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，中国外汇储备大幅增长了1990亿美元，创历史最高纪录，外汇储备总额增至2.85万亿美元，突显出全球经济继续失衡。

　　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.

　　中国外汇储备已经居世界之首，在2010年期间又增长了18.7%，其中第3季度增长1940亿美元。

　　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.

　　虽然12月份贸易顺差收窄，但外汇储备持续强劲增长将使批评人士更有理由呼吁人民币加快升值。

　　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.

　　中国央行入市干预，用人民币购买外汇，以此压低人民币汇率，所买的外汇最终成为外汇储备。下周中国国家主席胡锦涛对美国进行国事访问时，汇率和贸易问题可能是双方讨论的重点。

　　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.

　　在强劲的银行放贷势头和持续上升的货币供应加剧了通胀压力之时，外汇储备的上升将使货币政策管理变得更为复杂。“中国持续强劲的银行放贷和大规模外汇储备积累，可能是即将出现问题的先兆，”国际货币基金组织(IMF)中国部前主任埃斯瓦•普拉萨德(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.

　　中国央行宣布，2010年新增贷款额较2009年少1.65万亿元人民币。但一些分析师认为，官方数据低报了银行房贷的真实规模。

　　“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.

　　“现在说中国信贷增长大幅放缓还为时过早，但鉴于官方净新增贷款数据显著下降，这是可以理解的，”惠誉(Fitch)中国金融机构评级主管朱夏莲(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.

　　惠誉认为，2010年，中国各银行只是通过人为减少贴现票据的持有量，以及把贷款重新包装成投资产品卖给投资者，从资产负债表上抹掉了数万亿元人民币的贷款。