环球时代

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翻译练习-外刊中英文对照翻译赏析 3
Over to you, China
看你的了，中国

America has dampened a currency row with China. Now Beijing must let the yuan rise
美国在同中国的汇率争论中变得低调。现在北京当局必须要促使人民币升值了

IT DID not win him friends in Congress, but Tim Geithner, America’s treasury secretary, was
right to postpone a decision, due by April 15th, on whether or not to declare China a currency
manipulator. By putting off the release of a semi-annual report on China’s exchange rate he
defused, at least temporarily, Sino-American tension over the value of the yuan, which has been
pegged tightly to the dollar since July 2008. Even better, he did so in a way that maximises the
odds of a resolution of the currency problem.

美国财政部长盖特纳推迟了本应该在 4 月 15 号公布的是否将中国定义为汇率操纵国的决议，
这一决定虽然没有得到国会的支持但其正确性毋庸置疑。通过搁置关于中国汇率的半年度
报告，盖特纳至少暂时缓和了中美双方在人民币币值上的紧张情绪，人民币对美元价在
2008 年 7 月后就一直持稳。此举更妙的地方在于，盖特纳用了一种最有可能解决币值问题
的方法来处理这个问题。

Chinese policymakers now have several months to allow the yuan to strengthen without appear to
be caving in to bilateral American pressure—no small consideration, given China’s fierce
nationalist sensitivity. Mr Geithner also tried to shift the terms of the debate away from bilateral
threats, by making clear that forthcoming multilateral meetings, especially those of the G20, are
the right places to discuss China’s currency. And his willingness to stand up to domestic political
pressure (130 congressmen had sent him a letter demanding immediate action), set a good
example to policymakers in Beijing. To be sure, the decision was not driven only by economics.
America’s administration wants China to support tough sanctions on Iran, for instance. But the
economic diplomacy was deft. America has shown it can behave responsibly. China must now do
the same—by allowing the yuan to rise.

现在，中国的政策制定者们有几个月的时间自主的调整人民币汇率上行而不是表现的像是
向美国的双边压力妥协一样，这对有着强烈民族主义敏感性的中国而言， 是一个不小的考
虑因素。盖特纳也曾试着将讨论的内容同双边威胁剥离开来。他想说明的是，即将到来的多
边峰会尤其是 G20 峰会是商讨中国汇率问题的最好的场合。盖特纳同国内政治压力进行抗
衡的意愿也给北京方面提供了很好的典范， 130 名国会代表致信盖特纳要求他马上采取行
动。可以肯定的是，财政部的决定并非简单的由经济因素所决定。比如，美国当局希望中国
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英语专业考研 MTI 翻译硕士 专四专八 日语考研等

支持对伊朗采取强硬政策。但是经济外交却更灵活。美国曾经证明过他能负起责任。同样的，
现在中国也必须通过人民币升值来承担责任。

A stronger yuan would not just avoid a trade war between America and China. It would also help
China by rebalancing its economy towards domestic consumption and making it easier to control
inflation by giving China’s central bank a freer hand to raise interest rates. With consumer prices
accelerating, that is becoming more urgent. Not surprisingly, China’s central bank is the main
internal proponent of reform. But this week a senior government economist also hinted at a
coming shift.

强势人民币不仅仅会避免中美之间的贸易战。同样对中国向内需转变的经济再平衡也有所
帮助，升值会给中国央行更大的空间去加息从而更容易的扼制通货膨胀。在消费者价格指
数日益上涨的时候，扼制通胀变得更加紧迫。毫无意外，中国央行会是国内主要拥护汇率
改革的一方。但是本周，一位资深的政府经济家也暗示改革即将破茧而出。

Opponents of a stronger yuan argue that the country can ill-afford to harm job-creating exporters,
especially since much of the recent credit binge from government stimulus benefited capital-
intensive heavy industries which create relatively few jobs (see page 81). But China’s economy
is disproportionately skewed to heavy industry in part because of its undervalued exchange rate. A
stronger currency would, by reducing the price of imports, increase Chinese households’
purchasing power and favour non-traded businesses such as services, which tend to be labour-
intensive. That alone will not be enough to rebalance China’s economy. All manner of structural
reforms, from corporate governance to taxes, are also needed. But a stronger currency would be a
good start.

反对强势人民币的一方声称，升值会累及创造工作机会的出口商从而使整个国家承担痛楚
尤其是在大部分源自政府刺激计划的天量信贷只是使得那些提供工作岗位相对较少的重工
业企业受益之后。但是中国经济之所以非常不成比例的倾向于重工业，被低估的汇率是其
中一个原因。更强势的货币会通过降低进口产品价格来增加中国家庭的购买能力，并且能
支持像服务业这样更倾向于劳动密集性的非贸易企业。单靠这些还不足以使中国经济再平
衡。从企业治理到税收，各个方面的结构性改革都是有必要的。但是货币升值会是一个良好
的开局。

Now’s the time

时机刚好

Although domestic matters are higher on the Chinese government’s agenda, the external benefits
of currency appreciation are not to be sniffed at. America is the loudest complainant, but it is other
emerging economies, such as India and Brazil, that suffer most from the cheapness of China ’s
currency. So far, their governments have stayed remarkably quiet, but that is unlikely to last,
especially if the yuan becomes a focal point of the G20 discussions.
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英语专业考研 MTI 翻译硕士 专四专八 日语考研等

尽管在中国政府的日程表上国内事务更加紧要，但是货币升值带来的外部收益也不容忽视
美国是抗议声最大的一方，但是从中国低估的币值中受损最大的是像印度和巴西这样的新
兴国家。到目前为止，这些新兴国家的政府异常安静，但这样的局面不可能持久，尤其是
人民币问题成为 G20 讨论的焦点问题时。

Judged by its official trade rules, China is more open than most big emerging economies, but its
hidden subsidies and barriers are legion, and recent actions, such as new government-procurement
rules that favour domestic producers, point in the wrong direction. Trade disputes with China are
spreading across the globe. Given the country’s growth and economic heft, that is probably
inevitable. But allowing the yuan to appreciate would allow China to appease its trading partners
at the same time as helping itself.

从官方的贸易制度来看，中国的开放程度高于其它大多数的大型新兴经济体，但其中存在
着大量的隐形补贴和贸易壁垒，而且中国最近的几项动作，像是最新的政府采购制度倾向
于国内制造商，却犯了方向性错误。全球到处可见同中国的贸易争端。在中国飞速增长以及
经济地位举足轻重的背景下，这种贸易谈判可能是无法避免的。但是允许人民币升值会在
安抚其贸易伙伴的同时惠泽自身。