PBoC considers loosening renminbi controls
中国央行拟让商业银行“有序参与”离岸汇市
广州银行金融翻译公司：此举将标志中国向放松外汇管制迈出又一步，并可能缩小人民币在岸汇率和离岸汇率之差，降低离岸市场波动性。
中国央行正考虑首次允许境内商业银行进入离岸人民币市场，此举可能缩小人民币境内外两个汇率之间的差距。广州银行金融翻译公司。
The People’s Bank of China said on Tuesdayyesterday via its microblog that it had held a meeting to look into the possibility.
中国人民银行(PBoC)昨日通过其官方微博表示，已召开会议研究这个可能性。
Such a move would mark another step in the loosening of
此举将标志着中国朝放松严格的外汇管制迈出又一步，同时模糊在岸和离岸汇率发出的信号。广州银行金融翻译公司。
Since
中国在去年8月出人意料地让人民币贬值，同时引入新的汇率形成机制。自那以来，离岸汇率被认为反映了国际投资者对中国的看法。
At points this year — notably in early January — a growing gap between the fast-weakening offshore rate and the tightly managed onshore rate, unnerved markets around the world, —and forced the PBoC to intervene directly for fear it could prompt further capital outflows.
在今年的几个时点——尤其是在1月初——离岸汇率快速走低，与受到严格管理的在岸汇率差距越拉越大，导致世界各地的市场陷入恐慌，并迫使中国央行直接干预，因为担心这种局面可能加剧资本外流。
Following the PBoC’s actions, which also drained liquidity from the offshore market, the offshore renminbi actually ended the first quarter at a stronger rate against the dollar than it began.
在中国央行采取行动（这些操作也抽掉了离岸市场的流动性）后，第一季度末离岸人民币兑美元汇率实际上高于该季度之初的水平。
ItThe offshore rate has weakened slightly since, although the spread to the onshore rate — which is permitted to trade only 2 per cent either side of a PBoC-set midpoint each day — has never approached theJanuary’s extremes of early January.
自那以来离岸汇率略微走弱，尽管其与在岸汇率（每日在中国央行设定的中间价上方或下方被允许浮动2%）之差再也没有接近1月初的极端水平。
On TuesdayYesterday the PBoC said: “Following the development of increased openness in the foreign exchange market, demand from commercial banks for further integration of domestic and offshore foreign exchange markets is strengthening. “In order to raise the level of openness of the foreign exchange markets in both directions, in recent days the PBoC held a meeting to research the issue of commercial banks’ orderly participation in the offshore foreign exchange markets.”
中国央行昨日表示：“随着外汇市场对外开放的发展，商业银行对境内外外汇市场进一步融合的需求增强，为提高外汇市场双向开放水平，近日人民银行召开会议研究了商业银行有序参与离岸外汇市场的问题。”
Analysts said the unexpected announcement could be related to technical issues, such as
分析师们表示，这一意外的宣布可能涉及技术问题，如中国今年加入国际货币基金组织(IMF)的特别提款权(SDR)储备货币篮子。广州银行金融翻译公司。
“This could be a requirement to enter the SDR. This could also be a preparation to smooth out volatilities in offshore because onshore banks would have an extra mandate to stabilise the offshore market to avoid instability akin to January 2016,” said Iris Pang, strategist at Natixis.
“这可能是加入SDR篮子的一个要求。这也可能是为了准备降低离岸市场的波动，因为在岸银行将有稳定离岸市场的额外使命，目的是避免类似于2016年1月的不稳定重演，”法国外贸银行(Natixis)策略师Iris Pang表示。
No details were given by the PBoC as to what “orderly participation” might look like.
中国央行没有说明它所称的“有序参与”具体而言意味着什么。
The announcement, however brief, could be read as a sign that the central bank is also trying to communicate better to financial marketsThe PBoC was heavily criticised over the lack of signalling ahead of its August devaluation surprise, and more recently its silence in January which that unnerved investors and sent worldwide markets tumbling.
这一宣布尽管简短，但也可以被解读为一个信号，表明中国央行在试图更好地与金融市场沟通。中国央行在去年8月令人意外地贬值之前一言不发，今年1月它也保持沉默，令投资者感到不安，导致世界各地的市场大跌，这些都使其受到外界猛烈批评。
Additional reporting by Hudson Lockett in Hong Kong
康河信(Hudson Lockett)香港补充报道
