Chinese Premier Wen Jiabao sounded a hawkish note on inflation ahead of key data expected to show slowing economic growth, emphasizing that the government will continue to make cooling prices its key priority.

　　在即將發(fā)布預(yù)計(jì)將顯示中國經(jīng)濟(jì)增長放緩的關(guān)鍵數(shù)據(jù)之前，中國國務(wù)院總理溫家寶對通脹問題進(jìn)行了強(qiáng)硬表態(tài)，強(qiáng)調(diào)說中國政府將繼續(xù)把穩(wěn)定物價(jià)作為首要任務(wù)。

　　Mr. Wen, whose government has taken a series of steps since last year to tighten the reins on the economy, said in a statement Tuesday that the "overall direction of policy" will remain unchanged. His comments came as the central bank reported a jump in new bank lending last month that underscored the continuing pressures driving inflation in the world's No. 2 economy.

　　Associated Press新華社公布的這張照片顯示：周六，中國總理溫家寶在陜西省咸陽市的一家超市內(nèi)與肉類供應(yīng)商交談。溫家寶在周二的公告中說，宏觀調(diào)控的基本取向?qū)⒈３植蛔?。中國政府去年為收緊套在中國經(jīng)濟(jì)上的“韁繩”已采取了一系列措施。中國央行發(fā)布報(bào)告稱，上月新增銀行貸款激增，凸顯出世界第二大經(jīng)濟(jì)體所面臨的持續(xù)不斷的通脹壓力。

　　The remarks came ahead of the scheduled release on Wednesday of China's gross domestic product data for the second quarter, which economists predicted would show growth of 9.4% from a year earlier, down from 9.7% growth in the first quarter.

　　溫家寶是在計(jì)劃發(fā)布中國第二季度國內(nèi)生產(chǎn)總值(GDP)數(shù)據(jù)這一天即周三之前發(fā)表上述言論的。經(jīng)濟(jì)學(xué)家預(yù)測，中國二季度GDP將同比增長9.4%，低于一季度9.7%的增長。

　　Beijing has been struggling to balance its fight against inflation, which has fueled public discontent and potentially dangerous bubbles in housing prices, against fears that the economy─a major driver of global growth─could slow too sharply.

　　既要抑制通脹，又要消除中國經(jīng)濟(jì)可能急劇放緩的擔(dān)心(中國經(jīng)濟(jì)是全球增長的主要推動力)，中國政府一直在努力處理好這二者之間的平衡。通脹問題加劇了民眾的不滿情緒，也讓有潛在危險(xiǎn)的房價(jià)泡沫越來越大。

　　After a series of government tightening measures, including five interest-rate increases since October, some analysts have speculated that the government might signal an easing of the economic brakes in the second half of the year.

　　在中國政府出臺了一系列收緊措施(包括自去年10月以來的五次加息)之后，一些分析人士推測，中國政府可能會在今年下半年發(fā)出給經(jīng)濟(jì)“慢踩剎車”的信號。

　　In his statement Tuesday, issued after a series of meetings with other officials on the economic situation, Mr. Wen nodded to concerns about a slowdown, saying the government seeks to avoid “big fluctuations” in economic growth, and aims to ensure that 'lagging effects' of monetary policy don't have a big impact down the road.

　　周二的公告是在溫家寶與其他官員召開了一系列經(jīng)濟(jì)形勢座談會后發(fā)布的。溫家寶在公告中也承認(rèn)存在對經(jīng)濟(jì)放緩的擔(dān)憂，他說中國政府力圖避免經(jīng)濟(jì)增長出現(xiàn)“大的波動”，希望確保貨幣政策的“滯后效應(yīng)”不會對下一階段實(shí)體經(jīng)濟(jì)產(chǎn)生大的影響。

　　But the thrust of Mr. Wen's statement was continued concern about inflation. He reiterated several measures to cool prices, including controlling the money supply, encouraging the production of agricultural goods and increasing the supply of pork, for which prices have recently jumped. He also pledged to keep implementing restrictions on the property sector, which have already started to bring down prices in major cities.

