人民幣交易
2023復習正是強化復習階段，在考研英語中占了40分，所以考研英語閱讀是英語科目中重要的一項。名師老師曾建議過考研生需要堅持每天泛讀10-15分鐘的英文原刊。強烈推薦了雜志《經濟學人》.雜志中的文章也是考研英語的主要材料來源.希望考研考生認真閱讀，快速提高考研英語閱讀水平。 Trading the yuan 人民幣交易 Yuawn 元之崛起? Buzz about the rise of China s currency has run farahead of sedate reality 人民幣升值的呼聲遠遠超于穩定的現實環境 IF HEADLINES translated into trading volumes, theyuan would be well on its way to dominating the world s currency markets. It once againgraced front pages this week after moves to lift its status in London, the world s biggestforeign-exchange market. This was the latest instalment of a five-year-long public-relationscampaign. Since 2009, when China first declared its intention to promote the yuaninternationally, a string of announcements and milestones has cast the Chinese currency asa putative rival to the dollar. 如果本文的標題翻譯為交易量的話，那么它確實能夠很好地引出這樣一個事實：人民幣正走向貨幣交易市場的霸主之位。本周在倫敦這一全球最大的外匯交易市場里，幾個利好因素再次讓人民幣成為矚目的焦點。人民幣的公關推廣活動已歷時五年，而以上利好消息正是中國政府近期努力的最新成果。自2009年中國首次宣布推動人民幣國際化的意圖以來，一系列的政策公告和重大事件都使得中國貨幣成為了美元的假想敵。 The hype rests on several seemingly impressive numbers. Yuan deposits beyond China sborders have increased tenfold in the past five years. The dim sum bond market foryuan-denominated debt issued outside China has gone from non-existence to a dozenissuances a month. And the yuan is the second-most-used currency in the world for tradefinance. 本次掀起的人民幣熱潮有賴于幾個看似驚人的指標。人民幣的境外儲備量在過去的五年里上升了十倍。過去不曾存在的，在境外以人民幣計價的點心債券，目前每月都有十數次的發行量。與此同時，人民幣已經成為了全球第二常用的貿易金融貨幣。 Adding to the impression that something big is afoot is the competition between citiesaround the world to establish themselves as yuan-trading hubs. London puffed up its chestthis week after the Chinese government designated China Construction Bank as the officialclearing bank for yuan-denominated transactions in Britain and agreed to launch directtrading between the pound and the yuan in China. These announcements were made tocoincide with a trip to London by Li Keqiang, China s prime minister. 更令人震撼的是，全球各大城市之間都在爭先建設成為人民幣交易的中心。而本周，倫敦則先下一城：中國政府決定授權中國建設銀行有限公司擔任倫敦人民幣業務清算行，并且同意在銀行間外匯市場開展人民幣對英鎊直接交易。上述決議的公告是與中國國務院總理李克強的訪英之旅做出配合。 The designation of a clearing bank creates a channel for yuan held in Britain to flow intoChinese capital markets, boosting London s appeal as a trading centre for the currency.Other cities such as Frankfurt and Singapore have also been awarded clearing banks, butLondon already controls nearly 60% of yuan-denominated trade payments between Asia andEurope, and this week s agreement will shore up its position. 此次清算銀行的授權使得英國能夠擁有一條人民幣回流中國資本市場的通道，從而增加了倫敦作為全球貨幣結算中心的吸引力。雖然其他一些城市，例如法蘭克福和新加坡，都被授予了清算銀行的權限，但倫敦在歐亞間人民幣計價交易清算的市場份額早已接近60%，而本周的協議更進一步鞏固其優勢地位。 London s currency traders, however, will not be hyperventilating. The rapid growth in the useof the yuan outside China, whether for trade settlement or investment, has been from aminuscule base. The yuan is the seventh-most-used currency in international payments,according to SWIFT, a global transfer system. That is up from 20th place at the start of2023. However, the Chinese currency still accounts for a mere 1.4% of global payments,compared with the dollar s 42.5%. Given that many of those deals just shuffle cash betweenChinese companies and their subsidiaries in Hong Kong, there is much less than meets theeye to the yuan s stature as a trade-settlement currency. 然而，倫敦的貨幣交易員并不會因此對人民幣感到興奮不已。無論是在國際貿易清算還是投資往來方面，支撐著中國境外人民幣使用量急速增長的基礎極為薄弱。環球銀行金融電信協會指出，目前人民幣在國際支付領域常用貨幣的排名里，從2023年初的第二十位上升到了第七位。但即便如此，中國貨幣在國際支付領域的份額也僅有1.4%，相比之下美元則為42.5%。考慮到涉及人民幣的許多交易都只是中國公司與其在香港分支機構的資金流動，以人民幣作為國際貿易結算貨幣的情況遠比我們看到的要少。 