China s yuan in recent weeks has clawed back almost all of theyear s losses against the dollar, in a surge driven by a weakenedU.S. currency and resurgent demand among local businesses.
受美元疲弱和中国企业需求复苏的影响,人民币兑美元汇率近几周大涨,几乎收复了今年到目前为止的全部失地。
The strengthening of the yuan -- which reached a seven-monthhigh on Thursday before ending the day at its highest level since April -- could bring furtherheadwinds to Chinese exporters already grappling with weakening global demand for theirproducts.
周四,人民币兑美元汇率触及七个月盘中高点,收于4月以来的最高水平。人民币升值可能会给那些因全球对其产品需求下滑而头痛不已的中国出口商带来进一步压力。
But it also could help Chinese officials contend with bubbling inflation worries and reduce frictionbetween China and the U.S. ahead of a presidential election in which both candidates havecriticized China.
但同时,人民币升值或许也有助于中国官员消除人们对通胀的担忧,减少中美之间的摩擦。美国大选在即,两位总统候选人都在批评中国。
Indeed, many analysts expect only modest further pressure on the yuan to rise in the comingmonths. China s trade data this year have weakened the argument that the yuan is significantlyundervalued. In a report issued last week, China s foreign-exchange regulator said the yuan sexchange rate has approached fair-market value.
实际上,很多分析人士认为,未来几个月人民币的升值压力不太大。中国今年的贸易数据已经削弱了人民币被大幅低估的说法。中国外汇监管机构上周发布报告说,人民币汇率已接近均衡水平。
Since late last year, worries over China s economy had led the yuan to weaken modestly againstthe dollar. In late July, it was down as much as 1.6% against the U.S. currency compared with thestart of the year, following nearly two years of steady appreciation. In the past, the yuan had beenviewed as a surefire bet to rise in value. The depreciation has led to waning interest from foreigninvestors for yuan-denominated assets, such as yuan bonds sold in Hong Kong.
去年底以来,有关中国经济的担忧导致人民币兑美元汇率小幅走低。在持续近两年稳步升值后,人民币兑美元汇率今年7月底较年初跌幅达1.6%。过去人们曾一度认为人民币一定会升值。人民币贬值导致外国投资者对在香港发行的人民币债券等人民币计价资产兴趣减弱。
But China s central bank, which controls the yuan, has been leading it on a stronger path in recentweeks. Traders said the trend was hastened by weakness in the dollar in reaction to last week sannouncement by U.S. Federal Reserve its latest plan to bolster the economy by buying bonds, aswell as by the European Central Bank s plan to buy debt issued by struggling euro-zone nations.
但控制着人民币的中国央行这几周一直在引导人民币走高。交易员说,这种走势受到两个因素的推动,一是美联储上周宣布了通过购债以提振经济的最新计划后,美元应声走软;二是欧洲央行计划购买处于困境的欧元区国家发行的国债。
The yuan on Thursday finished at 6.3038 to the dollar, its strongest level since April 25, and is nowdown just 0.2% this year.人民币周四收于1美元兑6.3038元的水平,为4月25日以来最高,今年以来仅跌了0.2%。
Thursday s gain was helped by initial September data on Chinese manufacturing. While the readingfrom the preliminary HSBC China Manufacturing Purchasing Managers Index drove down stockmarkets in China and other Asian countries, many traders in China said the figures showed themanufacturing sector was stabilizing instead of worsening.
周四的上涨受益于中国制造业9月份初步数据。虽然汇丰中国制造业采购经理人指数初值令中国和亚洲其他国家的股市走低,但中国很多交易员说,数据显示中国制造业正在企稳而不是在恶化。
Improved global sentiments toward riskier assets and expectations that things might be bottomingout in China gave the yuan a jolt today, said analyst Perry Kojodjojo at HSBC Holdings PLC inHong Kong.
汇丰控股驻香港分析师Perry Kojodjojo说,全球投资者对高风险资产心态改善,以及对中国可能正在触底反弹的预期,这些都推动了人民币走高。