A Mao in every pocket 人人都爱人民币.doc

A Mao in every pocket 人人都爱人民币 China grapples with a huge potential export: its currency 中国紧握一张出口王牌：人民币 CHINA likes to cover large distances in small steps. Last month it said that a few lucky foreign banks, including central banks, could invest some of the yuan they hold offshore in local Chinese bonds. The first to take up the offer was Malaysia’s central bank, the Financial Times reported this week. With that purchase, another stone was removed in the great wall shielding China’s currency from the outside world. 中国人做事强调“不积跬步，无以至千里”。上个月，中国称，一些幸运的外国银行，包括外国中央银行，可以用它们手中的人民币投资中国的债券市场。据金融时报报道，马来西亚中央银行首先进行了投资。这表明，中国保卫自己货币的坚实城墙又被突破了一点点。 Global currencies emerge sporadically—the dollar in the first half of the 20th century, the euro over the past decade. That China could even have a plausible claim to such a thing is a remarkable turnaround. Its monetary policy and its mints were often in such wretched shape before the 1949 revolution that old Mexican silver dollars still circulated. The very word “yuan” is a contraction of “yang yuan”, or “foreign round coin”. After the revolution the currency situation got even worse, with ration coupons playing a role in transactions. International deals went through the creaking hands of the Bank of China or, quietly, black markets. It was only in 1994 that a unified, official exchange rate was established. 国际货币在市场上轮流坐庄——20实际上半叶是美元，近十年来是欧元。现在风水轮流转——中国人理所当然地要求，该轮到人民币了。在1949年革命前，中国的货币政策以及货币体系非常糟糕，那是甚至墨西哥银元还在流通。“元”这个字就是“银元（外国圆形硬币）”的简称。1949年革命后，货币情况更加混乱，那时配给卷大行其道。国际交易只能通过中国银行，或者偷偷地通过黑市进行。直到1994年后，中国才建立起一个统一的，官方的汇率。 After solidifying the role of its currency in its domestic market China resisted the next logical step. It kept a tight grip on the flow of capital across its borders. And even as its companies conquered world markets, they priced their goods in other people’s money. The limits on conversion allow China’s authorities to steer the economy and control business. But this strategy has exposed China’s companies to potential foreign-