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HONG KONG — Every weekday morning this year, China’s currency has followed the same ominous path.

香港——在今年每个工作日的上午，中国货币都有着相同的走势，这是一种不祥的征兆。

The central bank in Beijing fixes the initial value for the renminbi, the center point for the currency’s daily trading range. It is roughly the same value, 6.12 to 6.13 to the dollar.

北京的中央银行设定了人民币的初始值——人民币每日交易区间的中间价。人民币价值基本相同——美元兑人民币汇率保持在6.12至6.13之间。

Then the markets open in Shanghai, and the renminbi quickly sinks close to the bottom of the currency’s trading band, roughly 2 percent lower. Only frequent intervention by the central bank — buying renminbi and selling dollars — prevents the Chinese currency from falling even further.

上海市场开盘，人民币迅速跌至接近该货币交易区间最低点的水平，大约下跌了2%。但央行频繁的干预举措——购买人民币，出售美元——阻止中国货币进一步下跌。

The weakness in the renminbi is a growing worry for government policymakers and corporate executives.

对于政府决策者和公司高管来说，人民币的疲弱越来越令人担心。

For many years, China kept the renminbi weaker than economic fundamentals dictated, to help its exporters stay competitive in foreign markets. But a weak renminbi is no longer an unalloyed advantage.

中国多年来将人民币维持在比基本经济状况决定的价值更低的水平，以帮助出口商在外国市场保持竞争力。但疲弱的人民币不再是一个纯粹的优势。

Chinese banks and companies have borrowed overseas an estimated $1 trillion in mostly short-term, dollar-denominated debt over the past five years. They were betting that the renminbi would continue its decade-long gradual appreciation, which would have made their debts in dollars less expensive to repay. But a depreciating renminbi makes that debt more costly.

过去五年，中国的银行和公司在海外借了大约1万亿美元的资金，其中大部分是短期、以美元计价的债务。它们断定人民币会继续保持十年来逐步升值的态势，他们可以偿还较少的美元债务。但人民币贬值导致它们支付更多的人民币。

That poses a dilemma for central bank officials. “They cannot afford to let it depreciate too quickly,” said Liu Li-gang, a China economist at ANZ, a big Australian bank. “Firms could be pushed into default.”

这致使央行官员陷入困境。“他们无法负担得起人民币迅速贬值带来的后果，”澳大利亚澳新银行(ANZ)中国经济学家刘利刚(Li-Gang Liu)说。“公司可能会被推入拖欠债务的困境。”

Almost no one expects a sudden, disorderly fall in the renminbi. At $3.84 trillion, China’s foreign exchange reserves dwarf every other country’s, accounting for a sixth of the entire world’s supply. China can easily fend off any attempt to “break the renminbi” in currency markets.

几乎没人预测到人民币会突然无序下跌。中国的外汇储备超过了其他国家，达到3.84万亿美元，占据全世界储备量的六分之一。中国能够轻松阻止企图在外汇市场“减弱人民币势头”的行动