7/19/2018 4:51:00 PM
周口翻譯公司：經(jīng)濟(jì)學(xué)角度譯匯率
周口翻譯公司帶你領(lǐng)略經(jīng)濟(jì)學(xué)角度譯匯率
Currency wars
Tweeting the dollar down
America’s president, but not its Treasury, names currency manipulators
貨幣戰(zhàn)爭(zhēng)
“推”低美元
指認(rèn)“貨幣操縱國(guó)”的不是美國(guó)財(cái)政部，而是美國(guó)總統(tǒng)
Most governments are happy when foreigners want their bonds, especially when those foreigners are long-term holders, like central banks. But America is different. It worries that some foreign governments buy its debt to keep the dollar pricey and their own currencies cheap. This “currency manipulation” gives other countries a competitive edge, raising their own trade surpluses and America’s deficit.
大多數(shù)國(guó)家的政府都樂(lè)見(jiàn)本國(guó)債券受外國(guó)投資者青睞，如果那些外國(guó)人是外國(guó)央行等長(zhǎng)線投資者就更是如此了。但美國(guó)卻不同。它擔(dān)心某些外國(guó)政府購(gòu)入自己的國(guó)債是為了推高美元、讓本國(guó)貨幣保持在低位。這種“貨幣操縱”會(huì)給其他國(guó)家?guī)?lái)競(jìng)爭(zhēng)優(yōu)勢(shì)，增加它們的貿(mào)易順差，擴(kuò)大美國(guó)的貿(mào)易赤字。
Mr Trump’s tweet was at odds with his Treasury Department’s assessment. Every six months it must tell Congress if any big trading partner is manipulating its currency. (Offending governments are scolded, followed by other chastisements if they do not mend their ways.) But its latest report, published on April 13th, refrained from branding anyone a manipulator.
特朗普的推文與美國(guó)財(cái)政部發(fā)布的評(píng)估結(jié)果存在矛盾。美國(guó)財(cái)政部每半年必須向國(guó)會(huì)提交報(bào)告，說(shuō)明美國(guó)主要貿(mào)易伙伴是否有操縱貨幣之嫌。貨幣操縱國(guó)會(huì)受到批評(píng)，如果不改弦更張，美國(guó)將進(jìn)一步施以懲罰。但美國(guó)財(cái)政部在4月13日發(fā)布的最新報(bào)告并沒(méi)給誰(shuí)貼上貨幣操縱國(guó)的標(biāo)簽。
The report did admonish China for its persistently large trade surplus in goods with America. But Russia was barely mentioned. The recent decline in its currency was, after all, prompted by the Treasury’s decision to strengthen sanctions. 報(bào)告確實(shí)就中國(guó)對(duì)美國(guó)長(zhǎng)期的龐大商品貿(mào)易順差提出了警告，但對(duì)俄羅斯幾乎只字未提。畢竟，盧布最近大幅貶值是由美國(guó)財(cái)政部決定加大對(duì)俄制裁而引發(fā)的。
The list itself does not bear much scrutiny, however. As well as India, it comprises China, Germany, Japan, South Korea and Switzerland. But India has no overall trade surplus and Germany has no currency of its own to manipulate. The list also ignores Thailand and Singapore, which have intervened over the past year to curb the rise in their currencies, according to Mr Setser.
但這份名單本身卻經(jīng)不起推敲。除印度外，名單中還有中國(guó)、德國(guó)、日本、韓國(guó)和瑞士。然而，印度整體上不存在貿(mào)易順差，德國(guó)也沒(méi)有自己的貨幣可操縱。塞瑟表示，這份名單還漏掉了泰國(guó)和新加坡，這兩個(gè)國(guó)家在過(guò)去一年都曾以干預(yù)措施遏制本國(guó)貨幣升值。