中国央行设定了人民币较弱的每日中间价，尽管离岸人民币升至四年多来的最高水平，这表明北京对人民币升值速度保持谨慎，尽管外部呼声要求人民币走强。
China’s central bank has set a weaker daily fixing for the yuan despite the offshore currency’s rise to a more than four-year high, signalling Beijing’s caution over the pace of appreciation amid external calls for a stronger yuan.
周一，中国人民银行将人民币中间价，即每日中间价，设定为每美元6.7146元，略弱于周五的6.7138。
On Monday, the People’s Bank of China set the yuan’s midpoint rate, also known as the daily fixing rate, at 6.7146 to the US dollar, slightly weaker than Friday’s 6.7138.
此举发生在离岸人民币周五突破心理上重要的6.65关口后，并于周一下午早些时候进一步升至约6.645，为自2022年6月以来的最强水平，据中国金融数据提供商Wind报道。
The move came after the offshore yuan broke through the psychologically important 6.65 level on Friday, before further strenghthening to around 6.645 as of early Monday afternoon, its strongest level since June 2022, according to Chinese financial data provider Wind.
澳新银行高级中国策略师邢兆鹏表示，较弱的中间价部分反映了央行对让人民币过快升值的谨慎。
Xing Zhaopeng, senior China strategist at ANZ, said the weaker fixing partly reflected the central bank’s caution about allowing the yuan to appreciate too rapidly.
“周一中间价的走弱非常有限，并未从根本上改变人民银行的方向，”他表示，并指出该汇率10月份已升值逾200点，这一趋势可能在11月加速。
“The weakening of the Monday fixing was very limited and does not fundamentally change the PBOC’s direction,” he said, noting that the rate had strengthened by more than 200 pips in October, a trend that could accelerate in November.
巴克莱银行的分析师表示，他们同样认为人民银行“管理的是升值速度，而非方向”。
Barclays’ analysts said they also continue to see the PBOC “managing the pace, not the direction” of the yuan’s appreciation.
他们在周日的一份报告中表示，今年以来，人民币是对美元表现第二好的亚洲货币，迄今在2026年已升值约5%。
The Chinese currency had been Asia’s second-best performer against the US dollar this year, gaining around 5 per cent so far in 2026, they said in a note on Sunday.
巴克莱银行补充称，周五的人民币对美元中间价相对于市场预期是自9月中旬以来最弱的，这可能反映了“官方不适”，即人民币对一篮子主要贸易伙伴货币的持续强势，该篮子货币仍接近四年高点。
Barclays added that Friday’s yuan fixing against the US dollar was the weakest relative to market expectations since mid-September, likely reflecting “official discomfort” with the yuan’s continued strength against a basket of major trading-partner currencies, which remains near a four-year high.
尽管人民币自去年以来稳步升值，但要求北京重估货币的呼声依然存在。西方经济体，尤其是美国和欧盟，长期指责中国利用货币操纵来促进出口，北京一再否认这一说法。
Despite the yuan’s steady appreciation since last year, calls for Beijing to revalue the currency persist. Western economies, particularly the US and the European Union, have long accused China of using currency manipulation to boost its exports, a claim Beijing has repeatedly rejected.
消息人士此前向《南华早报》透露，欧洲顶级财政官员计划在未来几个月于北京会见中国央行行长和财政部长，劝说北京停止压低人民币汇率，而分析人士表示，北京可能会拒绝政治强加的汇率目标。
Top European finance officials are planning to meet China’s central bank governor and finance minister in Beijing in the coming months to persuade Beijing to stop holding down the yuan, sources previously told the South China Morning Post, while analysts said Beijing was likely to reject politically imposed exchange-rate targets.
ANZ的邢自强将12月在迈阿密举行的G20峰会视为一个值得关注的重要“政策窗口”。
Xing from ANZ pointed to the G20 summit in Miami in December as an important “policy window” to watch.
他说：“中国人民银行可能倾向于在G20峰会前允许人民币在一定程度上升值，以缓解外部批评。”他援引该集团对中国产能过剩的担忧作出上述表述。
“The PBOC may be inclined to allow the yuan to appreciate to some extent ahead of the G20 summit, in order to ease external criticism,” he said, citing the group’s concerns over China’s industrial overcapacity.
美国财政部长斯科特·贝森特呼吁二十国集团成员采取协调行动，就北京巨大的贸易顺差向其施压，这引发了中国可能面临更大外部压力的预期。
US Treasury Secretary Scott Bessent has called for coordinated action among Group of 20 members to put pressure on Beijing over its massive trade surplus, raising the prospect of greater external pressure on China.
邢自强表示，G20会议后，人民币升值压力将减轻，他预计到年底人民币汇率将达到每美元6.6元。
Xing said the pressure for yuan appreciation would ease after the G20 meeting, projecting the yuan to reach 6.6 per US dollar by the end of the year.