China has recycled about 60% of these reserves back into dollar-denominated US government securities, because it wants to limit any appreciation of the renminbi against the world’s benchmark currency. If China bought fewer dollars, the renminbi’s exchange rate – up 35% against the dollar since mid-2005 – would strengthen more sharply than it already has, jeopardizing competiveness and export-led growth.
中国把其中约60%的外汇储备又重新注入了以美元发行的美国政府债券之中，因为它希望限制人民币对美元这一世界基准货币的升值幅度。如果中国不买那么多美元的话，人民币的汇率——自2005年中以来对美元已升值35%——将会出现比如今更大的升幅，导致其竞争力和出口导向型增长受损。