China’s money has lost its currency — and not just in US dollar terms. Earlier this year, foreign companies welcomed China’s interest in buying up their assets. In the first quarter, the value of overseas purchases announced by Chinese buyers came to $86bn, just over one-tenth shy of deals announced for all of 2015. The eye-catching headline numbers have drawn focus away from a side-effect of Chinese companies’ indiscriminate play for global assets: more deals have failed this year than ever before.
中國貨幣不再受到追捧——而且不僅相對于美元是如此。今年早些時候，境外企業對中國買家有意購買其資產表示歡迎。今年第一季度，中國企業宣布的海外收購達860億美元，僅比2015年全年宣布的交易總價值少了十分之一多一點。新聞標題中引人注目的交易金額吸引了關注，使人忽略了中國企業不加選擇地收購全球資產的一個副作用：今年失敗的交易數量多于以往任何時候。
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