billchoa/3036384256-COMP7607-data huggingface dataset:
user: Please translate the following sentence from English to Chinese: We reckon that more than a quarter of the stock’s total market capitalisation had been pledged to around 20 margin brokers.

assistant: 我們估計，這隻股票有總市值超過四分一的股份被質押予約 20 家保證金經紀行。
user: Please translate the following sentence from English to Chinese: 31. In Hong Kong, licensing requirements are imposed on hedge fund managers who operate here, regardless of whether the fund being managed is offered to the local public or to professional investors only.

assistant: 31. 在香港，凡於本地經營業務的對沖基金管理公司，不論其所管理的基金是向本地公衆人士發售還是隻向專業投資者發售，均須符合發牌規定。
user: Please translate the following sentence from English to Chinese: Asia is increasingly becoming an important driving force in the global economy.

assistant: 亞洲日漸成爲全球經濟的重要推動力量。
user: Please translate the following sentence from English to Chinese: Restoration of market confidence and stability would depend on the credibility and timeliness of actions of central banks, especially by the Fed.

assistant: 市場的信心及穩定能否恢復，將要視乎各央行(尤其是聯邦儲備銀行)的信譽及能否採取適時的行動。
user: Please translate the following sentence from English to Chinese: To enhance our market surveillance, we also use big data processing techniques to analyse trading information.

assistant: 爲了加強本會的市場監察力度，我們還利用大數據處理技術來分析交易資料。
user: Please translate the following sentence from English to Chinese: It surpassed Hong Kong to become the most active market in the world for that month.

assistant: 內地市場已超越了香港，成爲該月內全球最活躍的市場。
user: Please translate the following sentence from English to Chinese: The conclusion of the consultation will be released shortly.

assistant: 諮詢總結將於稍後發表。
user: Please translate the following sentence from English to Chinese: Maintain sound business practice.

assistant: 秉持穩妥的業務常規。
user: Please translate the following sentence from English to Chinese: Credit risks have risen as valuations of target companies have increased along with leverage, while credit discipline is weakening with light loan covenants.

assistant: 當收購目標公司的估值隨著槓桿比率而上升，信貸風險亦隨之而增加，但在信貸方面的約束紀律卻因條款寬鬆的貸款契約而受到削弱。
user: Please translate the following sentence from English to Chinese: We enjoy close relations and proximity to the Mainland, and are also familiar with the languages, culture, practices and systems on the Mainland.

assistant: 我們與內地關係密切，毗鄰而處，而且熟悉內地的語言、文化、慣例及系統。
user: Please translate the following sentence from English to Chinese: In addition, the Mainland has granted more than USD13bn QDII quota to Qualified Domestic Institutional Investors to invest overseas.

assistant: 此外，內地已向合格境內機構投資者批出 130 億美元的 QDII 境外投資額度。
user: Please translate the following sentence from English to Chinese: It is therefore important that we continuously communicate with the public and the media to promote their understanding of our work, or any misunderstanding could affect SFC's credibility as a regulator and Hong Kong's reputation as an IFC.

assistant: 如果巿民不瞭解，便會影響我們作爲監管者的公信力，以及本港作爲國際金融中心的聲譽。 因此證監會需要與巿民及傳媒保持溝通，讓大衆瞭解證監會的工作。
user: Please translate the following sentence from English to Chinese: Again, we had to examine if a waiver should be granted.

assistant: 如前述一樣，我們要考慮應否批給寬免。
user: Please translate the following sentence from English to Chinese: Issues like positioning and competitiveness are therefore highly relevant to us.

assistant: 因此有關定位及競爭力的課題與我們息息相關。
user: Please translate the following sentence from English to Chinese: On the other hand, Hong Kong serves as an investment platform for Mainland investors looking overseas, thus acting as a conduit for channelling the Mainland’s huge savings to the international market.

assistant: 另一方面，香港亦是擬進行境外投資的內地投資者的投資平臺，因而充當著將內地龐大的存款導向國際市場的渠道。
user: Please translate the following sentence from English to Chinese: During the past year, we held more than 80 seminars and reached a record 10,000 or more members of the public.

assistant: 在過去一年，我們舉辦了超過 80 場講座，參加的公衆人士多達 10,000 名或以上，破歷年紀錄。
user: Please translate the following sentence from English to Chinese: Investors with a healthy perception of what investments mean for them and the ability to take responsibility for the gains and losses as a result of their investment decisions are key to the development of a robust securities market.

