding risks and holding out expectations that lenders will always come to their rescue.
"Reasonable housing financing has been improved, raising the confidence of the main body of the market," he said, adding policies to support first and second home purchases have been implemented and taken effect, and measures to prevent speculative purchases of housing are in place.
"Yet, the policy will still be tailor-made to meet the demand of those with a basic housing need and those who need to improve their housing conditions, and at the same time, curb speculative investment in the housing market," said Qin Hong, senior researcher at the National Academy of Development and Strategy, which is part of the Renmin University of China in Beijing.
US balance sheet trimming effects possible to be offset with growthThe US Federal Reserve's balance sheet reduction, starting from Wednesday, could have a spillover effect of eroding global asset prices and driving speculative money back to the United States, including some from China, experts said on Tuesday.
The Fed's swift policy adjustments will have a tightening effect on the global economy and could potentially drive some speculative money out of China to the US for higher yields, Liu said, though long-term investors are expected to continue to increase allocations in renminbi-denominated assets.
"The capital outflow pressure facing the Chinese economy is expected to remain controllable as many long-term investors could still scale up their strategic allocation in Chinese financial assets, which will buffer the outflow of short-term speculative money," said Wang Qian, Vanguard's Asia-Pacific chief economist.
Considering the novelty of carbon trading, the Ministry of Ecology and Environment, which oversees the national carbon market, remains wary of the speculative trading of financial institutions.
Xin suggested farmers pay more attention to the early warning information from agricultural authorities and not arrange production with a speculative mentality.
The more the investors expect to see commodity price hikes, the stronger the speculative atmosphere.
"But we need to monitor the changes in stock prices and exchange rates in order to avoid huge outflows of foreign capital for speculative purposes," Huang said.
"Risk prevention and control must be enhanced on an ongoing basis to prevent the speculative use of insurance funds.
The main purpose of levying real estate tax is to prevent investment speculation, but in the current market situation, the principle of "houses are for living in and not for speculative investment" still applies.
Home consumption is regarded as a key driver for economic growth, not only because of the large existing demand for leasing and trading for living rather than speculative purposes, but also for the huge potential throughout the property sector industrial chain, said Li Yujia, chief researcher at the Guangdong Housing Policy Research Center.
"Upholding the principle that houses are for living in, not for speculation, local governments are taking differentiated measures to release the existing homebuying demand and put a lid on speculative activities at the same time," said Chen Jie, director of Shanghai Jiao Tong University's Center for Housing and Urban-Rural Development.
"Chen and Li are just two examples of "rigid demand" homebuyers in the nation's real estate market, where a tight grip is kept on speculative activities and support is given to rational home buying.
More specifically, down payments and interest rates for first-time homebuyers will remain stable, but speculative activities will be more widely discouraged.
At an executive meeting of the State Council in late October, China ordered concerted efforts to ensure coal production and transportation, increase gas supplies and crack down on speculative activity in the market.
Other key factors are recent measures to stabilize land prices, home prices and market expectations, support to enhance variety in supply, and the establishment of a long-term development mechanism for the real estate market, said Ding Zuyu, CEO of E-House (China) Enterprise Holdings Ltd. "It is expected that as speculative investors step outside the market, real homebuyers will find more options for their dream homes," Ding said.
Xu Xiaole, chief analyst with the Beike Research Institute, said the real estate market should guard against systemic risk and steer clear of speculative activities.
贝壳研究院首席分析师许小乐表示，房地产市场应防范系统性风险，避免投机行为。
Under the central government's keynote guideline of "housing is for living in, not for speculation", speculative demand in smaller cities will retreat once the market trend changes, and home prices will decline accordingly as rigid demand fails to support current price levels.
在中央政府“房子是用来住的，不是用来炒的”这一主基调指导下，一旦市场趋势发生转变，中小城市的投机性需求将退潮，而刚性需求又无法支撑当前房价水平，届时房价将会相应下跌。
Under the pilot tax, the cost of owning properties will be heightened, which is unwelcome news for speculative investors with properties and high-end residential apartments in their investment portfolio.
在试点税收政策下，持有房产的成本将会提高，这对投资组合中包含投机性房产和高端住宅公寓的投资者来说无疑是坏消息。
"The announcement of the experimental real estate tax sends an important signal that on the road to realizing common prosperity, families' disposable incomes should be more invested into the real economy rather than speculative activities with lots of risk," said Yan Yuejin, director of the Shanghai-based E-house China Research and Development Institution.
