The US has warned Beijing not to go back to manipulating its currency, following a sharp depreciation of the renminbi since the start of 2014.

一位美国官员周二警告中国不要再度操纵人民币汇率。自2014年初至今，人民币已大幅贬值。

“If the recent currency weakness signals a change in China’s policy away from allowing adjustment and moving toward a market-determined exchange rate, that would raise serious concerns,” said a senior Treasury official ahead of this week’s IMF, World Bank and G20 meetings in Washington.

美国财政部一位高级官员在国际货币基金组织(IMF)、世界银行(World Bank)和20国集团(G20)本周在华盛顿召开会议前夕表示：“如果人民币汇率最近的下跌表明中国正在偏离它的政策，即允许更灵活的、由市场决定的汇率，那么这将引发严重担忧。”

The renminbi has fallen more than 2.5 per cent against the US dollar since mid-February, a small amount for most emerging markets, but a dramatic shift for the Chinese currency following years of slow and steady appreciation. It trades at Rmb6.20 against the US dollar, roughly the same level as this time last year.

自2月中旬以来，人民币兑美元汇率已累计下跌逾2.5%，对于多数新兴市场而言，这一跌幅并不大，但对于多年来一直在缓慢且稳定升值的人民币而言，这个跌幅是巨大的。目前人民币兑美元汇率为6.20元人民币，与去年这个时候大致相同。

The US comments highlight concern in Washington that China will be tempted to respond to a slowing economy by holding down its currency in order to boost exports. Such moves could lead China to reduce global demand at a time when several other regions of the world, such as the eurozone, are weak. That in turn could hamper US growth.

这位政府官员的言论突显出美国政府的一种担心，即面对经济放缓，中国可能会压低人民币汇率以提振出口。中国这种做法可能会削弱全球需求，尤其是在欧元区等其他几个地区表现疲弱之际，进而会制约美国的经济增长。

However, most analysts believe that Beijing’s decision to weaken the renminbi was not a ploy to boost competitiveness. Instead, the authorities have sought to stamp out currency speculation from companies and investors who had treated the renminbi as a one-way bet by introducing more meaningful two-way volatility. It also has the positive side effect of increasing domestic liquidity at a time when stress within the financial system is rising.

然而，大多数分析师认为，中国政府压低人民币汇率，并非意在提高出口竞争力，而是希望通过引入更显著的双向波动，打击单向押注于人民币升值的企业和投资者的外汇投机行为。在中国金融体系流动性压力上升之际，人民币贬值还能产生提高国内流动性的积极作用。

“To secure its own long-term growth and contribute more to global growth, China needs to shift to a growth model that relies more on consumption, and less on investment and exports,” said the Treasury official.

美国财政部的这位官员表示：“为了取得长期增长，并为全球增长贡献更多力量，中国需要转向新的增长模式，更多的依赖消费，同时减少对投资和出口的依赖。”