China’s attempts to cool persistent price increases appear to be taking effect as the pace of inflation slowed in August from a three-year high in July.

　　中國遏制物價持續上漲的努力似乎收到了成效。與7月份創下的3年高點相比，8月通脹增速有所放緩。

　　The country’s consumer price index, a key indicator of inflation, rose 6.2 percent in August from a year earlier, compared with a 6.5 percent rise in July, according to figures released on Friday by China’s National Bureau of Statistics.

　　中國國家統計局(NBS)周五發布的數據顯示，8月份消費者價格指數(CPI)同比上漲6.2%，而7月份的漲幅為6.5%。CPI是衡量通脹水平的關鍵指標。

　　The Chinese government and most economists had predicted that inflation would peak by August and the slowdown is largely in line with expectations.

　　之前中國政府和大多數經濟學家預計，通脹率將在8月前見頂。此次CPI增速放緩基本符合預期。

　　Consumer prices rose 0.3 percent in August from the previous month, compared with a 0.5 percent increase in July, marking the second consecutive moderation in the month-on-month reading.

　　8月CPI環比上漲0.3%，而7月環比上漲0.5%，標志著該指數連續兩個月環比下降。

　　Volatile and politically sensitive food prices rose 13.4 per cent in August from a year earlier, slowing from a 14.8 per cent rise in July.

　　波動劇烈且具有政治敏感性的食品價格8月份同比上漲13.4%，較7月14.8%的漲幅有所回落。

　　Since last October, Beijing has raised interest rates five times and increased the portion of deposits that banks must hold in reserve nine times in an attempt to cool overheating growth and bring down inflation.

　　為了抑制經濟增長過熱并抗擊通脹，中國政府自去年10月以來已5次上調基準利率，9次上調銀行存款準備金率。

　　The country’s economy has started to slow in recent months and most economists predict the government will be able to engineer a “soft landing” that preserves strong growth while bringing inflation down to a more comfortable level.

　　最近幾個月中國經濟開始放緩。大多數經濟學家預計，中國政府將能夠實現“軟著陸”，即在保持強勁增長的同時將通脹拉低至更適宜的水平。

　　After nearly a year of progressively tightening monetary policy the government appears to be nearing the end of this tightening cycle as long as inflation continues to moderate in the coming months, as most economists have predicted.

　　在逐步收緊貨幣政策近一年過后，中國政府似乎即將結束這輪收緊周期，只要通脹能像大多數經濟學家所預測的那樣在未來幾個月繼續趨于緩和。

　　With important trade partners like Europe and the US facing significant deterioration in their growth outlooks, analysts say Beijing is unlikely to carry on slowing its economy although it is not ready to begin loosening monetary policy just yet.

　　分析師表示，在歐美等重要貿易伙伴面臨增長前景顯著惡化的局面之際，北京方面不太可能會繼續為經濟減速，盡管眼下政府還沒有準備開始放松貨幣政策。

　　After nine hikes in the required reserve ratio, large Chinese banks must currently set aside 21 percent of their deposits as reserves held by the central bank.

　　在存款準備金率上調9次后，中國的大型銀行現在必須留出存款總額的21%，作為向央行繳納的準備金。

　　“If there were another big shock out of Europe, for example, then Beijing has 21 percent of the country’s bank deposits on hand,” said Stephen Green, chief economist for Greater China at Standard Chartered. “As long as inflation is contained, they can flick a switch and inject hundreds of billions of renminbi into the economy if they need to”.

　　渣打銀行(Standard Chartered)大中華區首席經濟學家王志浩(Stephen Green)表示：“打個比方說，如果遭遇來自歐洲的又一次重大沖擊，中央政府手中已經握有全國銀行存款的21%。只要通脹得到遏制，一旦有需要，它們輕輕撥一下開關，就可以向經濟注入數千億元人民幣的流動性。”

　　In August, the producer price index also moderated from the previous month, rising 7.3 percent from a year earlier, compared with July’s 7.5 percent year-on-year increase.

　　8月份生產者出廠價格指數(PPI)也較上個月出現了回落，同比上漲了7.3%，而7月份的同比漲幅為7.5%。