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，中國外匯儲備大幅增長了1990億美元，創歷史最高紀錄，外匯儲備總額增至2.85萬億美元，突顯出全球經濟繼續失衡。

　　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.

　　中國外匯儲備已經居世界之首，在2010年期間又增長了18.7%，其中第3季度增長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月份貿易順差收窄，但外匯儲備持續強勁增長將使批評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.

　　中國央行入市干預，用人民幣購買外匯，以此壓低人民幣匯率，所買的外匯最終成為外匯儲備。下周中國國家主席胡錦濤對美國進行國事訪問時，匯率和貿易問題可能是雙方討論的重點。

　　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.

　　在強勁的銀行放貸勢頭和持續上升的貨幣供應加劇了通脹壓力之時，外匯儲備的上升將使貨幣政策管理變得更為復雜。“中國持續強勁的銀行放貸和大規模外匯儲備積累，可能是即將出現問題的先兆，”國際貨幣基金組織(IMF)中國部前主任埃斯瓦•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.

　　中國央行宣布，2010年新增貸款額較2009年少1.65萬億元人民幣。但一些分析師認為，官方數據低報了銀行房貸的真實規模。

　　“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.

　　“現在說中國信貸增長大幅放緩還為時過早，但鑒于官方凈新增貸款數據顯著下降，這是可以理解的，”惠譽(Fitch)中國金融機構評級主管朱夏蓮(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.

　　惠譽認為，2010年，中國各銀行只是通過人為減少貼現票據的持有量，以及把貸款重新包裝成投資產品賣給投資者，從資產負債表上抹掉了數萬億元人民幣的貸款。