Question

高分悬赏 翻译论文 英译中！

The economic costs of the
Decision inflexible exchange rate
now outweigh its beneflts.
BY CHI LO
revaluation of the yuan, as sotne have been push-
ing for, will not work to correct the giobai sav-
ing-investment imbalance, as I argued in the
spring 2007 issue of TIE. A recent Bank of
Enghmd research paper has added a new angle to
this view. However, China has likely come to a
point where bolder changes are needed to move
Athe developmeni process forward. This is because
the distortions resulting from the current policy approach are likely to
worsen, raising welfare costs and generating systemic instability down the
road. The yuan policy is a case in point. Signs are emerging that the eco-
nomic costs of the inflexible exchange rate are outweighing the benefits.
China may risk drawing the wrong lesson from the Asian crisis by fix-
ing its exchange rate for too long and focusing on building up foreign
reserves. China was least affected by the regional crisis, thanks to its strict
capital controls. And by refusing to devalue at that time, it prevented aggia-
vating financial contagion in Asia.
By the same token, the yuan's crawling peg and the consequent rapid
build-up of foreign reserves have led to excessive liquidity growth and cre-
ated serious economic distortions, notably in the a.sset markets where asset
price inflation has been rampant. These economic imbalances could lead to
vulnerabilities like the massive capital inflows, credit boom, excessive
investment, and economic bubbles in the lun-up to the Asian crisis. All this
is not to say that China should change its yuan regime at once., but it does
suggest that Beijing should seriously think about an exit strategy for the
current yuan policy.
The Chinese authorities have long argued that a stable currency is in the
best interest of the country. The argument has evolved into curbing the yuan
exchange rate from rising on the back of a massive balance of payments sur-
plus in recent years. However, the Chinese authorities' fears about a sharp
Chi Lo i.s Investment Research Director for Ping An of China Asset
Management {Hong Kong) Co. Ltd.. and author of Under^XxiMmg
China's Growth (Palgrave Macmiilan, 2007).
E INTERNATtONAL ECONOMY FALL 2007

Answer 1

经济成本的
决定弹性的汇率
现在超过其beneflts 。
由智路
人民币升值，作为sotne已推
荷兰为，将不会工作，以纠正giobai sav -
荷兰-投资的不平衡，正如我说，在
2007年春季的问题，配合。最近银行
enghmd的研究论文已增添了一个新的视角
这个看法。但是，中国可能已经到了一个
点胆子有需要改变动议
athe developmeni进程向前发展。这是因为
扭曲导致从目前的政策取向有可能
恶化，提高福利的成本和产生系统性不稳定下来，
道。人民币汇率政策是一个很好的例子。迹象正在出现，该生态
nomic成本的弹性，汇率是重的好处。
中国可能的风险制定了错误的教训，从亚洲金融危机所修复-
荷兰汇率太久，着眼于建立外交
储备。中国是最少受影响的区域危机，由于其严格
资本管制。和拒绝贬值，在那个时间，它阻止aggia -
vating金融在亚洲的蔓延。
出于同样的原因，人民币的爬行钉住和相应的快速
累积的外汇储备已经导致流动性过剩的增长和综合招聘考试-
ated严重的经济扭曲，尤其是在a.sset市场资产
物价通胀率一直十分猖獗。这些经济上的不平衡，可能会导致
漏洞一样，大量的资本流入，信贷繁荣，过度
投资和经济泡沫，在伦到亚洲金融危机。这一切，
这不是说中国应改变其政权元一次，但它确实
建议，北京应该认真想一想，一个撤出战略，为
目前元的政策。
中国当局已久认为，一个稳定的货币是，在
最好的国家利益。的论点，已演变成遏制元
汇率上升在背部，一个大规模的国际收支平衡表sur -
再加上在近年。不过，中国当局担心急剧
迟浩田劳是投资研究部主任为中国平安资产
管理（香港）有限公司。作者根据^ xximmg
中国的经济增长（帕尔葛莱夫麦macmiilan ， 2007年） 。
e internattonal经济属于2007年

Answer 2

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