中国发出更多汇率改革暗示（双语）

　　Today brings yet more hints from Chinese regulators about the future opening up of the country's capital account.

　　昨日，中国监管机构发出了有关未来放开本国资本账户的更多暗示。

　　Ever since China said in late June that it was abandoning its dollar peg, the Chinese central bank has published a blizzard of public statements explaining its position - five from vice governor Hu Xiaolian and another bunch from Safe, the body that manages China's foreign exchange reserves and regulates the currency market.

　　自6月下旬中国宣布放弃盯住美元的汇率政策以来，中国央行方面发表了一系列公开声明，解释自己的立场，其中5份来自副行长胡晓炼，还有一批声明则来自中国国家外汇管理局，该机构负责管理中国的外汇储备并监管外汇市场。

　　Why all the announcements from the usually media-shy regulators?

　　为什么这些平时不愿见媒体的监管机构一下子发布了这么多声明？

　　The latest statement from Safe today said that it was considering introducing new foreign exchange instruments, as well as containing a pledge to push forward with selective capital account reforms.

　　昨日外管局发布的最新声明称，该机构正考虑推出新的外汇交易品种，同时承诺有重点、有选择地推动资本项目改革。

　　There was no information about what these new products might be - market participants say that FX options are likely to be the next new development - but the statement follows an interview given last week by Yi Gang, the head of Safe, when he suggested that China was moving gradually towards a freely-floating currency.

　　没有信息说明这些新产品可能是什么。市场参与者表示，外汇期权可能是下一个新动态，但在上述声明之前，外管局局长易纲上周在接受采访时暗示，中国正逐步走向自由浮动的货币。

　　The most common explanation for the sudden flurry of announcements is that the central bank has been battling to win domestic political support for the shift to a more flexible currency, which has been resisted in many quarters.

　　对于突然发布的大量声明，最常见的解释是，中国央行正在努力争取国内政治支持，以过渡到一种更灵活的货币，这种主张遭到了很多方面的抵制。

　　But the hints about new openings in the foreign exchange market are also partly directed at an overseas audience where there are already grumblings about the slow pace of change in the exchange rate since the initial fanfare.

　　但是，有关外汇市场最新开放举措的暗示，在一定程度上也是针对海外受众的。在海外，对于人民币汇率在初期炒作后升值缓慢，已经有人发出了怨言。

　　As Mark Williams at Capital Economics pointed out today in a note entitled ‘Return of the Peg', the renminbi barely moved at all against the US dollar during July. Indeed, “the renminbi has actually weakened in trade-weighted terms since the reform was announced”. He adds: “The return to, in effect, a dollar peg so soon after the policy reform was restarted is surely not sustainable for long.”

　　正如资本经济(Capital Economics)的马克·威廉姆斯(Mark Williams)昨日在题为《盯住政策的回归》(Return of the Peg)的报告中所指出的，人民币兑美元汇率在7月份几乎没有变动。的确，“自宣布改革以来，人民币在贸易加权基础上实际上走弱了”。他补充说：“在重启政策改革后，这么快就在实际上恢复盯住美元，肯定持续不了多久。”