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Global investors are souring on the yuan, sending the currency in offshore markets to its weakest level in more than eight months Wednesday, in line with its falling onshore counterpart as China continues its campaign to send it lower.
全球投资者正在摒弃人民币，周三离岸市场人民币跌至八个多月以来的最低水平，与本地市场走势一致，主要因为中国仍在致力于推低人民币。
As money managers bailed out of the offshore yuan, freely traded outside China, it fell as low as 6.1497 to the U.S. dollar. That marks a drop of more than 1% since mid-February, when Beijing begun steering the onshore currency lower to shake off speculators placing one-way bets on its gains.
随着投资经理们纷纷抛弃离岸人民币，离岸市场美元兑人民币一度升至6.1497元，意味着自2月中旬以来离岸人民币的累计跌幅已经超过1%。中国政府于2月中旬开始引导本地市场人民币走低，以赶走那些押注人民币单边升值的投机者们。
Traders are focused on the daily reference rate, which the People's Bank of China has been setting weaker in recent sessions. The tightly controlled onshore currency is then allowed to trade within a band that runs 1% above and below that figure. Wednesday's daily reference rate was set at 6.1343, compared with 6.1327 Tuesday; a higher number means a weaker yuan.
交易员们关注于每日的汇率中间价。近几个交易日中国央行一直在调低人民币中间价。国内人民币市场受到严格管控，美元兑人民币只能在中间价上下各1%的区间内浮动。周三，央行将美元/人民币中间价设在6.1343元，高于周二的6.1327元。
'The weaker fixings over the course of this week have seen the market taking the view that we are likely to see more weakness in the near term--and as a result, there is no justification for the CNH [offshore yuan] to be trading at a premium,' said Khoon Goh, a currency strategist at ANZ Bank in Singapore. The offshore yuan, formerly trading at a substantial premium to the onshore yuan, has moved into a slight discount, he said, a result of the surprisingly weak fixings.
澳新银行(ANZ Bank)驻新加坡外汇策略师Khoon Goh说，本周以来央行逐步下调了人民币中间价，令市场认为短期内人民币可能进一步走低；因此，离岸人民币也没有溢价的理由了。以前，离岸人民币汇率总是较本地人民币汇率高出很多，但最近由于央行设定的人民币中间价出乎意料地低，离岸人民币转而略微低于本地水平。
'We've seen quite a substantial unwind of [offshore yuan] positions' by investors, he said. 'And we're seeing further cleanups in positioning, which has caused the CNH to weaken more.'
他说，投资者们已经解除了相当多的离岸人民币头寸，目前投资者正在进一步解除这一头寸，进而推动离岸人民币继续下跌。
In recent years, the view that the yuan will get nothing but stronger has encouraged an increasing number of investors to place bets on the one-way trade using the offshore yuan, analysts say. The high demand is the reason the offshore yuan has typically traded at a premium.
分析师们指出，近几年来，在“人民币将单边上涨”的观点推动下，越来越多的投资者利用离岸人民币押注这一单边走势。这种旺盛需求正是离岸人民币汇率通常高过本地的原因。
As the offshore yuan begins to react to the weakening in the onshore yuan, says Geoff Kendrick, head of Asian currencies and rates at Morgan Stanley, one worry is that it is 'getting close to the 6.15-6.20 danger zone,' which would trigger losses for billions of dollars' worth of leveraged bets.
摩根士丹利(Morgan Stanley)亚洲货币和利率主管肯德里克(Geoff Kendrick)表示，随着离岸人民币开始对本地人民币的跌势做出反应，一个令人担心的情况是离岸美元/人民币汇率正逼近人民币6.15-6.20元这一危险区间，可能会造成杠杆式押注损失数十亿美元。
If the currency weakens from these levels, he said, the offshore yuan risks an accelerated fall further.
他说，若上述区间被突破，那么离岸人民币就有进一步加速下跌的风险。
