Chinese investors bought a net Y541bn ($6.2bn) of Japanese government bonds in the first four months of the year amid concerns over Europe's debt woes.

　　因?qū)W洲的債務(wù)困境感到擔(dān)心，中國(guó)投資者今年頭四個(gè)月凈買入5410億日元（合62億美元）日本國(guó)債。

　　Analysts said the scale of the buying – more than double the full-year record of Y253.8bn in 2005 – was notable compared with the rate of increase in China's foreign exchange reserves in the first quarter.

　　中國(guó)2005年全年凈買入2538億日元日本國(guó)債，曾創(chuàng)下歷史紀(jì)錄，而今年頭四個(gè)月的購(gòu)買規(guī)模已相當(dāng)于2005年全年的兩倍多。分析師表示，相對(duì)今年一季度中國(guó)外匯儲(chǔ)備的增長(zhǎng)速度而言，這一購(gòu)買規(guī)模令人矚目。

　　Data from the People's Bank of China revealed that the country's FX reserves grew by $48bn in the first three months of the year. Assuming that the PBoC continued to accumulate reserves at the same pace, this implies that purchase of JGBs accounted for nearly 10 per cent of new reserves.

　　中國(guó)央行(PBoC)的數(shù)據(jù)顯示，今年一季度，中國(guó)新增外匯儲(chǔ)備480億美元。假設(shè)中國(guó)央行繼續(xù)以同樣的速度累積外匯儲(chǔ)備，那么日本國(guó)債的購(gòu)買額大約占到新增外匯儲(chǔ)備的10%。

　　But Derek Halpenny at Bank of Tokyo-Mitsubishi UFJ said investors should be cautious about concluding that the JGB purchases were signs of an upturn in confidence in Japan by China.

　　但三菱東京UFJ銀行(Bank of Tokyo-Mitsubishi UFJ)的德里克•赫爾潘尼(Derek Halpenny)表示，投資者應(yīng)對(duì)如下結(jié)論保持警惕，即中國(guó)增持日本國(guó)債表明中國(guó)對(duì)日本經(jīng)濟(jì)的信心正在回升。

　　He said the data showed that 96 per cent of the invested funds were in securities maturing in less than a year, which indicated that “the China investment was more about liquidity than confidence in Japanese fiscal policy”.

　　赫爾潘尼說(shuō)，數(shù)據(jù)顯示，在中國(guó)今年頭四個(gè)月所買入的日本國(guó)債中，有96%屬于期限不到一年的短期國(guó)債——這表明，“中國(guó)的這一投資更多是出于流動(dòng)性考慮，而不是對(duì)日本的財(cái)政政策表示出信心”。

　　And “the turmoil in the eurozone was a clear factor that will not persist indefinitely”. The investments “could be viewed as being made by default”.

　　“歐元區(qū)的危機(jī)顯然也是因素之一，但這一危機(jī)不會(huì)無(wú)限期持續(xù)下去。可以認(rèn)為，中國(guó)做出這一投資是由于缺少其它選擇。”

　　Analysts cautioned that the data from Japan's finance ministry did not give the full picture of Chinese buying of JGBs.

　　分析師警告稱，日本財(cái)務(wù)省的數(shù)據(jù)并未給出中國(guó)購(gòu)買日本國(guó)債情況的全貌。

　　The data only take into account transactions from the country of origin. For example, if a Chinese investor bought JGBs via a London-based brokerage, a UK transaction would be recorded.

　　該數(shù)據(jù)只考慮交易發(fā)起國(guó)。舉例來(lái)說(shuō)，假如一家中國(guó)投資者通過(guò)倫敦的某家經(jīng)紀(jì)商購(gòu)買日本國(guó)債，那么這筆交易將記在英國(guó)名下。

　　Nevertheless, some currency analysts said demand from China had probably been a driver of yen strength. The Japanese currency is up over 20 per cent against the euro since the beginning of the year.

　　盡管如此，一些外匯分析師仍表示，中國(guó)對(duì)日本國(guó)債的需求，很可能是推動(dòng)日元走強(qiáng)的因素之一。自今年初以來(lái)，日元兌歐元累計(jì)升值20%以上。

　　Junya Tanase, of JPMorgan, said: “China purchases of JGBs seem to have been one factor supporting the yen . . . though it has not been the main driver.”

　　摩根大通(JPMorgan)的Junya Tanase表示：“中國(guó)購(gòu)買日本國(guó)債的行為似乎是支撐日元的因素之一……盡管不是主要因素。”