考试辅导：汉译英-中国该如何应对美联储QE2的影响

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　　日本实行量化宽松的货币政策已多年,国际金融市场从未因此剧烈震荡过。美联储一宣布第二轮量化宽松货币政策(QE2),全球股市即全面飙升,黄金及大宗商品价格也全面上涨,美元汇率快速下跌,而非美元货币汇价则全部上升。
　　Despite the monetary policy of quantitative easing by Japan for years, the international financial market has never been vigorously shocked because of it. In contrast, immediately after the Federal Reserve announced its second round of quantitative easing (QE2), global stock market witnessed an all-round upsurge, gold and most bulk commodities soared in price, the exchange rate of the U.S. dollar plunged while the other currencies appreciated.
　　QE2作为美国国内的货币政策,为何会引起国际市场剧烈动荡？
　　As the domestic monetary policy of the United States, how did QE2 manage to invoke such a radical turmoil?
　　其实,QE2的规模不仅比QE1小,只占当年GDP比重3%左右,也不比中国2008年推出4万亿元财政救市政策规模(占当年GDP14%)大,与国际金融市场快速流动的几万亿美元热钱相比更是微不足道。来自www.Examw.com
　　As a matter of fact, the scale of QE2, accounting for about 3% of America’s GDP this year, is smaller not only than QE1, but also than China’s 4 trillion yuan (which made up 14% of its GDP in 2008) financial bail-out. Compared with the hot money of several trillion U.S. dollars flowing fast in the international financial market, QE2 is not worth mentioning.
- g) r- a* O2 v9 H- k: A) J　　其实,QE2推出后的国际市场反应并不因其政策的目标如何(一般指通过购买债券压低长期利率,从而形成一个完全的低利率环境,刺激企业加大投资及个人消费),而是在于布雷顿森林体系崩溃后,国际货币体系由以黄金为本位转变为以美元为本位的国际货币体系。
  s# f6 x, F+ H0 z6 q- Y　　Actually, the reactions of the international market after the release of QE2 don’t originate in the targets of the policy (generally, to boost investment of enterprises and consumption of individuals through establishing a whole environment with low interest rate in the way of lowering the long-term interest rate by buying bonds), other than in the international monetary system with the U.S. dollar as the standard, which took shape after the collapse of U.S. dollar-based Bretton Woods System.
　　以黄金为本位时,黄金是整个国际货币体系的货币锚,使各国货币间及进出口物品间存在一定的比价关系,那时美元的扩张及发行存在较大的约束,不能想发行多少就多少。
　　With gold as the standard and the currency anchor of the entire international monetary system, certain price ratios existed among currencies of different countries and commodities through trade. Therefore, the expansion and issuance of the U.S. dollar was under considerable constraints, and could not just satisfy the will of America.
　　一旦转变为以美元为本位,美国就一定程度上绑架了世界经济,因为美元的性质不仅是以美国主权为主导的信用货币,还是世界货币了;在脱离金本位后,美元发行多少并不取决于国际市场流通的美元供求关系,而取决于美国的利益需求和美联储的货币政策。于是,美联储的货币政策也成了国际金融市场的货币政策,美国货币政策的任何变化都可能对国际金融市场造成巨大冲击;理论上,美国可以通过调节汇率来实现所要维持的国际收支平衡,而其他国家可以根据自己的利益需要调节本币与美元汇率来实现外部均衡。
　　Once the U.S. dollar was transformed into the standard, the world economy, to some extent, was kidnapped by the United States, because the U.S. dollar is not only a credit currency backed by America’s sovereignty, but also functions as a world currency. After the break-away from the gold standard system, the issuance amount of the U.S. dollar depends on the demands of America’s interests and the monetary policy of the Fed, rather than on the supply-demand relations of the U.S. dollar in the international market. As a result, the monetary policy of the Fed also applies to the international financial market, and therefore, any change of the former may exert tremendous shocks to the latter. As another result, theoretically, the United States can maintain the international balance of payment by adjusting the exchange rate, while other countries can achieve the external balance by adjusting the exchange rate between their own currencies and the U.S. dollar, according to the needs of their interests.

