人民币出现自去年8月贬值以来最大单月跌幅，与此同时中国央行否认放弃以市场为导向的汇率改革。

The renminbi fell 1.6 per cent against the dollar in May, after the People’s Bank of China reformed the way it sets its daily guidance rate for the currency, known as the midpoint price. The currency fell 2.6 per cent in August.

中国人民银行(PBoC)改革了设定人民币每日中间价的方式后，人民币兑美元汇率在5月下跌1.6%。人民币在去年8月贬值2.6%。

The central bank cast that reform as a move to loosen government control of the exchange rate and let market forces play a greater role. Many foreign investors were sceptical of the move because it came when market forces could be reliably expected to weaken the renminbi.

中国央行将那项改革定性为政府放松对人民币汇率控制、让市场力量扮演更大角色的举措。许多外国投资者对此表示怀疑，因为此举适逢市场力量预计会很容易削弱人民币。

That debate has been reignited in recent days. On Friday, the central bank published a statement online declaring its “unceasing commitment to the direction of market reform and increasing the exchange rate’s bidirectional flexibility”.

近日这场辩论再次被点燃。上周五，中国人民银行在线发布声明称，它将“始终坚持市场化改革方向，增强人民币汇率双向浮动弹性”。

Sceptics of the PBoC’s commitment to market reform point not only to the daily midpoint, but also to the central bank’s direct interventions in the market. As concern grows over China’s slowing economy and capital outflow, the PBoC has spent hundreds of billions of dollars to curb renminbi weakness.

人们对中国人民银行的市场改革承诺感到怀疑，理由是它不仅设定每日中间价，而且还在市场上直接干预。随着外界对中国经济放缓和资本外流的担忧升温，中国人民银行已拿出数千亿美元来遏制人民币贬值。

But the renminbi has followed the same basic trajectory of other non-dollar currencies as expectations of a summer Federal Reserve rate increase have revived.

但人民币的基本走势与其他非美货币相同，因为美联储(Fed)将在今年夏季加息的预期再现。

While the Chinese currency would probably have fallen even more sharply without intervention, the renminbi’s monthly decline in May undercut claims that the PBoC was narrowly focused on stability.

尽管如果没有干预的话，人民币很可能会以更大幅度下跌，但人民币在5月的贬值削弱了中国人民银行紧紧聚焦于汇率稳定的说法。