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| BEIJING — As the euro has fallen below parity with the dollar and the British pound plunges toward a one-for-one exchange rate as well, another currency is also weakening against the dollar: China’s renminbi. | 北京——随着欧元对美元汇率跌破平价，英镑对美元也跌至一比一，另一种货币对美元也在走弱：中国的人民币。 |
| For Shanghai trading on Monday morning, China’s central bank, the People’s Bank of China, fixed the initial value of the renminbi at more than 7 to the dollar for the first time in more than two years. It was the weakest fixing of the Chinese currency since July 2020, breaking through a mainly psychological barrier that the renminbi would continue to be worth between 6 and 7 to the dollar. | 在上海周一上午的交易中，中国人民银行，也就是中国央行，两年多来首次将人民币对美元的中间价固定在7美元以上。这是自2020年7月以来人民币的最弱定盘价，突破了人民币对美元汇率将继续保持在6至7之间的主要心理关口。 |
| At the same time, the central bank on Monday tightened a technical regulation to make it slightly more difficult for traders to place large bets on a further decline in the value of the renminbi. | 与此同时，央行周一收紧了一项技术性监管，略微加大了交易员做空人民币的难度。 |
| China’s decision to let a psychological barrier like 7-to-the-dollar be breached, while using the rule change to discourage trading against the currency, “basically meant the People’s Bank of China does not want to try to defend any particular foreign exchange level, but to slow the pace of depreciation,” said Peiqian Liu, a China economist at NatWest Markets. | 中国决定突破7比1美元的心理关口，同时利用规则的改变来阻止针对人民币的交易，“基本上意味着中国人民银行并不想维持任何特定的外汇水平，而是要放缓贬值的步伐”，国民西敏寺银行集团的中国经济学家刘培谦表示。 |
| The daily fixing of the renminbi’s value in Shanghai establishes a range in which the central bank will allow the renminbi to trade for the day. The central bank fixed the initial value on Monday at 7.0298 renminbi to the dollar. | 人民币在上海的每日定价确定了央行允许人民币当日交易的区间。央行周一将人民币对美元中间价报7.0298。 |
| In recent weeks, the Chinese currency has consistently tended to trade at the weaker end of the range, and Monday was no exception. By early afternoon, it was changing hands at about 7.16 to the dollar and approaching a level of weakness not seen since the spring of 2008. | 最近几周，人民币一直倾向于在该区间的较弱端交易，周一也不例外。到下午早些时候，对美元汇率约为7.16，接近2008年春季以来从未有过的疲软水平。 |
| A weaker renminbi helps make China’s exports more competitive in overseas markets, particularly the United States. Lower prices for China’s wide range of manufactured goods are starting to help reduce persistently high inflation in the United States. | 人民币贬值有助于中国的出口产品在海外市场更具竞争力，尤其是在美国。中国各种制成品价格变低开始有助于降低美国持续的高通胀。 |
| But the strength of the dollar against the renminbi and other currencies — including the euro, pound and yen — also makes American exports more costly and less competitive in foreign markets. | 但美元对人民币和其他货币——包括欧元、英镑和日元——的强势也使美国出口产品的成本更高，在国外市场上的竞争力下降。 |
| A big part of the fall in the renminbi, which has lost roughly a tenth of its value versus the dollar this year, reflects the dollar’s strength as opposed to the renminbi’s weakness, said Larry Hu, an economist at Macquarie Group of Australia. “The renminbi against a basket of currencies this year is flat,” he said. | 澳大利亚麦格理集团经济学家胡伟俊表示，人民币对美元汇率今年下跌了约十分之一，其中很大程度上反映了美元走强，而不是人民币走弱。“今年人民币对一揽子货币的汇率持平，”他说。 |
| The renminbi’s fall is striking because China this year has run the largest monthly trade surpluses the world has ever seen. Stringent “zero Covid” policies, including the lockdowns of large cities, have crippled demand for imports in China. Exports stayed strong through midsummer, although they have also begun to falter lately. | 人民币的贬值引人注目，因为中国今年的月度贸易顺差达到了世界之最。包括大城市封锁在内的严格“清零”政策削弱了中国对进口商品的需求。整个仲夏期间出口保持强劲，但最近也开始下滑。 |
| But exporters have also been hesitant to convert the payments they receive in foreign currencies into renminbi, Mr. Hu said. Exporters have been leaving the payments in dollars in foreign bank accounts as the dollar becomes worth more and more in renminbi terms. | 但胡伟俊表示，出口商也一直不愿将他们收到的外币货款换成人民币。随着美元以人民币计算的价值越来越高，出口商一直将美元货款留在外国银行账户中。 |
| The weaker renminbi makes it more expensive for many Chinese companies, notably real estate developers, to repay bonds and other debts that they owe in dollars. | 人民币贬值使许多中国公司——尤其是房地产开发商——以美元偿还债券和其他债务的成本变高。 |
| Sharp increases in short-term interest rates by the Federal Reserve have made it more attractive to deposit or lend money in the United States. China, by contrast, has been gradually reducing interest rates. That has helped soften a downturn in its real estate sector, but has also made it less appealing to keep money in China. | 美联储大幅提高短期利率，使得在美国存入或借出资金更具吸引力。相比之下，中国一直在逐步降低利率。这有助于缓解房地产行业的低迷，但也降低了将资金留在中国的吸引力。 |
| China also has some of the world’s most stringent restrictions on moving large sums of money in or out of the country, partly to keep wealthy investors from heading elsewhere when economic growth stalls, as has happened lately. | 中国对大笔资金进出也有一些世界上最严格的限制，部分原因是为了防止富有的投资者在经济增长停滞时转向其他地方，就像最近发生的那样。 |
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