“试点开征房地产税的宣布传递出一个重要的信号，即在实现共同富裕的道路上，家庭可支配收入应更多地投向实体经济，而非充满风险的投机行为，”上海易居房地产研究院研究发展部总监严跃进表示。
In the real estate industry, it is extremely difficult to distinguish between investment and speculative housing purchases for two reasons: the first is a lack of alternative investment channels; the second relates to traditional Chinese culture, in which homeownership is of great significance.
在房地产行业中，要区分投资性购房和投机性购房极为困难，原因有二：其一，是由于缺乏其他投资渠道；其二，与中国传统文化有关，在其中，房屋所有权具有重大意义。
It should popularize the philosophies of long-term investing, rational investing and value investing with investors, rather than cultivating a speculative market atmosphere, he said.
他表示，应向投资者普及长期投资、理性投资和价值投资的哲学理念，而非营造投机市场氛围。
Since the beginning of the year, the Shanghai municipal government has announced a series of measures vis-a-vis land supply, land bidding, home prices and new home transactions, which have effectively eliminated speculative investment and protected the actual residential demand, according to experts.
据专家介绍，自年初以来，上海市人民政府已公布了一系列关于土地供应、土地竞标、房价和新房交易的措施，有效地消除了投机性投资，保护了实际居民需求。
This could, however, still pose risks to those who may have entered the market purely for investment or speculative purposes, they said.
他们说，不过，这仍然可能对那些纯粹为了投资或投机目的而进入市场的人构成风险。
Guangzhou has successfully introduced several policies, including mortgage rate increases for residents' first and second houses, to curb speculative demand.
广州已成功实施多项政策，包括提高居民首套和二套房的抵押贷款利率，以抑制投机性需求。
Under the principle that housing is for living in, not for speculation, cities across the country have unveiled stringent control measures, which have effectively helped curb speculative demand and kept the market generally stable, said Zhou Jingkui with the Real Estate and Urban Development Research Center, which is part of Nankai University.
“根据住房是用来住的、不是用来炒的这一原则，全国各地的城市已经出台了严格的控制措施，这有效地帮助遏制了投机性需求，并保持了市场的总体稳定，”南开大学房地产与城市开发研究中心的周敬奎说。
Guangzhou has successively introduced several policies, including mortgage rate increases for residents' first and second houses, to curb speculative demand.
广州相继出台了包括提高居民首套房和二套房房贷利率在内的几项政策，以抑制投机性需求。
Under the principle that housing is for living in, not for speculation, cities across the country have unveiled stringent control measures, which have effectively helped curb speculative demand and keep the market generally stable, said Zhou Jingkui with a real estate and urban development research center under Nankai University.
南开大学房地产与城市开发研究中心的周京奎表示，在“房子是用来住的，不是用来炒的”这一原则指导下，全国各地的城市都出台了严格的控制措施，这些措施有效地抑制了投机性需求，保持了市场的总体稳定。
Local govts heed financial regulator's call to rein in speculative investmentsThe local governments of Shanghai and Hangzhou in Zhejiang province have introduced new curbs to cool the property market.
上海和浙江杭州的地方政府响应金融监管机构的呼吁，采取新的限制措施为房地产市场降温。
Consequent to the nation's resolution to combat speculative investments in residential properties, a number of local governments like that of Shanghai and Hangzhou have resolved to introduce necessary measures, experts said.
专家表示，鉴于国家决定打击住宅房地产市场的投机性投资，包括上海和杭州在内的一些地方政府已决心采取必要措施。
Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, warned on Tuesday about the possible risks from speculative investments in property.
中国银保监会主席郭树清周二警告称，房地产投机性投资可能带来风险。
A few years back, when the property industry overheated due to speculative investments, the Chinese government introduced certain measures to cool the market and also to curb the tendency to use realty booms to reverse economic downturns.
几年前，由于投机性投资导致房地产市场过热，中国政府采取了一系列措施来给市场降温，同时遏制利用房地产繁荣来扭转经济衰退的趋势。
Analysts said the new wave of tightening is expected to cool and stabilize the market, rein in speculative activities, and ensure healthy development of the industry in the long run.
分析人士表示，新一轮的紧缩政策有望为市场降温并稳定市场，抑制投机活动，并确保行业的长期健康发展。
Besides optimizing the land supply and eliminating speculative home purchases, new value-added taxes and raising the barrier for loans, the new rules are mechanisms to stabilize home prices in the city and the residential market in the country as a whole, said Yan.