assistant: 投資者必須對投資的價值抱持健康的觀念，而且有能力承擔投資決定的後果，自負盈虧，這是證券市場蓬勃發展的關鍵因素。
user: Please translate the following sentence from English to Chinese: And we will develop externalities with other markets whose regulatory standards are broadly comparable to ours, to allow cross-listings of ETFs, and other products.

assistant: 我們亦會盡力對外擴展，聯系規管水平與香港相若的市場，從而促進 ETF 及其他投資產品跨境上市。
user: Please translate the following sentence from English to Chinese: According to the analyses, 9.7% of the total trading value and 53.8% of the transactions in derivative warrants during 2005 was below HK$30,000.

assistant: 根據有關分析，在 2005 年的衍生權證交易中，低於 30,000 港元的交易佔總交易額的 9.7%及交易宗數的 53.8%。
user: Please translate the following sentence from English to Chinese: 17. The scheme will bring many benefits for the Mainland.

assistant: 17. 該計劃將爲內地帶來多項益處。
user: Please translate the following sentence from English to Chinese: Hong Kong futures companies approved under CEPA II will be the first batch of futures intermediaries outside the Mainland who are allowed to enter the Mainland futures market.

assistant: 根據 CEPA 第二階段獲批准的香港期貨公司，將是首批可以進入內地期貨市場的境外期貨公司﹔他們可望爲日後內地期貨市場的發展有推動的作用。
user: Please translate the following sentence from English to Chinese: Hong Kong is a place that offers a reliable and transparent regulatory and legal system – the legal system here is well-founded and has proven to be dependable and fair.

assistant: 香港是一個提供可靠兼具透明度的監管及法律體制的地方―這裏的法律體制基礎良好，並已證明是可信賴和公正的。
user: Please translate the following sentence from English to Chinese: This has taken into account a $50 million reduction in Corporate Finance fees due to a change in the way in which Part XV waivers are granted to issuers of derivative warrants.

assistant: 此預測已計算了因衍生權證發行人獲豁免遵守《證券及期貨條例》第 XV 部的方式改變而導致企業融資費用下跌 5,000 萬元所帶來的影響。
user: Please translate the following sentence from English to Chinese: Consumers will also benefit from being able to pick and choose from a wide range of offerings by a host of suppliers. And investors will have access to a huge range of suitable investment opportunities from all corners of the bloc.

assistant: 消費者亦將能夠從中受惠，因爲他們可以從一衆供應商所提供、涵蓋廣闊範圍的產品中作出選擇，而投資者將可以參與大量來自經濟聯盟內不同角落而又適合他們的投資機會。
user: Please translate the following sentence from English to Chinese: 7. The personnel expenses are estimated to be $569.9 million, 21.6% higher than the 2007/08 forecast.

assistant: 7. 人事費用估計爲 5 億 6,990 萬元，較 2007/08 年度的預測高出 21.6%。
user: Please translate the following sentence from English to Chinese: As I mentioned earlier, the UK’s principles-based approached has been viewed by the market to be more flexible and efficient.

assistant: 我剛纔也提到，市場普遍認爲英國以原則爲本的監管制度較具靈活性，也較有效率。
user: Please translate the following sentence from English to Chinese: Listed companies also submit copies of announcements to the Exchange for publication on the Exchange's website.

assistant: 上市公司亦須向交易所呈交公告文本，以便登載於交易所網站內。
user: Please translate the following sentence from English to Chinese: As Mainland China takes its place in the league of the world’s biggest economies, every financial market in the world will compete for the attention and business of Mainland financial intermediaries. We are fortunate that because of the strategic value we offer and the unique relationship that we enjoy, these intermediaries have chosen to use Hong Kong as their springboard to the world.

assistant: 正當中國躋身世界最大經濟體行列，全球各地金融市場都致力招攬內地金融中介機構，我們有幸憑著本身提供的策略性價值，加上與內地的獨特連系，使內地中介機構選擇以香港作爲進入全球市場的門檻。
user: Please translate the following sentence from English to Chinese: This made the CDOs attractive to a wider universe of investors, including pension funds, mutual funds and insurance companies.

assistant: 這使 CDO 對包括退休基金、互惠基金及保險公司等範圍廣泛的投資者充滿吸引力。
user: Please translate the following sentence from English to Chinese: (ii) Short selling reporting Another area that is highly relevant to the hedge fund industry is the regulation of short selling, a strategy that many of you employ.

