英語口譯 央行行長建議創建新國際儲備貨幣

China's central bank yesterday proposed replacing the US dollar as the international reserve currency with a new global system controlled by the International Monetary Fund.
中國人民銀行(People's Bank of China)昨日提議，創建一個由國際貨幣基金組織(IMF)控制的新全球體系，取代以美元作爲國際儲備貨幣的現行體系。

In an essay posted on the People's Bank of China website, Zhou Xiaochuan, the central bank's governor, said the goal would be to create a reserve currency “that is disconnected from individual nations and is able to remain stable in the long run, thus removing the inherent deficiencies caused by using credit-based national currencies”.
央行行長周小川在央行網站發表文章表示，改革的目標是“創造一種與主權國家脫鉤、並能保持幣值長期穩定的國際儲備貨幣，從而避免主權信用貨幣作爲儲備貨幣的內在缺陷”。

Analysts said the proposal was an indication of Beijing's fears that actions being taken to save the domestic US economy would have a negative impact on China.
分析人士表示，這一提議表明，北京擔心美國拯救本國經濟所採取的措施會對中國產生負面影響。

“This is a clear sign that China, as the largest holder of US dollar financial assets, is concerned about the potential inflationary risk of the US Federal Reserve printing money,” said Qu Hongbin, chief China economist for HSBC.
匯豐(HSBC)中國區首席經濟學家屈宏斌表示：“這是個明確的跡象，表明作爲美元金融資產的最大持有者，中國對美聯儲(Fed)印鈔行爲的潛在通脹風險表示擔憂。”

Although Mr Zhou did not mention the US dollar, the essay gave a pointed critique of the current dollar-dominated monetary system.
儘管周小川並未提及美元，但文章對當今美元主導的貨幣體系提出了尖銳批評。

“The outbreak of the [current] crisis and its spillover to the entire world reflected the inherent vulnerabilities and systemic risks in the existing international monetary system,” Mr Zhou wrote.
他寫道：“此次金融危機的爆發並在全球範圍內迅速蔓延，反映出當前國際貨幣體系的內在缺陷和系統性風險。”

China has little choice but to hold the bulk of its $2,000bn of foreign exchange reserves in US dollars, and this is unlikely to change in the near future.
除了以美元形式持有2萬億美元外匯儲備中的大部分資產，中國幾乎沒有其它選擇，這種情況在短期內不可能得到改變。

To replace the current system, Mr Zhou suggested expanding the role of Special Drawing Rights, which were introduced by the IMF in 1969 to support the Bretton Woods fixed exchange rate regime but became less relevant once that collapsed in the 1970s.
爲了取代當前體系，周小川建議拓寬特別提款權(SDR)的作用。IMF於1969年推出SDR，以支持佈雷頓森林體系(Bretton Woods)下的固定匯率制，但在該體系於上世紀70年代崩潰後，SDR的相關性有所下降。

Today, the value of SDRs is based on a basket of four currencies – the US dollar, yen, euro and sterling – and they are used largely as a unit of account by the IMF and some other international organisations.
目前，SDR的計值基於4種貨幣——美元、日元、歐元和英鎊——組成的一籃子貨幣，同時，IMF及其它一些國際機構正廣泛將其用作記賬單位。

China's proposal would expand the basket of currencies forming the basis of SDR valuation to all major economies and set up a settlement system between SDRs and other currencies so they could be used in international trade and financial transactions.
中國提議將構成SDR計值基礎的籃子貨幣範圍擴大到所有主要經濟體，並建立SDR與其他貨幣之間的清算體系，使其能成爲國際貿易和金融交易的支付手段。

Countries would entrust a portion of their SDR reserves to the IMF to manage collectively on their behalf and SDRs would gradually replace existing reserve currencies.
各國將委託IMF代表它們集中管理一部分SDR儲備，而SDR將逐步替換現有儲備貨幣。

Mr Zhou said the proposal would require “extraordinary political vision and courage” and acknowledged a debt to John Maynard Keynes, who made a similar suggestion in the 1940s.
周小川表示，這份提議將需要“超凡的遠見和勇氣”，此外他還指出，約翰•梅納德•凱恩斯(John Maynard Keynes)在上世紀40年代就曾提出類似建議。

Words and Expressions

Special Drawing Rights 特別提款權
Bretton Woods 佈雷頓森林體系
fixed exchange rate regime 固定匯率制