Posted: April 4th, 2009, 4:26 pm
TRADE VIEW-China hints at reduction in US dollar holdings-BoNY
Tue Mar 24, 2009 5:13pm EDT
By Steven C. Johnson
NEW YORK, March 24 （Reuters） - A Chinese proposal to ditch the U.S. dollar for a global basket-based reserve currency suggests China plans a gradual reduction in future dollar accumulation but will not dump its existing stash of U.S. assets, strategists from the Bank of New York-Mellon said on Tuesday.
ditch - 沟、坑……就是论坛上常有人没事儿挖坑，好把人骗进去回贴嘛，所以大家要“摆脱”上这种低级趣味的当，这个ditch就是摆脱的意思了，它是说中国的周财主（周小川出的主意，他可不就是政府的“财主”么）建议大家伙儿搞个全球一揽子储备货币（比如说根据全球多少种主要货物来定个基准货币，这样就防止金融杠杆的负作用，并且可让第三世界国家进入跟老大们分帐的舞台），那背后的意思啊就是说中国要减持美元，不过不会一下就甩了你，要温水泡蛙……瞧人家纽约银行一分析师把大白话说出来了。
China's central bank governor on Monday detailed a plan for the world to use the International Monetary Fund's Special Drawing Right, a currency basket comprising dollars, euros, sterling and yen, as a super-sovereign reserve currency.
这部分主要就两词儿烦，其实大家多看最近的新闻都明白了。IMF,国际货币基金（组织）；SDR，特别提款权，这个当钱，但不是钱，是一种黑社会老大们拥有的权力，所以美国这个黑老大手里的SDR最多。咱户部尚书就说啊，咱要推进改革，把美元、欧元、英镑、日元啥的捆起来凑个超主权储备金吧，那就是说老大你先退下歇会儿。说这尚书咋敢跟黑老大这么说话啊，下文说了，宰相前不久公开说了不放心的话啊，那下面的人还不得把上级的意思给传清楚喽？
That came shortly after Chinese Premier Wen Jiabao urged the United States to maintain its creditworthiness and ensure the security of China's massive stash of U.S. Treasury assets.
“China always says exactly what it means, and this was a very direct message to the U.S. that the appropriate level of dollar holdings in China's currency reserves should be lower,” said Simon Derrick, head of Bank of New York-Mellon's currency strategy team, at a press briefing on currency market outlook.
纽约银行有支金融部队，队长在一次吹风会上说了，中国人啊，它说一不二，这回跟咱交待清了，中国人兜里的美元储备得减。
Rather than suggesting a shift to the IMF's SDR, China may instead be signaling that it wants the dollar share of reserves to decline to about 44 percent, matching the currency's share in the SDR basket, Derrick said.
The euro comprises 34 percent of the SDR basket, created in 1969, while sterling and the yen each account for 11 percent.
Most analysts think the dollar now comprises at least 65 percent of China's nearly $2 trillion reserves. According to the IMF, that's roughly the dollar's share of reserves in countries that, unlike China, reveal the currency allocation.
这两段数字贼多，不过不打紧呵，用不着数学知识。中国人向来礼让、谦虚，没直接说要取代老大的位置，因此这回也没说“咱大家伙儿趁奥巴马同志在，商量好了废了奥家，转到SDR上来吧”的话。中国说，那……老奥吧，你瞧你身子骨这两年也不太好，跟两房那什么美的房事太多，又要救市，这么着吧，咱也不逼你还钱，但咱得把国库里的美元降点，对比着SDR那份，降到四成吧，欧元占个三成多，还有两家占个二成二咋样？那背后的意思，出钱少，超主权（当然现在还不提这个）……SDR份额……直说吧，就是以后这话事人的位子，你屁股得挪一点儿！
NO DUMPING OF DOLLARS
China is the largest holder of U.S. Treasury debt, making it the top U.S. creditor, and Derrick said it worries that huge U.S. fiscal spending aimed at lifting the economy out of crisis will cheapen the dollar and undermine the value of its assets.
