中國貨幣
2023復習正是強化復習階段，在考研英語中占了40分，所以考研英語閱讀是英語科目中重要的一項。名師老師曾建議過考研生需要堅持每天泛讀10-15分鐘的英文原刊。強烈推薦了雜志《經濟學人》.雜志中的文章也是考研英語的主要材料來源.希望考研考生認真閱讀，快速提高考研英語閱讀水平。 China s currency 中國貨幣 One way no more 只有一條路可走 Why China s central bank is weakening itscurrency 為什么中國的中央銀行正在弱化它的貨幣 CHINA S currency has long been a source of controversy, especially among Americanpoliticians outraged by its cheapness. 中國的貨幣長久以來就是爭議之源，尤其是因其廉價而飽受美國政客的指責。 But it is rarely a source of uncertainty. 但是它卻不是不穩定的源泉。 Critics have argued fiercely about what it should be worth. 批評家就其實際價值爭論了很久， But as to what it would be worth, China s authorities have left little room for disagreement. 但是事關未來中國貨幣價值，中國政府不容置喙。在中國歷史上的大多數時間，其貨幣緊緊與美元掛鉤。 For much of its history it has been pegged tightly to the dollar. More recently it has floatedwithin a narrow band. 近來，中國匯率在一個很小的范圍波動。 Most people have assumed it would float upwards. 大多數人，認為其將會向上浮動。 In recent days, however, China s authorities have tested that assumption. 而近日，中國官方欣慰證實了這一猜想， At a two-day meeting ending on February 18th, the central bank decided to weaken theyuan, according to the Wall Street Journal. 據《華爾街日報》消息，為期兩天并于2月18號結束的會議，在其召開之后， It has lowered its benchmark by a smidgen at a time for several days. 中央銀行決定貶抑人民幣。它略微降低了其基準幾天的時間。 The currency has also fallen from the strong side of its band to the weak side. 貨幣也已經從強勢的一端，降到弱勢的一端了。 In the space of a few days, it lost about 1% of its value. 幾天的時間，就已經貶值了1%。 On February 26th China s foreign-exchange regulator said that China s ongoingexchange-rate reforms meant that two-way fluctuations will become the norm. 2月26日，中國外匯管理局稱中國正在進行匯率改革，這意味著雙向波動會成為規范 For the past year, a different norm has applied: 在過去的幾年，一個不同的標準已被采用： the fluctuations have been mostly one way. 波動可能只因為一種方式。 China enjoys a sizeable current-account surplus and it still attracts more foreign-directinvestment than it provides. 中國擁有相當數量的經常項目盈余，并且它仍然吸引這比其投資量更多的國外直接投資。 Other kinds of capital flows are more volatile. But in the last quarter of 2023, a net $22billion of hot money flowed inwards. 其他形式的資本流動愈發不穩定。當時2023年第四季度，凈值220億美元的熱錢流入國內。 Much of this qualifies as a carry trade: speculators have borrowed cheaply in dollars, then lentin yuan, eluding China s capital controls in the hope of benefiting both from higher Chineseinterest rates and the yuan s appreciation. 許多被認為是一種套息交易:投機者廉價借入美元,然后借給人民幣,避過了中國的資本管制,以期從更高的中國利率和人民幣升值中獲利。 All of this has put upward pressure on the currency, fulfilling the carry-traders designs andinspiring others to emulate them. 套息交易者計劃的實行以及激勵別人效仿其行為，所有的這些都增加了貨幣升值的壓力， Despite the central bank s heavy purchases of foreign exchange, the yuan rose by 2.8%against the dollar in the year to January, even as the currencies of other emerging marketsplummeted. 盡管央行大量購進美元，截至今年1月，即使是在其他新興市場猛跌的情況下，人民幣相對于美元升值了2.8%。 The resulting loss of competitiveness is best illustrated by an index calculated by theHong Kong Monetary Authority, which compares China s currency with those of otheremerging economies that compete with it in third markets. 