中国出口商开始囤积美元

Many Chinese exporters are starting to hoard the dollars they earn, betting that the yuan is unlikely to appreciate much more, a shift in strategy that is having a ripple effect throughout the country's financial system.

中国很多出口企业预计人民币不太可能再大幅升值，因此开始囤积它们的美元收入。这种策略正在对全国金融系统产生连带影响。

Until recently, Chinese exporters like state-owned Huihong International Group and privately held Saijia Co. had rushed to sell their dollar earnings to banks as soon as they got paid, in exchange for the appreciating yuan. Now, because the Chinese currency no longer seems certain to rise, those companies are holding their dollars for as long as they can.
相关报道在过去，像国有企业江苏汇鸿国际集团、民营企业江苏赛佳股份有限公司这样的中国出口企业都是在收到付款后赶紧将其美元收入卖给银行，换取正在升值的人民币。现在因为人民币似乎不再肯定会升值，这些公司都在尽可能长时间地留存美元。

"In the past, we would exchange our dollar earnings for renminbi on the same day we received the payment," said Fang Minghua, head of Saijia, a company in eastern China's Jiangsu province that sells clothing to the U.S., Australia, Japan and Europe. "Now, we're not in the rush to sell' dollars, Mr. Fang said. 'We would like to wait and see."
江苏赛佳董事长房明华说，过去我们会在收到付款的同一天把美元兑换掉，现在我们不着急卖，宁愿等等。赛佳向美国、澳大利亚、日本和欧洲市场出口服装。

That change has broad implications not just for Chinese companies, but also for China's banks, which are finding themselves with less foreign currency on reserve. For four months in the past eight months, the banks sold more foreign currency than they bought, a sign of the shift in corporate China toward holding dollars.
这种变化不仅对于中国企业，对于中国银行业也都有着广泛的影响。银行的外汇储备正变得越来越少。过去八个月中，银行有四个月都是出售外汇多于买入外汇，这意味着中国企业界在朝着持有美元的方向转变。

Because companies aren't converting their dollars to yuan, fewer yuan are flowing into the economy. That has prompted the People's Bank of China to slash the banks' reserve-requirement ratio, known as RRR, three times since November to help banks lend more. The ratio measures the share of deposits banks are required to hold as reserves.
因为企业不把美元兑换成人民币，流入经济领域的人民币减少。这促使中国央行从去年11月以来三次下调银行存款准备金率，帮助银行贷出更多资金。存款准备金率指的是银行按要求向中央银行缴纳的存款准备金占其存款总额的比例。

"To some extent, the changes made by corporate treasurers are having an impact on China's monetary policy," said He Weisheng, a Shanghai-based analyst at Citigroup Inc.
花旗集团(Citigroup Inc.)驻上海分析师贺伟晟说，企业财务人员所做的调整在一定程度上影响着中国的货币政策。