A refrigerating cycle is capable of performing both an operation in which the maximum cooling power is desired to be unleashed and an operation in which the most excellent performance coefficient is attained. A refrigerating cycle is configured such that a differential pressure-regulating valve forming a pressure-reducing device is arranged between a condenser and a receiver. As a result, by setting the differential pressure regulated by the differential pressure-regulating valve 3 to 0, it is possible to cause the refrigerating cycle to perform an operation in which the maximum cooling power is desired to be unleashed, whereas by setting the same to a desired value, it is possible to cause the same to perform an operation in which an excellent performance coefficient is attained. By forming the differential pressure-regulating valve by an electromagnetic differential pressure-regulating valve, the regulated differential pressure can be changed from approximately 0 to a desired value by an electric signal from the outside.