人民幣匯率連跌三日 央行幹預

　　8月18日口譯文章：國民幣匯率連跌三日 央行幹涉

　　香港——中國試圖在周四停息因為國民幣貶值而激發的環球市場動蕩，只管政府已持續三天壓低國民幣的匯率。

　　周四，中國的央行中國國民銀行把國民幣兌美元的官方匯率調低了1.1%，自周二開端的貶值幅度到達了4.4%。這是跨越二十年來的最大跌幅。

　　國民幣匯率的降低是由於當局正在放寬對匯率的嚴厲掌握，但放寬的水平仍很小。

　　中國經濟放緩對國民幣發生貶值壓力已有一年多的時光，但當局仍一向保持其歷久做法，保持讓國民幣與美元匯率慎密掛鉤，而美元則跟著美國經濟的反彈在升值。

　　如今，經由過程讓國民幣貶值，中國為其出口商供給了助推，由於中國產物對外洋買家的價錢會變得相對於廉價。然則，國民幣的忽然大幅貶值也讓人們擔心，中國經濟增加情形比官方數據所表示的還要差，這讓人們質疑中國引導層是不是有才能治理經濟放緩。

　　在周四暫時支配的一個罕有的媒體吹風會上，央行官員努力說明說，國民幣匯率沒有進入自由落體狀況。

　　“央行已退出了常態式的幹涉，”中國國民銀行副行長、國度外匯治理局局長易綱在北京對記者說。“然則假如說如今市場有一個公認的遊戲規矩，也是咱們央行頒布的遊戲規矩。”

　　易綱指的是本周二宣告的中國匯率軌制的變更。當天央即將國民幣貶值了近2%，這是自1994年中國啟用當代匯率機制以來的最大單日降幅。

　　此前，央行天天早上給國民幣設置一個代價，許可國民幣兌美元匯率在2%的幅度內左右顛簸。現實操縱中，匯率險些不會大幅浮動，單日顛簸幅度遠遠不敷1%。

　　如今，政策制訂者說，根據國民幣的生意業務狀態，而不單單是當局指令來設定官方匯率，能讓市場具有更大的決議權。

　　只管如斯，央行官員周四也明白表現，固然他們願望對這類束縛略加放寬，但不會完整攤開。

　　普遍有報導稱，本周三，當國民幣有滑落至2%下限的跡象時，央行在外匯市場上采用行為，出售美元以推高國民幣——國民幣的貶值幅度敏捷縮小到了1%。

　　“他們大肆入市，幹涉匯率，”龍洲經訊(GaveKal Dragonomics)董事總司理葛藝豪(Arthur Kroeber)說。不外他也表現，新的匯率軌制“顯著更合適市場匯率情況”。

　　周四，成交量有所克制，不外在末了幾分鐘裏再次湧現了巨額的生意業務。國民幣小幅貶值，降低0.2%。這解釋，在新軌制的基本上，央行周五設定官方匯率時，不會蒙受再次大幅調劑國民幣匯率的壓力。

　　周四，中國股市在閱歷了近期的下跌後略有回升。回升是由滬市拉動的，其重要股指在經由兩天的下跌後上漲1.8%。中國之外的其他外匯市場也規復穩固，企穩趨向是由韓元推進的，在亞洲匯市尾盤，韓元兌美元匯率有所上升。

　　周四被問及幹涉舉動時，易綱沒有舉行直接批評，但表示，它還是由央行安排的對象。他說，“在市場顛簸過大的時刻，能對它舉行有用的治理。”

　　【參考譯文】

　　HONG KONG — China on Thursday sought to ease the turbulence its depreciating currency, the renminbi, has set off in global markets, even as it pushed the renminbi lower for the third day in a row.

　　China’s central bank, the People’s Bank of China, set the renminbi’s official exchange rate to the dollar lower by 1.1 percent on Thursday, bringing the total devaluation since Tuesday to 4.4 percent, the biggest drop in decades.

　　The renminbi is falling because the government is loosening its tight grip on the currency, but only by a bit.

　　China’s slowing economy has created pressure on the renminbi to weaken for more than a year, but instead the government held to its longstanding practice and kept it closely linked to the dollar, which has risen as the United States economy rebounded.

　　By devaluing the renminbi now, China has delivered a boost to its exporters, whose goods become relatively cheaper for overseas buyers. But the sharp and sudden fall has also raised concerns that the economy is weaker than the official growth rate suggests and prompted questions over the Chinese leadership’s management of the slowdown.

　　At an unusual ad hoc news conference on Thursday, officials from the central bank were at pains to explain that the currency had not entered a free fall.

　　“The central bank has withdrawn from the normal mode of intervention,” Yi Gang, the deputy governor of the bank and the head of the unit that runs China’s foreign exchange system, told reporters in Beijing. “But if you say the market has commonly recognized rules of the game, then those are still the rules that we lay out.”

　　Mr. Yi was referring to changes to China’s currency system that were announced on Tuesday, as the bank devalued the renminbi by nearly 2 percent. It was the biggest daily drop since 1994, when China’s modern currency system began.

　　Previously, the central bank would assign a value to the currency each morning, and would allow it to trade up or down by a maximum of 2 percent against the dollar. In practice, it barely budged more than a fraction of percentage point each day.

　　Now, policy makers have said they are giving the market a bigger say by basing the setting of the official exchange rate on the currency’s trading performance, not just on a government decree.

　　Still, central bank officials made clear on Thursday that while they intended to ease their grip somewhat, they would not end it.

　　On Wednesday, when the renminbi showed signs of weakening by the maximum 2 percent limit, the central bank was widely reported to have jumped into the currency market, selling dollars to push up the value of the renminbi — which rapidly recovered to close only 1 percent lower.

　　“They intervened massively and drove the exchange rate up,” said Arthur Kroeber, the managing director of Gavekal Dragonomics, a financial consultancy. Still, he added that the new system “is clearly on the spectrum of a much more market-exchange-rate environment.”

　　On Thursday, trading was more subdued, though heavy trading volume returned again in the final minutes of activity. The renminbi weakened only very slightly, by 0.2 percent. This suggested that, based on the new system, the central bank would not be under pressure to make another drastic shift in the renminbi’s value when it sets the official exchange rate on Friday.

　　Stock markets across the region recovered modestly on Thursday after the recent sell-off, led by Shanghai, where the main index finished 1.8 percent higher after two days of declines. Other currency markets outside China also stabilized, led by the South Korean won, which rose against the dollar in late Asian trading.

　　Mr. Yi did not directly comment on any intervention when asked about it on Thursday, but hinted it was a tool still at the central bank’s disposal. “When there’s excessive volatility in the market, it can still be effectively managed,” he said.