人民币汇率创比较大双日涨幅
人民币汇率创下有史以来最大的双日涨幅。强劲的经济数据和离岸市场流动性吃紧令看空中国者猝不及防，并推动美元相对各币种全线走低。
The offshore renminbi rallied as much as 2.6 per cent against the dollar to Rmb6.7853 for its strongest level since early November. As recently as Tuesday the renminbi was at a record low of Rmb6.9895.
离岸人民币兑美元汇率的涨幅高达2.6%，涨至1美元兑6.7853元人民币，为去年11月初以来的高点。而就在周二，人民币相对美元还处于1美元兑6.9895元人民币的创纪录低点。
“China helps the dollar retreat,” said Hans Redeker, strategist at Morgan Stanley, who noted there were large gains too for emerging market currencies including the Brazilian real and the South African rand. He added: “However, the biggest move compared to recent volatility has been experienced in renminbi markets.”
摩根士丹利(Morgan Stanley)策略师汉斯•雷蒂克(Hans Redeker)表示：“中国助推了美元的贬值。”他指出，包括巴西雷亚尔和南非兰特在内的新兴市场货币也呈现大幅上涨。他还表示：“不过，相对于近期的波动，最大的行情还是出现在人民币市场。”
Bets on renminbi weakness had risen in recent weeks as the currency slid steadily last month to near the notable Rmb7 level against the dollar.
上月，人民币汇率稳步下滑，逼近1美元兑7元人民币关口。在这一背景下，最近几周有越来越多的人押注人民币走低。
China has been burning through its foreign exchange reserves in a bid to curb the pace of the reminbi’s decline — which was widely expected to increase this month when Chinese citizens’ annual $50,000 foreign exchange limit was reset.
为抑制人民币汇率下跌的速度，中国近期一直在大肆消耗其外汇储备。人们普遍预期，随着中国公民每年5万美元的购汇额度于本月开始重新计算，人民币贬值的步伐会加快。
Traders said a combination of strong service sector data and reports of further curbs on capital outflows by Beijing earlier this week had sapped the bearish mood while the surprise rally was exacerbated by falling liquidity in the offshore renminbi market.
交易员表示，强劲的服务业数据，再加上本周早些时候有关中国政府进一步抑制资本外流的报道，大大削弱了市场的看空情绪。而离岸人民币市场流动性的不断下滑，助长了这波令人意外的反弹行情。
Renminbi-denominated deposits held in Hong Kong — by far the biggest renminbi centre offshore — fell 5 per cent to Rmb627.6bn ($90bn) in November to stand more than a quarter lower than their levels a year earlier.
去年11月，香港的人民币存款减少5%，至6276亿元人民币(合900亿美元)，同比降幅超过四分之一。香港是遥遥领先的最大人民币离岸中心。
“Renminbi weakness has been the most consensus trade to start the year — and with good reason — but liquidity in this market keeps getting lower and that just makes it more vulnerable,” said Mansoor Mohi-uddin, strategist at RBS. “I don’t think the underlying weaker trend has changed, but these moves will have made people betting on that thinking about one-way risk.”
苏格兰皇家银行(RBS)策略师曼苏尔•莫希-乌丁(Mansoor Mohi-uddin)表示：“押注人民币走低是今年开年以来最无看法分歧的交易策略，其理由也很充分。然而，这个市场的流动性一直在萎缩，这就让这个策略愈发脆弱。我不认为人民币潜在的走弱势头已经改变，但上述行情会让押注这一趋势的人考虑一下单向押注的风险。”
Total assets in offshore renminbi fell 17 per cent globally last year to Rmb2.16tn, according to analysts at Standard Chartered, with the sharpest decline in deposits, down 22 per cent to Rmb1.17tn.
根据渣打银行(Standard Chartered)的数据，去年全球离岸人民币资产总额下滑17%，至2.16万亿元人民币。其中，人民币存款的降幅最大，减少了22%，至1.17万亿元人民币。
The decline in offshore liquidity has limited investor appetite to short the renminbi by raising the costs of doing so. On Thursday the cost of borrowing renminbi overnight in Hong Kong more than doubled to hit its highest level in a year at 38.35 per cent compared with its normal levels between 1 and 2 per cent.
离岸流动性的降低抬高了做空人民币的成本，从而抑制了投资者做空的兴趣。周四，香港人民币隔夜拆借成本翻了一番以上，达到38.35%，为一年来的最高水平。该利率的正常水平只有1%到2%。
