Today brings yet more hints from Chinese regulators about the future opening up of the country's capital account.

　　昨日，中國監(jiān)管機構(gòu)發(fā)出了有關(guān)未來放開本國資本賬戶的更多暗示。

　　Ever since China said in late June that it was abandoning its dollar peg, the Chinese central bank has published a blizzard of public statements explaining its position - five from vice governor Hu Xiaolian and another bunch from Safe, the body that manages China's foreign exchange reserves and regulates the currency market.

　　自6月下旬中國宣布放棄盯住美元的匯率政策以來，中國央行方面發(fā)表了一系列公開聲明，解釋自己的立場，其中5份來自副行長胡曉煉，還有一批聲明則來自中國國家外匯管理局，該機構(gòu)負(fù)責(zé)管理中國的外匯儲備并監(jiān)管外匯市場。

　　Why all the announcements from the usually media-shy regulators?

　　為什么這些平時不愿見媒體的監(jiān)管機構(gòu)一下子發(fā)布了這么多聲明？

　　The latest statement from Safe today said that it was considering introducing new foreign exchange instruments, as well as containing a pledge to push forward with selective capital account reforms.

　　昨日外管局發(fā)布的最新聲明稱，該機構(gòu)正考慮推出新的外匯交易品種，同時承諾有重點、有選擇地推動資本項目改革。

　　There was no information about what these new products might be - market participants say that FX options are likely to be the next new development - but the statement follows an interview given last week by Yi Gang, the head of Safe, when he suggested that China was moving gradually towards a freely-floating currency.

　　沒有信息說明這些新產(chǎn)品可能是什么。市場參與者表示，外匯期權(quán)可能是下一個新動態(tài)，但在上述聲明之前，外管局局長易綱上周在接受采訪時暗示，中國正逐步走向自由浮動的貨幣。

　　The most common explanation for the sudden flurry of announcements is that the central bank has been battling to win domestic political support for the shift to a more flexible currency, which has been resisted in many quarters.

　　對于突然發(fā)布的大量聲明，最常見的解釋是，中國央行正在努力爭取國內(nèi)政治支持，以過渡到一種更靈活的貨幣，這種主張遭到了很多方面的抵制。

　　But the hints about new openings in the foreign exchange market are also partly directed at an overseas audience where there are already grumblings about the slow pace of change in the exchange rate since the initial fanfare.

　　但是，有關(guān)外匯市場最新開放舉措的暗示，在一定程度上也是針對海外受眾的。在海外，對于人民幣匯率在初期炒作后升值緩慢，已經(jīng)有人發(fā)出了怨言。

　　As Mark Williams at Capital Economics pointed out today in a note entitled ‘Return of the Peg', the renminbi barely moved at all against the US dollar during July. Indeed, “the renminbi has actually weakened in trade-weighted terms since the reform was announced”. He adds: “The return to, in effect, a dollar peg so soon after the policy reform was restarted is surely not sustainable for long.”

　　正如資本經(jīng)濟(Capital Economics)的馬克·威廉姆斯(Mark Williams)昨日在題為《盯住政策的回歸》(Return of the Peg)的報告中所指出的，人民幣兌美元匯率在7月份幾乎沒有變動。的確，“自宣布改革以來，人民幣在貿(mào)易加權(quán)基礎(chǔ)上實際上走弱了”。他補充說：“在重啟政策改革后，這么快就在實際上恢復(fù)盯住美元，肯定持續(xù)不了多久。”