China's yuan in recent weeks has clawed back almost all of theyear's losses against the dollar, in a surge driven by a weakenedU.S. currency and resurgent demand among local businesses.

　　受美元疲弱和中國企業(yè)需求復蘇的影響，人民幣兌美元匯率近幾周大漲，幾乎收復了今年到目前為止的全部失地。

　　The strengthening of the yuan -- which reached a seven-monthhigh on Thursday before ending the day at its highest level since April -- could bring furtherheadwinds to Chinese exporters already grappling with weakening global demand for theirproducts.

　　周四，人民幣兌美元匯率觸及七個月盤中高點，收于4月以來的最高水平。人民幣升值可能會給那些因全球?qū)ζ洚a(chǎn)品需求下滑而頭痛不已的中國出口商帶來進一步壓力。

　　But it also could help Chinese officials contend with bubbling inflation worries and reduce frictionbetween China and the U.S. ahead of a presidential election in which both candidates havecriticized China.

　　但同時，人民幣升值或許也有助于中國官員消除人們對通脹的擔憂，減少中美之間的摩擦。美國大選在即，兩位總統(tǒng)候選人都在批評中國。

　　Indeed, many analysts expect only modest further pressure on the yuan to rise in the comingmonths. China's trade data this year have weakened the argument that the yuan is significantlyundervalued. In a report issued last week, China's foreign-exchange regulator said the yuan'sexchange rate has approached fair-market value.

　　實際上，很多分析人士認為，未來幾個月人民幣的升值壓力不太大。中國今年的貿(mào)易數(shù)據(jù)已經(jīng)削弱了人民幣被大幅低估的說法。中國外匯監(jiān)管機構(gòu)上周發(fā)布報告說，人民幣匯率已接近均衡水平。

　　Since late last year, worries over China's economy had led the yuan to weaken modestly againstthe dollar. In late July, it was down as much as 1.6% against the U.S. currency compared with thestart of the year, following nearly two years of steady appreciation. In the past, the yuan had beenviewed as a surefire bet to rise in value. The depreciation has led to waning interest from foreigninvestors for yuan-denominated assets, such as yuan bonds sold in Hong Kong.

　　去年底以來，有關(guān)中國經(jīng)濟的擔憂導致人民幣兌美元匯率小幅走低。在持續(xù)近兩年穩(wěn)步升值后，人民幣兌美元匯率今年7月底較年初跌幅達1.6%。過去人們曾一度認為人民幣一定會升值。人民幣貶值導致外國投資者對在香港發(fā)行的人民幣債券等人民幣計價資產(chǎn)興趣減弱。

　　But China's central bank, which controls the yuan, has been leading it on a stronger path in recentweeks. Traders said the trend was hastened by weakness in the dollar in reaction to last week'sannouncement by U.S. Federal Reserve its latest plan to bolster the economy by buying bonds, aswell as by the European Central Bank's plan to buy debt issued by struggling euro-zone nations.

　　但控制著人民幣的中國央行這幾周一直在引導人民幣走高。交易員說，這種走勢受到兩個因素的推動，一是美聯(lián)儲(U.S. Federal Reserve)上周宣布了通過購債以提振經(jīng)濟的最新計劃后，美元應聲走軟；二是歐洲央行(European Central Bank)計劃購買處于困境的歐元區(qū)國家發(fā)行的國債。

　　The yuan on Thursday finished at 6.3038 to the dollar, its strongest level since April 25, and is nowdown just 0.2% this year.人民幣周四收于1美元兌6.3038元的水平，為4月25日以來最高，今年以來僅跌了0.2%。

　　Thursday's gain was helped by initial September data on Chinese manufacturing. While the readingfrom the preliminary HSBC China Manufacturing Purchasing Managers Index drove down stockmarkets in China and other Asian countries, many traders in China said the figures showed themanufacturing sector was stabilizing instead of worsening.

　　周四的上漲受益于中國制造業(yè)9月份初步數(shù)據(jù)。雖然匯豐中國制造業(yè)采購經(jīng)理人指數(shù)(HSBC ChinaManufacturing Purchasing Managers Index)初值令中國和亞洲其他國家的股市走低，但中國很多交易員說，數(shù)據(jù)顯示中國制造業(yè)正在企穩(wěn)而不是在惡化。

　　'Improved global sentiments toward riskier assets and expectations that things might be bottomingout in China gave the yuan a jolt today,' said analyst Perry Kojodjojo at HSBC Holdings PLC inHong Kong.

　　匯豐控股(HSBC Holdings PLC)駐香港分析師Perry Kojodjojo說，全球投資者對高風險資產(chǎn)心態(tài)改善，以及對中國可能正在觸底反彈的預期，這些都推動了人民幣走高。