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</p>　　美元本位确立后,形成了两个完全不同(指价格形成机制、市场供求关系、运作方式、流通渠道等)的商品市场与货币市场,这两个市场不可能形成完全的比价关系。由于这种国际货币体系的内在缺陷,所谓的国际贸易“全球失衡”就在所难免。因为经济全球化及金融全球化的程度越高,世界经济及国际贸易增长越快,对美元的需求就越大,美国就必须扩大和增加对美元的供给,这就使得美国国际收支赤字不断扩大、美元供给持续增加。在这种情况下,美元必然贬值,从而使得美国的贸易赤字及美元供给的增加进一步强化,国际经济所谓失衡就是这种贸易赤字与美元供给增加不断强化的结果。
; [3 M5 h1 s# l1 O( g　　After the establishment of the U.S. dollar as the standard, there generated two utterly different (different in pricing mechanism, supply-demand relations, operation modes, circulation channels, etc.) markets in commodity and currency, between which a complete price ratios cannot be formulated. Due to the inherent drawbacks of this international monetary system, the so-called “global imbalance” in international trade is bound to arise. What’s the reason? With the increasing globalization of economy and finance, the world economy and international trade will accelerate their growth rate, and the demand of the U.S. dollar will be enlarged, which requires the expansion of the U.S. dollar supply. Consequently, America’s deficit in international payment and the supply of the U.S. dollar are constantly increased. Under such circumstances, the U.S. dollar depreciates inevitably, which exacerbates the trade deficit of the United States and increases the supply of the U.S. dollar.
' U+ k, @% S* ~& ]- `, G/ E# f　　由于这种缺陷,大量逐利的国际短期资本就会借助国际货币体系不断地冲击全球所有金融市场。这也是美联储QE2推出后,国际市场剧烈震荡的原因。
　　Because of this drawback, quite a large amount of profit-orientated international short-term capital will, taking advantage of the international monetary system, assault the financial markets all over the world. This accounts for the radical shock in the international market after the announcement of the Fed’s QE2.
7 ?6 V4 J) `7 N1 n6 l　　对于美联储的QE2,我们除了指责其政策的溢出效应外,更要正视如今这个以美元为本位的国际货币体系,并密切关注和研究国际市场的反应、国际金融市场的价格和实体经济运行所受的影响,以便制定相应政策来预警和防范国际金融市场可能面临的系统性风险。
　　In addition to criticizing the Fed for the spillover effects caused by its QE2, we must face squarely to the international monetary system with the U.S. dollar as the standard, and exercise close probation and profound research into the reactions in the international market, the prices in the financial market and the effects on the operation of real economy, so that we can carry out corresponding policies to warn of and guard against the systematic risks which the international financial market may be confronted with.
7 w8 V7 w) z9 g% @, [8 v$ `1 |　　尽管QE2对我国的金融、外贸、外储的冲击不小,但从目前的经济运行情况来看,逐渐退出2008年以来的非常货币政策、回归常态应是我国最重要的事情,不能因QE2而改变方向,否则国内泛滥的流动性将给中国经济带来巨大风险。wｗw.ExamＷ.CoM
　　Although QE2 has considerably affected China’s finance, international trade and foreign exchange reserve, the most important thing is, judging from the current economic operations, to return to the normal monetary policy by gradually retreating from the unusual measures implemented since 2008. The direction should not be changed because of QE2, otherwise the rampant domestic liquidity will pose tremendous risks to China’s economy.
6 q! x1 j0 a- P, [$ N, a. H; E　　我们不仅要严防国际热钱流入,而且要限制资产价格泡沫、阻击国际热钱套利。尤其是在房地产泡沫十分严重之际,要禁止国际热钱流入我国房市。
　　Besides strictly preventing the inflow of international hot money, we must curb the asset price bubbles and check the arbitrage of international hot money. Especially when the housing market is crammed with huge bubbles, international hot money must be prohibitted from entering China.
　　我们把国内经济问题解决好了,化解QE2的冲击才不会乱阵脚。
' c$ r: X0 _! K0 u　　Only when domestic economic issues are addressed soundly, can we maintain an orderly state to fight against the shocks of QE2.