[(Title)]China leaves rates steady after Fed hike as two economies diverge

SHANGHAI (REUTERS) China's central bank left short-term rates unchanged on Thursday (Sept 27), choosing not to follow a  despite the risk that it could put renewed pressure on the yuan.

中国央行周四（9月27日）保持短期利率不变，尽管它可能对人民币造成新的压力，但选择继续暂停公开市场操作。

The move by the People's Bank of China (PBOC) means that it did not immediately adjust borrowing costs for interbank loans after the US Federal Reserve .

中国人民银行的举措意味着，美联储在美联储之后没有立即调整银行间贷款的借款成本。

While the PBOC had been expected to stand pat and has not always followed the Fed in lockstep, the decision highlights diverging policy paths for the world's largest economies, with China's economy slowly losing momentum and facing more pressure from .

中美两国经济走势并不同步，中国央行既没有必要、也没有条件跟进美联储加息步伐。但这一决定凸显了世界最大经济体不同的政策路径，中国经济正面临着来自其他国家的更多压力。

The Fed, on the other hand, sees the US economy growing at faster-than-expected pace this year, with only a slight slowdown in 2019.

另一方面，美联储发现，美国经济今年的增长速度快于预期，2019年略有放缓。

China has, in fact, been easing credit policies and trying to reduce financing costs in various ways in recent months as economic activity has softened and US trade threats mount.

事实上，随着经济活动软化和美国贸易威胁增加，近几个月来，中国一直在放宽信贷政策，并试图以各种方式降低融资成本。

The PBOC also said it had skipped open market operations on Thursday as liquidity levels in the banking system were "relatively high".

中国人民银行还表示，由于银行系统的流动性水平“相对较高”，周四暂停公开市场操作。

The PBOC did not mention interest rates on reverse repos in a statement on the its website, but attributed "relatively high" liquidity levels to quarter-end fiscal expenditures, which could "absorb factors including maturing reverse repos and government bond issuance".

中国央行在其网站上的一份声明中没有提到反向回购利率，但将“相对较高”的流动性水平归因于季末财政支出。

Despite the widely expected Fed move, most traders and analysts had said the PBOC would keep the borrowing costs on hold for the second time running.

尽管人们普遍预期美联储将采取这一举措，但大多数交易员和分析家表示，中国人民银行将连续第二次维持借款成本。

In March, the PBOC raised short- and medium-term rates right after a Fed hike.

今年3月，中国人民银行在美联储加息后调高了中短期利率。

"There is no regular monetary policy meeting in China, and hence it can adjust rates any time. Skipping OMO today per se does not have an implication on future rates move," said Frances Cheung, head of macro strategy for Asia at Westpac.

“中国没有定期的货币政策会议，因此它可以随时调整利率。暂停公开市场操作本身对未来利率走势没有影响，”Westpac亚洲宏观策略主管Frances Cheung表示。

The interest rate for seven-day reverse repurchase agreements stood at 2.55 per cent in the last cash injection on Sept.20, while market rates largely swung in a range of 2.55 to 2.7 per cent in recent months.

在9月20日的最后一次现金注资中，七天逆回购协议的利率为2.55％，而最近几个月的市场利率在2.55％至2.7％间大幅摇摆。

Reverse repos are one of its most commonly used tools to control liquidity in the financial system.

反向回购是其在金融系统控制流动性最常用的工具之一。

The PBOC has not changed benchmark one-year lending or deposit rate since October 2015.

自2015年10月以来，中国人民银行未改变基准一年期贷款或存款利率。

With 60 billion yuan (S$11.93 billion) worth of reverse repos maturing on Thursday, the PBOC drained the same amount of funds from the money market for the day.

周四，600亿元人民币（119.3亿新元）的反向回购到期，中国人民银行从当天的货币市场中吸取了相同数量的资金。

The yuan was little changed after the Fed and PBOC decision.

美联储和央行做出决定后，人民币汇率几乎没有变化。

Chinese authorities took several steps last month to stabilise the currency after largely standing aside and letting it fall for 10 straight weeks over the summer.

上个月，中国当局采取了几项措施以稳定人民币汇率，此前大部分汇率都停滞不前，并在今年夏天连续10周下跌。

But analysts expect it will come under renewed pressure in coming months if the US dollar remains buoyant and as US tariffs start to bite on China's exporters.

但分析人士预计，如果美元继续走高，随着美国关税开始对中国出口商造成冲击，未来几个月中国经济将面临新的压力。