由香港金融管理局的通過比較中國與其他新興經濟體的貨幣在第三市場的競爭計算出來的指數，最好地說明了人民幣升值導致競爭力下降的情況。 This index shows the yuan rising by over 13% in the year to January and by almost 2.6% inJanuary alone. 這個指數顯示了人民幣截至到今年一月份上漲了13%，光一月份就上漲了幾乎2.6%。 China s authorities did not say they had stepped in to sap the yuan. 中國政府未曾說過其介入貶抑人民幣。 But their intervention left fingerprints all over the money markets. 但是它們干涉的痕跡遍布整個貨幣市場。 In buying dollars to weaken the currency, the monetary authorities put additional yuaninto circulation. 通過購買美元來使本幣貶值，金融當局投放額外的人民幣用于流通。 The central bank withdrew a fraction of this extra money by selling securities to the banks. 中央銀行通過向銀行發售有價證券來收回一小部分額外的錢。 But the banks were still left with extra yuan, which they tried to lend to each other. 但是銀行手頭仍然有很多多出來的錢，他們試圖將之借給對方， This pushed down interbank interest rates, despite the central bank s withdrawals. 這降低了銀行內部利率。 As Yao Wei of Societe Generale points out, No factors other than foreign-exchangeintervention seems able to explain that. 法國興業銀行的Yao Wei 指出似乎除了外匯干預，沒有更好的原因能解釋這一現象了。 Will the yuan s slide persist? 人民幣會持續貶值嗎? In its statement, the foreign-exchange regulator pointed out that export earnings andforeign-direct investment remain strong. 外匯管理局在其陳述中指出：對外貿易順差以及國外直接投資勢頭依舊強勁。 These fundamentals both suggest the yuan should rise again. 這兩個基礎因素顯示了人民幣應該再次升值。 But by wrongfooting the speculators, the authorities hope that the expectation ofappreciation will not remain a cause of that appreciation. 但是通過打亂投機者的步伐，當局期望對升值的預期不會繼續成為導致升值的因素。 At the meeting in which it decided to cheapen its currency, the central bank also decided toenlarge the yuan s trading band later this year, according to a statement cited bytheJournal. 根據《華爾街日報》上的描述，在做出貶抑人民幣決定的會議上，中央銀行也決定擴大人民幣交易的范圍。 A more flexible yuan would give the central bank a freer hand in setting monetary policy,even as it gradually permits larger cross-border flows of capital. 一個更加有彈性的人民幣將會給中央銀行在制定貨幣政策時帶來更大的便利，甚至它會逐漸允許更大規模的跨境資本流動。 Despite its cruelty to carry traders, the central bank seems to be keen to open the door toforeign capital a little wider, as long as foreigners do not try to barge their way in. That willmake China s currency a source of less controversy but a good deal more uncertainty. 盡管其對于套息交易者十分嚴厲，但是只要外國人不試圖用粗魯的方式闖入中國市場，中央銀行似乎樂意對國外資本適度放寬限制。這將減少中國通貨的爭議性，但是卻增加了不穩定性。 詞語解釋 1.a source of 來源 Sex outstrips even excretion as a source ofeuphemism. 性問題以及與其相關的東西都成為了委婉語的來源。 Eventually, fragmenting politics may become asource of hope. 最終，政治分崩離析或許會成為希望的源泉。 2.decide to 決定 Why did you decide to talk about it? 那你為什么還決定把這件事說出來? When you decide to improve your life, you really do. 當你決定去改變你的生活，你真的做了。 3.fall from 落下;跌落;降落 Could a hamster survive a fall from an aeroplane? 倉鼠從飛機上掉下來還能活嗎? Last month, the ice cream giant ben jerry s seemingly took a fall from grace. 就在上月，冰激凌巨頭本杰瑞好像從華美的舞臺上摔了一跤。 4.inspire to 啟發 To speak up and out against sinful living to inspire to righteous living. 大聲并大膽地向犯罪生活唱反調，并激發公義正直的生活。
Hang out with people who inspire you to take action. 經常與那些能夠激勵你采取行動的人在一起。
