金融英语学习资料16 中英文对照

China is America’s single largest foreign creditor, holding about 8 per cent of the stock of US Treasuries. Most Chinese netizens and opinion makers are not knowledgeable about the country’s budget dispute. But almost all Chinese people understand that the US government has been playing the world economic game to its advantage.中国是美国最大的单一外国债权人，持有未清偿美国国债的大约8%。

中国大多数网民和舆论引导者对美国的预算纠纷不甚了了，但几乎所有中国人都明白，美国政府一贯出于本国利益参与世界经济游戏。

The US issues, at rates of almost zero, Treasuries that are bought by investors all over the world. So long as the federal government increases the debt stock at a pace slower than the US gross domestic product growth rate (usually 2-4 per cent a year) minus the real interest rate (zero, or even negative in recent years), it can roll over the debt almost for ever, never worrying about paying it back.美国以接近于零的票面利率发行国债，这些国债被世界各地的投资者买下。

只要美国联邦政府增加债务总量的速度低于国内生产总值增速（通常为每年2%至4%）减去实际利率（近年为零甚至负数），它就能够几乎永远滚转债务，永远不需要为还债操心。

What is intriguing to most Chinese analysts is that Congress and the White House do not seem to understand the game’s benefits. The evidence is the US budgetary mess. Bitter fights over government budgets are commonplace among politicians all over the world. This is a good thing. But a technical default OF some of the existing Treasury bonds would be the beginning of the end for the wonderful game the US federal government has been playing.在中国的多数分析人士看来，耐人寻味的是美国国会和白宫似乎不明白这场游戏给美国带来的好处。

证据便是美国的预算乱局。

举目世界各国，政界人士围绕政府预算展开激烈争斗是相当常见的事。

这是一件好事。

但是，如果美国的一部分现有国债发生技术性违约，那将标志着美国联邦政府一直在玩的奇妙游戏进入终局。

What is equally difficult to understand, from the perspective of many academic economists, is the Chinese government’s attitude and behaviour regarding the American debt issue. For many years, economists in China have argued that the government should diversify away from Treasuries, anticipating the US government’s continued high large primary budget deficit and political disputes.从许多经济学者的视角看，中国政府在美国债务问题上的态度和行为同样令人费解。

多年来，中国的经济学家一直主张，政府应当减少对美国国债的投资，因为他们担心美国政府的政治争吵和持续高企的基本预算赤字。

But Beijing has actually increased its exposure. Many argue that this is because of a lack of alternative ways to manage China’s large foreign currency reserves.可是，中国官方实际上增加了对美国国债的敞口。

许多人辩称，这是因为缺乏替代手段管理中国庞大的外汇储备。

This is an incorrect supposition.这个命题是不正确的。

One alternative – although it might not be easy – is to sell half of its Treasuries (about $1.2tn) and to allocate the funds among three categories of financial asset.一个替代方案（尽管不容易实施）是，出售中国所持的美国国债的一半（大约 1.2万亿美元），然后将资金配置到以下三个类别的金融资产：First it could buy up to 5 per cent of the shares of all multinationals that have been operating in the Chinese market and are listed on global stock exchanges. Buying shares in these companies is like investing in China itself.首先，中国可以购买在中国市场开展经营、并在全球各地证交所上市的所有跨国公司至多5%的股票。

购买这些公司的股票，就像在投资于中国自己。

Second, it should increase the holdings of all non-US sovereign bonds rated higher than double A plus, such as German or Australian government bonds. This can help hedge against the risk of a dollar depreciation against other currencies.其次，中国应当增持美国以外所有评级高于AA+的主权债券，如德国或澳大利亚国债。

此举将有助于规避美元相对于其它货币贬值的风险。

Third, it could buy up to 5 per cent of the shares of public utility companies in mature market economies. Such an approach would greatly reduce Beijing’s dependence on Treasuries.第三，中国可以购买成熟市场经济体公用事业公司至多5%的股票。

这个方案将大幅降低中国官方对美国国债的依赖。

The only explanation for the Chinese government’s interest in Treasuries is its relationship with the US. China’s holding represents both a “hostage” scenario and a bonding instrument for the two largest economies in the world.中国政府对美国国债如此感兴趣，唯一的解释在于中美关系。

中国持有巨额美国国债，既构成了一种“人质”情形，也是一件把全球两大经济体捆绑在一起的工具。

Each year in May, a Chinese vice-premier and the US secretary of state engage in a Strategic and Economic Dialogue. The Chinese holding of the US Treasuries reminds the American delegates to tone down their attacks on issues such as alleged currency manipulation or subsidies to state-owned enterprises.每年5月，中国的一名副总理和美国国务卿都会展开战略与经济对话。

中国持有巨额美国国债的事实，有助于提醒美方代表降低对中国的批评分贝——无论是所谓的汇率操纵还是补贴国有企业。

It is indeed a delicate political economy equilibrium – and would quickly collapse if the US political situation created a realistic threat of default. Even if the US is able to avoid the catastrophe of a default, the potential for a repeat of the uncertainty means there are no guarantees the Chinese government can resist domestic pressure, not least from economists, calling for diversification away from investments in Treasuries. Netizens are also stepping up the pressure on China’s decision makers to stop lending to the US federal government.这的确是一种微妙的政治经济平衡，而如果美国政治形势导致现实的违约威胁，这种平衡将很快崩溃。