人民幣對美元5月貶值1.6%
China’s currency suffered its biggest monthly depreciation since its devaluation last August as the central bank denied claims that it had abandoned market-orientated exchange rate reform.
人民幣出現自去年8月貶值以來最大單月跌幅，與此同時中國央行否認放棄以市場爲導向的匯率改革。
The renminbi fell 1.6 per cent against the dollar in May, after the People’s Bank of China reformed the way it sets its daily guidance rate for the currency, known as the midpoint price. The currency fell 2.6 per cent in August.
中國人民銀行(PBoC)改革了設定人民幣每日中間價的方式後，人民幣兌美元匯率在5月下跌1.6%。人民幣在去年8月貶值2.6%。
The central bank cast that reform as a move to loosen government control of the exchange rate and let market forces play a greater role. Many foreign investors were sceptical of the move because it came when market forces could be reliably expected to weaken the renminbi.
中國央行將那項改革定性爲政府放鬆對人民幣匯率控制、讓市場力量扮演更大角色的舉措。許多外國投資者對此表示懷疑，因爲此舉適逢市場力量預計會很容易削弱人民幣。
That debate has been reignited in recent days. On Friday, the central bank published a statement online declaring its “unceasing commitment to the direction of market reform and increasing the exchange rate’s bidirectional flexibility”.
近日這場辯論再次被點燃。上週五，中國人民銀行在線發佈聲明稱，它將“始終堅持市場化改革方向，增強人民幣匯率雙向浮動彈性”。
Sceptics of the PBoC’s commitment to market reform point not only to the daily midpoint, but also to the central bank’s direct interventions in the market. As concern grows over China’s slowing economy and capital outflow, the PBoC has spent hundreds of billions of dollars to curb renminbi weakness.
人們對中國人民銀行的市場改革承諾感到懷疑，理由是它不僅設定每日中間價，而且還在市場上直接干預。隨着外界對中國經濟放緩和資本外流的擔憂升溫，中國人民銀行已拿出數千億美元來遏制人民幣貶值。
But the renminbi has followed the same basic trajectory of other non-dollar currencies as expectations of a summer Federal Reserve rate increase have revived.
但人民幣的基本走勢與其他非美貨幣相同，因爲美聯儲(Fed)將在今年夏季加息的預期再現。
While the Chinese currency would probably have fallen even more sharply without intervention, the renminbi’s monthly decline in May undercut claims that the PBoC was narrowly focused on stability.
儘管如果沒有干預的話，人民幣很可能會以更大幅度下跌，但人民幣在5月的貶值削弱了中國人民銀行緊緊聚焦於匯率穩定的說法。