assistant: (ii) 賣空申報另一個與對沖基金有密切關係的領域是對賣空活動的監管，而賣空是你們很多人都會使用的策略。
user: Please translate the following sentence from English to Chinese: Specifically, we identified eight core functions, including overall management oversight, risk management and compliance, and the circular we issued last month required the corporation to appoint at least one individual to be in charge of each function.

assistant: 具體而言，本會已識別出八項核心職能，當中包括整體管理監督、風險管理及合規等，並在上月發出的通函內要求公司委任至少一人負責管理每項職能。
user: Please translate the following sentence from English to Chinese: 2. Managing risks arising out of intermediaries business The Commission also took various initiatives to raise the corporate governance standards through better regulation of intermediaries participating in the capital markets.

assistant: 2. 管理因中介人業務而引致的風險 證監會亦採取了多項措施，透過對參與資本市場的中介人更有效的監管，以提高企業管治水平。
user: Please translate the following sentence from English to Chinese: Over the year, the total number of licensed corporations surged by 11% to more than 2,400. Even more spectacular was the 50% growth in new corporate applications.

assistant: 過去一年，持牌法團的總數急增 11%至超過 2,400 家，而新法團牌照申請數目的升幅更爲驚人，高達 50%。
user: Please translate the following sentence from English to Chinese: Recognising their growing role in our markets, we have stepped up our cooperation with the CSRC, which now ranges from licensing and ongoing supervision to training and other issues.

assistant: 我們明白內地公司在本地市場的角色愈來愈喫重，因此我們加強了與中國證監會在各方面的合作，由發牌、持續監察，至培訓和其他事宜不等。
user: Please translate the following sentence from English to Chinese: I recall that when I first raised the mutual recognition idea with my Mainland counterpart in one of our informal meetings that year, in archetypal Chinese modesty, he smiled and asked me if I was ready to approve and accept Mainlandauthorized funds.

assistant: 我記得當年在一次非正式會議上，我向內地官員提出基金互認這個構思，當時該名官員以典型的中國式謙恭態度報以微笑，問我香港是否已經準備好批准和接納內地認可的基金。
user: Please translate the following sentence from English to Chinese: Recently, the SFC has taken action against a sponsor and its responsible officers for their failures to comply with the Code of Conduct for Persons Licensed by or Registered with the SFC by failing to act with due skill, care and diligence when performing due diligence into the two listing applications and to ensure that the prospectuses and the submissions made to HKEx were prepared to the required standard.

assistant: 最近，證監會對一家保薦人及其兩名負責人員採取行動，指他們未有遵守《證監會持牌人或註冊人操守準則》，原因是他們沒有以適當的技能、小心審慎和勤勉盡責的態度就兩宗上市申請進行盡職審查，以及沒有確保招股章程及向香港交易所提交的有關文件的編制達到規定的水準。
user: Please translate the following sentence from English to Chinese: First, those outside the country who wish to hold the currency must be able to obtain and transfer RMB without impediment.

assistant: 首先是要讓境外有意持有人民幣的人士或機構可以自由兌換人民幣及進行人民幣資金劃撥。
user: Please translate the following sentence from English to Chinese: What we would expect is that whether we can have a sustainable growth of Hong Kong from which long-term economic benefits can derive.

assistant: 我們估計商界所關注的，是香港的增長能否持續，從而衍生出長遠的經濟利益。
user: Please translate the following sentence from English to Chinese: Our mission doesn’t change over time, but the business landscape changes, market players evolve and more innovative technologies emerge.

assistant: 我們的使命不會隨時間而改變，但營商環境在變，市場參與者在變，而且還興起了更多創新科技。
user: Please translate the following sentence from English to Chinese: We must therefore set high regulatory standards for market participants and encourage the use of best practices.

assistant: 因此，我們必須爲市場參與者訂立嚴格的監管標準，並鼓勵業界採取最佳的作業方式。
user: Please translate the following sentence from English to Chinese: This is due to a number of factors – language, convenience, availability of skilled resources, legal framework – and not least its proximity to the world’s most exciting market, which provides market players with a level playing field and investors with a transparent market.

