While there is no perfect market-based barometer of appreciation expectations, traders say offshore currency derivatives are the best indicators of sentiment available.

虽然不存在衡量升值预期的基于市场的理想指标，但交易员们表示，离岸外汇衍生品的交易行情可谓人们能够找到的最好的情绪晴雨表。

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The most common explanation offered for the surge in funds is the unwinding of currency swaps that the PBoC is said to have arranged last year with Chinese commercial banks to keep funds offshore.

对于资金的大幅增长，最常见的解释是：据称，中国央行去年为了将资金留在海外而与各商业银行安排了一系列货币掉期交易，而这些交易目前正逐渐到期。

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This could be a ploy to increase the chances of Paris playing a role as an offshore center for the Chinese currency.

这可能是巴黎为增加其成为人民币离岸中心可能性的一种策略。

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The key issue is that the new trade has created a wedge between the government-controlled, onshore exchange rate (CNY) and the offshore currency as it trades in Hong Kong, which is known as CNH.

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Offshore currency centers, generally set up in places beyond the reach of U.S. or European law enforcement, can serve as middlemen between criminals and the mainstream financial world, brokering transactions that turn illegally obtained money into seemingly legitimate cash.

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Exporters are struggling and some are moving production offshore because of the currency issue.

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