2023復習正是強化復習階段，在考研英語中占了40分，所以考研英語閱讀是英語科目中重要的一項。名師老師曾建議過考研生需要堅持每天泛讀10-15分鐘的英文原刊。強烈推薦了雜志《經濟學人》.雜志中的文章也是考研英語的主要材料來源.希望考研考生認真閱讀，快速提高考研英語閱讀水平。 China s currency 中國貨幣 One way no more 只有一條路可走 Why China s central bank is weakening itscurrency 為什么中國的中央銀行正在弱化它的貨幣 CHINA S currency has long been a source of controversy, especially among Americanpoliticians outraged by its cheapness. 中國的貨幣長久以來就是爭議之源，尤其是因其廉價而飽受美國政客的指責。 But it is rarely a source of uncertainty. 但是它卻不是不穩定的源泉。 Critics have argued fiercely about what it should be worth. 批評家就其實際價值爭論了很久， But as to what it would be worth, China s authorities have left little room for disagreement. 但是事關未來中國貨幣價值，中國政府不容置喙。在中國歷史上的大多數時間，其貨幣緊緊與美元掛鉤。 For much of its history it has been pegged tightly to the dollar. More recently it has floatedwithin a narrow band. 近來，中國匯率在一個很小的范圍波動。 Most people have assumed it would float upwards. 大多數人，認為其將會向上浮動。 In recent days, however, China s authorities have tested that assumption. 而近日，中國官方欣慰證實了這一猜想， At a two-day meeting ending on February 18th, the central bank decided to weaken theyuan, according to the Wall Street Journal. 據《華爾街日報》消息，為期兩天并于2月18號結束的會議，在其召開之后， It has lowered its benchmark by a smidgen at a time for several days. 中央銀行決定貶抑人民幣。它略微降低了其基準幾天的時間。 The currency has also fallen from the strong side of its band to the weak side. 貨幣也已經從強勢的一端，降到弱勢的一端了。 In the space of a few days, it lost about 1% of its value. 幾天的時間，就已經貶值了1%。 On February 26th China s foreign-exchange regulator said that China s ongoingexchange-rate reforms meant that two-way fluctuations will become the norm. 2月26日，中國外匯管理局稱中國正在進行匯率改革，這意味著雙向波動會成為規范 For the past year, a different norm has applied: 在過去的幾年，一個不同的標準已被采用： the fluctuations have been mostly one way. 波動可能只因為一種方式。 China enjoys a sizeable current-account surplus and it still attracts more foreign-directinvestment than it provides. 中國擁有相當數量的經常項目盈余，并且它仍然吸引這比其投資量更多的國外直接投資。 Other kinds of capital flows are more volatile. But in the last quarter of 2023, a net $22billion of hot money flowed inwards. 其他形式的資本流動愈發不穩定。當時2023年第四季度，凈值220億美元的熱錢流入國內。 Much of this qualifies as a carry trade: speculators have borrowed cheaply in dollars, then lentin yuan, eluding China s capital controls in the hope of benefiting both from higher Chineseinterest rates and the yuan s appreciation. 許多被認為是一種套息交易:投機者廉價借入美元,然后借給人民幣,避過了中國的資本管制,以期從更高的中國利率和人民幣升值中獲利。 All of this has put upward pressure on the currency, fulfilling the carry-traders designs andinspiring others to emulate them. 套息交易者計劃的實行以及激勵別人效仿其行為，所有的這些都增加了貨幣升值的壓力， Despite the central bank s heavy purchases of foreign exchange, the yuan rose by 2.8%against the dollar in the year to January, even as the currencies of other emerging marketsplummeted. 盡管央行大量購進美元，截至今年1月，即使是在其他新興市場猛跌的情況下，人民幣相對于美元升值了2.8%。 The resulting loss of competitiveness is best illustrated by an index calculated by theHong Kong Monetary Authority, which compares China s currency with those of otheremerging economies that compete with it in third markets. 