China cuts bank reserves by $100m to cushion US tariffs

China cuts bank reserves by $100m to cushion US tariffs
中国央行定向降准释放千亿美元资金
China is cutting the amount of reserves the country’s banks are required to keep on deposit at the
central bank, freeing up more than $100bn to help cushion a slowing economy and the impact of a
potential trade war with the US.
中国将降低国内银行在央行存放准备金的要求，从而释放逾 1000 亿美元资金，以缓解经济放
缓以及与美国发生潜在贸易战的影响。
The People’s Bank of China announced in a statement on Sunday that it would reduce the reserve
requirement ratio for large commercial banks by half a percentage point, giving them an additional
Rmb500bn ($77bn) to deploy. Reserve cuts for smaller banks are expected to free up an additional
Rmb200bn.
中国人民银行(PBoC)周日在一份声明中宣布，将把大型商业银行的存款准备金率降低半个百分
点，使它们有额外 5000 亿元人民币（合 770 亿美元）资金可以部署。预计针对中小型银行的“降
准”措施还将释放另外 2000 亿元人民币资金。
While China’s central bank did not mention the looming trade war with the country’s largest trading
partner, the cuts are scheduled to take effect on July 5.
尽管中国央行没有提到中国与其最大贸易伙伴之间的贸易战一触即发，但下调存准率的措施将
于 7 月 5 日生效。
This month, US President Donald Trump announced that his administration would impose punitive
tariffs on $34bn worth of Chinese industrial exports in retaliation for alleged intellectual property
theft. The first round of tariffs are scheduled to take effect on July 6, with a second round hitting
another $16bn worth of Chinese exports later in the summer.
本月，美国总统唐纳德•特朗普(Donald Trump)宣布，他领导的行政当局将对价值 340 亿美元的
中国输美工业产品征收惩罚性关税，以报复中国涉及窃取知识产权的行为。第一轮关税定于 7
月 6 日生效，第二轮将于今夏晚些时候生效，进一步针对价值 160 亿美元的中国输美产品。
The Chinese government has promised to respond in kind, penalising an equivalent value of US
exports as soon as Mr Trump’s tariffs take effect.
中国政府已承诺做出同等回应，在特朗普的关税生效后，对同等价值的美国对华出口进行惩罚。
The US administration is also taking further steps to escalate a trade war with plans to restrict
Chinese investment in US companies and start-ups in sectors ranging from aerospace to robotics to
railways.
特朗普政府还将采取升级贸易战的进一步措施，计划限制中资投资于多个行业（从航空航天、
机器人到铁路）的美国企业和初创公司。
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Last week Xi Jinping, China’s president, told a group of global executives, including the heads of US
companies such as Goldman Sachs and Cargill, that his country could not “turn the other cheek” in
the face of such threats and would hit back.
上周，中国国家主席习告诉包括高盛(Goldman Sachs)和嘉吉(Cargill)等美国公司掌门人在
内的全球高管，面对这样的威胁，他的国家不能被动挨打，而是会反击。
According to three people briefed on the June 21 meeting, Mr Xi also told the visiting executives that
“when one door closes, another opens” — a reference to the opportunities that could open up for
non-US companies if Mr Trump does not back down from his tariff threat.
了解 6 月 21 日会晤的三位人士透露，习还告诉到访的高管们，一扇门关上后，另一扇门
会打开。此言指的是如果特朗普不撤消他的关税威胁，机遇之门有望为非美国企业打开。
The PBoC, which has been spearheading a campaign against financial risk over the past two years,
emphasised that the reserve cuts would be carefully “targeted”. The campaign against financial risk
is being executed by Liu He, the vice-premier who oversees the country’s financial regulators and
also leads trade negotiations with the US and EU.
在过去两年努力遏制金融风险的中国央行强调，降低存款准备金率将被小心“定向”。遏制金融
风险行动正由刘鹤负责执行，他是分管中国金融监管机构的副总理，还领导着中国与美国和欧
盟的贸易谈判。
Big banks will be required to direct the Rmb500bn in freed-up funds towards “debt-for-equity”
swaps — a recently introduced programme in which banks write off debt to heavily indebted firms in
return for equity stakes. While the programme has largely benefited heavily indebted state-owned
industrial firms, the PBoC emphasised that the new funds should not be used to help “zombie”
companies with no hope of recovery.
各大银行将被要求将 5000 亿元人民币的释放资金用于“债转股”——这是最近推出的一项计
划，银行注销负债累累企业的债务，以换取股权。尽管该计划主要让债台高筑的国有工业企业
受益，但中国央行强调，新资金不应被用于帮助那些复苏无望的“僵尸”企业。
The Rmb200bn in funds freed up for smaller banks is supposed to be used to boost funding for small
and medium-sized enterprises, which have long struggled to secure credit that tends to flow to
state-sector companies. Mr Liu and his aides are determined to stamp out “speculative” financial
practices and make sure that liquidity instead flows into the “real economy”.
为中小银行释放的 2000 亿元人民币资金理应被用来为中小企业提供资金；在中国，银行信贷
倾向于流向国有企业，而中小企业长期难以获得资金。刘鹤及其助手们决心杜绝投机性金融操
作，确保流动性被输送至实体经济。
The current reserve requirement ratios for large and small banks are set at 16 and 14 per cent
respectively.
大、小银行目前的存款准备金率分别为 16%和 14%。
“Today’s cut will [provide] fresh liquidity for the real economy, so it sends a strong signal of policy
easing on the part of the State Council and PBoC,” Lu Ting, chief China economist at Nomura, wrote
in a research note. “Despite today’s cut . . . the Chinese economy is yet to bottom out and the
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situation could get worse before getting better.”
“今日的降准措施将为实体经济提供新的流动性，所以它传递了国务院和中国人民银行放宽政
策的强烈信号，”野村证券(Nomura)中国区首席经济学家陆挺在一份研究简报中写道。“尽管有
今日的降准行动……但中国经济尚未触底，形势在好转之前可能会变得更糟。”
Last week China’s stock markets fell to two-year lows and the carefully managed renminbi declined
1 per cent against the US dollar as Mr Trump escalated his tariff threats and a host of economic
indicators indicated that Mr Liu’s financial crackdown had slowed growth in May.
随着特朗普升级关税威胁，同时有大量经济指标显示刘鹤主导的金融整治行动减缓了 5 月经济
增长，上周中国股市跌至两年低点，而受到谨慎管理的人民币兑美元汇率下跌 1%。