China’s central bank raised interest rates for the fourth time in five months as the government struggles to reduce bank lending, rein in inflation and slow economic growth.

　　中國(guó)央行五個(gè)月來(lái)第四次加息，政府正努力減少銀行信貸、遏制通脹并放緩經(jīng)濟(jì)增速。

　　The People’s Bank of China announced it would increase one-year rates by 25 basis points from today, raising the deposit rate to 3.25 per cent and the lending rate to 6.31 percent.

　　中國(guó)人民銀行宣布，從今天起，一年期基準(zhǔn)利率上調(diào)25個(gè)基點(diǎn)，一年期存款利率升至3.25%，一年期貸款利率升至6.31%。

　　The increase came earlier than many analysts anticipated and suggested that price rises for March, to be published next week, were probably higher than expected. Consumer price inflation in China rose 4.9 per cent in February from a year earlier, the same reading as in January. But politically sensitive food prices accelerated and producer prices increased 7.2 per cent, their biggest rise since October 2008.

　　此次加息比許多分析人士預(yù)期的都要早，似乎表明將于下周公布的3月份價(jià)格指數(shù)大概會(huì)高于預(yù)期。2月份中國(guó)消費(fèi)價(jià)格指數(shù)(CPI)增幅達(dá)到4.9%，與1月份持平。但具有政治敏感性的食品價(jià)格加速上漲，工業(yè)品出廠價(jià)格指數(shù)(PPI)增幅達(dá)7.2%，是2008年10月份以來(lái)的最大增幅。

　　Analysts remain divided on whether China’s economy is slowing or more action is needed to prevent overheating. The Chinese economy grew 10.3 per cent last year and Beijing has announced plans to bring the headline rate down while trying to encourage balanced and sustainable growth.

　　對(duì)于中國(guó)經(jīng)濟(jì)增速是否在放緩、抑或政府是否仍需采取更多措施防止經(jīng)濟(jì)過(guò)熱，分析人士仍然存在分歧。去年中國(guó)經(jīng)濟(jì)增速達(dá)到10.3%，而政府宣布了旨在降低整體增速、同時(shí)試圖鼓勵(lì)平衡且可持續(xù)增長(zhǎng)的計(jì)劃。

　　Tuesday’s rate rise “suggests that Chinese authorities are confident in the sustainability of underlying growth momentum”, according to Wang Qing, a Morgan Stanley economist.

　　摩根士丹利(Morgan Stanley)經(jīng)濟(jì)學(xué)家王慶表示，周二的加息“似乎表明中國(guó)政府對(duì)于基本增長(zhǎng)勢(shì)頭的可持續(xù)性充滿(mǎn)信心”。

　　Even after the latest increase in official rates, adjusted for inflation the return on bank deposits in China is negative. Beijing has prioritised the fight against inflation amid fears that runaway price rises could lead to social instability in the one-party state. “Inflation is like a tiger: once it is set free it is very difficult to put it back in its cage,” Wen Jiabao, China’s premier, said last month.

　　盡管央行再次加息，但經(jīng)通脹率調(diào)整后的銀行存款回報(bào)率仍然為負(fù)值。在各方擔(dān)心價(jià)格上漲失控破壞社會(huì)穩(wěn)定之際，中國(guó)政府已將抗擊通脹列為工作重點(diǎn)。中國(guó)國(guó)務(wù)院總理溫家寶上個(gè)月曾經(jīng)表示：“通脹就像一只老虎，如果放出來(lái)就很難再關(guān)進(jìn)去。”

　　The government predicts that headline inflation will peak around June or July. But official economists made a similar forecast at the start of last year and were proved wrong.

　　政府預(yù)計(jì)，整體通脹率將在6月或7月達(dá)到頂峰。但官方的經(jīng)濟(jì)學(xué)家們?nèi)ツ瓿踉?jīng)做過(guò)類(lèi)似的預(yù)測(cè)，而結(jié)果證明并非如此。

　　An overabundance of bank credit resulting from the government’s post-crisis economic stimulus package is the main cause of inflation, although officials also blamed “external factors” such as soaring oil prices.

　　政府在金融危機(jī)之后采取的經(jīng)濟(jì)刺激措施導(dǎo)致銀行信貸過(guò)剩，是引發(fā)通脹的主要原因，盡管官員們歸咎于油價(jià)上漲等“外部因素”。

　　As well as raising rates, since the start of last year Beijing has increased the proportion of deposits that banks must hold in reserve with the central bank nine times in an attempt to limit the amount they can lend. Large banks are now subject to required reserve ratios of at least 20 per cent.

　　除了加息以外，從去年初至今，中國(guó)政府已9次上調(diào)商業(yè)銀行的存款準(zhǔn)備金率，試圖限制銀行的貸款規(guī)模。目前大型銀行的存款準(zhǔn)備金率要求達(dá)到20%。