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The renminbi slipped to a fresh four-year low against the US dollar in its first day of onshore trading since the People’s Bank of China said it would measure the exchange rate against a broader basket of currencies.
在中國央行(PBoC)表示將針對一籃子貨幣觀察人民幣匯率后的頭一個交易日，人民幣兌美元匯率在中國國內市場的交易中滑落至新的四年內低點。
China’s central bank introduced the trade-weighted basket, in which the dollar accounts for 26.4 per cent and the euro 21.4 per cent, late on Friday. The offshore renminbi promptly dropped 0.5 per cent in London trading, pushing the currency to Rmb6.5577 against the dollar, a four-year low.
周五晚些時候，中國央行引入了按交易加權的貨幣籃子，其中美元所占權重為26.4%，歐元權重為21.4%。消息傳來，倫敦市場交易的離岸人民幣匯率迅速跌落0.5%，跌至1美元兌6.5577元人民幣的四年內低點。
The PBoC’s management of the renminbi has been under scrutiny since August, when a botched 3 per cent devaluation sent shockwaves through world markets and prompted the Federal Reserve to hold off on an expected increase in US interest rates in September.
今年8月，人民幣曾突然貶值3%，引發的沖擊波傳遍了全球市場，并促使美聯儲推遲了9月份預期中的加息。自那時以來，中國央行對人民幣匯率的管理一直受到人們的密切關注。
Friday’s move, coming less than a week before the Fed is expected to raise rates for the first time in nine years, was interpreted as part of a broader effort by the PBoC to be more transparent.
而周五的舉措則出現在美聯儲預期加息時間點之前不到一周，這次加息將是美聯儲9年內首次加息。中國央行此舉被解釋為提高透明度的更大層面努力的一部分。
“We believe that it does not equate to an explicit shift to targeting the renminbi against a basket of currencies,” said Claudio Piron, emerging Asia strategist at Bank of America Merrill Lynch. “The tone of their statement, instead, suggests to us they are trying to shift the market’s heavy focus away from the bilateral rate to several basket measures.”
美銀美林(Bank of America Merrill Lynch)新興市場亞洲策略師克勞迪奧皮龍(Claudio Piron)表示：“我們認為，此舉并不等于要明確轉向將人民幣匯率與一籃子貨幣掛鉤。相反，他們聲明的語氣暗示我們，他們試圖將市場對雙邊利率機制的過度關注轉移開來，轉向幾種貨幣籃子考察機制。”
On Monday the PBoC set the daily “fix” against the dollar at Rmb6.4495, down 0.21 per cent from Friday’s rate and a four-year low. It was the sixth successive day that Beijing has set a weaker reference rate.
周一，中國央行將人民幣兌美元每日匯率中間價定為1美元兌6.4495元人民幣，比周五的匯率低了0.21%，是四年來的最低點。這是中國政府連續第六天降低參考匯率。
The onshore rate is permitted to trade up to 2 per cent either side of that midpoint.
目前，中國國內市場的人民幣匯率允許在該中間價上下各2%的范圍內波動。
The offshore rate, which has no such restrictions, was at Rmb6.5491 per dollar, having weakened in early trading after a late recovery on Friday.
離岸市場則沒有這種限制，在經歷周五尾盤時的反彈之后，離岸人民幣匯率在早盤時已經下跌，至1美元兌6.5491元人民幣。
The spread between the two has risen in recent weeks, indicating investors are betting on further weakness ahead.
最近幾周，兩者之間的差距已經拉大，表明投資者正押注于人民幣會進一步疲軟。
The dollar was involved with 95 per cent of all onshore foreign exchange transactions last year, according to CICC, but the growing divergence between monetary policy in the world’s major economies has increased the difficulty for China in managing its currency.
根據中國國際金融有限公司(CICC,簡稱中金)的數據，去年美元涉及所有中國國內市場外匯交易的95%。不過，全球主要經濟體的貨幣政策之間的分歧不斷增大，加大了中國管理人民幣匯率的難度。
Even as markets brace for higher US interest rates, policy in China, Europe and Japan is still expected to be eased further.
盡管市場已準備好迎接美國提高利率，中國、歐洲和日本預計仍會采取進一步的寬松政策。
Xiangrong Yu, strategist at CICC, said the introduction of a basket was “a necessary result of the divergence between the economies” and would allow the PBoC to better frame its communication with the markets.
中金公司策略師余向榮表示，貨幣籃子的引入是“各經濟體間分歧的必然結果”，它將令央行能更好地規劃與市場的溝通。
Other countries in Asia are closely watching what happens with the renminbi for fear its weaker path could erode their competitiveness, even though the currency’s still-close links with its US counterpart mean China has not benefited from an export boost as the dollar has rallied this year.
亞洲其他國家正密切關注人民幣的動向，以防其走弱行情侵蝕它們的競爭力——盡管由于今年美元已經走強，人民幣與美元間仍十分密切的關系意味著中國并未享受到提振出口的好處。
