人民幣匯率趨穩 結束三連跌

HONG KONG — China’s currency stabilized on Friday, ending a three-day plunge that shook markets globally during the renminbi’s steepest devaluation in decades.

香港——週五，中國貨幣匯率趨穩，結束了連續三天的下跌。這是人民幣數十年來幅度最大的貶值，震動了全球市場。

For the first time since Tuesday, the country’s central bank set the official exchange rate higher — though only slightly — against the dollar.

中國央行調高了人民幣兌美元的官方匯率，雖然幅度甚微，卻是自週二以來的首次。

The renminbi responded by strengthening 0.1 percent, ending the week at 6.392 per dollar. Still, that meant the People’s Bank of China had effectively devalued the currency 4.4 percent. It was the steepest drop since the country’s modern exchange rate system was set up in 1994.

受其影響，人民幣升值0.1%，以1美元兌6.392元人民幣的匯率結束了這一週。然而，這還是意味着中國人民銀行讓人民幣實際貶值4.4%。這是自中國1994年建立起現代匯率制度以來的最大幅度貶值。

The sudden decline added fuel to a global debate about currency wars. It also raised new concerns about whether Chinese leaders could manage the country’s huge but slowing economy as they pursue market-driven overhauls to the financial system, which remains broadly under state control.

人民幣匯率的急跌，讓全球有關貨幣戰爭的爭論愈演愈烈，並讓外界產生了新的擔憂：中國領導人在爭取對目前主要由政府控制的金融制度進行以市場爲導向的改革，但這期間他們能否控制住該國龐大但卻日漸放緩的經濟？

China’s stock markets are still struggling after a sell-off that began in mid-June. The government took extraordinary measures to support share prices, including barring major shareholders from selling stocks and ordering state agencies to buy, with backing from state banks. But they had little lasting effect.

在經歷了始於6月中旬的拋售後，中國股市依然舉步維艱。政府採取了非同尋常的託市措施，包括禁止大股東出售股票，以及下令國家機構在國有銀行的支持下購買股票。但它們幾乎沒什麼持久的效果。

The renminbi’s fall should provide a modest boost to the country’s exporters, as the prices of their goods become relatively cheaper to overseas buyers. But officials at the central bank have denied that was why they pushed the currency down, saying instead that they wished to move closer to an exchange rate guided by trading.

人民幣貶值應該會對中國的出口商起到一定程度的幫助，因爲對外國買家而言，他們的產品會變得相對便宜一些。但央行的官員否認這是他們推動人民幣貶值的原因，他們是希望更接近由交易引導的匯率。

Instead of ignoring movements in the currency market, the central bank said it would begin to use them as the reference point in its daily setting of the exchange rate. The renminbi’s reaction to this change, they said, was a “one-off” adjustment.

中國央行不再忽略貨幣市場的變化，而是表示將開始在每天制定匯率時，把它們當做參考點。他們說，人民幣對這個變化做出的反應，是一種“一次性”調整。

The currency had been under pressure to weaken as China’s economy slowed. But the central bank kept it closely linked to the dollar, which had strengthened against most other major currencies because of the rebounding economy in the United States.

隨中國經濟放緩，人民幣一直面臨着貶值的壓力。但中國央行一直讓人民幣鉤住美元，而因爲美國國內經濟回升，美元相對於其大部分主要貨幣都升值了。

“China’s equities market crumbled this summer because its regulators were incapable of acting in the face of a bubble,” Daniel H. Rosen, a founding partner of the consultancy the Rhodium Group, wrote in a research note. China’s central bank “was determined not to repeat that mistake with the currency,” he added.

“今年夏天，因爲監管機構在面對泡沫時沒有能力採取行動，中國股市崩盤，”諮詢公司榮鼎諮詢(Rhodium Group)創始合夥人榮大聶(Daniel H. Rosen)在一份研究報告中寫道。他接着表示，中國央行“下決心在貨幣問題上不再重蹈覆轍”。

By Friday, China had made clear it would allow the currency to move with the markets. But the central bank also showed it would not hesitate to step in if needed. And the renminbi’s daily swings are still capped at a rise or fall of 2 percent.

到了週五，中國明確表示將允許人民幣匯率跟隨市場變化。但央行也表示，如有需要，它將毫不猶豫地出面干預。人民幣匯率的浮動區間依然被限定在上下2%。

The central bank set the exchange rate at 6.397 per dollar on Friday, a tiny 0.01 percent gain from Thursday’s market close. It remained steady around that level throughout trading on Friday, despite heavy volume, suggesting that the central bank was acting to keep the currency stable.

週五，央行制定的人民幣兌美元的匯率是6.397，同週四的收盤價相比小幅上漲0.01%。在週五的整個交易期間，儘管交易量巨大，匯率始終穩定在這個水平上下，這表明央行正在採取行動，保持匯率穩定。