中国央行出新规打击离岸人民币做空

 　　China will impose a reserve requirement on offshore¹ renminbi deposits, the central bank said on Monday, in an effort to soak up liquidity² and raise the cost of speculating on renminbi depreciation³.

　　中国央行周一表示，中国将对离岸人民币存款征收存款准备金，此举旨在吸纳流动性并提高针对人民币贬值的投机成本。

　　The move marks an escalation⁴ of efforts by the People’s Bank of China to discourage capital outflow and curb⁵ renminbi weakness in both the onshore and offshore markets.

　　此举标志着中国央行加大了打击资本外流并遏制在岸与离岸人民币贬值的努力。

　　The spread between onshore and offshore renminbi widened to a record early this month before the PBoC intervened in the offshore — or CNH — market in Hong Kong to narrow the gap. The onshore renminbi has fallen 2.7 per cent against the dollar since December.

　　本月初，在中国央行干预香港离岸人民币市场之前，人民币在岸与离岸汇率之间的利差扩大到创纪录水平。自今年12月以来，在岸人民币兑美元汇率下跌2.7%。

　　The overnight CNH borrowing rate jumped to a record 67 per cent last week after the PBoC sold dollars from its foreign exchange reserves to buy renminbi, causing a liquidity squeeze in the CNH money market.

　　上周，离岸人民币隔夜拆借利率跃升至创纪录的67%，此前中国央行从外汇储备中卖出美元，买入人民币，导致离岸人民币货币市场出现流动性紧缩。

　　The new reserve requirement will permanently⁶ raise CNH interest rates by forcing banks to set aside a portion of CNH deposits at the central bank, where the funds are not available for lending.

　　新的存款准备金政策将迫使银行在央行留出一定比例的人民币存款（这部分资金不能用于贷款），将永久性提高离岸人民币利率。

　　“As depreciation pressures have intensified⁷, the offshore market has become an important venue⁸ for short-selling the renminbi,” Huili Chang, analyst⁹ at China International Capital Corp, wrote on Monday. “This move will push up the cost of offshore renminbi financing and help to restrain speculation¹⁰.”

　　“由于人民币贬值压力加剧，离岸市场已成为做空人民币的一个重要场所，”中金(CICC)分析师周一写道，“此举将推升离岸人民币的融资成本并有助于限制投机。”

　　Speculators have used CNH as a funding currency to execute a short-term carry trade in which they swap¹¹ borrowed renminbi for dollars, then repay the loan the following day once CNH has weakened.

　　投机者一直利用离岸人民币作为执行短期套利交易的融资货币，他们借入人民币换成美元，然后在离岸人民币贬值后的第二天偿还这笔借款。

　　While the onshore renminbi market remains¹² tightly controlled, the offshore CNH market has largely operated outside the reach of mainland authorities since its creation in 2010. China’s central bank can exert regulatory influence over the CNH market, however, through rules affecting the onshore correspondent banks that serve as links between the onshore and offshore markets.

　　尽管在岸人民币市场仍受到严格控制，但自2010年创建以来，离岸人民币市场基本上不受内地监管部门的控制。然而，中国央行可以通过影响针对离岸与在岸市场之间的境内代理行的规定，对人民币离岸市场施加影响。

　　In recent weeks, the PBoC has intervened on the CNH by selling dollars in the open market, but the latest move broadens its use of administrative¹³ measures to influence the offshore market. The central bank previously¹⁴ suspended certain foreign-exchange transactions by onshore units of foreign banks that were helping¹⁵ clients arbitrage¹⁶ between the onshore and offshore renminbi exchange rates.

　　最近几周，中国央行通过在公开市场上卖出美元，对人民币离岸市场进行干预，但这一最新举措扩大了利用行政举措影响离岸市场的范围。中国央行此前曾暂停外国银行在华分支机构的一些外汇交易，这些银行帮助客户在在岸与离岸人民币汇率之间套利。

　　The PBoC published rules in December 2014 allowing it to impose a required reserve ratio on correspondent banks, but the ratio had been set at zero.

　　2014年12月，中国央行发布规定，允许对代理行征收存款准备金，但存款准备金率暂定为零。

　　The central bank will enforce a “normal” reserve requirement on onshore banks that accept renminbi deposits from offshore banks from January 25, it said on Monday, without specifying¹⁷ a number. The current reserve requirement for onshore renminbi deposits is 17.5 per cent for large banks.

　　中国央行周一表示，将从1月25日起，对接受境外银行人民币存款的境内银行“执行正常存款准备金率”政策，但没有透露具体数额。目前大银行的在岸人民币存款的存款准备金率为17.5%。

　　The new reserve ratio creates a “counter-cyclical adjustment mechanism¹⁸ for cross-border renminbi liquidity”, the PBoC said, without mentioning the exchange rate.

