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SHANGHAI — As an exodus of money adds to the pressure on a slowing economy, regulators are trying to put the brakes on overseas use of China’s currency by increasing the scrutiny of certain overseas deals.
上海——资金的大量外逃，给已经放缓的中国经济带来了更大的压力，监管机构正在加强对某些海外交易的审查，以便阻止中国货币在海外的使用。
The decision to restrict overseas use of the renminbi represents a setback in China’s long-term drive to turn the currency into a rival to the dollar and euro in the global marketplace.
限制人民币在海外的使用，这个决定意味着中国长期以来推动人民币在全球市场上与美元和欧元竞争努力的倒退。
Beijing had pursued a greater role for the renminbi as a way to increase its economic influence.
北京之前希望让人民币发挥更大的作用，以便增强其经济影响力。
Part of the renminbi’s appeal in international finance was that most Chinese companies could borrow and spend it overseas while seldom seeking approval from financial regulators in Beijing.
人民币在国际金融中的一个吸引力在于，大多数中国公司可以在海外借款和消费，不再需要经过中国金融监管机构的批准。
But that leniency created a problem for China.
但是，这种宽松给中国带来了一个问题。
The currency flowed out of the country in recent months and then traded heavily overseas, beyond the control of China’s regulators.
最近几个月，人民币大量流出中国，然后在海外大量进行交易，超出了中国监管机构的控制。
The situation has contributed to the currency’s steady weakening against the strong dollar this autumn.
这种情况推动人民币今年秋天相对于坚挺的美元汇率稳步下跌。
That weakness, in turn, has prompted some Chinese businesses and households to move even more money out of the country before its value can erode further.
人民币走弱反过来又促使一些中国企业和家庭在人民币的币值进一步下降之前，将更多的资金转移至境外。
The authorities, under the relentless pressures of capital outflows, are poised to impose extensive restrictions on capital movements, marking a reversal of the gradual liberalizations introduced in recent years, Fred Hu, the chairman of the Primavera Capital Group, an investment firm based in Beijing and Hong Kong, wrote in an email reply to questions.
在资本外流的持续压力下，当局准备对资本流动施加更加广泛的限制，这标志着近年来逐步推进的自由化的逆转，北京和香港春华资本董事长胡祖六(Fred Hu)在回复提问的电邮中写道。
While such capital controls may be intended to be temporary, he wrote, they will introduce mounting uncertainties for Chinese outbound investments.
虽然对资本的这种控制可能是暂时的，他写道，但是这会给中国的对外投资带来不确定性。
In an effort to slow the exodus, an affiliate of China’s central bank, the State Administration of Foreign Exchange, issued a directive to bankers on Monday that amounted to additional scrutiny.
为了减缓资本外逃，中国央行附属机构国家外汇管理局本周一向银行业发布了一项指令，要求加大审查力度。
The directive, which was quickly and broadly circulated within China’s financial community, told banks that their domestic customers must check with the Beijing regulator before transferring $5 million or more — in dollars or renminbi — out of the country.
该指令在中国金融界迅速传播开来，指令中说，国内客户如果要将价值500万美元以上的美元或人民币转出该国，必须向北京的监管机构上报。
The rules will also cover renminbi that is sitting in overseas accounts, which had previously escaped most regulation.
规定还涵盖了海外账户里的人民币，以前这些账户逃避了大多数监管。
The People’s Bank of China in Shanghai is facing great pressure to keep a balance between inflows to and outflows from China, said the directive, referring to the Shanghai office of the central bank.
该指令称，上海的人民银行面临着巨大压力，要在资金流入和流出之间保持平衡。
The directive said that 5.1 trillion renminbi, or $740 billion, sluiced out of China in the first 10 months of this year while only 3.1 trillion came back into the country.
该指令说，今年前10个月，中国流出5.1万亿人民币，相当于7400亿美元，流入资金只有3.1万亿美元。
The State Administration of Foreign Exchange declined Tuesday evening to respond to a faxed question regarding offshore renminbi, suggesting that the question should be submitted instead to the People’s Bank of China.
国家外汇管理局本周二晚上拒绝回答有关离岸人民币问题的传真，建议这个问题应该去问央行。
The central bank did not respond to questions late Tuesday evening.
央行周二晚上没有回复提问。
Government directives are not supposed to be public in China.
在中国，政府指令按理不应该公开。
In a sign of government irritation at the unauthorized distribution, censors reached into private WeChat social media accounts on Tuesday and deleted copies of the directive.
不经授权就传播这样的指令似乎令政府感到恼火，本周二，检查员要求私人微信社交媒体帐户删除这份指令的副本。
The rules appear to take aim at a relatively discrete set of overseas deals that largely allow companies to pull money out of the country, rather than more strategic acquisitions.
