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China’s onshore and offshore exchange rates have converged to parity, less than one week after the gap between them hit an all-time high as investors bet on currency depreciation in the offshore market.
此前，投資者押注離岸市場人民幣兌美元匯率下跌，導致人民幣在岸和離岸匯率的差距達到歷史最高位。不到一周之后的今天，這兩種匯率曾一度變得一致。
The two rates converged – the first time since October 29 – just minutes after the renminbi-based overnight Hong Kong interbank offer rate, or CNH-Hibor, sky-rocketed to 66.8 per cent. On Monday the rate had risen 939 basis points to a then-record high 13.4 per cent.
兩種人民幣匯率自2009年10月以來第一次相等，幾分鐘之前，隔夜香港香港銀行同業拆息(Hibor)曾飆升至66.8%。周一，Hibor曾上漲939個基點，當時達到了13.4%的創紀錄高點。
The soaring rate reinforces just how tight liquidity is for the offshore renminbi, after China opened a new front in its war to curb currency depreciation by buying up renminbi offshore, foiling the burgeoning carry trade and driving the cost of borrowing to a record high. The spike likely reflects a massive short-squeeze.
Hibor飆升凸顯出，在中國在抑制人民幣貶值的戰爭中開辟新戰線——買入離岸人民幣，挫敗迅猛發展的套息交易(carry trade)，并把借款成本推升至創紀錄高位——之后，離岸人民幣市場的流動性是多么的緊繃。
Earlier today the People’s Bank of China left the daily fix for the onshore rate steady – a third day of basically leaving it untouched.
今早，中國央行(PBoC)維持在岸人民幣匯率中間價穩定，這是連續第三天基本未動中間價。
Barclays analysts noted the trio of stable fixes could reflect the central bank’s efforts to soothe markets: “A desire to calm the strengthening global reaction may also have played a part, as it did in August 2015, given the growing global repercussions of Chinese market volatility.”
巴克萊(Barclays)分析師指出，維持中間價穩定可能反映出中國央行在努力安撫市場：“鑒于中國市場波動對全球的影響越來越大，就像在2015年8月那次一樣，中國央行平息日益加大的全球反響的愿望或許也起到了作用。”
