中國5月外匯儲備降至年以來最低

China’s foreign exchange reserves dropped by $28bn in May, falling to their lowest level since the end of December 2011.

今年5月，中國外匯儲備減少280億美元，達到自2011年12月底以來最低水平。

Overall reserves dropped to $3.191tn in May, according to new data from the People’s Bank of China, from $3.219tn in April. Analysts had expected a reading of $3.2tn.

根據中國央行(PBoC)的最新數據，今年5月，中國外匯儲備餘額從4月的3.219萬億美元降至3.191萬億美元。分析師原本預測爲3.2萬億美元。

Concerns over China’s war chest have emerged over the past year as Beijing has sold dollars to support its falling currency and stem capital outflows.

過去一年，對於中國外匯儲備的擔憂出現。中國出售了美元以支持日益下跌的人民幣，並限制資本外流。

Policymakers have been forced to dip into reserves following the central bank’s announcement of a new exchange-rate fixing regime in August, which sent tremors across global markets at the prospect of a new round of global currency wars.

在中國央行去年8月宣佈新的匯率定價機制（此舉震動全球市場，令人擔心爆發新一輪全球貨幣戰爭）後，政策制定者被迫動用外匯儲備。

However, when measured in real terms that control for valuation, forex reserves actually rose by $9bn, the first time they have inched up in seven months.

然而，根據實際匯率計算，中國的外匯儲備實際增加90億美元，這是7個月來首次出現增長。

The shift in reserves comes after capital flows have accelerated in recent months and the renminbi has weakened against the rising dollar.

在外匯儲備止跌回升之前，最近幾個月資金流動加快，人民幣兌不斷升值的美元匯率下跌。

However, overall outflows have stabilised since last summer, while further weakening of renminbi is set to remain muted, said economists.

然而，經濟學家們表示，自去年夏季以來，資金外流總體已企穩，而人民幣進一步貶值壓力將保持較低。

“Depreciation expectations remain much more manageable than in late-2015 and early-2016, when China was witnessing outflows of over $120bn per month”, said Julian Evans-Pritchard at Capital Economics.

凱投宏觀(Capital Economics)的朱利安•埃文斯-普里查德(Julian Evans-Pritchard)表示：“貶值預期仍比2015年末和2016年初可控得多，當時中國每月有超過1200億美元資金流出”。