这些规则针对的似乎是一系列相对独立的海外交易，在大部分的这种交易中，公司将资金从国内抽走，而不是进行更具战略性质的收购。
Many Chinese companies, for example, have used their overseas subsidiaries to buy or borrow renminbi in Hong Kong, London, New York and elsewhere from the international arms of Chinese banks.
例如，很多中国公司利用其海外子公司，从中国的银行在香港、伦敦、纽约和其他地方的海外分支机构购买或借入人民币。
Some of them then sell the renminbi and buy dollars, in a bet that the dollar will strengthen.
然后一些公司卖出人民币，购买美元，押注美元将走强。
The new rules will apply broadly to Chinese companies.
新的规定将广泛适用于中国公司。
In the past, only companies with headquarters in Beijing typically had to notify the government of big moves in offshore renminbi.
之前，一般只有总部设在北京的公司才必须通知政府自己将对离岸人民币采取大动作。
Even so, the new rules amount more to a modest tweak than an outright overhaul.
即使如此，新的规则也更多的是一个小幅调整，而不是改弦更张。
Capital controls in China already restrict the movement of money.
中国的资本管制已经限制了人民币的流动。
Individuals, for example, are not supposed to move more than $50,000 out of the country annually.
例如，个人每年不得转移超过5万美元的资金至海外。
Companies, too, have limits and other approval processes.
公司也面临限制和其他批准过程。
The latest directive basically adds another layer of approval and closes some additional escape valves.
最新指令基本上是增加了另一层限制，并关闭一些额外的资金外逃阀门。
They are not changing the rules, said Jeffrey Sun, a partner in the Shanghai office of Orrick, Herrington and Sutcliffe, a global law firm.
他们并没有改变规则，奥睿律师事务所(Orrick, Herrington& Sutcliffe)驻上海的律师孙捷(Jeffrey Sun)说。
It’s that, internally, they need to go through this extensive process.
只是说，在内部，他们需要通过这个繁复的过程。
While Chinese regulators are increasing their scrutiny, they have been reluctant to ban overseas investment outright.
虽然中国监管机构正在加大审查力度，但他们并不愿意直接禁止海外投资。
Four different regulators issued a joint public statement on Monday through the official Xinhua news agency to emphasize that it was still acceptable for Chinese companies and households to invest overseas.
四家监管机构本周一通过官方通讯社新华社发表了联合公开声明，强调仍然许可中国公司和家庭进行海外投资。
China’s overseas investments have played an important role in deepening China’s mutually beneficial cooperation with other countries and promoting domestic economic restructuring and upgrading, the statement said.
中国海外投资对于为深化我国与各国互利合作、促进国内经济转型升级发挥了重要作用，该声明说。
But even those more strategic deals may soon get a second look.
即便是那些更具战略性质的交易，可能不久后也会受到审查。
Regulators are also drafting rules that would require prior approval from Beijing for very large overseas corporate acquisitions.
监管机构正在起草规则，要求大规模海外并购需要事先获得北京的批准。
The draft rules on very large acquisitions, first reported by The Wall Street Journal last Friday and subsequently confirmed by bankers and executives who were briefed on the plans,
对于大型并购规定的草案，《华尔街日报》上周五率先进行了报道，知道内情的银行人士和高管后来表示确有此事。
would mandate that prior approval be obtained for deals exceeding $1 billion in real estate or in industries outside the Chinese company’s main area of business.
该草案要求，涉及房地产或者中国公司主营业务之外的行业时，交易超过10亿美元需要获得事先批准。
Any acquisition would also require prior approval if it exceeded $10 billion.
所有超过100亿美元的并购都需要事先申请批准。
But some bankers are skeptical that such rules will make much of a difference.
但一些银行人士怀疑这样规定会起多大的作用。
Most large Chinese deals, like the pending acquisition of Switzerland’s Syngenta by the state-owned China National Chemical Corporation, involve well-connected companies that have long received top-level endorsement for their bids in advance anyway.
大多数大型交易，例如国企中国化工集团收购瑞士先正达(Syngenta)的交易，涉及的公司有非常良好的人脉，它们的行动很早以前就已经获得过最高层的提前批准了。
The companies behind these large acquisitions are themselves very influential, and many will still find ways to close targeted deals, said Brock Silvers, the chief executive of Kaiyuan Capital, a Shanghai investment advisory firm.
投资咨询公司上海Kaiyuan Capital董事总经理布洛克•西尔沃斯(Block Silvers)说：开展这种大型收购的公司本来就有很大的影响力，很多公司仍然有办法来完成交易。
