人民币汇率大涨，中国央行否认干预
香港——全球市场在2016年花了大部分时间来适应中国货币缓慢但稳步走软的现实。
Now, it is Beijing that appears uncomfortable with that state of affairs.
现在，北京看来对这种状况感到不舒服了。
Financial regulators appear to have grown increasingly concerned in recent weeks about the pace of the renminbi’s depreciation and the amount of capital flowing out of the country.
最近几周，金融监管人员似乎越来越关注人民币贬值的步伐以及中国资金外流的数额。
On Saturday, they issued stricter rules on individuals moving renminbi offshore in exchange for dollars. On Wednesday, Bloomberg News reported that the authorities were considering ordering state-owned companies to sell their foreign currency and to hold renminbi instead.
上周六，他们发布了限制个人兑换美元外汇的更严格的规则，以防止人民币转移海外。彭博新闻周三报道说，当局正在考虑下令国有企业出售它们持有的外币，改持人民币。
Against a pause in the dollar’s resurgence, the result of those measures has been to temporarily reverse the slide in the Chinese currency’s value.
在美元升值暂停的背景下，这些措施的结果是暂时扭转了人民币汇率的下滑。
The effect has been most pronounced in Hong Kong, where a small pool of offshore renminbi trades more freely than in mainland China. After a two-day rally, the offshore renminbi rose as much as 2.5 percent to 6.7853 against the dollar on Thursday, an exceptional gain for a currency that is usually subject to staid trading.
效果在香港最为明显，那里有一小部分离岸人民币进行比在中国大陆更自由的交易。在经过两天反弹后的周四，离岸人民币已升值高达2.5%，汇率上升到6.7853元兑一美元，这对一种通常交易平淡的货币来说是罕见的涨幅。
Beijing’s capital controls, and fears that more measures could be on the way, have tightened conditions in a city where the Chinese currency is already in short supply.
北京的资本管制，加上人们对政府可能采取更多措施的担心，已使人民币在香港进一步收紧，那里的中国货币已经供不应求。
“A limited offshore C.N.H. pool and expectations for renminbi depreciation are keeping C.N.H. liquidity tight,” said Frances Cheung, head of rates strategy for Asia outside of Japan at Société Générale, referring to offshore renminbi.
“有限的离岸人民币资源以及对人民币贬值的预期，正使得离岸人民币的流动性紧缩，”法国兴业银行(Société Générale)亚洲(除日本)利率策略主管张淑娴(Frances Cheung)说。
Because of the restrictions on capital, borrowing costs for offshore renminbi have been edging up for weeks on the interbank market, where lenders and other major financial institutions seek funding. But by Thursday, that overnight deposit rate briefly rose as high as 100 percent — by comparison, it hovered between 1 percent and 3 percent for most of October and November.
由于资本管制，离岸人民币的借款成本在银行间市场上已经持续逐渐上升好几周了，银行间市场是放款者及其他主要金融机构寻求资金的地方。但在周四，隔夜存款利率一度短暂升高到100%，相比之下，在去年10月和11月的大部分时间里，这个利率一直在1%和3%之间徘徊。
Some analysts said the sharp swings in offshore exchange rates and borrowing costs appeared to be engineered by the Chinese leadership, as a way to ease depreciation pressure on the renminbi and to discourage short sellers, or investors who bet on declines in the currency, often by using borrowed funds.
一些分析师说，离岸汇率和借贷成本的急剧波动似乎是由中国领导人策划的，作为一种缓解人民币贬值压力和阻止卖空者的方法，卖空者指那些打赌货币贬值的投资者，他们通常用借款来下赌注。
“Movements of this speed and magnitude have to be either official intervention or officially directed action by Beijing,” said Christopher Balding, an associate professor of finance at the Peking University HSBC School of Business in Shenzhen, China. “The purpose is to remove renminbi from offshore centers like Hong Kong, which had been continuing to be a factor placing downward pressure on the renminbi.”
“这种速度和规模的变化一定是官方干预所采取的、或在北京官方指导下的行动，”北京大学汇丰商学院副教授克里斯托弗·鲍尔丁(Christopher Balding)说。“目的是从比如香港这样的离岸中心撤走人民币，离岸中心一直是对人民币施加下行压力的持续因素。”
The Chinese central bank, the People’s Bank of China, denied that it was behind recent movements in the offshore currency market.
中国央行中国人民银行否认操纵了离岸货币市场的近期走向。
In an emailed response to questions, the central bank’s press office said claims that it had directly or indirectly intervened in the offshore renminbi market in Hong Kong were “not true.” It declined to elaborate.
央行新闻办公室在一封回答有关问题的电子信中表示，关于央行直接或间接干预香港离岸人民币市场的说法“不真实”，但拒绝做出更详细的解释。
Some economists noted that the tight conditions in the offshore market were enough to set off the squeeze without the central bank having to intervene directly.
一些经济学家指出，离岸市场紧缩本身已足以让汇率上升，无需中央银行的直接干预。
“Liquidity had been tight since September, and the market had widely expect tight liquidity condition to continue,” said Becky Liu, the head of China macro strategy at Standard Chartered Bank in Hong Kong.
渣打银行在香港的中国宏观策略部门负责人刘洁(Becky Liu)说：“自去年9月以来，流动性一直紧张，市场普遍预期流动性紧张的情况将持续下去。”
