中國承認需消除人民幣持續貶值預期
China needs to eliminate market expectations of continued currency depreciation, the head of its central bank admitted on Friday as he argued that the country had ample foreign exchange reserves despite recent depletions.
中國央行行長周小川週五承認，中國需要消除市場對人民幣持續貶值的預期。他還表示，雖然中國近期消耗了不少外匯儲備，但中國的外匯儲備仍很充足。
Beijing has raided its reserves in order to shore up the currency amid jitters that have led to capital flight. Since peaking at almost $4tn in 2014, China’s foreign exchange reserves have fallen about 17 per cent to $3.33tn, with outflows accelerating in recent months.
爲了支撐人民幣、平抑已引發資本外逃的恐慌情緒，北京方面大舉拋售外匯儲備。自2014年達到將近4萬億美元的峯值以來，中國的外匯儲備已下滑了約17%，至3.33萬億美元——近幾個月的資本外流呈現加速之勢。
But in a rare public relations offensive ahead of a meeting of G20 finance ministers and central bankers in Shanghai, Zhou Xiaochuan attributed these fears to the private sector.
但在上海20國集團(G20)財長和央行行長會議召開前發動的一場罕見的公關攻勢中，周小川將這些恐慌情緒歸因於私營部門。
“Thus it is particularly important to stabilise the market expectation on the [renminbi’s] exchange rate,” he said, adding that “as long as our economic fundamentals are sound . . . market expectation[s] will become more rational”.
他表示，穩定市場對（人民幣）匯率的預期格外重要，只要中國經濟總體的基本面是好的，市場預期就會變得更加理性。
Many analysts believe the People’s Bank of China is caught in a downward spiral. They argue that by spending the country’s foreign exchange reserves to cushion the renminbi’s fall against the dollar, it is simply reinforcing expectations that both the overall level of reserves and renminbi-dollar exchange rate will continue to decline.
許多分析師認爲中國央行陷入了惡性循環。他們認爲，動用外匯儲備來減緩人民幣兌美元的下跌勢頭，不過是強化了人們的一個預期，即外匯儲備的總體規模和人民幣兌美元匯率都將繼續走低。
Mr Zhou’s speech and press conference is one of the highlights of the two-day G20 session, which finishes on Saturday. China’s longest-serving central bank governor has largely avoided international forums and media since the PBoC’s “one-off” renminbi devaluation rocked international markets in August.
周小川今天舉行的記者會及在會上發表的講話是本次G20會議的亮點之一。本次會議爲期兩天，於週六結束。自去年8月中國央行讓人民幣“一次性”貶值造成國際市場動盪以來，中國這位任職時間最長的央行行長很少出席國際論壇或接受媒體採訪。
China’s blue-chip CSI 300 index was up slightly on Friday after tumbling more than 6 per cent a day earlier, while the renminbi held steady against the dollar.
中國的藍籌股指數“滬深300指數”在經歷了週四逾6%的暴跌後，週五小幅回升，人民幣兌美元匯率維持穩定。
