SHANGHAI — Months of struggling with economic problems at home and bickering with President Trump over trade are starting to take their toll on China’s financial health.

上海——在国内经济问题上持续数月的斗争，以及同特朗普总统在贸易方面的争吵，对中国的金融健康已经开始造成损害。
China’s stock market has now fallen close to levels not seen since a crash shocked global investors three years ago. An elite Chinese think tank affiliated with the government warned this week that the chances of a financial panic had risen significantly, shaking markets even more.
中国股市现在的跌落水平是自三年前震惊全球投资者的暴跌后所未见的。中国政府下属的一个精英智库于本周警告，出现金融恐慌的可能性显著上升，这进一步震撼了市场。
Chinese officials are trying to help factories deal with American tariffs by weakening the value of the country’s currency. That makes Chinese goods more competitive abroad, but it also gives investors inside and outside China a reason to take their money out of the country. And it offers Mr. Trump an opportunity to criticize Beijing — in the past, he has railed against the country for weakening its currency.
中国官员正试图通过令人民币贬值来帮助工厂应对美国关税。这会令中国产品在海外具有更强的竞争力，但同时也会让中国内外的投资者有理由将资金带出中国。它还为特朗普提供了一个批评北京的机会——过去，他曾指责中国故意令人民币贬值。
The chances of a financial collapse that could shake the world are slim. The Chinese government has vast sums of money it can tap in the event of a crisis. And there are steep financial barriers to keep money from fleeing the country. While investors have ways around the barriers, they limit the possibility that such a flight could bring one of the world’s most important growth engines to a halt.
目前尚不太可能发生震撼整个世界的金融崩溃。中国政府拥有大量资金在应对危机时动用。中国还有极高的金融壁垒，以防止资金逃离该国。虽然投资者有办法绕过障碍，但它们限制了资金逃离导致这个全球最重要的经济增长引擎停滞的可能性。
Nevertheless, China faces some increasingly serious economic challenges. It is trying to tackle its considerable debt problems without starving its economy of the money that keeps growth chugging along. The president’s tariffs so far have been quite small in the grand scheme of things, but they add to China’s troubles. The next wave of tariffs, set at 25 percent, threatens to cover at least a tenth of China’s exports to the United States, and more could follow.
不管怎样，中国面临着日益严峻的经济挑战。它正在努力解决严重的债务问题，同时努力让经济拥有足够维持增长的资金。迄今为止，特朗普总统的关税在这个宏伟计划中只占很小一部分，但它们增加了中国的麻烦。下一波关税定为25％，威胁至少占中国对美国出口的十分之一，其后可能还会覆盖更多。
China’s stock markets reflect the uncertainty. The Chinese stock market as of this week is down more than 20 percent from its January peak, making it a bear market. The country’s main stock index lost nearly 1 percent on Thursday.
中国股市反映了这种不确定性。截至本周，中国股市从1月的高点下跌了逾20%，成为熊市。该国主要股指周四下跌近1%。
“You don’t know what Trump is going to do next,” said Hong Hao, the chief market strategist in the international unit of the Bank of Communications, one of China’s biggest banks. “Normally at this level, there should be a technical rebound.”
“你不知道特朗普接下来要做什么，”中国最大的银行之一交通银行国际部门首席市场策略师洪灏说。“通常在这个水平上，应该会有技术性的反弹。”
China’s moves with its currency reflect its difficult balancing act. The Chinese central bank has guided the currency steadily lower against the dollar, particularly in the past two weeks, as the likelihood of further American tariffs on Chinese goods has increased. The currency is down more than 5 percent from its peak in February.
中国的货币措施反映了其艰难的平衡举措。由于美国对中国商品进一步征收关税的可能性有所增加，中国央行开始引导人民币对美元稳步下跌，尤其是在过去两周内。自2月到达峰值以来，人民币跌幅超过5%。
One indication of investor sentiment about China is the small amount of China’s currency that is traded outside its borders. China keeps the value of its currency in an iron grip, but investors in places like Hong Kong can trade it more freely.
在中国境外交易的少量中国货币是一个迹象，从中可以看出投资者对中国的感觉。中国严格控制人民币价值，但香港等地的投资者可以更自由地交易。
The value of the renminbi has fallen somewhat faster lately in the less-regulated Hong Kong market than in Shanghai trading. A widening gap between the two markets has long been a sign that investors are worried about the currency.
最近，在监管较少的香港市场，人民币贬值的速度比在上海交易所要快。两个市场之间日益扩大的差距长期以来一直是投资者对人民币感到担心的信号。
China faces still more obstacles. The United States Federal Reserve has begun raising short-term interest rates. That increases the cost of borrowing money for Americans and, given the vast influence of the American economy, for the rest of the world. Such rate increases have caused unpleasant economic surprises worldwide in the past, which could hurt China if growth slows in the markets where it sells its goods.
中国还面临更多障碍。美联储(The United States Federal Reserve)已开始提高短期利率。这增加了美国人借贷的成本，鉴于美国经济的巨大影响力，也增加了世界其他地区的借贷成本。此类利率上涨在过去曾经造成全球范围内的恶性经济意外，如果中国销售市场的增长放缓，可能也会令其受到伤害。
As if investors did not already have enough to worry about in China, a deeply pessimistic internal government analysis has widely circulated on social media this week. The analysis was written by Li Yang, the chairman of the National Institution of Finance and Development, a Beijing-based research group, and by three other economists.
好像生怕投资者对中国的担忧还不够多，本周，一个非常悲观的政府内部分析在社交媒体上广为传播。该分析报告由位于北京的研究机构国家金融与发展实验室理事长李扬和其他三位经济学家撰写。

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