中国央行采取措施支持人民币贬值

中国人民银行宣布本月将停止购买政府债券，因为目前政府债券的需求超过了供应。

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.

随着人民币继续贬值，中国央行周五采取行动支撑人民币，加密货币领域的一些人将其贬值视为比特币（BTC）可能的推动力。

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

中国人民银行宣布本月将停止购买政府债券，因为目前政府债券供不应求。

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.

专家表示，此举突显了政策制定者对债券收益率下滑（债券收益率与价格走势相反）以及由此导致的人民币贬值的不安。

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.

根据 TradingView 的数据，本周早些时候，中国 10 年期基准国债收益率跌至 1.6% 以下，在 12 个月内大幅下跌 100 个基点。

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.

与此同时，美国收益率升至 4.7%，为 2023 年 11 月以来的最高水平，扩大了中美收益率差异，有利于美元。

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.

结果，人民币兑美元汇率跌至 7.32，延续了三个月的连续下跌，部分原因是对将于 1 月 20 日就职的当选总统唐纳德·特朗普 (Donald Trump) 征收关税的担忧。

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.

本周早些时候，分析师表示，人民币贬值可能导致资本外逃，这可能部分流入加密货币市场，并有助于比特币的看涨势头。