媒体评论 10.docVIP

媒体评论 ???? THE organisers of this year’s annual meetings of the International Monetary Fund and World Bank, held in Washington, DC, on October 8th–10th, wanted to jazz up what can often be tedious gatherings. 今年10月8—10日在华盛顿举行的国际货币基金组织和世界银行年度会议，希望能够一改以往沉闷乏味的风格。 There were fewer turgid official speeches, more snazzy seminars and even an outdoor caf 将会减少冗长的官方发言，增设更时髦的研讨会和室外咖啡会。 Unfortunately, despite the sunshine and swish surroundings, the meetings were depressing, dominated by dark talk of global currency wars. 不幸的是，四周阳光明媚、鸟语花香，因全球货币战争，会议依旧令人沮丧。 ???? Policymakers traded barbs about whose actions harmed the world economy most. 决策者的交易给世界经济带来了巨大的损害。 Rich countries, especially America, focused on China’s unwillingness to allow the yuan to rise. 许多发达国家，尤其是美国，都把注意力集中在不愿增值的人民币上。 Tim Geithner, the treasury secretary, set the tone with a tough admonition just before the gathering began. 聚会开始前，财政部部长，蒂姆.盖特纳就以艰难的口吻发表讲话。 China’s unwillingness to allow the yuan to rise, he said, created a “dangerous dynamic” of “competitive non-appreciation” in emerging economies. 他说，中国不愿意让人民币升值，是在新兴经济体里创建一种“不竞争升值”的“动态危机”。 Excess accumulation of reserves, he added later, was leading to “serious distortions” in the world economy. 他后来还补充说道，过量的储备积累会导致世界经济的“严重扭曲”。 ???? Nonsense, responded China’s officials. 中国官员回应说，这简直是无稽之谈。 The biggest distortion, they argued, came from the rich world’s ultra-loose policies, particularly the expectation that America’s Federal Reserve would soon reactivate a policy of “quantitative easing” (printing money to buy government bonds). 他们认为，最大的扭曲，是来至于富裕国家过度宽松的货币政策，特别是美国联邦储备局预期重新激活的“量化宽松”（印钞票购买国债）政策。 Such massive liquidity creation, said Zhou Xiaochuan, the governor of China’s central bank, would swamp emerging economies with destabilising capital inflows. 中央银行行长周小川表示，这种大规模的流动性生产将会使新兴经济陷入资金不稳定的泥沼。 ???? Officials from other emerging economies also fretted about the consequences of the rich world’s policy choices. 其他新兴经济体的官员也对发达国家的政策将会造成的后果感到担忧。 Several argued against