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【最新文档】蓝色用英语怎么说-推荐word版
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蓝色用英语怎么说
篇一: 英语 翻译人民币“入蓝”
The
yuan joins the SDR
人民币“入蓝”
Maiden
voyage软妹币的“第一次” 1. PASSING through the Suez Canal
became easier earlier thisyear, thanks to an
expansion completed in
August. Now it is about
to become alittle bit more complicated.
Transit fees for the canal are denominated
inSpecial Drawing Rights,
a basket of
currencies used by the InternationalMonetary Fund
(IMF)
as its unit of account. This week the
IMF decided toinclude the yuan
in the basket
from next year, joining the dollar, the euro,the
pound
and the yen.
lots of things were
priced in SDRs, the IMF’s decisionwould
have
forced companies around the world to buy yuan-
denominated assets
assoon as possible, to
hedge their exposure. That would have prompted
China’scurrency to strengthen dramatically.
But few goods or
services are priced inSDRs.
Instead, admission to the currency club
is
significant mainly for itssymbolism: the IMF is
lending its
imprimatur to the yuan as a
reservecurrency—a safe, liquid asset in
which
governments can park theirwealth. Indeed, far from
setting off a groundswell of demand for the
yuan,the IMF’s decision
may pave the way for
its depreciation.
reason isthat the People’s
Bank of China (PBOC) will now find
itself
under more pressureto manage the yuan as central
banks in most
rich economies do
theircurrencies—by letting market forces determine
their value. In bringing the yuaninto the SDR,
the IMF had to
determine that it is “freely
usable”. Beforecoming to this decision,
the
IMF asked China to make changes to its
currencyregime.
【最新文档】蓝色用英语怎么说-推荐word版
importantly, China has now tied the yuan’s
exchangerate at
the start of daily trading to
the previous day’s close; in the past
thestarting quote was in effect set at the
whim of the PBOC, often
creating a biggap with
the value at which it last traded. It was the
elimination of this gapthat lay behind the
yuan’s 2% devaluation in
August, a move that
rattled globalmarkets. Though the yuan is still
far from being a free-floating
currency—thecentral bank has
intervened since
August to prop it up—the cost of suchintervention
is now higher. The PBOC must spend real money
during the
tradingday to guide the yuan to
its desired level.
ion in theSDR will only
deepen the expectations that China
will let
market forces decidethe yuan’s exchange rate. The
point of
the SDR is to weave disparate
currenciestogether into a single,
diversified
unit; some have suggested, for example,that
commodities
be quoted in SDRs to reduce the
volatility of pricing them indollars.
But if
China maintains its de facto peg to the dollar,
the result
ofadding the yuan to the SDR will
be to boost the dollar’s weight in
the
basket,defeating the point.
would happen if
China really did give the market the last word
on theyuan? For some time it has been under
downward pressure. The
simplest yardstickis
the decline in China’s foreign-exchange
reserves, from a peak of nearly $$4trillion
last year to just over
$$3.5 trillion now—a
reflection, in part, of thePBOC’s selling of
dollars to support the yuan. Were it not for
tighter capitalcontrols
since the summer,
outflows might have been even bigger.
the
yuandoes look overvalued. Despite China’s slowing
economy,
its continued link tothe surging
dollar
has put it near an all-time high in
trade-weighted terms, upby more
than 13% in
the past 18 months (see chart). With the Federal
Reservegearing up to start raising interest
r(来自: )ates at the same
time as China
isloosening its monetary policy, the yuan looks
likely
to come under moredownward pressure, at
least against the dollar.
would be foolhardy
to predict that China will suddenlygive the
market free rein. That would go against its
deep-seated preference
forgradual reform. But
while basking in the glow of its SDR status,
China mustalso be aware of the responsibility
to minimise
intervention that comes withit. A
weaker yuan may well be the result.