China’s foreign exchange reserves have dropped forfour straight quarters, leading to a fresh round ofwarnings about capital outflows.

中国外汇储备连续四个季度出现下降，引发新一轮关于资本外流的警告。

Interpreting capital flows has long been a favourite parlour game for Chinese economywatchers. An analyst’s view on “hot money outflows is often an indication of his or herbroader stance towards the world's largest economy.

对于关注中国经济的观察人士来说，解读资本流动一直是他们最喜欢的猜谜游戏。一名分析师对于“热钱流出的看法，往往说明了他/她对全球第二大经济体的整体看法。

For those who believe China’s economic slowdown is worsening and risks from spiralling debtand wasteful investment are propelling the country toward a financial crisis, the spectre ofcapital flight lurks behind each new data point. They view capital outflows as a sign of waningconfidence in China, and they warn that outflows will drain liquidity from the domesticeconomy, making it harder for companies and local governments to raise funds.

对那些认为经济增长放缓加剧，同时来自债务负担加重和投资浪费的风险正推动中国滑向金融危机的人来说，每一个新的数据点背后都隐藏着资本外逃的幽灵。在他们看来，资本外流是人们对中国信心减弱的标志，他们警告称，资本外流将从国内经济抽走流动性，加大企业和地方政府的融资难度。

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