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　　Chinese stocks have dropped nearly eight percent after China's central bank announced it would raise the amount of cash banks must keep on hand to a record high. China has been struggling to rein¹ in excess cash to control inflation, but pressure is growing on Beijing to let its currency appreciate faster.
在中国央行宣布把银行存款准备金率提高到一个创记录的高点之后，中国股市暴跌近百分之8。中国一直在努力控制过多现金的流动，以遏制通货膨胀。然而北京政府正在承受日益增加的要人民币以更快速度升值的压力。
China's stock market benchmark, the Shanghai Composite Index, plunged² by 7.73 percent Tuesday after the People's Bank of China said it would raise the reserve ratio by one percent this month.
中国人民银行宣布将于本月把银行存款准备金率提高一个百分点后，具有指标性的上海综指星期二暴跌百分之7.7。
The reserve ratio is to go up in two stages, half a percent on June 15 and another half on June 25, to a record high 17.5 percent.
银行存款准备金率分两步提高，6月15日提高半个百分点，6月25日再提高半个百分点，达到百分之17.5的创记录高点。
The move marks the fifth time this year the bank has raised reserves to discourage excessive lending and investment. The bank last year raised interest rates six times to encourage savings³ and make lending more expensive.
这是今年中国央行第五次提高存款准备金率，为的是收紧过度贷款和投资。去年央行为鼓励储蓄、提高借贷成本，曾经六次调高存款利率。
Michael Pettis is an associate professor of finance at Peking University. He says the problem is China's currency, the yuan, is undervalued and a gradual appreciation⁴ has not slowed the flow of cash.
迈克尔.佩蒂斯是北京大学金融学教授。他说，问题在于人民币币值过低，逐步升值还是没有能够起到减缓现金流通的作用。
"The fact is none of these things are working. No matter what pace they use, hot money seems to be pouring into the country. And, that's very, very destabilizing for stock markets, banking⁵ markets, and everything else in the country," said Pettis.
他说，“事实上这些办法都不灵，不论他们以什么速度来提升币值，看来热钱还是照样涌入中国。这是股市、对银行业务和中国的所有一切活动中非常不稳定的因素。”
The excess cash has fed inflation, which neared a 12-year high of 8.5 percent in April. Food prices were up a massive 22 percent.
过量现金流动导致通货膨胀，4月份百分之8.5的通胀率是近12年来的最高点。食品价格大幅攀升了百分之22。
If inflation continues to rise authorities may have to take more drastic measures, to keep rising prices from stoking public unrest.
如果通胀率继续上升，当局有可能采取更有力的措施，以避免不断上升的物价引发民众骚乱。
Pettis says China may be forced into a one-off revaluation of the yuan, perhaps by as much as 20 percent.
佩蒂斯说，中国有可能被迫以百分之20的幅度，一次性重新估价人民币币值。