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The gap between the renminbi’s two exchange rates has widened to a record, fuelling speculation that Beijing intends to allow its currency to depreciate at a faster rate than previously seen.
人民幣在岸與離岸匯率之差升至創紀錄水平，這使得越來越多的人猜測，北京方面打算讓人民幣以前所未見的速度貶值。
The spread between the offshore market and the more tightly controlled onshore market is an embarrassment for the People’s Bank of China, which pledged in August to narrow the gap as part of its efforts to make its currency “freely usable”.
對中國央行來說，人民幣離岸匯率與受到更為嚴格管控的在岸匯率之差是個尷尬的存在。中國央行去年8月承諾要縮小這一差值，以努力促成人民幣的“可自由使用”。
Investors around the world are worried that an unexpectedly fast depreciation will destabilise China’s economy. Some also fear it could trigger a wave of competitive devaluations across the region.
世界各地的投資者擔心，人民幣出人意料的快速貶值會破壞中國經濟的穩定。有些人還擔心，這會在該地區引發一波競爭性貶值。
“During our investor meetings in December, the most significant risk that investors were worried about was a substantial devaluation of the renminbi,” wrote Timothy Moe, Goldman Sach’s chief Asia-Pacific equity strategist in a research note on Wednesday.
高盛(Goldman Sach)亞太區首席股票策略師慕天輝(Timothy Moe)周三在一份研究報告中寫道：“在去年12月我們舉行的投資者會議上，投資者擔心的最重大風險就是人民幣大幅貶值。”
The offshore renminbi fell to Rmb6.72 against the dollar as London traders took over from Beijing. It has now dropped more than 2 per cent this week.
進入到倫敦交易時段后，離岸人民幣兌美元匯率下跌至1美元兌6.72元人民幣，本周的跌幅已逾2%。
Meanwhile the onshore rate, at Rmb6.55.
截至發稿時，在岸人民幣匯率為1美元兌6.56元人民幣。
said Zhou Hao, strategist at Commerzbank. “In general, we think that the Chinese authorities will tolerate more weakness in the renminbi for the time being.”
德國商業銀行(Commerzbank)策略師周浩表示：“總的來說，我們認為中國當局暫時會容許人民幣進一步走弱?！?/p>
