China’s central bank has moved to slow the renminbi’s advance as its rapid appreciation tests Beijing’s tolerance for a stronger currency that could threaten its export-oriented economy.
中国央行已采取行动减缓人民币的升值势头。人民币的强势可能会威胁到中国以出口为导向的经济，人民币的快速升值正在考验北京方面对这种状况的容忍度。
The People’s Bank of China on Friday said it would scrap a reserve requirement of 20 per cent for forward contracts selling the renminbi. This makes it cheaper for traders to bet on a weakening Chinese currency.
中国央行(PBoC)周五表示，将远期售汇业务的外汇风险准备金率从20%下调至0。这降低了交易员押注人民币走弱的成本。
Beijing tightly manages the renminbi and in recent years has favoured a weaker currency to boost exports. It has faced calls from inside and outside the country in recent months to let the currency strengthen after racking up a record $1.2tn trade surplus in 2025.
北京方面严格管理人民币汇率，近年来一直倾向于通过保持人民币弱势来提振出口。在2025年贸易顺差达到创纪录的1.2万亿美元之后，近几个月来，中国面临着来自国内外的呼声，要求允许人民币升值。