中國11月份的通脹率達到6.9%，創(chuàng)下11年新高。這一通脹水平將會堅定中國政府緊縮貨幣政策的決心，也許還會進一步推遲能源價格改革。
Chinese inflation reached an 11-year high of 6.9 per cent in November, a level that will harden Beijing’s resolve to tighten monetary policy and probably further delay energy price reform.
中國10月份的通脹率為6.5%。通脹上升主要是受食品價格上漲的驅(qū)動。11月份，食品價格較上年同期上漲18.2%，主要原因是豬肉短缺和全球飼料成本上漲。
The inflation rate, which hit 6.5 per cent in October, is driven primarily by food prices, which rose by 18.2 per cent from a year earlier, mainly because of a shortage of pigs and rising global feed costs.
不過，由于石油和煤炭價格上漲，不包括食品的基礎(chǔ)通脹率(underlying inflation)也從10月份的1.1%提高到1.4%，為今年以來漲幅。
But underlying inflation was also up to 1.4 per cent from 1.1 per cent in October, – the sharpest rise this year – because of higher oil and coal prices.
包括水、電、煤氣在內(nèi)的公用事業(yè)價格上漲5.6%。
Utility prices, including water, electricity and gas, rose by 5.6 per cent.
中國經(jīng)濟學家指出，持續(xù)上升的通脹壓力可能促使政府進一步要求銀行控制貸款，同時也會繼續(xù)上調(diào)利率和存款準備金率。存款準備金率是指銀行必須繳存在央行的準備金占其吸納存款的比例。
China economists said the continuing upward pressure on inflation was likely to prompt further government pressure on banks to control lending, as well as interest rate rises and increases in reserve ratios, the amount banks must keep on deposit with the central bank.
作為一系列抑制通脹措施的一部分，中國政府已經(jīng)拒絕根據(jù)不斷上升的全球成本提高燃油價格，而且還提高了對一些行業(yè)的燃油補貼。
The government has already refused to lift fuel prices in line with rising global costs, and has increased subsidies to some sectors for oil as part of an array of measures to restrain inflation.
未來12個月，預計中國還會讓人民幣更快升值，以努力修正經(jīng)濟失衡，減少對出口商的激勵措施。昨天公布的數(shù)據(jù)顯示，中國11月份的貿(mào)易順差為263億美元，僅比10月份271億美元的創(chuàng)紀錄水平略低一點。貿(mào)易順差是中國經(jīng)濟流動性過剩的主要原因。
China is also expected to allow the renminbi to appreciate faster over the next 12 months in an effort to correct imbalances in the economy and reduce incentives for exporters. China’s trade surplus, a prime cause of excess liquidity in the economy, reached $26.3bn in November, only slightly lower than the record $27.1bn in October, according to figures released yesterday.
盡管向美國出口的增速已經(jīng)放緩，但向歐洲、中東和其它市場的出口持續(xù)強勁增長，使得中國的貿(mào)易順差依然保持在較高水平。
Although the rate of growth of exports to the US has slowed, continued powerful increases in sales to Europe, the Middle East and other markets have helped keep the surplus high.
中國經(jīng)濟協(xié)調(diào)部門表示，為了限制貿(mào)易順差，明年可能會實行出口配額制度。這對全球鋼鐵貿(mào)易來說可能是一項重大舉措。
In a potentially significant move for global trading in steel, China’s chief economic co-ordination ministry said it might impose quotas for exports next year as part of a raft of efforts to limit the trade surplus.
在今年頭11個月里，鋼鐵出口較上年增長55%，對順差擴大起到很大作用。近幾個月來，由于實施了關(guān)稅措施，中國的鋼鐵出口已經(jīng)開始放緩。
Steel exports are up by 55 per cent year on year in the 11 months to November and have contributed significantly to the swelling surplus. They have began to slow in recent months because of tax imposts.
中國央行(PBoC)上周宣布，貨幣政策將從“穩(wěn)定”和“適度從緊”轉(zhuǎn)向“從緊”，主要是擔心通脹以及可能出現(xiàn)的經(jīng)濟過熱。
The People’s Bank of China announced last week that monetary policy would move from “stable” and “moderately tight” to “tight”, primarily because of concern over inflation and possible overheating.
中國央行行長周小川在北京召開的一次會議上表示，向“從緊”貨幣政策的轉(zhuǎn)變將是一個漸進過程。
Zhou Xiaochuan, the PBoC governor, speaking at conference in Beijing, said the move to a tighter policy would be taken gradually.
中國今年已經(jīng)5次提高利率、10次提高存款準備金率，但迄今為止，對經(jīng)濟增速和通脹都影響甚微。
China has lifted interest rates five times and reserve ratios 10 times this year, with little impact so far on either the pace of economic growth or inflation.