assistant: 而這是基於多項因素所致，包括語言、方便程度、所具備的優秀人才和法律制度，尤其是香港毗鄰全球最令人振奮的市場，這都爲市場參與者提供公平的競爭環境，併爲投資者提供具透明度的市場。
user: Please translate the following sentence from English to Chinese: What the SFC does is to look closely at how we discharge our statutory role with a view to cutting back red tape and unnecessary bureaucracy.

assistant: 證監會在這方面的工作，是詳細檢視我們履行法定職責的方式，從而減少繁文縟節和破除不必要的官僚作風。
user: Please translate the following sentence from English to Chinese: Engagement The Mainland financial market, in particular its equity market, has come a long way.

assistant: 合作內地金融市場（特別是股票市場）已取得長足的發展。
user: Please translate the following sentence from English to Chinese: However, we are trying to make this criterion more explicit by codifying it to help intermediaries determine whether a product is suitable for a client.

assistant: 不過，我們在今次諮詢中，建議以守則條文形式更明確地述明這項準則，協助中介人決定某項產品對個別客戶是否合適。
user: Please translate the following sentence from English to Chinese: Fund managers should disclose to investors the existence of side letters and their material terms, such as preferential redemption rights, portfolio transparency rights, etc.

assistant: 基金經理應向投資者披露這些附函的存在及其重要條款，例如優先贖回權、要求投資組合具備透明度的權利等。
user: Please translate the following sentence from English to Chinese: 17. At the Annual Conference of IOSCO earlier this month, IOSCO adopted a new resolution on asset freezing.

assistant: 17. 在本月較早時候舉行的國際證監會組織週年大會上，國際證監會組織採納了一項有關凍結資產的新決議。
user: Please translate the following sentence from English to Chinese: As I’ve noted in previous public remarks, many different jurisdictions and supranational organisations have in recent months come out with their own versions of a summary document for one or more types of investment product.

assistant: 我曾在早前的公開演說中提到，最近數月，許多不同的司法管轄區以及跨國組織紛紛爲單一種或多種投資產品各自制訂本身的產品概要。
user: Please translate the following sentence from English to Chinese: Real-time supervision The SFC has a duty to promote the resilience of our markets and our intermediaries.

assistant: 即時監察證監會有責任促進市場和中介機構的抵禦能力。
user: Please translate the following sentence from English to Chinese: Risk management is more challenging in the current environment given :

assistant: 鑑於以下因素，風險管理在現今的環境下變得更具挑戰性：
user: Please translate the following sentence from English to Chinese: The code imposes continuing disclosure obligations with respect to matters like financial reporting of key parties and material adverse changes.

assistant: 此外，新守則亦針對主要各方的財務報告及重大不利影響等事宜，訂明持續披露責任。
user: Please translate the following sentence from English to Chinese: Introduction I thank ASIC for inviting me to participate in the 2008 Summer School.

assistant: 引言 感謝澳洲證監會邀請我參與今屆 2008 年夏季研討會。
user: Please translate the following sentence from English to Chinese: Finally, I would once again like to thank the Institute and members of the judging panel for giving the Commission this prestigious award.

assistant: 最後，我謹再次感謝香港會計師公會和評審小組成員向證監會頒發這個崇高的獎項。
user: Please translate the following sentence from English to Chinese: Following from that Economic Summit, the Government of Hong Kong published, earlier this year, an Action Agenda in relation to the financial services sector in its Report on the Economic Summit.

assistant: 繼經濟高峯會後，港府於今年較早時在其《經濟高峯會報告》內發表了有關金融服務界的行動綱領。
user: Please translate the following sentence from English to Chinese: It’s available on the Commission’s website and I encourage those of you who are interested parties to provide your comments and feedback on the proposals contained in it.

assistant: 證監會網站亦載有這份諮詢文件，方便大家閱覽，我們歡迎各位就當中建議提交回應意見。
user: Please translate the following sentence from English to Chinese: The proposed open-ended fund company structure will allow fund managers to set up investment funds in Hong Kong in the form of a corporation with variable capital, giving them more flexibility in structuring their funds.

assistant: 建議引入的開放式基金公司架構，將會允許基金經理以法團形式及運用可變資本在香港設立投資基金，並在制訂其基金架構方面給予他們更大的靈活性。
user: Please translate the following sentence from English to Chinese: For our part, we at the Commission will continue to work with the HKSAR Government, the Hong Kong Monetary Authority and our Mainland counterparts to build on progress so far, both in terms of policy and strategy considerations and in specific initiatives.