严表示，除优化土地供应、杜绝投机性购房外，新出台的增值税以及提高贷款门槛等规则，都是旨在稳定该城市及全国住宅市场的房价。
Some 21 property agencies were investigated on May 21 by the Beijing Commission of Housing and Urban-Rural Development for suspected speculative transactions in such residential properties and for violating leasing regulations.
The company also helped the local government units in tightening the supervision of retailers to prevent speculative trade in these commodities.
Moutai products, which have often been in tight supply because of strong demand, have sparked speculative transactions in the China market.
"Most of the "first generation" of crypto assets, mainly created based on blockchain technology — with Bitcoin being the best-known — have served investors more as a highly speculative asset.
Experts said reselling of special editions of running and basketball shoes made by global brands such as Air Jordan and Yeezy, which could result in price rises, speculative trading and financial fraud, is attracting regulators' attention.
Buyers usually have four or five, even dozens of apps on their smartphones to buy the coveted sneakers, a trend that has sparked speculative trading in both online and offline channels.
The central government's resolution that homes are for living, not speculative investments, and that the property sector should not be treated as a short-term economic stimulus tool, appear to be a sign of real estate financing entering an era of multi-dimensional regulation, said Yao.
Restrictions on financing the purchase of second or third apartments are reducing the speculative demand that drove up prices.
The future of properties will be in line with the central government's emphasis that homes are for living, not for speculative investments.
The tendency to treat property as a short-term economic stimulus tool, or as a key source of local government income, or as an avenue for speculative investments is already a thing of the past, said Chen.
"The current property policy has not changed its basic tone－different cities can have different policies and houses are for living in and not for speculative investment.
China's top leadership is determined to curb speculative investments in the property sector.
So, few migrant workers make speculative investments in homes in their hometowns these days, said Zhang Bo, chief analyst at the 58 Anjuke Institute.
""Heze's action should be halted, and it is very likely to be halted," he added, saying the move by the local authorities in Heze would encourage speculative investment.
Zhang Bo, chief analyst at Anjuke, said amid the backdrop of stable policy, demand for properties in China has become more rational as more people decided to buy homes for living rather than for speculative purposes.
No moves to expand real estate firms' financing channels, says NDRC officialChina will maintain its tough stance on regulating speculative behavior in the real estate sector, and there will be no moves taken to expand the financing channels for real estate enterprises, according to the nation's top economic regulator.
"Housing sales declined in eastern and northeastern China, while the western region was the only one where sales increased," Zhang said, explaining that destocking of property was almost complete in the western region, which had driven demand among speculative buyers.
New home prices declined year-on-year in two of the 15 "hotspot" cities, where speculative home purchases are particularly monitored, while one city saw prices unchanged from a year ago and 12 posted growth, Liu said.
The continuous effort to restrict speculative property purchases and curb house prices has paid off in a number of cities as the market in early October displayed signs of cooling down, according to industry experts.
The new trend in home prices was a result of a series of restrictions and policy tightening that started in September 2016, to rein in speculative investments in the property sector.
The new era of tight controls and rational pricing has sounded the death knell for speculative investors.
They said they believed the impact of chip shortages on car production will continue this year, and called for intensified efforts to crack down on hoarding of, and speculative activities in, auto chips.
Shortage of chips ought not to result in speculative activities in the chips market; the authorities concerned will be committed to cracking down on market violations and maintaining market order, the report said.
At the 56th Munich Security Conference on Feb 14-16, US Secretary of State Mike Pompeo, Secretary of Defense Mark Esper and House Speaker Nancy Pelosi waged a new round of smear campaign against Huawei with speculative accusations and no substantiated evidence.
Also, eased secondary-market trading limits, especially the removal of price fluctuation limits during the first five trading days, have shortened the time of initial speculative trading and helped stock prices to reflect the value of listed firms faster, analysts said.
Proper use of financial technology can help reduce financing difficulties for small and micro enterprises, but activities, which lead to funds circulating within the financial system to boost speculative investment should be controlled, said Pan.
Blockchain should not be a concept to stimulate speculative investment or become a cover for illegal financial activities, said Sun Tianqi, chief accountant of the State Administration of Foreign Exchange, but instead should find its own position in supporting the real economy.
"It is crucial to guard against the negative impact of short-term speculative money, which can flow in and out quickly and in large amounts, reducing its shock to the economy and financial markets," Pan said.