Chinese inflation reached an 11-year high of 6.9 per cent in November, a level that will harden Beijing’s resolve to tighten monetary policy and probably further delay energy price reform.
中國10月份的通脹率為6.5%。通脹上升主要是受食品價格上漲的驅(qū)動。11月份，食品價格較上年同期上漲18.2%，主要原因是豬肉短缺和全球飼料成本上漲。
The inflation rate, which hit 6.5 per cent in October, is driven primarily by food prices, which rose by 18.2 per cent from a year earlier, mainly because of a shortage of pigs and rising global feed costs.
不過，由于石油和煤炭價格上漲，不包括食品的基礎(chǔ)通脹率(underlying inflation)也從10月份的1.1%提高到1.4%，為今年以來漲幅。
But underlying inflation was also up to 1.4 per cent from 1.1 per cent in October, – the sharpest rise this year – because of higher oil and coal prices.
包括水、電、煤氣在內(nèi)的公用事業(yè)價格上漲5.6%。
Utility prices, including water, electricity and gas, rose by 5.6 per cent.
中國經(jīng)濟學家指出，持續(xù)上升的通脹壓力可能促使政府進一步要求銀行控制貸款，同時也會繼續(xù)上調(diào)利率和存款準備金率。存款準備金率是指銀行必須繳存在央行的準備金占其吸納存款的比例。
China economists said the continuing upward pressure on inflation was likely to prompt further government pressure on banks to control lending, as well as interest rate rises and increases in reserve ratios, the amount banks must keep on deposit with the central bank.
作為一系列抑制通脹措施的一部分，中國政府已經(jīng)拒絕根據(jù)不斷上升的全球成本提高燃油價格，而且還提高了對一些行業(yè)的燃油補貼。
The government has already refused to lift fuel prices in line with rising global costs, and has increased subsidies to some sectors for oil as part of an array of measures to restrain inflation.
未來12個月，預計中國還會讓人民幣更快升值，以努力修正經(jīng)濟失衡，減少對出口商的激勵措施。昨天公布的數(shù)據(jù)顯示，中國11月份的貿(mào)易順差為263億美元，僅比10月份271億美元的創(chuàng)紀錄水平略低一點。貿(mào)易順差是中國經(jīng)濟流動性過剩的主要原因。
China is also expected to allow the renminbi to appreciate faster over the next 12 months in an effort to correct imbalances in the economy and reduce incentives for exporters. China’s trade surplus, a prime cause of excess liquidity in the economy, reached $26.3bn in November, only slightly lower than the record $27.1bn in October, according to figures released yesterday.
盡管向美國出口的增速已經(jīng)放緩，但向歐洲、中東和其它市場的出口持續(xù)強勁增長，使得中國的貿(mào)易順差依然保持在較高水平。
Although the rate of growth of exports to the US has slowed, continued powerful increases in sales to Europe, the Middle East and other markets have helped keep the surplus high.
中國經(jīng)濟協(xié)調(diào)部門表示，為了限制貿(mào)易順差，明年可能會實行出口配額制度。這對全球鋼鐵貿(mào)易來說可能是一項重大舉措。
In a potentially significant move for global trading in steel, China’s chief economic co-ordination ministry said it might impose quotas for exports next year as part of a raft of efforts to limit the trade surplus.
在今年頭11個月里，鋼鐵出口較上年增長55%，對順差擴大起到很大作用。近幾個月來，由于實施了關(guān)稅措施，中國的鋼鐵出口已經(jīng)開始放緩。
Steel exports are up by 55 per cent year on year in the 11 months to November and have contributed significantly to the swelling surplus. They have began to slow in recent months because of tax imposts.
中國央行(PBoC)上周宣布，貨幣政策將從“穩(wěn)定”和“適度從緊”轉(zhuǎn)向“從緊”，主要是擔心通脹以及可能出現(xiàn)的經(jīng)濟過熱。
The People’s Bank of China announced last week that monetary policy would move from “stable” and “moderately tight” to “tight”, primarily because of concern over inflation and possible overheating.
中國央行行長周小川在北京召開的一次會議上表示，向“從緊”貨幣政策的轉(zhuǎn)變將是一個漸進過程。
Zhou Xiaochuan, the PBoC governor, speaking at conference in Beijing, said the move to a tighter policy would be taken gradually.
中國今年已經(jīng)5次提高利率、10次提高存款準備金率，但迄今為止，對經(jīng)濟增速和通脹都影響甚微。
China has lifted interest rates five times and reserve ratios 10 times this year, with little impact so far on either the pace of economic growth or inflation.