Question

帮忙翻译一段英文,谢谢

In recent work, Rahman and Thorbecke (2006) find that a joint appreciation in Asia would have a much larger effect on China's exports than a unilateral appreciation of the RMB. Thus, if China and other East Asian countries are concerned about rebalancing their economies, a joint appreciation would be more effective.

Achieving a Joint Appreciation in East Asia

To achieve a joint appreciation China and other countries in East Asia with less flexible exchange rates should adopt more flexible regimes. These regimes could be characterized by two elements: 1) a multiple currency basket-based reference rate instead of a dollar-based central rate, and 2) a wider band around the reference rate.

These two elements would provide policy-makers with greater flexibility in managing the speed and magnitude of any necessary appreciation while still taking into account their own individual economic conditions.

A free float would cause exchange rates to more accurately reflect market fundamentals. However, given the shallow and narrow domestic capital markets in some East Asian economies, a free float for some countries would generate excessively volatile exchange rates and harm economies in the region that are highly exposed to fluctuations in international trade.

Thus, greater exchange rate flexibility in the context of a multiple currency basket-based reference rate with a band rather than a free floating regime would be appropriate for China and other economies in emerging Asia. This would allow the regional trade surpluses arising from processing trade to produce appreciations throughout the region, contributing to an orderly rebalancing in the global economy. This in turn would help China to achieve its goal of promoting production for domestic markets, allowing Chinese consumers to enjoy the fruits of their own labor.

Answer 1

在最近的研究中， Rahman 和 Thorbecke (2006)发现，亚洲国家货币的共同升值比人民币单独升值对中国出口的影响更大。就是说，如果中国和其它东亚国家需要恢复其经济平衡，共同升值更有效。

在东亚实现共同升值

中国和东亚其它国家要想在较低的汇率灵活性下实现共同升值就需要更灵活的政策。这样的政策有两个要素：1.一揽子多参考货币的汇率，而不是以美元为参考的单一汇率；2。更宽的汇率参考范围。

这两个要素给决策者在控制必要的升值速度和幅度时以更多的灵活性，同时顾及各自国家的经济状况。

自由浮动汇率能更精确的反映市场规律。不过，一些东亚经济体由于国内资本市场狭小，自由浮动的汇率会对某些国家（与波动的国际贸易高度接触的地区）产生严重的汇率波动并损害经济。

因此，采用更灵活的、一定范围的、多种参考货币的一揽子汇率政策比一个自由浮动汇率政策对中国和其他这些兴盛的亚洲经济体更合适。这样，该地区的地区贸易盈余可以来自从加工贸易到产品升值的各个领域，并对全球经济的有序的恢复平衡作出贡献。由此也有助于中国实现其在国内市场促进生产的目标，以可以使中国的消费者享受到自己的劳动果实。

Answer 2

在最近的工作, 拉赫曼和thorbecke ( 2006 )则认为联合升值,亚洲将有较大的影响,对中国出口 不是单边人民币升值. 因此,如果中国和其他东亚国家所关心的平衡发展本国经济, 联合升值将更为有效.

实现共同赞赏东亚

为了实现一个共同赞赏中国和其他东亚国家的不太灵活的汇率应采取更为 灵活制度. 这些制度的特点可以由两部分组成: 1 )多一篮子货币为基础的参考利率,而非一个以美元为基础的中央利率 2 )广泛乐队周围的参考利率.

这两项因素将提供决策者提供了更大的灵活性,在处理速度和规模的任何必要,而升值 还是要考虑到自己个人的经济条件.

自由浮动会导致汇率更准确地反映市场的基础. 不过,由于浅薄和狭隘的国内资本市场,在一些东亚经济体 自由浮动对某些国家会产生过多的汇率波动和损害的经济地区, 高度接触波动的国际贸易.

因此, 更为灵活的汇率,在一个多篮子货币的参考汇率同一个波段,而非 自由浮动汇率制度是适合中国及其他经济体,亚洲新兴经济. 这将使该地区的贸易盈余产生的加工贸易产生appreciations整个地区, 促进有序均衡地参与全球经济. 这将有助于中国实现其目标,促进了生产,为国内市场, 让中国消费者能享受自己的劳动