由香港金融管理局的通過比較中國與其他新興經濟體的貨幣在第三市場的競爭計算出來的指數，最好地說明了人民幣升值導致競爭力下降的情況。 This index shows the yuan rising by over 13% in the year to January and by almost 2.6% inJanuary alone. 這個指數顯示了人民幣截至到今年一月份上漲了13%，光一月份就上漲了幾乎2.6%。 China s authorities did not say they had stepped in to sap the yuan. 中國政府未曾說過其介入貶抑人民幣。 But their intervention left fingerprints all over the money markets. 但是它們干涉的痕跡遍布整個貨幣市場。 In buying dollars to weaken the currency, the monetary authorities put additional yuaninto circulation. 通過購買美元來使本幣貶值，金融當局投放額外的人民幣用于流通。 The central bank withdrew a fraction of this extra money by selling securities to the banks. 中央銀行通過向銀行發售有價證券來收回一小部分額外的錢。 But the banks were still left with extra yuan, which they tried to lend to each other. 但是銀行手頭仍然有很多多出來的錢，他們試圖將之借給對方， This pushed down interbank interest rates, despite the central bank s withdrawals. 這降低了銀行內部利率。 As Yao Wei of Societe Generale points out, No factors other than foreign-exchangeintervention seems able to explain that. 法國興業銀行的Yao Wei 指出似乎除了外匯干預，沒有更好的原因能解釋這一現象了。 Will the yuan s slide persist? 人民幣會持續貶值嗎? In its statement, the foreign-exchange regulator pointed out that export earnings andforeign-direct investment remain strong. 外匯管理局在其陳述中指出：對外貿易順差以及國外直接投資勢頭依舊強勁。 These fundamentals both suggest the yuan should rise again. 這兩個基礎因素顯示了人民幣應該再次升值。 But by wrongfooting the speculators, the authorities hope that the expectation ofappreciation will not remain a cause of that appreciation. 但是通過打亂投機者的步伐，當局期望對升值的預期不會繼續成為導致升值的因素。 At the meeting in which it decided to cheapen its currency, the central bank also decided toenlarge the yuan s trading band later this year, according to a statement cited bytheJournal. 根據《華爾街日報》上的描述，在做出貶抑人民幣決定的會議上，中央銀行也決定擴大人民幣交易的范圍。 A more flexible yuan would give the central bank a freer hand in setting monetary policy,even as it gradually permits larger cross-border flows of capital. 一個更加有彈性的人民幣將會給中央銀行在制定貨幣政策時帶來更大的便利，甚至它會逐漸允許更大規模的跨境資本流動。 Despite its cruelty to carry traders, the central bank seems to be keen to open the door toforeign capital a little wider, as long as foreigners do not try to barge their way in. That willmake China s currency a source of less controversy but a good deal more uncertainty. 盡管其對于套息交易者十分嚴厲，但是只要外國人不試圖用粗魯的方式闖入中國市場，中央銀行似乎樂意對國外資本適度放寬限制。這將減少中國通貨的爭議性，但是卻增加了不穩定性。 詞語解釋 1.a source of 來源 Sex outstrips even excretion as a source ofeuphemism. 性問題以及與其相關的東西都成為了委婉語的來源。 Eventually, fragmenting politics may become asource of hope. 最終，政治分崩離析或許會成為希望的源泉。 2.decide to 決定 Why did you decide to talk about it? 那你為什么還決定把這件事說出來? When you decide to improve your life, you really do. 當你決定去改變你的生活，你真的做了。 3.fall from 落下;跌落;降落 Could a hamster survive a fall from an aeroplane? 倉鼠從飛機上掉下來還能活嗎? Last month, the ice cream giant ben jerry s seemingly took a fall from grace. 就在上月，冰激凌巨頭本杰瑞好像從華美的舞臺上摔了一跤。 4.inspire to 啟發 To speak up and out against sinful living to inspire to righteous living. 大聲并大膽地向犯罪生活唱反調，并激發公義正直的生活。
Hang out with people who inspire you to take action. 經常與那些能夠激勵你采取行動的人在一起。
