【英语财经】中国试图打消人民币持续贬值担忧 China seeks to calm global nerves over renminbi fall

The People’s Bank of China sought to dispel fears of a prolonged fall in the renminbi yesterday. The currency fell sharply for a second consecutive day, spreading alarm in global markets.

The renminbi’s decline to a four-year low weighed on equities and commodities, as fears grew that it could presage a global economic slowdown. The S&P 500 dropped 1 per cent to briefly turn negative for the year before steadying, while the FTSE Eurofirst 300 fell 2.7 per cent and stock markets slid across Asia.

China’s decision to tolerate a weaker currency has fanned fears that its economy, long an engine of global growth, is slowing much faster than thought. Investors worry that a sustained fall in the renminbi and competitive currency devaluations across Asia could have a deflationary effect, which would further weigh on global economic prospects.

Investors are souring on European and US companies that are reliant on an expanding Chinese economy for their revenues, with shares in carmakers and luxury goods retailers falling sharply for a second day. Shares in

Burberry, the UK fashion house, fell 3.5 per cent.

The declines came after China’s central bank lowered the “daily fix” around which its currency trades against the US dollar by 1.6 per cent to 6.3306, the second-biggest one-day cut since the country abandoned its hard currency peg in 2005. The move came a day after the PBoC surprised markets by devaluing the renminbi by nearly 2 per cent. After yesterday’s move, the renminbi sank as low as 6.44 in onshore markets, its weakest level since 2011. A rebound took it back to 6.38 at the close of business, sparking talk that Beijing had intervened to slow the pace of decline.

The PBoC issued a statement reiterating its promise to give the market a larger role in setting the exchange rate. But it also dismissed concerns that China was embarking on a campaign to weaken its currency in the face of stalling economic growth.

“In view of both domestic and international economic and financial condition, currently there is no basis for persistent depreciation of [the] renminbi”, the statement said. “Recently, major economic indicators stabilised and showed good signs, which provides a favourable macroeconomic environment for a stable renminbi.”

Foreign exchange traders said yesterday that they had detected signs that the central bank was buying renminbi in order to slow the currency’s decline.

That would mark a return to the pattern of recent months, when the PBoC drew down its forex reserves in order to defend the currency from depreciation pressure caused by capital outflows.

Such intervention would suggest the PBoC wants to strike a balance between permitting moderate devaluation while preventing depreciation expectations from becoming entrenched, which could encourage further outflows.

中国人民银行(PBoC)昨日试图打消有关人民币将持续贬值的担忧。昨日人民币连续第二日大幅走低，在全球市场引起惊慌。

人民币汇率跌至四年低点，打压了股市和大宗商品，因为人们担心这可能预示着全球经济放缓。标准普尔500指数(S&P 500)一度下跌1%，抹去今年全部涨幅，后来才企稳。在欧洲，富时Eurofirst 300指数(FTSE Eurofirst 300)下跌2.7%。亚洲股市全线下滑。

中国决定让人民币走低，引燃了这样的担忧：多年来一直是全球增长引擎的中国经济，正以远超人们想象的步伐放缓。投资者担心，人民币若持续走低，同时亚洲各国爆发竞争性货币贬值，可能产生通缩效应，进一步拖累全球经济前景。

投资者对那些营收依赖于中国经济扩张的欧美公司看法恶化，导致汽车制造商和奢侈品零售商的股票连续第二日大幅下跌。英国时装零售商博柏利(Burberry)昨日股价下跌3.5%。

市场下跌之前，中国央行昨日将人民币兑美元汇率中间价下调1.6%，至1美元兑6.3306元人民币，这是中国2005年结束刚性盯住美元以来第二大单日跌幅。此前一日，中国央行下调人民币汇率中间价近2%，令市场感到意外。昨日下调中间价后，在岸市场的人民币兑美元汇率一度跌至1美元兑6.44元人民币，这是2011年以来的最低位。随后人民币汇率有所反弹，收于1美元兑6.38元人民币，引发有关北京方面出手干预以减缓贬值步伐的议论。

中国央行发表声明，重申其在汇率形成方面更多由市场决定的承诺，同时否认了外界的担忧，即面对经济增长停滞，中国发起了压低人民币的行动。

“从国际国内经济金融形势看，当前不存在人民币汇率持续贬值的基础，”声明称。“近期主要经济指标企稳向好，经济运行出现积极变化，为人民币汇率保持稳定提供了良好的宏观经济环境。”

外汇交易员昨日表示，他们发现了中国央行买入人民币以减缓其跌势的迹象。

那将标志着回归近几个月的常态，即中国央行动用外汇储备，抵消资本外流给人民币造成的贬值压力。

这样的干预可能表明，中国央行希望在允许适度贬值与防止贬值预期形成（这将鼓励更多资本外流）之间达到平衡。

译者/和风