Even more telling is the yuan s standing as an investment currency. The dollar s biggestselling point as a global reserve currency is the deep, liquid pool of American assets opento international buyers. Despite the barrage of reports in recent years about the dim-sumbond market, China s offerings are much sparser. Jonathan Anderson of Emerging AdvisorsGroup calculates that global investors have access to 56 trillion of American assets, includingbonds and stocks. They can also get their hands on 29 trillion of euro-denominated assets and17 trillion of Japanese ones. But when it comes to Chinese assets, just 0.3 trillion or so areopen to foreign investors. This puts the yuan on a par with the Philippine peso and a bit abovethe Peruvian nuevo sol, Mr Anderson notes. 更能說明人民幣真實情況的是其作為投資貨幣的地位。美元作為國際儲備貨幣的最大賣點就在于，具有市場深度和流動性的美國資產在支撐著它，并且這些資產還對全球的投資者開放。除了近期鋪天蓋地宣傳報告的點心債券之外，中國能給予人民幣的支撐則少之又少。根據瑞銀股份有限公司北京首席新興市場經濟學家喬納森安德森的估算，全球投資者可以購買的包括債券和股票在內的美國資產總值達到了56萬億美元。與此同時，市場可以購買到的歐元區資產達到了29萬億美元，日本資產方面則達到了17萬億美元。但對于中國資產來說，外國投資者能夠接觸的資產總值僅為0.3萬億美元。安德森先生指出，中國開放資產的程度使得人民幣的地位與菲律賓比索相當，僅僅比秘魯索爾高一點點。 What is holding the yuan back? The answer is China itselfboth by circumstance and, moreimportantly, by design. For a currency to go global, there has to be a path for it to leave itscountry of origin. The easiest route is via a trade deficit. For example, since the UnitedStates imports more than it exports, it in effect adds to global holdings of dollars on a dailybasis. That does not work for China, which almost always runs a large trade surplus. It hastried to solve this problem by offering to pay for imports in yuan, while still accepting dollarsfor its exports. 是什么在阻礙著人民幣發展?答案就是中國自身。不僅僅是中國的現實環境所造成的，更重要的是中國制度設計上的原因。如果一種貨幣要走向全球，那么必須存在一個通道能讓其離開它的本國，而簡單的方法莫過于貿易逆差。比方說，由于美國進口產品的總值要大于其出口，因而實際上每天都有美元流到國際市場當中。但這對于中國來說是行不通的，因為它幾乎總處于貿易順差的情況。中國已經嘗試通過在對出口商品收取美元的同時，對進口商品支付人民幣的方法來解決問題。 Yet this approach can go only so far, because of the design of the Chinese system.Foreigners paid in yuan cannot do much with the currency and thus look askance at it. Chinacould change this at a stroke by flinging open its capital account. There is speculation that itmight do just that as debate about financial reform intensifies in Beijing. But Yu Yongding, aformer adviser to the central bank, predicts that caution will prevail, with the governmentslowly lowering its wall of capital controls rather than demolishing it. That would be far betterfor China s financial stability. But it also means that the chasm between the hype about theyuan and the mundane reality is likely to widen. 然而，由于中國貨幣系統設計的因素，導致了上述方法的作用十分有限。即便外國人在貿易過程中接受人民幣也改變不了宏觀現實，并且他們會因此產生對此種清算方式的厭惡情緒。目前，有人預測人民幣將進行大刀闊斧的激進改革，而這引起的波瀾將如同北京新一輪的經濟改革所引起的爭論一樣。但前央行貨幣委員會委員余永定預計，穩健依舊會是中國政府的主要方針。他表示中國政府會緩慢降低資本管制的標準，而不是一蹴而就地開放資本市場。誠然，這樣的做法更有利于中國經濟的穩定性。與此同時，這也意味著人民幣熱潮所鼓吹的愿景，很可能將與現實漸行漸遠。 詞語解釋 1.translate into 翻譯成把轉化成 Higher net profits generated by the employeetranslate into higher bonuses. 雇員創造更高的凈利潤，將轉化為更高的獎金。 That boon from china trade could translate into anindia boom. 中國對印度的大量出口可以轉化為印度的繁榮。 2.bond market 債券市場 The bottom fell out of the muni bond market as a result. 美國市政債券市場因此再創新低。 Cooperman said investors could lose as much as 20% in the bond market in the next threeyears. 庫珀曼稱，未來三年，債券投資者的損失可能高達20%。 3.agree to 同意，贊成 Did we agree to one? 我有答應過么? I quite agree to your opinion. 我很贊成你的看法。 4.account for 導致，引起 Do women account for more of today s affairs? 如今女性在婚外情中所占比例是不是更大? Philosophers had long wondered how to account for essences. 長期以來，哲學家們困惑于如何說明這些本質。