　　中国央行表示，新的存款准备金率“建立了对跨境人民币资金流动进行逆周期调节的长效机制”，央行没有提及人民币汇率。

1 offshore   

adj.海面的，吹向海面的；adv.向海面

参考例句：

• A big program of oil exploration has begun offshore.一个大规模的石油勘探计划正在近海展开。
• A gentle current carried them slowly offshore.和缓的潮流慢慢地把他们带离了海岸。

2 liquidity   

n.流动性，偿债能力，流动资产

参考例句：

• The bank has progressively increased its liquidity.银行逐渐地增加其流动资产。
• The demand for and the supply of credit is closely linked to changes in liquidity.信用的供求和流动资金的变化有密切关系。

3 depreciation   

n.价值低落，贬值，蔑视，贬低

参考例句：

• She can't bear the depreciation of the enemy.她受不了敌人的蹂躏。
• They wrote off 500 for depreciation of machinery.他们注销了500镑作为机器折旧费。

4 escalation   

n.扩大，增加

参考例句：

• The threat of nuclear escalation remains. 核升级的威胁仍旧存在。 来自辞典例句
• Escalation is thus an aspect of deterrence and of crisis management. 因此逐步升级是威慑和危机处理的一个方面。 来自辞典例句

5 curb   

n.场外证券市场，场外交易；vt.制止，抑制

参考例句：

• I could not curb my anger.我按捺不住我的愤怒。
• You must curb your daughter when you are in church.你在教堂时必须管住你的女儿。

6 permanently   

adv.永恒地，永久地，固定不变地

参考例句：

• The accident left him permanently scarred.那次事故给他留下了永久的伤疤。
• The ship is now permanently moored on the Thames in London.该船现在永久地停泊在伦敦泰晤士河边。

7 intensified   

v.（使）增强， （使）加剧( intensify的过去式和过去分词 )

参考例句：

• Violence intensified during the night. 在夜间暴力活动加剧了。
• The drought has intensified. 旱情加剧了。 来自《简明英汉词典》

8 venue   

n.犯罪地点，审判地，管辖地，发生地点，集合地点

参考例句：

• The hall provided a venue for weddings and other functions.大厅给婚礼和其他社会活动提供了场所。
• The chosen venue caused great controversy among the people.人们就审判地点的问题产生了极大的争议。

9 analyst   

n.分析家，化验员；心理分析学家

参考例句：

• What can you contribute to the position of a market analyst?你有什么技能可有助于市场分析员的职务？
• The analyst is required to interpolate values between standards.分析人员需要在这些标准中插入一些值。

10 speculation   

n.思索，沉思；猜测；投机

参考例句：

• Her mind is occupied with speculation.她的头脑忙于思考。
• There is widespread speculation that he is going to resign.人们普遍推测他要辞职。

11 swap   

n.交换；vt.交换，用...作交易

参考例句：

• I will swap you my bicycle for your radio.我想拿我的自行车换你的收音机。
• This comic was a swap that I got from Nick.这本漫画书是我从尼克那里换来的。

12 remains   

n.剩余物，残留物；遗体，遗迹

参考例句：

• He ate the remains of food hungrily.他狼吞虎咽地吃剩余的食物。
• The remains of the meal were fed to the dog.残羹剩饭喂狗了。

13 administrative   

adj.行政的，管理的

参考例句：

• The administrative burden must be lifted from local government.必须解除地方政府的行政负担。
• He regarded all these administrative details as beneath his notice.他认为行政管理上的这些琐事都不值一顾。

14 previously   

adv.以前，先前（地）

参考例句：

• The bicycle tyre blew out at a previously damaged point.自行车胎在以前损坏过的地方又爆开了。
• Let me digress for a moment and explain what had happened previously.让我岔开一会儿，解释原先发生了什么。

15 helping   

n.食物的一份&adj.帮助人的，辅助的

参考例句：

• The poor children regularly pony up for a second helping of my hamburger. 那些可怜的孩子们总是要求我把我的汉堡包再给他们一份。
• By doing this, they may at times be helping to restore competition. 这样一来, 他在某些时候,有助于竞争的加强。

16 arbitrage   

n.套利，套汇

参考例句：

• This is an example of arbitrage.这就是套利的一个例子。
• That is interest arbitrage in practice.这就是所谓的套利。

17 specifying   

v.指定( specify的现在分词 )；详述；提出…的条件；使具有特性

参考例句：

• When we describe what the action will affect, we are specifying the noun of the sentence. 当描述动作会影响到什么时，我们指定组成句子的名词。 来自About Face 3交互设计精髓
• Procurement section only lists opportunistic infection drugs without specifying which drugs. 采购部分只说明有治疗机会性感染的药物，但并没有说明是什么药物。 来自互联网

18 mechanism   

n.机械装置；机构，结构

参考例句：

• The bones and muscles are parts of the mechanism of the body.骨骼和肌肉是人体的组成部件。
• The mechanism of the machine is very complicated.这台机器的结构是非常复杂的。