广州财经翻译公司：中国央行出手“维稳”人民币汇率

China shows commitment to renminbi stability with currency fix

中国央行出手“维稳”人民币汇率

广州财经翻译公司：周三将人民币中间价设定在高于市场预期水平，这表明人民币汇率稳定仍是北京方面的首要目标。

Chinafixed the renminbi’s exchange rate at a level stronger than many expected on Wednesday in a sign that stability for the currency remained Beijing’s paramount objective.

中国周三将人民币中间价设定在高于许多人预期的水平，这个迹象表明，人民币汇率稳定仍是北京方面的首要目标。广州财经翻译公司。

Dollar strength since Friday’s Brexit vote had led the People’s Bank of China to fix the midpoint, around which it allows the onshore currency to trade 2 per cent, at far weaker levels against the surgingUScurrency.

此前，上周五英国退欧公投结果出炉后美元走高，导致中国人民银行(PBoC)将人民币中间价（在岸人民币汇率被允许在其上下2%的区间内浮动）设定在相对于飙升的美元较弱的水平。

Monday’s move, weakening the renminbi by 0.91 per cent against itsUScounterpart, was the biggest single-day move by the PBoC since it unexpectedly devalued the renminbi in August last year.

本周一人民币兑美元中间价大跌0.91%，这是中国央行自去年8月出人意料地让人民币贬值以来对每日中间价作出的最大调整。广州财经翻译公司。

On Wednesday Beijing set the fix at Rmb6.6324 compared with Rmb6.6528 on Tuesday. The scale of the move surprised some analysts, whose models had forecast weaker levels for the Chinese currency.

周三，中国央行把人民币兑美元汇率中间价设定在1美元兑6.6324元人民币，而周二的汇率中间价为1美元兑6.6528元人民币。这一变动幅度让一些分析师感到意外，此前他们的模型所预测的人民币汇率水平较低。

While the PBoC’s management of the renminbi is increasingly based on its level versus the basket of currencies drawn up by the central bank, there are days when its steering can diverge, particularly after market drama.

尽管中国央行的汇率管理日趋基于人民币相对于央行选定的一篮子货币的水平，但在某些日子，央行的引导可能会发生偏离，尤其是在市场出现戏剧性变动后。广州财经翻译公司。

“Generally I believe there is a policy preference to keep the fix on the stronger side for the renminbi when external uncertainties are high,” said Paul Mackel, head of emerging markets FX research at HSBC. “There’s no point adding to the global anxiety by then letting the renminbi weaken quickly.”

“一般而言，我相信有这样一个政策倾向，那就是在外部不确定性较高的时候把人民币设定在比较强势的水平，”汇丰(HSBC)新兴市场外汇研究主管保罗•梅克尔(Paul Mackel)表示。“那种时候让人民币迅速走弱、从而加剧全球焦虑是没有意义的。”广州财经翻译公司。

The firmer onshore renminbi translated to offshore strength too, bringing the offshore rate back from its weakest point, at Rmb6.888, since January 8, when turmoil in the offshore market forced the PBoC to intervene in an attempt to reduce a record gap between the two rates.

较强的在岸人民币也引导离岸人民币汇率回升。今年1月8日，离岸人民币汇率曾跌至1美元兑6.888元人民币的谷底，当时离岸市场的动荡迫使中国央行出手干预，以求缩小在岸和离岸汇率之间创纪录的差距。广州财经翻译公司。

A weaker offshore rate could encourage capital outflows from the mainland. There was some suspicion of PBoC intervention again on Wednesday. Unlike most other central banks however,Chinadoes not confirm action after it has taken it.

较弱的离岸汇率可能会鼓励资本从中国流出。有人怀疑中国央行周三再度干预。然而，与其它多数央行不同，中国央行不在事后证实自己的行动。

Zhou Hao, senior emerging markets economist at Commerzbank, said demand for offshore renminbi had picked up more than economic need warranted — and intervention was one possibility.

德国商业银行(Commerzbank)新兴市场高级经济学家周浩表示，对境外人民币的需求增长超过经济需要，而央行干预是一种可能性。广州财经翻译公司。

“In our opinion, today’s fixing and intervention intend to deliver that the renminbi will remain generally stable,” he added.

“在我们看来，今日的中间价和干预意在保持人民币总体稳定，”他补充说。

Since December whenChinapublished details of its basket, analysts have been trying to replicate it in an effort to help predict where the fix will be set each day. Calculations vary.

自去年12月中国公布其货币篮子的具体构成以来，分析师们一直在试图复制这个篮子，以求帮助预测每日的中间价水平。计算各不相同。

Mr Zhou’s model suggested the fix should have been Rmb6.6506 on Wednesday while another bank’s model produced Rmb6.6470. Two other strategists said their models were roughly in line with the actual level chosen by the PBoC.

周浩的模型显示，周三的人民币中间价应该是1美元兑6.6506元人民币，而另一家银行的模型预测中间价是1美元兑6.6470元人民币。另外两名策略师表示，他们的模型与中国央行选择的实际水平大致相符。

广州财经翻译公司