Growth in China's foreign exchange reserves slowed sharply in the first quarter, providing Beijing with fresh evidence in its debate with Washington over whether it intentionally undervalues the renminbi.

　　今年第一季度，中國外匯儲(chǔ)備增長大幅放緩。在中美兩國政府就中國是否刻意低估人民幣匯率展開的爭論中，上述事實(shí)為中方提供了新的依據(jù)。

　　China's foreign exchange reserves rose by $47.9bn to $2,447bn by the end of the first quarter, compared with a $126.5bn rise in the fourth quarter of 2009, the Chinese central bank said April 12.

　　中國央行4月12日表示，截至一季度末，中國外匯儲(chǔ)備增加了479億美元，至24471億美元。去年第四季度外匯儲(chǔ)備的增加額則為1265億美元。

　　The figures were released as Hu Jintao, Chinese president, prepared to meet Barack Obama, US president, at a nuclear security summit in Washington yesterday for talks almost certain to include discussion of China's currency regime.

　　上述數(shù)字發(fā)布之際，中國國家主席胡錦濤正準(zhǔn)備在昨日召開的華盛頓核安全峰會(huì)上會(huì)晤美國總統(tǒng)巴拉克•奧巴馬(Barack Obama)，雙方的會(huì)談幾乎肯定會(huì)包括關(guān)于中國匯率機(jī)制的討論。

　　The meeting, which was in doubt during disputes this year over Taiwan and the Dalai Lama, comes as the two sides appear to be deepening co- operation, not only over economics but also the US's drive for sanctions on Iran.

　　與此同時(shí)，中美兩國似乎將深化在經(jīng)濟(jì)領(lǐng)域及在美國所推動(dòng)的制裁伊朗問題上的合作。今年兩國在臺(tái)灣和達(dá)賴?yán)飭栴}上發(fā)生的爭執(zhí)，曾給此次會(huì)晤能否舉行帶來變數(shù)。

　　“The fact that Hu Jintao decided to come is in itself quite a success for the administration,” said Michael Green at the Center for Strategic and International Studies in Washington. “The fact is China wants to be part of the international consensus on nuclear issues and wants a stable and constructive bilateral relationship with the US.”

　　華盛頓戰(zhàn)略與國際問題研究中心(Center for Strategic and International Studies)的邁克爾•格林(Michael Green)表示：“對(duì)奧巴馬政府來說，胡錦濤決定出席會(huì)議，本身就是一個(gè)很大的成功。事實(shí)是，中國希望成為有關(guān)核問題的國際共識(shí)的一部分，希望與美國保持穩(wěn)定而建設(shè)性的雙邊關(guān)系。”

　　Analysts said the moderation in the reserves growth was mostly due to a 77 per cent drop in China's trade surplus in the first quarter from the same period a year earlier to $14.5bn.

　　分析師表示，中國外匯儲(chǔ)備增長放緩的主要原因是，第一季度貿(mào)易順差同比下降了77%，至145億美元。

　　China recorded a trade deficit of $7.2bn in March, its first in six years, which the country's Ministry of Commerce said proved the exchange rate was not the main factor determining trade flows.

　　中國在3月份錄得72億美元貿(mào)易逆差，這是六年來的頭一次。中國商務(wù)部表示，事實(shí)證明，匯率并非決定貿(mào)易流動(dòng)的主要因素。

　　US politicians and many economists argue Beijing deliberately undervalues its currency to boost its exports at the expense of jobs and exports of other countries that run large trade deficits with China.

　　美國政界人士和許多經(jīng)濟(jì)學(xué)家主張，中國政府通過刻意低估人民幣匯率來促進(jìn)本國出口，損及對(duì)華擁有巨額貿(mào)易逆差的國家的就業(yè)和出口。

　　“This will certainly help Beijing's argument but, regardless of the monthly deficit and slowing reserves, the US will keep up the pressure because a lot of the debate is motivated by political considerations on Capitol Hill,” said Dong Tao, chief China economist at Credit Suisse.

　　瑞士信貸(Credit Suisse)首席中國經(jīng)濟(jì)學(xué)家陶冬(Dong Tao)表示：“這些數(shù)字肯定會(huì)對(duì)北京方面的論點(diǎn)形成支持。但不管是單月出現(xiàn)逆差，還是外儲(chǔ)增長減緩，美方都將繼續(xù)施加壓力，因?yàn)殡p方的爭論主要是由美國國會(huì)的政治考慮驅(qū)動(dòng)的。”

　　Beijing appears to be preparing for an imminent adjustment to its exchange rate mechanism with senior officials and economists suggest it may widen the daily trading band and resume the gradual managed appreciation in the renminbi that was halted in July 2008 in response to the global financial crisis.

　　中國政府似乎準(zhǔn)備不久就對(duì)本國匯率機(jī)制做出調(diào)整。高級(jí)官員和經(jīng)濟(jì)學(xué)家提出，中國可能會(huì)擴(kuò)大人民幣匯率的日交易區(qū)間，重啟人民幣逐步而有管理的升值進(jìn)程——為應(yīng)對(duì)全球金融危機(jī)，中國在2008年7月中止了這一進(jìn)程。