2018/7/19 16:51:00
周口翻譯公司：經濟學角度譯匯率
周口翻譯公司帶你領略經濟學角度譯匯率
Currency wars
Tweeting the dollar down
America’s president, but not its Treasury, names currency manipulators
貨幣戰(zhàn)爭
“推”低美元
指認“貨幣操縱國”的不是美國財政部，而是美國總統(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)國家的政府都樂見本國債券受外國投資者青睞，如果那些外國人是外國央行等長線投資者就更是如此了。但美國卻不同。它擔心某些外國政府購入自己的國債是為了推高美元、讓本國貨幣保持在低位。這種“貨幣操縱”會給其他國家?guī)砀偁巸?yōu)勢，增加它們的貿易順差，擴大美國的貿易赤字。
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財政部發(fā)布的評估結果存在矛盾。美國財政部每半年必須向國會提交報告，說明美國主要貿易伙伴是否有操縱貨幣之嫌。貨幣操縱國會受到批評，如果不改弦更張，美國將進一步施以懲罰。但美國財政部在4月13日發(fā)布的最新報告并沒給誰貼上貨幣操縱國的標簽。
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. 報告確實就中國對美國長期的龐大商品貿易順差提出了警告，但對俄羅斯幾乎只字未提。畢竟，盧布最近大幅貶值是由美國財政部決定加大對俄制裁而引發(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不起推敲。除印度外，名單中還有中國、德國、日本、韓國和瑞士。然而，印度整體上不存在貿易順差，德國也沒有自己的貨幣可操縱。塞瑟表示，這份名單還漏掉了泰國和新加坡，這兩個國家在過去一年都曾以干預措施遏制本國貨幣升值。