China’s foreign exchange reserves jumped by a record $199bn (€153bn, £127bn) in the last quarter of 2010, taking the total to $2,850bn and underlining the continuing imbalances in the global economy.

　　2010年末季，中國(guó)外匯儲(chǔ)備大幅增長(zhǎng)了1990億美元，創(chuàng)歷史最高紀(jì)錄，外匯儲(chǔ)備總額增至2.85萬(wàn)億美元，突顯出全球經(jīng)濟(jì)繼續(xù)失衡。

　　Already the largest in the world, China’s reserves rose by 18.7 per cent during 2010, including an increase of $194bn in the third quarter.

　　中國(guó)外匯儲(chǔ)備已經(jīng)居世界之首，在2010年期間又增長(zhǎng)了18.7%，其中第3季度增長(zhǎng)1940億美元。

　　Although the monthly trade surplus dropped in December, the continued strong increases in foreign exchange reserves will bolster the case of critics calling for a more rapid appreciation of the renminbi.

　　雖然12月份貿(mào)易順差收窄，但外匯儲(chǔ)備持續(xù)強(qiáng)勁增長(zhǎng)將使批評(píng)人士更有理由呼吁人民幣加快升值。

　　The central bank intervenes in the market by buying foreign exchange with renminbi to hold down the value of its currency, and the foreign exchange it buys ends up in its reserves. Currency and trade issues are likely to feature when Hu Jintao, the president, makes a state visit to the US next week.

　　中國(guó)央行入市干預(yù)，用人民幣購(gòu)買(mǎi)外匯，以此壓低人民幣匯率，所買(mǎi)的外匯最終成為外匯儲(chǔ)備。下周中國(guó)國(guó)家主席胡錦濤對(duì)美國(guó)進(jìn)行國(guó)事訪問(wèn)時(shí)，匯率和貿(mào)易問(wèn)題可能是雙方討論的重點(diǎn)。

　　The rise in reserves is complicating the management of monetary policy at a time when strong bank lending and a rising money supply are adding to inflationary pressures. “China’s continued strong bank lending and massive reserve accumulation could be bellwethers of trouble to come,” said Eswar Prasad, former head of the International Monetary Fund’s China division.

　　在強(qiáng)勁的銀行放貸勢(shì)頭和持續(xù)上升的貨幣供應(yīng)加劇了通脹壓力之時(shí)，外匯儲(chǔ)備的上升將使貨幣政策管理變得更為復(fù)雜。“中國(guó)持續(xù)強(qiáng)勁的銀行放貸和大規(guī)模外匯儲(chǔ)備積累，可能是即將出現(xiàn)問(wèn)題的先兆，”國(guó)際貨幣基金組織(IMF)中國(guó)部前主任埃斯瓦•普拉薩德(Eswar Prasad)表示。

　　The central bank said the total stock of new loans in 2010 was Rmb1,650bn less than the amount issued in 2009, but some analysts believe the official figures understate the true scale of bank lending.

　　中國(guó)央行宣布，2010年新增貸款額較2009年少1.65萬(wàn)億元人民幣。但一些分析師認(rèn)為，官方數(shù)據(jù)低報(bào)了銀行房貸的真實(shí)規(guī)模。

　　“Talk of a substantial slowdown in credit growth in China is premature, but understandable given the visible drop in official figures on net new loans,” said Charlene Chu, head of financial institution ratings at Fitch in China, in December.

　　“現(xiàn)在說(shuō)中國(guó)信貸增長(zhǎng)大幅放緩還為時(shí)過(guò)早，但鑒于官方凈新增貸款數(shù)據(jù)顯著下降，這是可以理解的，”惠譽(yù)(Fitch)中國(guó)金融機(jī)構(gòu)評(píng)級(jí)主管朱夏蓮(Charlene Chu)去年12月曾表示。

　　Fitch argues Chinese banks simply offloaded trillions of renminbi in loans from their balance sheets in 2010 by artificially reducing their holdings of discounted bills and by repackaging loans into investment products for sale to investors.

　　惠譽(yù)認(rèn)為，2010年，中國(guó)各銀行只是通過(guò)人為減少貼現(xiàn)票據(jù)的持有量，以及把貸款重新包裝成投資產(chǎn)品賣(mài)給投資者，從資產(chǎn)負(fù)債表上抹掉了數(shù)萬(wàn)億元人民幣的貸款。