人民幣全球使用回落
Global use of the renminbi is on the wane just one year after the International Monetary Fund formally recognised it as an international reserve currency, in a setback for Beijing’s ambition to promote its currency as a rival to the US dollar.
國際貨幣基金組織(IMF)正式承認人民幣為國際儲備貨幣僅一年後，人民幣的全球使用正在萎縮，令北京方面推動人民幣成為美元競爭對手的目標受挫。
According to central bank data, the amount of China’s foreign trade settled in renminbi surged from zero in 2010 to 26 per cent in 2015, but has since fallen to 16 per cent.
根據中國央行(PBoC)資料，中國以人民幣結算的對外貿易從2010年的0%激增到2015年的26%，但之後已下降到16%。
Cross-border renminbi payments over the first nine months of this year fell 16 per cent compared with the same period last year, reflecting the fall in renminbi usage for trade and cross-border investment.
今年頭九個月跨境人民幣支付同比下降16%，反映人民幣在貿易和跨境投資方面使用下降。
The renminbi’s rising popularity on foreign exchange markets has also proved fleeting.
人民幣在匯市交易增加也被證明是短暫的。
In 2013 it was the ninth most-traded currency, up seven places from 2010, according to the Bank for International Settlements.
據國際清算銀行(Bank for International Settlements)，2013年人民幣為第九大交易貨幣，比2010年上升七位。
It has barely budged since, ranking eighth this year.
此後這個排名幾乎沒有變動，今年排在第八位。
Waning demand for the renminbi has been largely driven by expectations of continued depreciation against the dollar and concerns about the outlook for the Chinese economy, which is growing at its slowest annual rate in a quarter of a century.
對人民幣的需求減少主要緣於其相對於美元持續貶值的預期以及對中國經濟前景的擔憂，中國經濟正以四分之一個世紀以來最慢的年度增幅增長。
After a decade of steady appreciation against the dollar that peaked in early 2014, the renminbi has since lost 13 per cent of its value against the greenback.
人民幣兌美元經過十年的穩定升值後，在2014年初達到峰值，此後人民幣兌美元匯率已下跌13%。
Its recent decline against the dollar would have been even steeper without central bank backing.
如果不是中國央行的支援，最近人民幣兌美元匯率的下跌會更劇烈。
The People’s Bank of China has been selling dollars to support the renminbi — a strategy that has contributed to the 25 per cent fall in China’s foreign reserves to $3tn.
中國央行一直在拋售美元來支援人民幣，這一策略在一定程度上導致中國外匯儲備減少了25%，至3萬億美元。
Reform setbacks dating back to Beijing’s decision to intervene in the country’s plunging stock markets in July 2015 have also taken their toll.
北京方面在2015年7月決定干預國內持續大跌的股市，可追溯到那時的改革遇挫也帶來損失。
The authorities have since made it easier for foreign capital to enter financial markets, while tightening outflows.
有關部門在那之後放寬外資進入金融市場，同時收緊資本流出。
Eswar Prasad, a Chinese finance expert at Cornell University, said: The approach of trying to manage the renminbi’s exchange rate while allowing for the
康奈爾大學(Cornell University)中國金融專家埃斯瓦爾.普拉薩德(Eswar Prasad)表示：這種試圖管理人民幣匯率，同時允許更自由的跨境資本流動的做法顯然已達到極限。
