Total reserves fell to US$3.185tn in August, according to the People’s Bank of China, down 0.5 per cent from July’s figure and within the range of change established by recent fluctuations.

中国央行数据显示，8月份中国外汇总储备滑落至3.185万亿美元，比7月份减少0.5%，未超出近期波动确立的变化区间。

While the latest reading marks a second month of contraction and a low point for the year to date, the dip is marginal in comparison to the losing streak in late 2015 and early 2016 that had global markets on edge.

虽然这一最新数字标志着中国外汇储备连续两个月下降和创下今年迄今的新低，但与去年底、今年初那波令全球市场紧张不安的下降相比，8月份的降幅微不足道。

Those falls had been driven by capital outflows that were themselves spurred by continued and dramatic devaluation of the renminbi.

去年底、今年初的那波下降是由资本外流驱动的，而资本外流本身又是由人民币持续大幅贬值诱发的。

While China’s currency has experienced an extended weakening streak against the dollar since May, tighter capital controls and surprise shifts in the central bank’s trading band fix for the renminbi against the dollar – like the one today – have kept markets from profiting more substantially from the fall.

虽然自5月份以来人民币相对美元持续疲软，但资本管制的收紧和中国央行设定的人民币兑美元汇率中间价的意外变化——比如今天的情形——令市场无法从这波下跌行情中大举盈利。