中国推动人民币国际化的数十年努力正因香港作为黄金交易中心的建设而得到提振 — — 以人民币计价。
China's decades-long push for yuan internationalization is getting a lift from the buildout of Hong Kong as a gold trading center — denominated in the Chinese currency.
“随着交易量的增长，以人民币计价且不与美元挂钩的实物黄金交易量也将随之增长，” 标普全球评级公司企业评级董事总经理、大中华区负责人张伟成（Charles Chang）表示。
"As those trading volumes grow, there would be a growing volume of the physical gold trade that is denominated in RMB and not linked in USD," said Charles Chang, managing director and Greater China country lead for corporate ratings at S&P Global Ratings.
人民币，也称为人民币，在以美元为主导的全球金融体系中仅占国际交易的一小部分。我交谈的分析师认为，这种格局短期内不会发生重大变化，但北京的黄金采购和香港交易平台只是支持人民币在全球更广泛使用的最新举措。
The Chinese yuan, also known as the renminbi, accounts for a fraction of international transactions in a global financial system dominated by the U.S. dollar. Analysts I spoke with don't expect major changes to that dynamic anytime soon, but Beijing's gold purchases and Hong Kong trading platform are just the latest steps toward supporting greater use of the yuan globally.
“国际化人民币的挑战在于，找到可以使用人民币的场所相对更具挑战性，” 张伟成说。“特别是黄金方面，如果买家收到的人民币可以兑换成黄金，那么这就为支出提供了更多渠道。” 作为全球最大股票交易所之一所在地的香港，上个月确认了其发展人民币计价黄金市场的努力。
"The challenge with internationalizing the RMB it's somewhat more challenging to find places where you can use the RMB," Chang said. "In terms of gold particularly, if the RMB that the buyer receives can be converted to gold, then it gives more channels for the spending to be done." Hong Kong, home to one of the world's largest stock exchanges, last month confirmed its efforts to develop a yuan-denominated gold market.
去年，中国特别行政区采取了一项重要举措，将其金库与上海的金库相连，使得国际机构能够以人民币计价在香港进行实物黄金交付。
In a major move last year, the special administrative region of China linked its gold vault with one in Shanghai, allowing physical gold delivery to international institutions in Hong Kong denominated in yuan.
张伟成指出，未来三年，香港计划将其与上海连通的金库容量从150吨扩大到超过2000吨。
Over the next three years, Hong Kong plans to expand the capacity of its Shanghai-linked gold vault from 150 tonnes to over 2,000 tonnes, S&P's Chang pointed out.
这几乎相当于中国全部黄金储备的规模，他补充道。“如果香港能够完成这笔交易，那么它将成为世界上最大的黄金交易中心之一。”美元面临挑战 根据世界黄金理事会第二季度的数据，美国仍然拥有全球最大的黄金储备，超过8100吨。中国持有大约其中的三分之一，超过2300吨。
That's nearly as large as all the gold reserves in China, he added. "If Hong Kong is able to complete this transaction, then it would become of the largest gold trading centers in the world." U.S. dollar challenge The U.S. still has the largest gold reserves in the world at over 8,100 tonnes, according to World Gold Council figures for the second quarter. China held about one-third of that at over 2,300 tonnes.
“中国连续23个月购买黄金，这巩固了人民币国际化进程的可信度，”国泰君安国际（香港）研究部负责人兼首席经济学家郝周表示。
"China's 23-month gold buying streak reinforces the credibility of the renminbi's internationalization drive," said Hao Zhou, head of research and chief economist at Guotai Junan International in Hong Kong.
“通过稳步增加黄金储备，北京正在加强其金融体系的长期支撑，并减少对以美元计价的储备资产的依赖，”他说。“虽然仅靠黄金本身不会决定人民币的全球角色，但它能提升人们对该货币的信心，并支持更广泛的努力，以扩大其在贸易、投资和官方储备中的使用。”中国及其他国家央行的黄金积累将有助于减少全球对美国国债和美元储备的依赖，杭州南华期货贵金属及新能源研究小组负责人夏莹莹表示。这是根据CNBC对中文内容的翻译。
"By steadily increasing gold reserves, Beijing is strengthening the long-term backing of its financial system and reducing reliance on dollar-denominated reserve assets," he said. "While gold alone will not determine the RMB's global role, it enhances confidence in the currency and supports broader efforts to expand its use in trade, investment and official reserves." Gold accumulation by China and other countries' central banks will help reduce global reliance on U.S. Treasurys and U.S. dollar reserves, said Xia Yingying, head of the precious metals and new energy research group, at Hangzhou-based Nanhua Futures. That's according to a CNBC translation of the Chinese.