Given the SOEs' strategic importance, the valuation of the entire market would be recalibrated and lead to a sustainable valuation framework with Chinese characteristics that is not restricted to speculative short-term trading alone.
"The CSRC attaches great importance to capital market supervision," Yi said, adding that stock market volatility has intensified recently with rising discussions on such topics as quantitative trading, market fairness, short-term speculative trading and the responsibility of financial institutions.
By sticking to the market-oriented foreign exchange formation mechanism, plans should be prepared for countercyclical cross-border capital flows under special scenarios to prevent speculative capital flows.
With the government bond yield spread between China and the US shrinking sharply, speculative money seeking short-term gains may indeed further leave the Chinese market and put some depreciation pressure on the yuan, Wang said.
Market regulation and supervision has been enhanced to crack down on illegal financial speculative activities.
If the wealth accumulation is mainly realized by purchasing real estate, everyone will convert more income into real estate, and then housing is utilized for speculative ends.
To regulate such speculative homebuying behavior, residential property tax should be a tax on consumption behavior.
Chinese authorities said they were cracking down on speculative trading of virtual currencies because illegal activities were recently increasing in number, causing a potential threat to economic and financial stability.
China will continually crack down on illegal fundraising and speculative trading related to cryptocurrencies, according to an official from the People's Bank of China, the central bank.
Relevant transactions are speculative activities and consumers should be aware of potential risks, Yin Youping, deputy head of the PBOC Financial Consumer Protection Bureau, said at a media briefing on Friday.
The PBOC will establish a normalized working mechanism, maintain tight regulations and continue to crack down on relevant trade and speculative activities, said Yin.
In view of the rebound of some speculative trading of cryptocurrencies, since this year, the PBOC and some other government departments have jointly carried out measures in monitoring and tracking overseas exchanges and domestic traders of cryptocurrencies.
They also reiterate that cryptocurrencies such as Bitcoin are mostly speculative instruments, which pose potential risks to financial security and social stability.
Private digital currencies, especially bitcoin, have become speculative tools and means of money laundering for illegal economic activities, posing risks to financial security and social stability, said Fan.
Private digital currencies, however, such as Bitcoin and some so-called stablecoins, became tools for speculative investment and threatened financial security and social stability, said the deputy governor.
Some analysts such as Victor Argonov, from London-based investment company Exante, think cryptocurrencies "no longer seem like a speculative toy that you just need to profitably resell and forget".
The BIS affirmed that other types of cryptocurrencies "are speculative assets rather than money", saying that they are used in many cases to facilitate money laundering, ransomware attacks and other financial crimes.
It urged commercial banks and payment platforms to stop services related to cryptocurrency trade and speculative investment.
The price of bitcoin slumped to a two-week low, after China's central bank urged commercial banks and payment platforms to stop services related to cryptocurrency trade and speculative investment.
This tool is rarely used, and there are many other choices in the central bank's toolkit for tackling speculative forex trading, Guan said.
Besides, renminbi exchange rate overshooting is a short-term speculative behavior that is unsustainable.
Zhang Xiaoyan, deputy director of Tsinghua University's PBC School of Finance, said: "The regulatory policies for bitcoin and other virtual currencies will also protect small and medium-sized investors through preventing them from speculative transactions.
On May 18, three financial industry associations in China jointly issued a statement seeking a ban on the involvement of financial and payment institutions in the cryptocurrency business and highlighted the potential risks in an effort to clamp down on speculative trading and price volatility.
The three financial industry associations issued a statement that bans financial and payment institutions from involvement in the cryptocurrency business, in the latest effort to clamp down on speculative trading and price volatility.
There are multiple risks in related speculative trading activities that lurk in the form of false assets and business failures.
The nation is planning to improve the regulatory environment for these alternative investments, to ensure that speculative activity will not result in serious financial risks, said PBOC Vice-Governor Li Bo.
The commission will pay particular attention to stepping up efforts to prevent a massive amount of speculative capital, also called hot money, from entering or leaving the country.
After rocking the stock market at the end of January in a speculative buying frenzy, shares in the video game store chain are buzzing anew on Wall Street.
The speculative retail trading had raised broad concerns over a bubble and financial stability, causing Wall Street to suffer their worst week since October in the final week of January.
The exchange rate should be attractive for users, while it can prevent arbitrage activities of speculative capital," said Ju Jiandong, a professor of finance at Tsinghua's CIFER.