assistant: 以我們證監會來說，我們將會與香港特區政府、香港金融管理局及內地對口單位保持緊密聯繫，在現有的基礎上繼續推進相關政策及策略的研究，並積極制訂具體措施。
user: Please translate the following sentence from English to Chinese: While the final form of the legislation and its commencement is not yet certain, it will involve a changed and increased role for the Commission both for regulating and enforcing.

assistant: 雖然有關法例的最後版本及生效日期仍未確定，但這將會改變和加強證監會在規管和執法方面的角色。
user: Please translate the following sentence from English to Chinese: 10. Hence, the standard of agents is particularly important. The EAA is charged with the key responsibility of regulating individuals and firms engaging in the business of estate agency, ensuring their standard and safeguarding the interest of the public.

assistant: 10. 因此，代理的質素良好尤爲重要，地產代理監管局就肩負起這個重任，負責監管從事地產代理業務的個人和商號，以確保他們的質素以及維護公衆利益。
user: Please translate the following sentence from English to Chinese: By sharing and working closely with the Mainland, we develop better and wider business opportunities.

assistant: 與內地人士的密切交流和合作，有助我們拓展更理想及更多元化的商機。
user: Please translate the following sentence from English to Chinese: From the Central Government’s perspective, once a policy initiative has been tested and proven, it would usually be rolled out nationwide, to maximise its impact and benefits.

assistant: 從中央政府的角度而言，當一項政策措施通過測試和認可後，便會在全國推行，以期獲取最佳效果和利益。
user: Please translate the following sentence from English to Chinese: A significant part of the growth of our market will be through the process of overseas investments by REITs in Hong Kong.

assistant: 我們的巿場的絕大部分增長將會透過在香港的房地產基金的海外投資活動過程而取得。
user: Please translate the following sentence from English to Chinese: 2. An overview of Hong Kong’s current securities market

assistant: 2. 香港當今證券市場概覽
user: Please translate the following sentence from English to Chinese: It was reported in 2005 that a woman, aged 86, had most of her savings switched into high-risk single country funds by bank staff.

assistant: 於 2005 年，有報道指一名 86 歲婦人被銀行職員將其大部分儲蓄轉移至多隻高風險單一國家基金之中。
user: Please translate the following sentence from English to Chinese: our stakeholders have high expectations. Their comments should not be taken lightly.

assistant: 我們的相關團體有很高的期望，對於他們的意見，我們不應掉以輕心。
user: Please translate the following sentence from English to Chinese: Regulatory functions

assistant: 監管職能
user: Please translate the following sentence from English to Chinese: We have turned the city into an efficient springboard for Mainland financial institutions that wish to expand internationally.

assistant: 我們共同努力讓香港成爲內地金融機構進軍國際市場的有力跳板。
user: Please translate the following sentence from English to Chinese: In Hong Kong, over 70% of our retail funds are UCITS funds and the SFC welcomes the added flexibility provided by the UCITS III regulations.

assistant: 在香港，我們有逾 70%的零售基金爲 UCITS 基金，對於 UCITS III 規例所帶來的額外靈活性，證監會表示歡迎。
user: Please translate the following sentence from English to Chinese: Currently, Mainland securities or futures brokers control over 20 Hong Kong licensed corporations.

assistant: 目前，內地的證券或期貨經紀行正控制著逾20家香港持牌法團。
user: Please translate the following sentence from English to Chinese: Some funds track an index or other benchmark through the use of financial derivative instruments. This may be due to the fact that physical replication of the index or benchmark is not possible.

assistant: 部分基金會利用金融衍生工具，追蹤某項指數或其他基準，這可能是由於基金不能採用實質持有成分股的策略，來模擬有關指數或基準的表現。
user: Please translate the following sentence from English to Chinese: We are keeping a close eye on further international developments in this area.

assistant: 我們正密切留意國際間在這方面的進一步發展。
user: Please translate the following sentence from English to Chinese: Hong Kong is part of China, and regulators on both sides have forged a strong partnership over the past two decades.

assistant: 香港是中國的一部分，兩地的監管機構在過去二十年間建立了密切的夥伴關係。
user: Please translate the following sentence from English to Chinese: They can also take comfort in knowing that Mainland companies listed in Hong Kong have met rules and regulations, which are on a par with international standards, and will continue to be subject to them.

