Singapore's central bank held off on further tightening as economic growth slowed in the third quarter but beat forecasts.

新加坡央行在第三季度经济增长放缓但超出预期之际，暂停进一步收紧政策。

The Monetary Authority of Singapore said Wednesday that its existing policy settings would allow the Singapore dollar to keep strengthening, helping to counter an expected near-term rise in import prices and ease inflationary pressures in 2027.

新加坡金融管理局周三表示，其现有政策设置将允许新加坡元继续走强，有助于抵御预期的近期进口价格上涨，并缓解2027年的通胀压力。

The decision to stand pat was a surprise, as only one of 11 economists polled by The Wall Street Journal had expected the central bank to hold policy steady. The other 10 had expected further tightening.

维持政策不变的决定令人意外，因为《华尔街日报》调查的11位经济学家中只有一位预计央行会按兵不动。 其余10位均预计会进一步收紧政策。

The Singapore dollar weakened slightly against the greenback after the decision. The U.S. dollar was last little changed at 1.28 Singapore dollars, LSEG data showed.

决定公布后，新加坡元兑美元小幅走弱。 LSEG数据显示，美元兑新加坡元最新报1.28，几乎持平。

Gross domestic product grew 5.4% in the July-September quarter from a year earlier, according to advance estimates released by the Ministry of Energy, Trade and Industry. That was slower than the second quarter's revised 6.2% growth but above the 5.1% forecast in a WSJ poll.

根据新加坡贸工部发布的预先估计，7月至9月季度国内生产总值同比增长5.4%。 这低于第二季度修正后的6.2%增幅，但高于《华尔街日报》调查中5.1%的预测值。

On a seasonally adjusted basis, GDP expanded 1.1% from the previous quarter, slowing from a revised 1.5% in the second quarter and falling short of the 1.3% forecast in the WSJ poll.

经季节性调整后，GDP环比增长1.1%，较第二季度修正后的1.5%有所放缓，也低于《华尔街日报》调查中1.3%的预测值。

Singapore has benefited from strong global investment in artificial intelligence, which has fueled demand for its semiconductors and chipmaking equipment. Disruptions from the Middle East conflict, however, have weighed on parts of the economy.

新加坡受益于全球在人工智能领域的强劲投资，这推动了对其半导体和芯片制造设备的需求。 然而，中东冲突带来的干扰对部分经济领域造成了拖累。

The MAS said it expects growth to remain strong in the coming quarters before slowing as the AI boom moderates and global financial conditions tighten. A larger-than-expected rise in interest rates or a sharper pullback in AI-related investment could weigh on growth, it said.

金管局表示，预计未来几个季度经济增长将保持强劲，随后随着AI热潮降温和全球金融条件收紧而放缓。 它表示，利率升幅超出预期或AI相关投资更急剧回落，都可能拖累经济增长。

The central bank uses the exchange rate rather than interest rates as its main policy tool because trade plays a significant role in Singapore's economy. It manages the Singapore dollar against an undisclosed basket of trading partners' currencies, allowing it to fluctuate within a policy band.

该央行以汇率而非利率作为主要政策工具，因为贸易在新加坡经济中扮演着重要角色。 它针对一篮子未披露的贸易伙伴货币来管理新加坡元，允许其在政策区间内波动。

On Wednesday, the MAS kept the band's slope, width and center unchanged, maintaining the pace at which it allows the currency to strengthen. The move comes after it increased that pace in April and again in July to curb inflation. July's adjustment was smaller than April's, which marked the first tightening in more than three years.

周三，金管局维持政策区间的斜率、宽度和中点不变，保持其允许新元升值的速度。 此前，它已在4月和7月两次加快升值步伐以抑制通胀。 7月的调整幅度小于4月，后者是三年多来的首次收紧。

The MAS revised its inflation projections for this year. It now expects core inflation, which excludes accommodation and private road transport costs, to average 1.5%-2.0%, and overall inflation to average at around 2.0%. It expects both measures to average 1.5%-2.5% in 2027.

金管局修正了今年的通胀预测。 目前预计核心通胀率（剔除住宿和私人道路交通成本）平均为1.5%-2.0%，整体通胀率平均约为2.0%。 预计2027年这两项指标均平均为1.5%-2.5%。

"Core inflation is projected to ease discernibly from the middle of next year, as supply-driven imported inflation slows and domestic costs stay subdued," it said.

金管局表示：“预计核心通胀将从明年年中起明显放缓，因供应驱动的进口通胀减慢，且国内成本保持温和。”

Still, inflation could remain elevated if the AI boom's effects spread more widely through the economy and labor costs per unit of output rise faster, the MAS warned.

不过，金管局警告称，如果AI热潮的影响更广泛地扩散至整个经济，且单位产出的劳动力成本上升更快，通胀可能仍会居高不下。

The central bank said it remained "well-positioned to respond effectively to any risk to medium-term price stability."

该央行表示，它仍然“处于有利位置，能够有效应对中期价格稳定面临的任何风险”。