本币汇率

然而，减少消费支出只会导致gdp下滑，除非与此同时本币汇率也在下降、令出口得到提振而这在欧元区内部是办不到的。

But reduced consumer spending would just cause GDP to decline unless there was also a fall in the exchange rate to stimulate exports something precluded within the eurozone .

20国集团（g20）成员国同意不为获得竞争优势而把本币汇率当作目标，但催生“汇率战争”说法的紧张局势依然存在。

G20 nations agreed not to target their exchange rates in search of a competitive edge but the tensions that led to talk of a " currency war " remain .

imf的报告还指出，直接资本管制不能替代针对资本快速涌入的宏观经济对策，例如收紧财政政策、降息以及允许本币汇率走高。

The IMF continued to argue that direct capital controls were not a substitute for macroeconomic responses to rapid inflows , including tightening fiscal policy , cutting interest rates and letting the exchange rate rise .

同时，乌克兰周三还与IMF就新的纾困方案进行谈判。最近几周，乌克兰的外汇储备骤减，本币汇率急剧下跌。

Meanwhile , Ukraine , which has seen its foreign currency reserves and the value of its currency plunge in recent weeks , was in talks on Wednesday with the IMF on a new bailout .

美国财长蒂姆盖特纳（TimGeithner）在任命听证会上书面答复参议员问题时表示：奥巴马总统认为，中国正在操纵其本币汇率，这是以各界经济学家的结论为依据的。

In written answers to questions from senators at his confirmation hearing , Tim Geithner , the treasury secretary , said : President Obama backed by the conclusions of a broad range of economists believes that China is manipulating its currency .

IMF的其它大多数成员国，尤其是新兴市场，发现自己两头为难&既担心人民币汇率失调冲击本国制造商，又担心廉价借入美元的投资者为了寻求收益率而推高本币汇率。

Most other member governments of the IMF , particularly the emerging markets , find themselves somewhere between the two – concerned about Chinese currency misalignment undercutting their manufacturers but also worried that investors with cheap borrowed dollars are driving their currencies higher in the search for yield .

瑞士进行了大举干预，以压低本币汇率。

Switzerland has intervened substantially to hold its currency down .

另一个办法是允许资金流入，同时让本币汇率升值。

Another possibility is to allow the money in and let exchange rates appreciate .

随着日本和瑞士试图压低本币汇率，早期小规模冲突已然爆发。

Early skirmishes are beginning as Japan and Switzerland try to weaken their exchange rates .

在政府官员看来，本币汇率波动过大，他们的主要目的是遏制这种波动。

Officials are primarily aiming to curb what they see as excessively wild swings in their currencies .

在累积强劲经常账户盈余的同时故意压低本币汇率，这种做法引起了华盛顿方面的关切。

Deliberately weakening a currency while running a strong current account surplus has raised eyebrows in Washington .

美国此项法案将寻求对那些美国认为故意压低本币汇率的国家施加压力。

The US bill will seek to put pressure on countries that the US determines are deliberately misaligning their currencies .

最极端的例子是中国及其周边国家通过大规模干预，将本币汇率保持在严重低估的水平。

The most extreme case is the massive intervention by China and surrounding countries to keep their currencies severely undervalued .

其它发展中国家也对通胀感到不安，这种通胀是由热钱涌入、推高它们本币汇率或使它们的经济体充斥流动性所致。

Other developing countries are also feeling uncomfortably inflated by the hot money pushing up their currencies or flooding their economies .

但它同时也是贸易大国中唯一采取资本管控、以阻止本币汇率升至市场水平的国家。

And yet it is the only major trading nation to use capital controls to prevent its currency rising to market levels .

充足的外汇储备可以满足本国政府调节国际收支、偿还外债的需求，同时也是国家直接干预汇市，维持本币汇率稳定的重要手段。

Adequate foreign exchange reserves can meet the national government need to regulate the balance of international payments , and pay external debt .

尽管在新兴市场国家还在通过刻意压低本币汇率来推动经济增长时，没有任何国家强烈要求改变现状。

Although no one was banging the table for change when emerging growth rates were still being powered by deliberately undervalued domestic currencies .

这种趋势只会增加其他亚洲新兴经济体压低本币汇率并积累外汇储备的压力。

These trends only add to the pressure on other Asian emerging economies to hold down the value of their currencies and accumulate reserves .

如今，在美国和一些将本币汇率与美元挂钩的国家（包括中国）之间，也不存在这种共识。

Nor does one exist now between the US and the several countries including China which have pegged their exchange rate to the dollar .

这还可能使一些发展中国家稳定本币汇率的努力难度加大。对于这些倚重出口业来发展经济的国家来说，稳定汇率是一项重要任务。

It also complicates efforts by some developing markets to hold their currencies steady , an important mission because their economies tend to be export-driven .

一些担心热钱正推升本币汇率的央行（如巴西央行），正对资本流入施加管控措施。

Some central banks , concerned about the hot money driving up their currencies , as in Brazil , are imposing controls on capital inflows .

试图压低本币汇率的国家正在增多，这也使得在全球经济论坛上协调这一问题变得更加困难。

The proliferation of countries trying to manage their exchange rates down is also making it difficult to co-ordinate the issue in global economic forums .

新兴市场现在不太容易遭受货币危机的冲击，因为它们积累了巨额外汇储备，而且（大多数国家）允许本币汇率自由浮动。

Emerging markets are less vulnerable to currency crises now , as they have built reserves and ( mostly ) allowed their currencies to float .

美国财政部依法必须每半年提交一份报告，表明重要贸易伙伴国是否在操纵其本币汇率、以获取相对美国的贸易优势。

By law , the Treasury must produce semi-annual reports that declare whether important trading partners manipulate their currencies to gain trade advantages against the US .

但这对其他国家的央行造成了影响，因为随着瑞士重新向市场抛售欧元，这些国家的本币汇率随之走高。

But that has consequences for other central banks , whose own currencies are rising in value as Switzerland sells its euros back to the market .

但其它国家尤其是美国和欧洲“金本位集团”国家调整本币汇率的能力严重受限。

But others , most obviously the US and European " gold bloc " countries , were sharply constrained in their ability to adjust their currencies .

美国立法者已经提出针对中国的法案，以惩罚那些操纵本币汇率的国家。此举受到中国官员的坚决反对。

US lawmakers have already proposed legislation targeting China that would punish countries for manipulating their currencies , a move that Chinese officials have strenuously opposed .

其中一个原因是，北京方面目前没有奉行亚洲传统的重商主义政策，即不玩压低本币汇率以支持出口的零和游戏。

That is partly because Beijing is not pursuing the conventional Asian mercantilist policy of driving down its currency to support exports in a zero sum game .

克莱恩和威廉姆森的估算显示，汇率失调主要局限于规模较小的经济体，比如澳大利亚和新西兰（本币汇率被高估），以及台湾和马来西亚（本币汇率被低估）等。

The estimates suggest misalignments are mainly confined to smaller economies such as Australia and New Zealand ( overvalued ) and Taiwan and   Malaysia  ( undervalued ) .

在人们对全球汇率战争的担忧日益加重之际，亚洲新兴国家政府和央行官员正考虑采取更多干预措施压低本币汇率。

With fears rising about a global currency war , government and central bank officials across emerging Asia are contemplating more intervention to hold down their exchange rates .