英语新闻丨China optimizes foreign exchange reserve structure

Economists and policy advisers have said that it is a strategic necessity for China to further scale back holdings in United States government debt in order to safeguard national financial stability, amid waning confidence in the dollar-based system and persistent geopolitical tensions.经济学家和政策顾问表示，在对以美元为基础的体系的信心减弱和持续的地缘政治紧张局势下，中国进一步缩减对美国政府债务的持有是一种战略必要性，以维护国家金融稳定。To pursue a more balanced, controllable allocation of foreign exchange reserves, the country is also likely to increase investments in non-dollar assets, including financial instruments of its Asian trading partners and crucial resources such as gold, energy and food, they added.他们补充说，为了实现更平衡、更可控的外汇储备分配，中国还可能增加对非美元资产的投资，包括其亚洲贸易伙伴的金融工具以及黄金、能源和粮食等关键资源。Yu Yongding, an academic member of the Chinese Academy of Social Sciences, called for China to continue reducing US government debt holdings in an orderly manner.中国社会科学院院士余永定呼吁中国继续有序减持美国国债。"The ideal approach would be to increase imports and utilize the excess foreign exchange reserves to purchase high-tech capital goods and strategic materials. This could require China to narrow its trade surplus, move toward a basic balance in the trade of goods and services, or even run a trade deficit for a while."“理想的做法是增加进口，利用多余的外汇储备购买高科技资本货物和战略物资。这可能需要中国缩小贸易顺差，实现商品和服务贸易的基本平衡，甚至在一段时间内出现贸易逆差。”"Extraordinary times call for extraordinary measures. We must closely monitor the US fiscal situation and prepare contingency plans to avoid being caught off guard," Yu said.余表示：“非常时期需要非常措施。我们必须密切关注美国财政状况，制定应急计划，避免措手不及。”。After stepping back from being the second-largest holder of US debt to third place in March, China further reduced its holdings of US Treasury securities in May by $900 million, to $756.3 billion, the lowest since February 2009, when the reading was $744.2 billion, according to the US Department of the Treasury.根据美国财政部的数据，中国在3月份从美国债务的第二大持有者退居第三位后，5月份进一步减少了9亿美元的美国国债持有量，至7563亿美元，为2009年2月以来的最低水平，当时该数字为7442亿美元。The reduction bucked the overall rebound of foreign holdings in US debt after a drop in April. Foreign holdings of US Treasury securities increased from April's $9.013 trillion to $9.046 trillion in May, with major US debt holders such as Japan, the United Kingdom and Canada increasing their holdings.这一减少抵消了外国持有的美国债务在4月份下降后的整体反弹。外国持有的美债从4月份的9.013万亿美元增加到5月份的9.046万亿美元，日本、英国和加拿大等主要美国债务持有者增加了持有量。Wang Peng, an associate researcher at the Beijing Academy of Social Sciences, said that China's holding cut in May—the third consecutive month of decrease despite other major holders' increased exposure—stems from a continued effort to optimize the structure of foreign exchange reserves.北京社会科学院副研究员王鹏表示，尽管其他主要持有者的敞口增加，但中国5月份的减持是连续第三个月下降，这源于持续优化外汇储备结构的努力。The aim is to reduce the risks of overreliance on US government debt and limit potential economic losses from geopolitical tensions, including the risk of asset freezes in the event of US sanctions, Wang said, adding that the move also reflects concerns about growing US fiscal deficits and uncertainty about the US economy.王表示，此举的目的是降低过度依赖美国政府债务的风险，并限制地缘政治紧张局势造成的潜在经济损失，包括在美国制裁的情况下冻结资产的风险。他补充说，此举也反映了人们对美国财政赤字不断增长和美国经济不确定性的担忧。Pan Gongsheng, governor of the People's Bank of China, the nation's central bank, has pointed to the risks associated with the US dollar's dominance as the global reserve currency, saying last month that US fiscal and financial regulatory problems could spill over, while the dollar could be weaponized in geopolitical conflicts.中国央行中国人民银行行长潘功胜指出了美元作为全球储备货币的主导地位所带来的风险，他上个月表示，美国的财政和金融监管问题可能会蔓延，而美元可能会在地缘政治冲突中被武器化。Guan Tao, global chief economist at investment bank BOCI China, said there is no immediate risk of a US sovereign debt crisis, as market demand for US Treasuries remains strong, and US Treasury yields could fall if the US Federal Reserve cuts rates later this year. Bond yields move in the opposite direction of prices.投资银行中银国际中国（BOCI China）全球首席经济学家关涛（Guan Tao）表示，目前没有美国主权债务危机的风险，因为市场对美国国债的需求仍然强劲，如果美联储今年晚些时候降息，美国国债收益率可能会下降。债券收益率与价格走势相反。But the deeper concern, Guan said, is US debt's long-term sustainability. If US government debt keeps expanding without a path to stabilization, it will eventually trigger problems.但关表示，更令人担忧的是美国债务的长期可持续性。如果美国政府债务继续扩大而没有稳定的道路，最终将引发问题。Credit ratings agency Moody's downgraded the US credit rating to Aa1 in May, citing runaway deficits, while the US administration's massive tax-and-spending bill, effective this month, could intensify such concerns, as it is forecast to increase US federal deficits by more than $3 trillion over the next decade.信用评级机构穆迪在5月份将美国信用评级下调至Aa1，理由是赤字失控，而美国政府本月生效的巨额税收和支出法案可能会加剧这种担忧，因为预计未来十年美国联邦赤字将增加3万亿美元以上。Chen Weidong, director of the Research Institute of Bank of China, said, "As the third-largest holder of US Treasuries, China must build a multilayered, systematic strategy to guard against mounting risks tied to US sovereign debt and the dollar-based financial system.中国银行研究院院长陈卫东表示：“作为美国国债的第三大持有者，中国必须建立一个多层次、系统的战略，以防范与美国主权债务和以美元为基础的金融体系相关的日益增长的风险。"This is not only vital for China's financial security, but also has far-reaching implications for the evolution of the global financial order," Chen said, adding that China has cut its US Treasury holdings by over 40 percent since 2013.陈表示：“这不仅对中国的金融安全至关重要，而且对全球金融秩序的演变也有着深远的影响。”他补充说，自2013年以来，中国已将其持有的美国国债减少了40%以上。He said that key priorities for China going forward include gradually reducing US Treasury holdings, optimizing the dollar investment portfolio by allocating more to short-term securities, increasing non-dollar investments, and advancing renminbi internationalization.他说，中国未来的主要优先事项包括逐步减少美国国债持有量，通过将更多资金分配给短期证券来优化美元投资组合，增加非美元投资，以及推进人民币国际化。He also called for deepening financial cooperation within Asia—which together holds over 60 percent of global reserves in dollar-denominated assets—so that Asia can form an internal reserve circulation system and reduce its reliance on external markets.他还呼吁深化亚洲内部的金融合作，亚洲拥有全球60%以上的美元计价资产储备，这样亚洲就可以形成内部储备流通体系，减少对外部市场的依赖。China has been stepping up efforts to diversify its reserve assets. The country's official gold reserves rose for the eighth consecutive month to 73.9 million ounces at the end of June, the State Administration of Foreign Exchange said.中国一直在加紧努力，使其储备资产多样化。国家外汇管理局表示，截至6月底，该国官方黄金储备连续第八个月增长至7390万盎司。consecutiven.连续不断的/kənˈsɛkjʊtɪv/dollar-denominatedn.以美元标价的/ˈdɒlə dɪˈnɒmɪneɪtɪd/