北京 —— 中国人民银行周日将金融机构外汇存款准备金率由4%上调至6%，旨在遏制人民币升值对出口造成的冲击。
BEIJING -- The People's Bank of China raised the foreign exchange reserve requirement ratio for financial institutions to 6% from 4% on Sunday, aiming to curb yuan appreciation that could dampen exports.
央行上一次上调该准备金率是在2021年12月。截至9月末，外汇存款余额约为1.2万亿美元。按此次上调幅度测算，将额外冻结约240亿美元。
The central bank previously raised the reserve ratio in December 2021. Foreign-currency deposits came to roughly $1.2 trillion at the end of September. Based on the increased ratio, another roughly $24 billion would be held.
通过减少银行可兑换成人民币的外汇数量，该举措被视为削弱买入人民币的压力。
By reducing the amount of foreign currency that banks can convert to yuan, the measure is seen weakening yuan-buying pressure.
央行于11月3日解释称，此举旨在强化金融机构外汇流动性管理。消息公布后，人民币兑美元汇率一度跌至6.67水平。但截至周五，人民币已回升至6.66水平，为2022年5月以来最强。
The move was aimed at strengthening foreign exchange liquidity management for financial institutions, the PBOC explained on Nov. 3. Following the announcement, the yuan weakened to the 6.67 level against the dollar at one point that day. But the yuan had returned to the 6.66 level as of Friday, the strongest since May 2022.
人民币走强虽有利于抑制进口价格，但会削弱中国产品的价格竞争力。中国政府将2026年经济增长目标设定为4.5%至5%。尽管投资和个人消费疲软，但强劲的出口帮助支撑了经济。
A strong yuan keeps import prices in check but undercuts the price competitiveness of Chinese products. The Chinese government is targeting an economic growth rate of 4.5% to 5% for 2026. Despite lackluster investment and personal spending, robust exports have helped to support the economy.
“这是当局意在遏制人民币升值的信号，”瑞穗研究所的月冈直树（Naoki Tsukioka）表示。
"This is a signal that authorities are looking to curb the yuan's appreciation," said Naoki Tsukioka of the Mizuho Research Institute.
中国货物贸易顺差2025年首次突破1万亿美元，2026年前10月已达1万亿美元。出口带来的外汇流入正推高人民币。
China's goods trade surplus topped $1 trillion for the first time in 2025 and has already reached $1 trillion in the first 10 months of 2026. The influx of foreign currency from the exports is pressuring the yuan higher.
“这更多是对市场的一种警示，”丸红（中国）经济研究部部长铃木隆元（Takamoto Suzuki）就此次上调2个百分点准备金率表示。“这不足以扭转人民币升值的趋势。”2021年12月，央行曾将准备金率上调至9%以限制人民币升值。随后随着人民币贬值，准备金率逐步下调，自2023年9月以来维持在4%。
"This is more a warning to the market," said Takamoto Suzuki, head of economic research at Marubeni (China), of the 2 percentage point hike in the reserve ratio. "This won't be enough to turn around the trend of the yuan's appreciation." In December 2021, the PBOC raised the reserve ratio to 9% in a bid to limit the yuan's appreciation. As the yuan weakened, the ratio was gradually lowered, staying at 4% since September 2023.