中國央行採取措施支持人民幣貶值

中國人民銀行宣布本月將停止購買政府債券，因為目前政府債券的需求超過了供應。

China's central bank moved to prop up the yuan on Friday as the currency continues to lose ground, with its depreciation being touted as a possible tailwind for bitcoin (BTC) among some in the crypto space.

隨著人民幣繼續貶值，中國央行週五採取行動支撐人民幣，加密貨幣領域的一些人將其貶值視為比特幣（BTC）可能的推動力。

The People's Bank of China announced that it will halt purchases of government bonds this month as their demand now outstrips the supply.

中國人民銀行宣布本月將停止購買政府債券，因為目前政府公債供不應求。

According to experts, the move highlights the discomfort among policymakers with the sliding bond yields, which move in the opposite direction of prices, and the resulting depreciation in the yuan.

專家表示，此舉突顯了政策制定者對債券殖利率下滑（債券殖利率與價格走勢相反）以及由此導致的人民幣貶值的不安。

The yield on the 10-year benchmark Chinese government bond fell to below 1.6% earlier this week, showing a sharp 100-basis-point decline over 12 months, according to data from TradingView.

根據 TradingView 的數據，本週早些時候，中國 10 年期基準公債殖利率跌至 1.6% 以下，在 12 個月內大幅下跌 100 個基點。

At the same time, its U.S. counterpart rose to 4.7%, which is the highest since November 2023, widening the U.S.-China yield differential in favor of the USD.

同時，美國收益率升至 4.7%，為 2023 年 11 月以來的最高水平，擴大了中美收益率差異，有利於美元。

As a result, the CNY weakened to 7.32 against the USD, extending its three-month losing streak, which is partly driven by concerns over tariffs under President-elect Donald Trump, who will take office on Jan. 20.

結果，人民幣兌美元匯率跌至 7.32，延續了三個月的連續下跌，部分原因是對將於 1 月 20 日就職的當選總統唐納德·川普 (Donald Trump) 徵收關稅的擔憂。

Earlier this week, analysts suggested that the weakening yuan could lead to a capital flight, which might partly flow into the crypto market and contribute to BTC's bullish momentum.

本週早些時候，分析師表示，人民幣貶值可能導致資本外逃，這可能部分流入加密貨幣市場，並有助於比特幣的看漲勢頭。