FT社評(píng)：中國(guó)面對(duì)棘手匯率難題（中英雙語(yǔ)）

青島希尼爾翻譯公司（www.marshallsfreshproduce.com）整理發(fā)布2015-12-10

希尼爾翻譯公司（www.marshallsfreshproduce.com）2015年12月10日了解到：If the prospect of the Chinese renminbi’s entry into the basket of currencies composing the special drawing right was supposed to insulate it from the whims of speculation, no one appears to have told the foreign exchange traders. 如果說(shuō)中國(guó)的人民幣加入特別提款權(quán)(SDR)貨幣籃子應(yīng)該使人民幣免受投機(jī)的影響，似乎沒(méi)有誰(shuí)告訴外匯交易員這一點(diǎn)。

Yesterday, after data showed Chinese exports in November sharply lower over the year on the back of weak external demand, the renminbi dropped to its lowest level in four years. Earlier this week, it emerged that Chinese official foreign exchange reserves registered their third-largest monthly decline on record in November. 昨日公布的數(shù)據(jù)顯示，由于外需疲弱，11月中國(guó)出口較上一年同期大幅下降，導(dǎo)致人民幣匯率降至4年低點(diǎn)。本周早些時(shí)候，有消息稱，11月中國(guó)官方外匯儲(chǔ)備錄得歷史上第三大月度降幅。

Beijing is discovering that symbolic achievements such as admission to the SDR basket are less important than having a sustainable growth model. China is trying to effect a hugely difficult balancing act between short-term growth and long-term stability. In the face of capital outflows and downward pressure on the currency, it must steer an uneasy course between the two. 北京方面發(fā)現(xiàn)，人民幣加入SDR貨幣籃子等象征性成果，不如擁有一個(gè)可持續(xù)增長(zhǎng)模式重要。中國(guó)正想方設(shè)法在短期增長(zhǎng)和長(zhǎng)期穩(wěn)定之間達(dá)成非常艱難的平衡。面對(duì)資本流出和人民幣貶值壓力，中國(guó)必須在兩者之間找到一條艱難的路。

Having long ago announced its intention to shift from an economy led by investment and exports to one driven by domestic and particularly consumer demand, China has been overtaken by events. A slowdown in global export demand, and a general sell-off of emerging market currencies, have assisted the first goal, on a cyclical rather than a structural basis. But they have done little to help the second leg of growth in consumer demand and domestic services. 中國(guó)很早以前就宣布推動(dòng)經(jīng)濟(jì)轉(zhuǎn)型，把增長(zhǎng)動(dòng)力由投資和出口轉(zhuǎn)向國(guó)內(nèi)、尤其是消費(fèi)需求，但如今受到了各種事件的沖擊。全球出口需求的放緩，加上新興市場(chǎng)貨幣普遍遭到拋售，從周期上而不是結(jié)構(gòu)上幫助中國(guó)減少對(duì)出口的依賴，但是對(duì)于消費(fèi)需求和國(guó)內(nèi)服務(wù)基本沒(méi)有幫助。

In August, in response to pressure on the currency, China allowed the renminbi to fall and announced that henceforth it would follow a more market-determined pattern. To the extent that it was a true move towards a freely floating currency, this was a decision in the right direction. However, it would have been much better taken in calmer times, looking like principle rather than expediency. Since then, the renminbi has continued to operate in an atmosphere of uncertainty over how far the natural pressures of buying and selling will be allowed to operate. 8月，為了應(yīng)對(duì)匯率壓力，中國(guó)允許人民幣貶值，并宣布，從此將允許匯率更多地由市場(chǎng)因素來(lái)決定。就采取真正措施實(shí)現(xiàn)匯率自由浮動(dòng)而言，這個(gè)決定的方向是正確的。然而，如果該決定是在更平靜的時(shí)期作出會(huì)好得多，那樣的話看起來(lái)就是在依原則行事，而不是在采取權(quán)宜之計(jì)。自那時(shí)以來(lái)，人民幣行情一直籠罩在不確定氛圍中，人們不知道中國(guó)會(huì)在多大程度上讓買賣的自然壓力決定人民幣匯率。

There is some good news. First, whatever excitable currency warriors might think, China is clearly not embarking on a deliberate competitive devaluation to boost manufacturing exports. A fall in the currency accompanied by a rapid decline in foreign exchange reserves is evidence of policymakers trying to manage a devaluation rather than engineering one. 有一些好消息。第一，無(wú)論易激動(dòng)的貨幣斗士可能有何種想法，中國(guó)政府明顯并沒(méi)有為了刺激制造業(yè)出口而故意推動(dòng)競(jìng)爭(zhēng)性貶值。人民幣貶值的同時(shí)，中國(guó)外匯儲(chǔ)備快速減少，證明政策制定者正在努力應(yīng)對(duì)貶值，而不是策動(dòng)貶值。

There is also tentative evidence that domestic demand may be responding to the multiple cuts in interest rates and reductions in banks’ reserve requirement ratios that the People’s Bank of China has implemented. Although imports dropped by 8.7 per cent in dollar terms last month on a year earlier, the fall was smaller than expected, suggesting stronger demand sucking in goods from abroad. 也有初步證據(jù)表明，國(guó)內(nèi)需求或許正對(duì)中國(guó)央行(PBoC)的多次下調(diào)利率和存款準(zhǔn)備金率做出回應(yīng)。盡管上個(gè)月以美元計(jì)的進(jìn)口同比下降了8.7%，但下降幅度小于預(yù)期，表明有更強(qiáng)的需求在吸收外國(guó)商品。

Beijing had better hope that such signs of life continue. China is in an unenviable position, albeit one largely of its own making. Having unbalanced its own economy for decades while external conditions — buoyant demand and rapid capital inflows — were supportive, it is attempting to reverse that in a much more unfavourable environment. Its next immediate challenge is to manage the aftermath of the US Federal Reserve’s decision on interest rates next week, especially if, as markets expect, borrowing costs are raised. 北京方面最好祈禱這樣的“生命跡象”持續(xù)下去。目前，中國(guó)正處在一個(gè)不妙的境地，不過(guò)，這主要是它自己造成的。在外部條件有利時(shí)（需求旺盛、資本流入快），中國(guó)曾允許經(jīng)濟(jì)失衡數(shù)十年，如今正努力在不利得多的環(huán)境里逆轉(zhuǎn)失衡。中國(guó)的下一個(gè)即將來(lái)臨的挑戰(zhàn)，是應(yīng)對(duì)美聯(lián)儲(chǔ)(Fed)下周有關(guān)利率決定的后果，尤其是，如果借債成本如市場(chǎng)預(yù)期的那樣升高的話。

This week’s news was not terrible for China: it shows an economy in awkward transition with policymakers trying to cushion the blow. Yet with its room for manoeuvre reduced by weak global demand and skittish investors, Beijing will need luck as well as judgment to continue the process. 本周的消息對(duì)中國(guó)來(lái)說(shuō)并不可怕：它表明中國(guó)經(jīng)濟(jì)正在艱難轉(zhuǎn)型，而政策制定者正努力減緩沖擊。不過(guò)，由于全球需求疲弱和易受驚嚇的投資者壓縮了中國(guó)的調(diào)控空間，中國(guó)將需要判斷力和運(yùn)氣才能繼續(xù)轉(zhuǎn)型之路。

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