2023復習正是強化復習階段，在考研英語中占了40分，所以考研英語閱讀是英語科目中重要的一項。名師老師曾建議過考研生需要堅持每天泛讀10-15分鐘的英文原刊。強烈推薦了雜志《經濟學人》.雜志中的文章也是考研英語的主要材料來源.希望考研考生認真閱讀，快速提高考研英語閱讀水平。 Trading the yuan 人民幣交易 Yuawn 元之崛起? Buzz about the rise of China s currency has run farahead of sedate reality 人民幣升值的呼聲遠遠超于穩定的現實環境 IF HEADLINES translated into trading volumes, theyuan would be well on its way to dominating the world s currency markets. It once againgraced front pages this week after moves to lift its status in London, the world s biggestforeign-exchange market. This was the latest instalment of a five-year-long public-relationscampaign. Since 2009, when China first declared its intention to promote the yuaninternationally, a string of announcements and milestones has cast the Chinese currency asa putative rival to the dollar. 如果本文的標題翻譯為交易量的話，那么它確實能夠很好地引出這樣一個事實：人民幣正走向貨幣交易市場的霸主之位。本周在倫敦這一全球最大的外匯交易市場里，幾個利好因素再次讓人民幣成為矚目的焦點。人民幣的公關推廣活動已歷時五年，而以上利好消息正是中國政府近期努力的最新成果。自2009年中國首次宣布推動人民幣國際化的意圖以來，一系列的政策公告和重大事件都使得中國貨幣成為了美元的假想敵。 The hype rests on several seemingly impressive numbers. Yuan deposits beyond China sborders have increased tenfold in the past five years. The dim sum bond market foryuan-denominated debt issued outside China has gone from non-existence to a dozenissuances a month. And the yuan is the second-most-used currency in the world for tradefinance. 本次掀起的人民幣熱潮有賴于幾個看似驚人的指標。人民幣的境外儲備量在過去的五年里上升了十倍。過去不曾存在的，在境外以人民幣計價的點心債券，目前每月都有十數次的發行量。與此同時，人民幣已經成為了全球第二常用的貿易金融貨幣。 Adding to the impression that something big is afoot is the competition between citiesaround the world to establish themselves as yuan-trading hubs. London puffed up its chestthis week after the Chinese government designated China Construction Bank as the officialclearing bank for yuan-denominated transactions in Britain and agreed to launch directtrading between the pound and the yuan in China. These announcements were made tocoincide with a trip to London by Li Keqiang, China s prime minister. 更令人震撼的是，全球各大城市之間都在爭先建設成為人民幣交易的中心。而本周，倫敦則先下一城：中國政府決定授權中國建設銀行有限公司擔任倫敦人民幣業務清算行，并且同意在銀行間外匯市場開展人民幣對英鎊直接交易。上述決議的公告是與中國國務院總理李克強的訪英之旅做出配合。 The designation of a clearing bank creates a channel for yuan held in Britain to flow intoChinese capital markets, boosting London s appeal as a trading centre for the currency.Other cities such as Frankfurt and Singapore have also been awarded clearing banks, butLondon already controls nearly 60% of yuan-denominated trade payments between Asia andEurope, and this week s agreement will shore up its position. 此次清算銀行的授權使得英國能夠擁有一條人民幣回流中國資本市場的通道，從而增加了倫敦作為全球貨幣結算中心的吸引力。雖然其他一些城市，例如法蘭克福和新加坡，都被授予了清算銀行的權限，但倫敦在歐亞間人民幣計價交易清算的市場份額早已接近60%，而本周的協議更進一步鞏固其優勢地位。 London s currency traders, however, will not be hyperventilating. The rapid growth in the useof the yuan outside China, whether for trade settlement or investment, has been from aminuscule base. The yuan is the seventh-most-used currency in international payments,according to SWIFT, a global transfer system. That is up from 20th place at the start of2023. However, the Chinese currency still accounts for a mere 1.4% of global payments,compared with the dollar s 42.5%. Given that many of those deals just shuffle cash betweenChinese companies and their subsidiaries in Hong Kong, there is much less than meets theeye to the yuan s stature as a trade-settlement currency. 然而，倫敦的貨幣交易員并不會因此對人民幣感到興奮不已。無論是在國際貿易清算還是投資往來方面，支撐著中國境外人民幣使用量急速增長的基礎極為薄弱。環球銀行金融電信協會指出，目前人民幣在國際支付領域常用貨幣的排名里，從2023年初的第二十位上升到了第七位。但即便如此，中國貨幣在國際支付領域的份額也僅有1.4%，相比之下美元則為42.5%。考慮到涉及人民幣的許多交易都只是中國公司與其在香港分支機構的資金流動，以人民幣作為國際貿易結算貨幣的情況遠比我們看到的要少。 