这次贷爆了，汽车完了，投行垮了……中国干了这么长时间长工，一觉起来突然发现自己成东家的债主了，而且还是最大一个债主！过去想泡地主家闺女（这地主也不干活，就靠一闺女要车要房，男方不是公务员还不行）……只能是想啊，可这回地主家闺女也得下地干活儿了，这一干活女人家的手就糙了就不值钱了没有魅力了……纽约银行的金融小队长很有政治嗅觉啊，一下就发现了这个问题。
Prime Minister Wen, speaking earlier this month during the annual session of parliament in Beijing, said “we have lent a massive amount of capital to the United States, and of course we are concerned about the security of our assets.”
温相在朝廷开会的时候参过一本，说这下咱杨白劳也得考虑一下黄世仁家的白条的问题啊，不然咋给咱家穷喜儿上街扯两尺红布哪？
What China won't do, Derrick said, is start dumping the Treasury debt it already holds, as that would undermine the value of its existing reserves and cause a rapid spike in the value of the yuan, undermining the economy.
这句就简单了，一个spike是指比率剧幅快速上升，undermine破坏，就是说中国如果抛掉储备的美元，结果就会使人民币升值（美国和欧洲已经在印钱，增加流通中的货币），损害中国经济。下文中的shooting in the foot是说朝自己的脚开枪，相当于搬石头砸自己的脚了。
“China almost certainly won't tamper with its existing reserves, as they would be shooting themselves in the foot,” he said.But reduced Treasury purchases by China and other countries will eventually put pressure on the dollar, he said, because the United States' will have to rely more heavily on printing money to finance massive stimulus spending.
小队长分析说，中国肯定不会动已经买了的美元储备，但是会减少继续购买的量，其它国家也跟着这样干，那最后美元的压力就大啦！为啥？美国人只会花钱救市，那钱如果不是从别人家来的，不只好自己印了么，这印钱……这档口那就是玩死自己啊。
The Federal Reserve said Tuesday it will begin doing just that on Wednesday when it starts buying Treasury debt.
Michael Woolfolk, a senior currency strategist at the Bank of New York-Mellon, said that means the Obama administration must assert repeatedly its belief in a strong U.S. dollar.
“They have to emphasize that, because that is the way to encourage investment and keep inflation low,” he said.
The Bank of New York-Mellon has more than $20 trillion in assets under custody.
美国人想好了，死字当头不如搏一把——自己印钱买下自己的债（有点绕啊，可国家没钱救市，只有国债卖掉才有钱，但银行机构没钱买，不就只能自己印了钱自己买了）。可要这样干，边上的小弟们都不傻啊，虎视着哪，所以你老大得出来吱一声，拳头往胸口砸几通，还得嚷两嗓子——咱身体倍棒、吃牛排倍香，这美元就是硬通坚挺！这样小弟们才只好在虎威下把钱扔你口袋里让你监管着。
_______________________________
以上是路透社3月24日的一篇新闻稿(<a href='http://=http://www.reuters.com/article/marketsNews/idUSN2461991920090324' target='_blank'>=http://www.reuters.com/article/marketsN ... 0090324</a>)，可对照路透社中文网站的对应新闻(<a href='http://cn.reuters.com/article/chinaNews ... 25?sp=true' target='_blank'>http://cn.reuters.com/article/chinaNews ... sp=true</a>)参考其翻译。
BoNY - Bank of New York，纽约银行
dump - 愿意是抛弃、倾倒，路透中文使用的词是出脱、抛售
stash - 指藏着的金钱、武器等，这里包含了美方分析师的一种心态，认为中国国储信息不透明，包括在国际金融动作方面对美国有所隐瞒、不肯按照美国的意图输血
Tue Mar 24, 2009 5:13pm EDT
By Steven C. Johnson
NEW YORK, March 24 （Reuters） - A Chinese proposal to ditch the U.S. dollar for a global basket-based reserve currency suggests China plans a gradual reduction in future dollar accumulation but will not dump its existing stash of U.S. assets, strategists from the Bank of New York-Mellon said on Tuesday.
