Growth in China's foreign exchange reserves slowed sharply in the first quarter, providing Beijing with fresh evidence in its debate with Washington over whether it intentionally undervalues the renminbi.

　　今年第一季度，中国外汇储备增长大幅放缓。在中美两国政府就中国是否刻意低估人民币汇率展开的争论中，上述事实为中方提供了新的依据。

　　China's foreign exchange reserves rose by $47.9bn to $2,447bn by the end of the first quarter, compared with a $126.5bn rise in the fourth quarter of 2009, the Chinese central bank said April 12.

　　中国央行4月12日表示，截至一季度末，中国外汇储备增加了479亿美元，至24471亿美元。去年第四季度外汇储备的增加额则为1265亿美元。

　　The figures were released as Hu Jintao, Chinese president, prepared to meet Barack Obama, US president, at a nuclear security summit in Washington yesterday for talks almost certain to include discussion of China's currency regime.

　　上述数字发布之际，中国国家主席胡锦涛正准备在昨日召开的华盛顿核安全峰会上会晤美国总统巴拉克•奥巴马(Barack Obama)，双方的会谈几乎肯定会包括关于中国汇率机制的讨论。

　　The meeting, which was in doubt during disputes this year over Taiwan and the Dalai Lama, comes as the two sides appear to be deepening co- operation, not only over economics but also the US's drive for sanctions on Iran.

　　与此同时，中美两国似乎将深化在经济领域及在美国所推动的制裁伊朗问题上的合作。今年两国在台湾和达赖喇嘛问题上发生的争执，曾给此次会晤能否举行带来变数。

　　“The fact that Hu Jintao decided to come is in itself quite a success for the administration,” said Michael Green at the Center for Strategic and International Studies in Washington. “The fact is China wants to be part of the international consensus on nuclear issues and wants a stable and constructive bilateral relationship with the US.”

　　华盛顿战略与国际问题研究中心(Center for Strategic and International Studies)的迈克尔•格林(Michael Green)表示：“对奥巴马政府来说，胡锦涛决定出席会议，本身就是一个很大的成功。事实是，中国希望成为有关核问题的国际共识的一部分，希望与美国保持稳定而建设性的双边关系。”

　　Analysts said the moderation in the reserves growth was mostly due to a 77 per cent drop in China's trade surplus in the first quarter from the same period a year earlier to $14.5bn.

　　分析师表示，中国外汇储备增长放缓的主要原因是，第一季度贸易顺差同比下降了77%，至145亿美元。

　　China recorded a trade deficit of $7.2bn in March, its first in six years, which the country's Ministry of Commerce said proved the exchange rate was not the main factor determining trade flows.

　　中国在3月份录得72亿美元贸易逆差，这是六年来的头一次。中国商务部表示，事实证明，汇率并非决定贸易流动的主要因素。

　　US politicians and many economists argue Beijing deliberately undervalues its currency to boost its exports at the expense of jobs and exports of other countries that run large trade deficits with China.

　　美国政界人士和许多经济学家主张，中国政府通过刻意低估人民币汇率来促进本国出口，损及对华拥有巨额贸易逆差的国家的就业和出口。

　　“This will certainly help Beijing's argument but, regardless of the monthly deficit and slowing reserves, the US will keep up the pressure because a lot of the debate is motivated by political considerations on Capitol Hill,” said Dong Tao, chief China economist at Credit Suisse.

　　瑞士信贷(Credit Suisse)首席中国经济学家陶冬(Dong Tao)表示：“这些数字肯定会对北京方面的论点形成支持。但不管是单月出现逆差，还是外储增长减缓，美方都将继续施加压力，因为双方的争论主要是由美国国会的政治考虑驱动的。”

　　Beijing appears to be preparing for an imminent adjustment to its exchange rate mechanism with senior officials and economists suggest it may widen the daily trading band and resume the gradual managed appreciation in the renminbi that was halted in July 2008 in response to the global financial crisis.

　　中国政府似乎准备不久就对本国汇率机制做出调整。高级官员和经济学家提出，中国可能会扩大人民币汇率的日交易区间，重启人民币逐步而有管理的升值进程——为应对全球金融危机，中国在2008年7月中止了这一进程。