Even more telling is the yuan s standing as an investment currency. The dollar s biggestselling point as a global reserve currency is the deep, liquid pool of American assets opento international buyers. Despite the barrage of reports in recent years about the dim-sumbond market, China s offerings are much sparser. Jonathan Anderson of Emerging AdvisorsGroup calculates that global investors have access to 56 trillion of American assets, includingbonds and stocks. They can also get their hands on 29 trillion of euro-denominated assets and17 trillion of Japanese ones. But when it comes to Chinese assets, just 0.3 trillion or so areopen to foreign investors. This puts the yuan on a par with the Philippine peso and a bit abovethe Peruvian nuevo sol, Mr Anderson notes. 更能說明人民幣真實情況的是其作為投資貨幣的地位。美元作為國際儲備貨幣的最大賣點就在于，具有市場深度和流動性的美國資產在支撐著它，并且這些資產還對全球的投資者開放。除了近期鋪天蓋地宣傳報告的點心債券之外，中國能給予人民幣的支撐則少之又少。根據瑞銀股份有限公司北京首席新興市場經濟學家喬納森安德森的估算，全球投資者可以購買的包括債券和股票在內的美國資產總值達到了56萬億美元。與此同時，市場可以購買到的歐元區資產達到了29萬億美元，日本資產方面則達到了17萬億美元。但對于中國資產來說，外國投資者能夠接觸的資產總值僅為0.3萬億美元。安德森先生指出，中國開放資產的程度使得人民幣的地位與菲律賓比索相當，僅僅比秘魯索爾高一點點。 What is holding the yuan back? The answer is China itselfboth by circumstance and, moreimportantly, by design. For a currency to go global, there has to be a path for it to leave itscountry of origin. The easiest route is via a trade deficit. For example, since the UnitedStates imports more than it exports, it in effect adds to global holdings of dollars on a dailybasis. That does not work for China, which almost always runs a large trade surplus. It hastried to solve this problem by offering to pay for imports in yuan, while still accepting dollarsfor its exports. 是什么在阻礙著人民幣發展?答案就是中國自身。不僅僅是中國的現實環境所造成的，更重要的是中國制度設計上的原因。如果一種貨幣要走向全球，那么必須存在一個通道能讓其離開它的本國，而簡單的方法莫過于貿易逆差。比方說，由于美國進口產品的總值要大于其出口，因而實際上每天都有美元流到國際市場當中。但這對于中國來說是行不通的，因為它幾乎總處于貿易順差的情況。中國已經嘗試通過在對出口商品收取美元的同時，對進口商品支付人民幣的方法來解決問題。 Yet this approach can go only so far, because of the design of the Chinese system.Foreigners paid in yuan cannot do much with the currency and thus look askance at it. Chinacould change this at a stroke by flinging open its capital account. There is speculation that itmight do just that as debate about financial reform intensifies in Beijing. But Yu Yongding, aformer adviser to the central bank, predicts that caution will prevail, with the governmentslowly lowering its wall of capital controls rather than demolishing it. That would be far betterfor China s financial stability. But it also means that the chasm between the hype about theyuan and the mundane reality is likely to widen. 然而，由于中國貨幣系統設計的因素，導致了上述方法的作用十分有限。即便外國人在貿易過程中接受人民幣也改變不了宏觀現實，并且他們會因此產生對此種清算方式的厭惡情緒。目前，有人預測人民幣將進行大刀闊斧的激進改革，而這引起的波瀾將如同北京新一輪的經濟改革所引起的爭論一樣。但前央行貨幣委員會委員余永定預計，穩健依舊會是中國政府的主要方針。他表示中國政府會緩慢降低資本管制的標準，而不是一蹴而就地開放資本市場。誠然，這樣的做法更有利于中國經濟的穩定性。與此同時，這也意味著人民幣熱潮所鼓吹的愿景，很可能將與現實漸行漸遠。 詞語解釋 1.translate into 翻譯成把轉化成 Higher net profits generated by the employeetranslate into higher bonuses. 雇員創造更高的凈利潤，將轉化為更高的獎金。 That boon from china trade could translate into anindia boom. 中國對印度的大量出口可以轉化為印度的繁榮。 2.bond market 債券市場 The bottom fell out of the muni bond market as a result. 美國市政債券市場因此再創新低。 Cooperman said investors could lose as much as 20% in the bond market in the next threeyears. 庫珀曼稱，未來三年，債券投資者的損失可能高達20%。 3.agree to 同意，贊成 Did we agree to one? 我有答應過么? I quite agree to your opinion. 我很贊成你的看法。 4.account for 導致，引起 Do women account for more of today s affairs? 如今女性在婚外情中所占比例是不是更大? Philosophers had long wondered how to account for essences. 長期以來，哲學家們困惑于如何說明這些本質。
