Chinas decision to loosen some of its currency controls, permitting greater volatility in daily trade from Monday, has been welcomed as an important step towards allowing the renminbi to float freely. 中国决定放松一部分汇率管制，
China’s decision to loosen some of its currency controls, permitting greater volatility in daily trade from Monday, has been welcomed as an important step towards allowing the renminbi to float freely.
中国决定放松一部分汇率管制，从周一起扩大人民币汇率日浮动幅度。此举受到各方欢迎，被视为迈向最终允许人民币汇率自由浮动的重要一步。
From this week, the renminbi will be allowed to rise or fall 1 per cent each day from the daily official rate against the US dollar, double its previous trading range of 0.5 per cent.
从本周起，人民币兑美元交易价相对于当日官方中间价的日浮动幅度由0.5%扩大至1%。
Analysts still expect the central bank to keep the exchange rate stable in the coming months as a buffer against global economic uncertainty, but the band widening lays the groundwork for a future in which market forces, not the government, shape its value.
分析师们预计，中国央行在未来几个月内仍将保持人民币汇率稳定，作为针对全球经济不确定性的缓冲，但扩大浮动幅度之举将为未来由市场力量（而非政府）决定汇率打下基础。
Beijing hopes one day to transform the renminbi into a currency that will vie for a place alongside the dollar and the euro on the global stage. Widening the band pings it closer to that goal, although other, and riskier, reforms to open its capital account are needed first.
北京方面希望有朝一日实现人民币国际化，使其在全球舞台上与美元和欧元分庭抗礼。扩大浮动幅度意味着中国向这个目标走近了一步，尽管中国仍需推行风险较高的其他改革、放开资本账户。
This was an “important step by the People’s Bank of China to increase the flexibility of their currency”, said Christine Lagarde, managing director of the International Monetary Fund.
国际货币基金组织(IMF)总裁克里斯蒂娜 拉加德(Christine Lagarde)表示，此举是“中国央行提高人民币汇率弹性的一个重要步骤”。
The US Treasury described the move as “positive for China, the United States, and the global economy” if implemented properly, but added that “further progress is needed”.
美国财政部称，此举如果实施得当的话，将“有利于中国、美国乃至全球经济”，但补充称“有必要取得进一步的进展”。
Until now, the mechanics of the Chinese exchange rate have been relatively simple. The central bank has used a trading band since 2005 to guide the renminbi in a “crawling peg” against the dollar. It sets the midpoint of the range in the morning before the market opens, then intervenes throughout the day to keep the currency within the desired bounds.
迄今中国汇率形成机制一直相对简单。中国央行自2005年起采用交易区间来引导人民币汇率“爬行盯住”美元。央行在每日早上市场开盘前设定汇率中间价，然后在全天不时干预汇市，以使汇率保持在规定的浮动幅度内。
Whatever the daily ups and downs, the renminbi has steadily risen against the dollar, appreciating 5-7 per cent a year, apart from a pause during the global financial crisis.
尽管每日有涨有跌，但近年来人民币相对美元稳步走高（年升值幅度达5%至7%），只是在全球金融危机期间暂停了一段时间。
With the band widening, the Chinese currency should become harder to predict. But Beijing is not about to relinquish control of the renminbi. Rather, it wants to poaden what it describes as the “the exchange rate formation mechanism”.
扩大浮动幅度后，人民币汇率应当变得更难预测。但北京方面并不会很快放弃控制汇率。相反，它希望拓宽其所称的“汇率形成机制”。
It wants to use a basket of the currencies of its biggest trading partners – the US dollar, the euro and the yen – as an anchor for the renminbi. In practice, it has relied most on the dollar.
它希望参考一篮子主要贸易伙伴的货币（美元、欧元和日元等）来调节人民币汇率。在实践中，人民币汇率对美元依赖程度最大。
The wider band will make the shift to a flexible basket-based exchange rate feasible by allowing greater “two-way volatility” against the dollar, said Lu Ting, an economist with Bank of America Merrill Lynch.
美国银行-美林(Bank of America Merrill Lynch)经济学家陆挺表示，扩大浮动幅度将允许人民币兑美元汇率出现更大的“双向波动”，使人民币转向基于篮子货币的弹性汇率具有可行性。
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