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A weaker renminbi failed to stop a sharp fall in China’s exports in September, damping economists’ hopes that demand would pick up in the fourth quarter and sending markets in the region lower.
人民币的疲软未能阻止9月份中国出口急剧下滑，打击了经济学家对于需求将在第四季度出现起色的期望，压低了亚洲股市。
In renminbi terms, exports fell an annualised 5.6 per cent, according to China’s General Administration of Customs, the first drop since February when outbound shipments contracted 20.6 per cent.
根据中国海关总署(General Administration of Customs)的数据，以人民币计算，中国出口同比下跌5.6%，这是今年2月（该月出口同比下跌20.6%）以来首次下跌。
Imports grew only 2.2 per cent in local currency terms, down from 10.8 per cent growth in August.
而以人民币计算的进口则只增长了2.2%，低于8月份10.8%的增幅。
The outlook was bleaker when valued in dollars, with outbound shipments falling 10 per cent year on year, sharpening from 2.8 per cent the month before and far worse than the 3.3 per cent shrinkage forecast by economists surveyed by Bloomberg.
若以美元计算，前景更加悲观。
A drop of 1.9 per cent in imports also came in well below expectations of 0.6 per cent growth.
9月份出口同比下跌10%，比上个月2.8%的跌幅更为剧烈，远低于彭博(Bloomberg)所调查的经济学家给出的收缩3.3%的预期。此外，进口1.9%的跌幅也远低于增长0.6%的预期。
The fall in exports adds weight to our view that the People’s Bank will maintain its recent policy of gradual trade-weighted renminbi depreciation in coming quarters, said Julian Evans-Pritchard, China economist at Capital Economics.
凯投宏观(Capital Economics)中国经济学家朱利安•埃文斯-普里查德(Julian Evans-Pritchard)表示，出口下滑进一步证明了我们的看法，即中国央行将在随后几个季度维持其近期政策不变，缓步将人民币贸易加权汇率贬值。
The central bank set the midpoint for the renminbi’s trade against the dollar weaker by 0.1 per cent at 6.72960 yesterday, in the fourth consecutive day of weakening.
昨日，中国央行(PBoC)把人民币兑美元汇率中间价较前一日下调0.1%，至1美元兑6.72960元人民币，这是连续第4天下调。
The Chinese currency has already depreciated 3.6 per cent against the dollar during the year to date to reach Rmb6.7291, the lowest since 2010, the same year the central bank abandoned its hard peg of about Rmb6.83 to the dollar.
今年迄今，人民币相对美元已贬值3.6%，至1美元兑6.7291元人民币，这是自2010年以来的最低水平，那年中国央行取消了人民币对美元约1美元兑6.83元人民币的硬性挂钩。
ANZ analysts David Qu and Raymond Yeung described the downturn in exports as broad-based, with shipments to all large trade partners dropping.
澳新银行(ANZ)分析师曲天石(David Qu)和杨宇霆(Raymond Yeung)称，出口下滑的格局是全面的，中国对所有大型贸易伙伴的发货量都在降低。
Exports to the US and EU fell 8.1 per cent and 9.8 per cent year on year, respectively.
中国对美国和欧盟(EU)出口分别同比下滑8.1%和9.8%。
The sluggish external demand will continue to weigh on the trade outlook, given downside risks stemming from the US election to the UK’s execution of the Brexit process, they said. We do not foresee exports being a growth driver of the Chinese economy over the next few quarters.
考虑到美国大选到英国执行退欧过程所带来的下行风险，疲软的外部需求将继续影响贸易前景，他们表示，我们预计在接下来几个季度，出口不会成为中国经济的增长驱动力。
