economy..doc

1 Some investors were calling for a coordinated currency intervention when officials from the worlds top economies met recently. Instead they got an agreement to consult closely with each other on exchange-rate polices. 最近，当来自世界经济排名国家官员会晤时，一些投资者呼吁协调货币干预政策。然而，各国只是在汇率政策问题上达成一个协议，决定彼此之间保持密切磋商。 No big deal? U.S. officials see it differently, framing the resolution as an important commitment that could help prevent a cascade of global exchange-rate depreciations. 这些磋商没什么大不了的，但是美国官员却并不这么认为。美国将达成的决策看作是一项能有效地遏制全球汇率贬值风险的重大举措。 There wont be any surprises. We wont see countries acting in a way that could trigger the kind of competitive devaluation that leads to potentially a currency war, U.S. Treasury Secretary Jacob Lew said Tuesday. 在周二的时候，美国财政部长雅各布.卢说道：“不用奇怪，我们不会看到国家间竞相货币贬值，引发各国货币战争的局面了。” U.S. officials pushed the language early in the G-20 talks as part of their effort to preempt the type of volatility that has rocked markets over the last year amid historic capital outflows from emerging markets. 在G-20峰会上，美国官员较早地这样表态，也是美国抢占从新兴市场国家流出的资本的一种努力，这些资本曾造成了去年经济市场的汇率动荡。 Investors are particularly concerned China will revert to currency devaluation as its economy slows further. Meanwhile, Europe and Japan are charting unprecedented paths into negative-interest-rate territory in a bid to revive anemic output, policies that depreciate their currencies. Investors worry that China—or even Japan—could spark a dangerous cascade of tit-for-tat currency interventions around the globe if authorities suddenly devalue. 投资者密切关注，认为若中国的经济进一步放缓的话，中国政府将会诉诸于降低汇率的办法。在此期间，欧洲和日本也正在努力刺激出口/使不景气的出口/疲软乏力的出口复兴，制定前所未有的货币贬值等低利率政策。投资者们担心，如果中国或是日本当权者突然让货币贬值的话，可能引发全球范围内的尖锐的/针锋相对的货币干预浪潮。 The G-20 accord matters in a few ways. G-20峰会就以下事项达成了一致。 First, peer pressure may make governments think twice, with officials aware they will face a browbeating by fellow G-20 members if they embark on policies seen as stealing growth from other economies. 首先，来自G-20参加国的压力可能使得各国政府三思而行，各国官员也意思到，若是本国出台了被视为偷窃其他经济体经济增长的政策的话，他们将面临G-