China’s central bank has allowed the renminbi to rise to a record high against the dollar despite an unexpected fall in exports, reinforcing expectations that it will take more steps to liberalise the currency.

中国央行还是让人民币兑美元汇率创历史新高，尽管中国出口意外下降。此举强化了这样的预期，即中国央行将出台更多措施放开人民币。

It hit a peak of Rmb6.1073 to the dollar after the People’s Bank of China set the daily midpoint for trading at Rmb6.1406 to the dollar, also a record high.

中国人民银行(People’s Bank of China)将汇率中间价设定在1美元兑6.1406元人民币这一新高之后，人民币汇率达到1美元兑6.1073元人民币这一最高点。

Analysts think the authorities have been trying to guide the spot price closer to the daily fix in recent weeks, because this would make it easier to widen the 2 per cent band in which they allow the renminbi to trade – a small step towards liberalisation.

分析师认为，最近几周，有关当局一直在努力指引现货价格接近每日汇率中间价，因为这样可以更容易地扩大2%的人民币汇率浮动区间，这是迈向自由化的一小步。

The brinkmanship in US debt talks has bolstered Beijing’s resolve to lessen the world’s reliance on the dollar. Last week, it made another move to promote international use of the renminbi, signing a swap agreement with the European Central Bank. It is now the eighth most traded currency, after trading more than doubled this year, according to Swift, the payments company.

美国政坛在债务上限谈判中的悬崖游戏战术，强化了中国让世界减少对美元依赖的决心。上周，中国与欧洲央行(ECB)签署了一项货币互换协议，这是推动人民币国际化的又一步。支付公司环球银行金融电信协会(Swift)指出，今年人民币交易量增加一倍以上，目前已经是世界第八大交易货币。

Policy makers also view a stronger currency as a tool to rebalance China’s economy from reliance on exports to consumer-led growth. Yesterday’s highs came despite trade data showing that exports fell 0.3 per cent year on year in September, hit by weaker demand from Asia and Europe. An earlier dip in June was partly blamed on the strong currency.

政策制定者还认为，更坚挺的货币是一种推动中国经济再平衡的工具，有助于中国经济减轻对出口的依赖，转向消费拉动型增长。昨日人民币汇率创历史新高之际，贸易数据显示，受亚洲和欧洲需求减弱影响，9月份中国出口同比下降0.3%。6月份曾出现的出口下降在一定程度上被归咎于汇率偏高。

Ulrich Leuchtmann, strategist at Commerzbank, noted that the recent trend for renminbi appreciation had begun in late September and said the authorities appeared to be taking advantage of the dollar’s weakness to guide the -renminbi upwards while limiting the pain for -exporters.

德国商业银行(Commerzbank)策略师乌尔里希·雷切蒙特(Ulrich Leuchtmann)指出，人民币最近一轮涨势是从9月下旬开始的，他说，当局似乎在利用美元弱势指导人民币上行，同时设法缓解出口商的痛苦。

“The market has clearly turned more positive about the prospect of renminbi appreciation,” wrote Albert Leung at Bank of America Merrill Lynch, arguing its stability during the summer sell-off in emerging markets “is a strong signal that the authorities want the renminbi to be an anchor?.?.?.?in times of turbulence.”

美银美林(Bank of America Merrill Lynch)的艾伯特·梁(Albert Leung)写道：“显然，市场对人民币升值的前景已变得更加积极。”他认为，今夏新兴市场下跌期间人民币的稳定性是“当局希望人民币在动荡时期成为支撑的一个强烈信号”。