China’s steel exports have hit a record level this year at more than 100m tonnes, illustrating¹ how the country is relying on global sales to help reduce surplus production.

今年中国钢铁出口量达到了逾1亿吨的创纪录水平，表明中国依靠全球销售来帮助消化过剩产能。

Rising Chinese exports of processed raw materials from steel to aluminium² have helped pushed commodity prices down to their lowest level in almost a decade, hitting the shares of global miners and steel producers.

从钢铁到铝，中国加工原材料的出口量不断上升，帮助推动大宗商品价格跌至近十年最低水平，打压了全球矿商和钢铁生产商的股价。

A weaker currency is likely to help China’s exporters even further. The renminbi traded at a four-year low yesterday, after the People’s Bank of China cut its reference rate to the lowest level since 2011.

人民币走低甚至可能帮助中国进一步扩大出口。昨日，中国央行(PBoC)把汇率中间价下调至2011年以来最低水平，导致人民币汇率跌至四年最低点。

Total steel exports from China rose 22 per cent in the first 11 months of the year to 101.7 million tonnes, data show. And yesterday the finance ministry³ said it would cut export taxes on steel billet from 25 per cent to 20 per cent.

数据显示，今年前11个月，中国钢铁出口量增加了22%，至1.017亿吨。昨日，中国财政部表示，将把钢坯的出口关税从25%下调至20%。

“China’s steel production is being cut only very slowly and not nearly at the pace needed to rebalance [domestic] or global markets,” said John Kovcs, analyst⁴ at Capital Economics.

“目前，中国削减钢材产量的速度非常缓慢，远远达不到再平衡（国内）或全球市场所需的速度，”凯投宏观(Capital Economics)分析师约翰科瓦奇(John Kovcs)说。