蓝色用英语怎么说 (4页)

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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.

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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.