据彭博新闻社报道，在中国人民银行驳斥人民币被低估的言论并为其汇率管理政策辩护后，人民币兑一篮子贸易伙伴货币汇率升至四年来高点。
The yuan advanced to a four-year high against a basket of its trading partners’ currencies after the People’s Bank of China rejected claims of undervaluation and defended its exchange-rate management.
周五，彭博社编制的CFETS人民币汇率指数升至103.9，为2022年4月以来的最高水平，今年以来该指数累计涨幅已超5%。目前人民币兑美元汇率也处于多年高位，兑欧元汇率则创下一年多来的新高。
The Bloomberg replica of the CFETS RMB Index rose to 103.9 on Friday, its highest level since April 2022, bringing its year-to-date gain to over 5%. The Chinese currency also sits near a multi-year peak versus the dollar and more than a one-year high against the euro.
近期中国贸易顺差持续扩大，引发了国际社会的密切关注，关于人民币被人为低估的指责也随之增多。对此，中国人民银行作出了迄今为止最为明确的回应。央行指出，当前中国对外贸易对汇率波动的敏感度已显著降低，这表明此前人民币的多轮升值并未对贸易表现产生负面影响。人民币的稳步升值或许有助于缓解相关外交层面的紧张局势。
The PBOC issued its clearest rebuttal yet against claims that the yuan is artificially undervalued, accusations that have intensified as China’s surging trade surplus draws fresh international scrutiny. The central bank noted that Chinese trade has become significantly less sensitive to currency swings, suggesting past rounds of appreciation did not disrupt trade performance. Still, the currency’s steady appreciation may help Beijing defuse some of that diplomatic tension.
澳新银行集团亚洲研究主管郭浩坤表示：“这表明即便央行不认同人民币被低估的程度，它也可能乐见人民币进一步走强。”
“This may suggest that the PBOC will be comfortable with further yuan strength even as they disagree on the extent of the currency’s undervaluation,” said Khoon Goh, head of Asia research at Australia & New Zealand Banking Group.
周五，中国人民银行将人民币中间价设定在2023年以来的最高水平。这一中间价决定了在岸人民币的每日波动区间——上下浮动幅度均为2%。
The PBOC set the yuan’s reference rate at the strongest level since 2023 on Friday. The so-called fixing defines onshore yuan’s trading range by 2% around it.
郭浩坤预计市场仍将密切关注每日中间价的设定情况。他补充道：“与其关注央行的言论，不如留意其实际举措。”
Goh expects the market to remain focused on daily fixings. “Pay attention to what they do, rather than what they say,” he said.
此次央行行动是在周四发布的一份详细政策文件之后作出的。在该文件中，央行明确反对利用人民币升值来解决全球经济失衡问题，并罕见地驳斥了人民币被低估的言论。此次文件发布恰逢欧盟贸易委员马罗什·谢夫乔维奇正在北京与中国商务部部长王文涛进行为期两天的会谈，不过文件中并未直接提及此次会谈。
The central bank’s action followed a detailed policy document released Thursday, in which the PBOC rejected using currency appreciation to address global imbalances and issued a rare rebuttal against undervaluation claims. The timing coincides with EU Trade Commissioner Maros Sefcovic’s two-day negotiations in Beijing with Chinese Commerce Minister Wang Wentao, though the document made no direct mention of the talks.
一些策略分析师认为，这一政策立场表明北京方面更倾向于维持汇率的稳步走强，而非实施快速调整。
Some strategists view the policy stance as a signal that Beijing favors managed strength over rapid adjustment.
“我们认为，北京仍在推行人民币渐进式、有节制的升值路径，而非一次性大幅调整，”华侨银行策略分析师克里斯托弗·王说道。“当局似乎对人民币走强持接受态度，但也时刻关注着升值的节奏。”
“Our sense is that Beijing is still pursuing a gradual and measured path of yuan appreciation, rather than a one-off adjustment,” said Christopher Wong, strategist at Oversea-Chinese Banking Corp. “The authorities appear comfortable with a stronger currency but remain mindful of the pace of gain.”