“这将压低美元作为核心储备货币所带来的溢价，并提高与美元相关的信用、财政政策和制裁所带来的风险溢价，”夏说。“在中长期来看，这将逐步削弱美元在全球储备体系中的垄断地位。”然而，中国黄金采购量的增长也正值美国财政部长斯科特·贝森特周五宣布任命金本位支持者朱迪·谢尔顿为高级顾问，专注于中国事务。
"This will suppress the U.S. dollar's premium from being a core reserve currency, and raise the risk premium associated with the dollar regarding credit, fiscal policy and sanctions," Xia said. "In the medium to-long-term it will gradually weaken the U.S. dollar's monopolistic position in the global reserve system." China's growing gold purchases, however, also come as U.S. Treasury Secretary Scott Bessent on Friday named gold-standard supporter Judy Shelton as a senior advisor focused on China.
亚洲经济作为制造业强国的崛起，受益于美国50多年前决定放弃金本位。“随着美元与黄金脱钩，随之而来的油价上涨，西方制造业变得不再经济，资本转向亚洲寻找廉价劳动力和总体更低的成本，”OMFIF中央银行研究小组在2021年写道。
The Asian economy's rise as a manufacturing powerhouse benefited from the U.S. decision to abandon the gold standard more than 50 years ago. "With the delinking of the dollar and gold, and the consequent rise in the oil price, western manufacturing became less economic, and capital went to Asia in search of cheap labor and overall lower costs," wrote the central bank research group OMFIF in 2021.
虽然中国是黄金的最大消费者和生产国，但根据S&P的数据，它只是自2022年以来扩大储备的众多发展中经济体之一。世界黄金理事会显示，波兰增加的黄金储备吨数超过中国。
While China is the largest consumer and producer of gold, it is just one of many developing economies that has expanded its reserves since 2022, according to S&P. The World Gold Council showed Poland has increased its gold reserves by more tonnes than China.
追溯来源 这一趋势不仅限于金融交易。就像稀土一样，北京的黄金野心始于对部分产品的控制。
Going to the source The trend goes beyond financial transactions. Like with rare earths, Beijing's gold ambitions start with control of some of the product.
根据S&P全球评级，中国已在拉美、非洲和亚洲收购了主要金矿。
China has acquired major gold mines across Latin America, Africa and Asia, according to S&P Global Ratings.
“中国在黄金方面的计划和活动是全面且持久的。这些趋势将在未来数年持续存在，”张说。
"China's plans for gold and its activities in gold are comprehensive and long lasting. These trends are going to be in place for a number of years," Chang said.
“这种全面性，”他说，“往往是市场容易忽视的。” 需要知道 DeepSeek考虑将最新融资轮规模翻倍至最高150亿美元，消息人士称 中国的DeepSeek正考虑将其最新融资轮规模扩大至最高1000亿元人民币（约149亿美元），是其早期目标的两倍，国家支持的基金和企业投资者正在争夺股份，知情人士对CNBC表示。AI初创公司 Manus从IDG资本及其他机构获得5000万美元融资，表明投资者未因北京前所未有的命令阻止Meta价值20亿美元的短暂收购而却步。
"The comprehensive nature of this," he said, "is something that markets often miss." Need to know DeepSeek considers doubling latest funding round to up to $15 billion, sources say China's DeepSeek is considering expanding its latest funding round to as much as 100 billion yuan ($14.9 billion), double its earlier target, with state-backed funds and corporate investors jostling for stakes, people familiar with the matter told CNBC. AI startup Manus raises $500 million from IDG Capital and others, indicating investors aren't deterred by Beijing's unprecedented order to block Meta's short-lived $2 billion acquisition.
中国和欧洲同意减半中国混合动力汽车出口 欧洲贸易委员马罗什·塞夫科维奇周五表示，中国同意将其向欧盟的混合动力汽车出口减半。根据中国乘用车协会截至9月27日的数据，中国汽车市场正朝着自2021年以来最糟糕的一年发展，今年前三季度左右的销售额下降了20%以上。
China and Europe agree to halve Chinese hybrid vehicle exports European trade commissioner Maroš Sefčovič said Friday that China has agreed to halve its exports of hybrid cars to the bloc. China's auto market is on track for its worst year since 2021, with sales down by more than 20% over roughly the first three quarters of the year, according to China Passenger Car Association data as of Sept. 27.
经过多年低迷，中国房地产市场可能迎来转机 标普全球评级表示，中国住宅房地产价格可能在2028年第三季度触底。它补充称，北京、上海等中国最大城市的房价有望在明年尽快回升。
After a yearslong slump, China's real estate market may be set for a turnaround Residential real estate prices may hit a bottom in the third quarter of 2028, S&P Global Ratings said. It added that prices in China's largest cities, such as Beijing and Shanghai, will likely recover as soon as next year.
即将到来的数据：10月14日：CPI、PPI；贸易数据 10月19日：第三季度GDP、零售销售、工业生产、固定资产投资 10月19日至22日：北京金融街论坛；上海外滩峰会
Coming up Oct. 14: CPI, PPI; trade data Oct. 19: Q3 GDP, retail sales, industrial production, fixed-asset investment Oct. 19 - 22: Financial Street Forum in Beijing; Bund Summit in Shanghai