assistant: 他們亦可以因爲知道在香港上市的內地公司已符合與國際標準看齊的規則和規例，並須繼續遵從該等規則和規例而感到安心。
user: Please translate the following sentence from English to Chinese: Short selling Secondly, the current uptick rule for short selling may inhibit timely execution of transactions and affect the price-formation process in the stock market.

assistant: 賣空 根據現行規則，股票只可以高於前成交價的價格賣空，但該規定可能妨礙交易的及時執行，並影響證券市場上的定價過程。
user: Please translate the following sentence from English to Chinese: Secondly, as you are all probably aware, the role of the Chairman has been changed from an Executive to a Non-Executive one.

assistant: 第二，相信大家都應該知道，主席的角色已經由執行董事改爲非執行董事的性質。
user: Please translate the following sentence from English to Chinese: The total asset size of the fund management business in Hong Kong was US$580 billion at the end of 2005.

assistant: 於 2005 年年底，香港基金管理業務的資產總值達 5,800 億美元。
user: Please translate the following sentence from English to Chinese: SFC’s role in improving corporate governance Raising Hong Kong’s corporate governance profile will require efforts of all stakeholders in the market and each of us has a role to play.

assistant: 證監會在提升企業管治中扮演的角色 要提升香港整體的企業管治狀況，需要市場上各利益相關者齊心協力，而我們每人也發揮著一定的作用。
user: Please translate the following sentence from English to Chinese: This experiment has presented Hong Kong with another unique opportunity to play a role in bridging the capital from the Mainland with investment opportunities outside the Mainland.

assistant: 這項實驗爲香港帶來另一獨特的機會，擔當連絡內地資金與境外投資機會的橋樑角色。
user: Please translate the following sentence from English to Chinese: Taiwan’s new era In his inaugural speech, Mr Ma mentioned that an important mission in the new era is to upgrade Taiwan’s international competitiveness.

assistant: 臺灣的新時代 在他的演說中，馬英九先生也提到在新時代的其中一個任務，就是要提升臺灣的國際競爭力。
user: Please translate the following sentence from English to Chinese: They are a key part of investor protection.

assistant: 保薦人是投資者保障的重要構成部分。
user: Please translate the following sentence from English to Chinese: For the financial market, this means bringing the governance and operational standards of the Taiwan market and its participants on a par with international standards.

assistant: 從金融市場的角度而言，首需的條件是臺灣的市場及她的參與者要擁有達到國際水平的管治及運作。
user: Please translate the following sentence from English to Chinese: Our primary role in relation to product authorisation is to ensure that the features and risks of the products are adequately disclosed in the offering documents, and the documentation is free from inaccurate or misleading information, so that investors relying on these offering documents can form an informed judgment.

assistant: 我們在認可產品方面擔當的主要角色，在於確保產品銷售文件充分披露產品的特點及風險，不會載有不正確或誤導的資料，讓投資者可依據產品的銷售文件作出有根據的判斷。
user: Please translate the following sentence from English to Chinese: The Mainland’s leadership recognises this, they have set a rapid pace in terms of financial reforms over the past couple of years.

assistant: 內地的領導人也明白這一點，因此在過去數年，金融改革的步伐相對迅速。
user: Please translate the following sentence from English to Chinese: More than four years into the financial crisis, I suspect that you would like some lightening up, i.e., a “tell me what I can look forward to” story, rather than a “where I went wrong” lecture.

assistant: 現時距離金融危機爆發已四年多，相信各位都想我分享一些較輕鬆的議題，例如未來的前景與展望，而不是檢討過往有哪些不足。
user: Please translate the following sentence from English to Chinese: They generally wanted the SFC to:

assistant: 整體而言，他們希望證監會：
user: Please translate the following sentence from English to Chinese: I mentioned earlier that cross border trade settlement in RMB has been in the works since 2009.

assistant: 我剛纔提到，跨境貿易人民幣結算詴點計劃自 2009 年開始運作。
user: Please translate the following sentence from English to Chinese: In the run up to the 2008 financial crisis, pundits applauded the alchemy of securitisation and other financial innovation. They believed these would disperse risk away from the centre of the financial system, thus making it more robust.

assistant: 2008 年金融風暴前夕，某些評論員相信資產證券化及其他創新的金融產品有點石成金之效，因爲這些產品料可分散金融系統的風險，令市場更加穩健。