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【中文标题】联合国机构：对人民币的强烈要求忽视了中国对稳定的需要
【原文标题】Strong yuan calls ignore China stability needs: U.N.agency
【登载媒体】REUTERS.com 路透社网站
【来源地址】http://www.reuters.com/article/idUSTRE62F2MW20100316/
【翻译人员】Zhongdong_Wang
【翻译方式】天然智能生物人类手工翻译
【网站声明】本翻译供Anti-CNN使用，未经AC或译者许可，不得转载。
【库文链接】http://bbs.m4.cn/thread-231230-1-1.html
【译文内容】
Jonathan Lynn GENEVA Tue Mar 16, 2010 10:11am EDT
乔纳森 琳 日内瓦 2010年3月16日星期二上午10：11
(Reuters) - International calls for China to allow its yuan currency to appreciate take no account of the importance of the country's stability for the region and for the world, a U.N. agency report said on Tuesday.
（路透社）——要求人民币升值的国际呼声，没有考虑中国的稳定对地区和全世界的重要性，联合国机构的一篇报告周二这样说。
The United Nations Conference on Trade and Development (UNCTAD) also said countries should manage exchange rates through a system allowing nominal exchange rates to be adjusted for inflation differencials.
“联合国贸易和发展协会”还表示，各国应当使用可以根据通货膨胀差额调节名义汇率的体系来管理汇率。
It said this would help to ward off the danger of speculative bubbles and currency-related trade tensions, adding that speculative pressures were causing destabilizing currency inflows into some emerging countries.
该机构说，这会有助于防止投机泡沫带来的危险，以及与货币相关的贸易紧张关系。该机构同时还表示，投机压力正在造成不安定的货币流动，进入一些新兴国家。
Referring to increasingly vocal calls in the United States for China to revalue the yuan , UNCTAD said China had done more than any other emerging economy to stimulate domestic demand, with imports and private consumption rising fast.
针对美国国内日益高涨的要求中国重新估价人民币的呼声，“联合国贸易和发展协会”说，为了刺激国内需求，中国快速增加了进口和个人消费，和任何其他新兴经济体相比，这已经做得很多了。
"Expecting that China will leave its exchange rate to the mercy of totally unreliable markets and risk a Japan-like appreciation shock ignores the importance of its domestic and external stability for the region and for the globe," the agency said in its monthly policy briefs report.
“希望中国将自己的汇率，交由完全不可靠的市场仁慈做决定，并承担像日本那样，因货币升值导致的经济冲击，这种想法忽视了中国内外稳定对地区和全球的重要性，”该机构在月度政策简报中这样表示。
The World Trade Organization had been set up to manage the global trading system and the Basel accords set global standards for banking, UNCTAD said.
“世界贸易组织”管理全球贸易体系，而“巴塞尔”协议为银行业建立了全球标准，“联合国贸易和发展协会”说。
"But the global monetary system has no such agreed regulatory system for enabling trading partners to avoid distortions stemming from financial shocks and, most importantly, exchange rate misalignments," it said.
“但是，全球金融系统还没有如此令人满意的调控系统，能够使贸易伙伴避免金融冲击，最重要的是汇率差错，所造成的经济扭曲，”该机构说。
CASINO BACK IN BUSINESS
赌场再现商界
UNCTAD, which in the run-up to the financial crisis warned repeatedly about the risks of unfettered markets, said speculation had revived since the crisis peaked, with countries facing huge inflows of hot money that distort prices and trade.
“联合国贸易和发展协会”，救助金融危机时就反复警告失控的市场存在风险，表示投机已经在危机达到顶峰时复苏，各国都面临大量热钱涌入导致价格和贸易扭曲的危险。
"The global 'casino', nearly empty a year ago, is crowded again, and many new bets are on the table," it said.
“这个‘赌场’，一年前人去楼空，现在又是人满为患，许多新赌注正在等着开局呢，”该机构说。
With interest rates in rich countries close to zero, speculators were again using the 'carry trade', borrowing in currencies with low interest rates to invest in high-interest rate currencies such as those of Brazil and Hungary.
由于富裕国家采取零利率，投机者们正在故伎重演“利差交易”，以低利率借入货币，然后投资到像巴西和匈牙利那样，采取高利率的货币上。
Appreciation of the real, which Brazil has countered by a tax on purchases by foreigners of its securities, and the forint had forestalled needed gains in competitiveness and could lead to overvaluation and new imbalances, it said.
按实值升值，就像巴西对外国人购买巴西证券征收税金，和（匈牙利货币）福林在竞争中预先计算所需的获利所做的那样，会导致过高估价和新的不平衡，该机构说道。
UNCTAD acknowledged it would be hard to set up a "constant real exchange rate" system both technically and politically.
“联合国贸易和发展大会”承认，不管技术上还是政策上，建立一个“恒定的实值汇率”体系都是很困难的。
But the system, allowing nominal exchange rates to be adjusted for inflation differentials, would achieve crucial trade and finance goals, it said.
但是，这个体系允许名义汇率可以根据通货膨胀差额进行调整，从而可以实现重要的贸易和金融目标，该机构说。
These goals included:
这些目标包括：
-- curb excessive "carry trade" currency speculation, because interest rate differentials would reflect inflation differentials
— 控制过度的“利差交易”货币投机，因为利率差额会反映通货膨胀差额
-- prevent unsustainable current account deficits and currency crises by excluding long-term currency overvaluation as a policy option
— 以排除长期货币高估作为政策选择来防止难以维持的经常账目赤字和货币危机
-- help avoid unsustainable debt by removing the tendency of countries to borrow more on the mistaken perception they have earned the confidence of financial markets
— 避免因国家对金融市场具有信心而产生错觉导致的过度借贷，有助于避免难以维持的债务
-- minimize the need to hold international reserves because reserves would not be needed to defend a currency but just to deal with the volatility of export returns.
— 使保持国际储备的需求最小化，因为储备对货币保护来说并不需要，而只是用来处理出口退货导致的波动。
An explicit exchange rate rule would remove incentives for speculation, it said.
一项明确的汇率规则可以消除投机诱因，该机构说。
"Through a multilateral framework such as this, mutual recrimination over exchange-rate management and the threat of trade wars will give way to a more balanced and coherent discussion of the problems of an interdependent, and indeed very much 'coupled', world economy," it said.
“通过一个类似这样的多边框架，互相指责对汇率的管理并以贸易战争相威胁的做法，就可以让路给更加和谐、互相配合地商讨相互依存并且实际上非常‘共轭’的世界经济中存在的问题”该机构说。
Editing by Stephanie Nebehay and Stephen Nisbet
斯黛芬尼尼伯亥和斯蒂芬尼斯贝特编辑 |
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狗仔卡
发表于 2010-3-24 20:46
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显身卡
发表于 2010-3-24 21:21
居然还是纯天然的！
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