　　但該公告的重點(diǎn)是對通脹的持續(xù)關(guān)注。溫家寶重申了穩(wěn)定物價(jià)的幾大措施，包括控制貨幣供應(yīng)、鼓勵農(nóng)產(chǎn)品生產(chǎn)并增加豬肉供應(yīng)等。豬肉價(jià)格近來猛漲。他還承諾將繼續(xù)執(zhí)行房地產(chǎn)市場的調(diào)控政策，該政策已開始顯現(xiàn)出對某些大城市房價(jià)的打壓效果。

　　The People's Bank of China said Tuesday that financial institutions issued 633.9 billion yuan of new loans in the local currency in June, or about $98 billion, up 15% from the May figure and above economists' expectations of 595 billion yuan. A flood of bank lending in recent years has been one factor driving up consumer prices, which rose 6.4% in June, their fastest pace in three years.

　　中國央行周二說，金融機(jī)構(gòu)6月份發(fā)放新增貸款總計(jì)人民幣6,339億元(約合980億美元)，較5月份增加了15%，超出經(jīng)濟(jì)學(xué)家做出的5,950億元的預(yù)期。近年發(fā)放的大量銀行貸款一直是推高消費(fèi)者價(jià)格指數(shù)(CPI)的因素之一。中國6月份CPI升6.4%，是三年來的最快升幅。

　　Economists generally expect that the central bank is done raising interest rates this year. But they expect the PBOC to continue increasing the share of deposits that banks must set aside, rather than lend, and many economists have said that further rate increases can't be ruled out─especially if inflation defies expectations that it will start declining in July.

　　經(jīng)濟(jì)學(xué)家普遍預(yù)計(jì)，中國央行今年的加息動作已經(jīng)完成。但他們預(yù)計(jì)，中國央行還將繼續(xù)提高銀行存款準(zhǔn)備金率，而不是貸款利率。很多經(jīng)濟(jì)學(xué)家也說，不能排除再次加息的可能，尤其是在通脹超過預(yù)期的情況下。預(yù)計(jì)7月CPI將開始回落。

　　The central bank data on Tuesday also showed that China accumulated $152.8 billion of foreign exchange reserves in the second quarter, bringing its total stock to $3.198 trillion. The central bank purchases foreign exchange that enters the country by printing new yuan, adding to the money supply. Economists with Japanese securities firm Nomura said the forex purchases in the second quarter would compel the central bank to raise required reserve levels again to 'mop up' the added liquidity.

　　中國國務(wù)院總理溫家寶日前對通脹問題進(jìn)行了強(qiáng)硬表態(tài)。與此同時(shí)，日本在牛肉中查出放射性銫元素，引發(fā)新一波恐慌?！度A爾街日報(bào)》的Jake Lee和Alison Tudor對以上消息進(jìn)行了討論。央行周二發(fā)布的數(shù)據(jù)還顯示，中國今年第二季度外匯儲備余額增長了1,528億美元，外儲總額達(dá)到3.198萬億美元。中國央行通過增印人民幣來購買進(jìn)入中國的外匯，從而使貨幣供應(yīng)增多。日本證券公司野村(Nomura)的經(jīng)濟(jì)學(xué)家說，中國第二季度的外匯購買行為將迫使中國央行不得不再次提高存款準(zhǔn)備金率，以“吸收”增加的流動性。

　　Though a considerable increase, the April-June figure was down from nearly $200 billion in both the first quarter and the fourth quarter last year.

　　盡管出現(xiàn)了大幅增長，但中國4月至6月的外儲余額增長仍低于今年第一季度和去年第四季度分別近2,000億美元的余額增長。

　　UBS economist Wang Tao said the slowdown in foreign reserve accumulation was likely due to less inflows of speculative capital. She estimated that such inflows fell to around $24 billion, from around $90 billion in the last two quarters.

　　瑞銀(UBS)經(jīng)濟(jì)學(xué)家汪濤說，外儲增量放緩可能是因?yàn)榱魅胫袊耐稒C(jī)資本減少的緣故。據(jù)她估計(jì)，這類資本流入已從過去兩個季度的900億美元左右降至約240億美元。

　　That is likely to be welcome news to China, which often frets about the destabilizing impact of such inflows, and may be seen as a silver lining for Beijing amid the economic slowdown.

　　這對擔(dān)心此類資本流入可帶來不穩(wěn)定影響的中國來說可能是好消息，或許可被看作是面臨經(jīng)濟(jì)減速的中國的一道曙光。

　　Last week, People's Bank of China adviser Li Daokui joked on his personal microblog that China 'ought to thank' foreigners for being so bearish on the Chinese economy, as this had reduced fund inflows.

　　中國央行顧問李稻葵上周在自己的微博上開玩笑說，中國應(yīng)該感謝如此看空中國經(jīng)濟(jì)的外國人，因?yàn)檫@減少了資金流入。