为什么一个强劲的美元对世界经济不利(一)

时间:2017-01-08 00:00:00   |    邵阳红人馆

THE world’s most important currency is flexing its muscles.
全球最重要的货币正在量肌肉。
In the three weeks following Donald Trump’s victory in America’s presidential elections, the dollar had one of its sharpest rises ever against a basket of rich-country peers.
川普胜选后的三周,美元经历了一次相对众多富国货币的强劲升值。
It is now 40% above its lows in 2011. It has strengthened relative to emerging-market currencies, too.
现在相对于2011年的低点,美元升值了近4成。且美元兑新兴市场货币也在升值。
The yuan has fallen to its lowest level against the dollar since 2008; anxious Chinese officials are said to be pondering tighter restrictions on foreign takeovers by domestic firms to stem the downward pressure.
人民币兑美元汇率已经涨至自2008年以来的新高,据说焦虑的中国官员为缓解下行压力正考虑加强对国内企业海外收购的管制。
India, which has troubles of its own making (see article), has seen its currency reach an all-time low against the greenback.
印度由于自身原因,兑美元汇率已达历史最低
Other Asian currencies have plunged to depths not seen since the financial crisis of 1997-98.
其他亚洲货币也出现了自98年金融危机以来的最大跌幅。


  1. pouder

    to think carefully about something for a long time before reaching a decision.

  2. takeover

    商业的收购或者武装的接管

  3. stem

    If you stem  something, you stop it spreading, increasing, or continuing.

  4. all time

    空前的,迄今为止最.. 的

  5. plunge

    to fall quickly from a high position


The dollar has been gradually gaining strength for years. But the prompt for this latest surge is the prospect of a shift in the economic-policy mix in America.
近几年美元一直在积攒力量,但最近大涨的推动力来源于对美国经济政策组合改变的预期。
The weight of investors’ money has bet that Mr Trump will cut taxes and spend more public funds on fixing America’s crumbling infrastructure.
投资者已将大笔资金下注,认为川普会减税并改善美国每况愈下的基础设施。
A big fiscal boost would lead the Federal Reserve to raise interest rates at a faster rate to check inflation.
大手笔的财政刺激计划会促使美联储更快加息以应对通胀。
America’s ten-year bond yield has risen to 2.3%, from almost 1.7% on election night. Higher yields are a magnet for capital flows.
美国十年期债券收益已经从大选之夜的约1.7%涨至2.3%,高收益则会吸引市场资本。


  1. prompt

    to cause something to happen or be done

  2. crumble

    • to break something into very small pieces, or to be broken into very small pieces

    • to stop existing or being effective

      The government seemed powerless to prevent its weak economy from crumbling further.

  3. infrastructure

    基础设施

  4. boost

    • to help something to increase, improve, or become more successful

    • to make someone feel more positive or more confident


Zippier growth in the world’s largest economy sounds like something to welcome.
全球最大经济体的更快增长听起来像个好消息。
A widely cited precedent is Ronald Reagan’s first term as president, a time of widening budget deficits and high interest rates, during which the dollar surged.
里根第一任任期就是个广为人知的类似先例,由于美元大幅升值,致使贸易逆差扩大和利率升高。
That episode caused trouble abroad and this time could be more complicated still.Although America’s economy makes up a smaller share of the world economy, global financial and credit markets have exploded in size.
那次风波波及海外,而这次情况甚至会更加复杂。虽然美国经济在全球经济的份额减少,但在全球信贷市场的份额却剧增。
The greenback has become more pivotal. That makes a stronger dollar more dangerous for the world and for America.
美元变得至关重要,这也使得更强劲的美元对全球和美国也更危险。


  1. zip

    If you say that something or someone zips somewhere, you mean that they move there very quickly.

  2. cited

    引用,提到

  3. precedent

    先例

  4. pivotal

    extremely important and affecting how something develops


Novus ordo seclorum.
世界新秩序
America’s relative clout as a trading power has been in steady decline: the number of countries for which it is the biggest export market dropped from 44 in 1994 to 32 two decades later.
美国在全球经贸的影响力在持续走低,以美国为最大出口市场的国家从1994年的44个降至二十年后的32个。
But the dollar’s supremacy as a means of exchange and a store of value remains unchallenged.
但美元作为结算和保值货币的霸主地位并未改变。
Some aspects of the greenback’s power are clear to see.
展现美元的力量在很多方面显而易见。
By one estimate in 2014 a de facto dollar zone, comprising America and countries whose currencies move in line with the greenback, encompassed perhaps 60% of the world’s population and 60% of its GDP.
根据2014年对美元区的一项估算,(包含美国和其他汇率跟随美元的国家),实际的美元区涵盖了全球六成人口和他们的六成GDP。


  1. clout

    the authority to make decisions, or the power to influence events

  2. encompass

    • to include a lot of people or things

    • to include or surround an area completely


未完待续


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