ditch - 沟、坑……就是论坛上常有人没事儿挖坑，好把人骗进去回贴嘛，所以大家要“摆脱”上这种低级趣味的当，这个ditch就是摆脱的意思了，它是说中国的周财主（周小川出的主意，他可不就是政府的“财主”么）建议大家伙儿搞个全球一揽子储备货币（比如说根据全球多少种主要货物来定个基准货币，这样就防止金融杠杆的负作用，并且可让第三世界国家进入跟老大们分帐的舞台），那背后的意思啊就是说中国要减持美元，不过不会一下就甩了你，要温水泡蛙……瞧人家纽约银行一分析师把大白话说出来了。
China's central bank governor on Monday detailed a plan for the world to use the International Monetary Fund's Special Drawing Right, a currency basket comprising dollars, euros, sterling and yen, as a super-sovereign reserve currency.
这部分主要就两词儿烦，其实大家多看最近的新闻都明白了。IMF,国际货币基金（组织）；SDR，特别提款权，这个当钱，但不是钱，是一种黑社会老大们拥有的权力，所以美国这个黑老大手里的SDR最多。咱户部尚书就说啊，咱要推进改革，把美元、欧元、英镑、日元啥的捆起来凑个超主权储备金吧，那就是说老大你先退下歇会儿。说这尚书咋敢跟黑老大这么说话啊，下文说了，宰相前不久公开说了不放心的话啊，那下面的人还不得把上级的意思给传清楚喽？
That came shortly after Chinese Premier Wen Jiabao urged the United States to maintain its creditworthiness and ensure the security of China's massive stash of U.S. Treasury assets.
“China always says exactly what it means, and this was a very direct message to the U.S. that the appropriate level of dollar holdings in China's currency reserves should be lower,” said Simon Derrick, head of Bank of New York-Mellon's currency strategy team, at a press briefing on currency market outlook.
纽约银行有支金融部队，队长在一次吹风会上说了，中国人啊，它说一不二，这回跟咱交待清了，中国人兜里的美元储备得减。
Rather than suggesting a shift to the IMF's SDR, China may instead be signaling that it wants the dollar share of reserves to decline to about 44 percent, matching the currency's share in the SDR basket, Derrick said.
The euro comprises 34 percent of the SDR basket, created in 1969, while sterling and the yen each account for 11 percent.
Most analysts think the dollar now comprises at least 65 percent of China's nearly $2 trillion reserves. According to the IMF, that's roughly the dollar's share of reserves in countries that, unlike China, reveal the currency allocation.
这两段数字贼多，不过不打紧呵，用不着数学知识。中国人向来礼让、谦虚，没直接说要取代老大的位置，因此这回也没说“咱大家伙儿趁奥巴马同志在，商量好了废了奥家，转到SDR上来吧”的话。中国说，那……老奥吧，你瞧你身子骨这两年也不太好，跟两房那什么美的房事太多，又要救市，这么着吧，咱也不逼你还钱，但咱得把国库里的美元降点，对比着SDR那份，降到四成吧，欧元占个三成多，还有两家占个二成二咋样？那背后的意思，出钱少，超主权（当然现在还不提这个）……SDR份额……直说吧，就是以后这话事人的位子，你屁股得挪一点儿！
NO DUMPING OF DOLLARS
China is the largest holder of U.S. Treasury debt, making it the top U.S. creditor, and Derrick said it worries that huge U.S. fiscal spending aimed at lifting the economy out of crisis will cheapen the dollar and undermine the value of its assets.
这次贷爆了，汽车完了，投行垮了……中国干了这么长时间长工，一觉起来突然发现自己成东家的债主了，而且还是最大一个债主！过去想泡地主家闺女（这地主也不干活，就靠一闺女要车要房，男方不是公务员还不行）……只能是想啊，可这回地主家闺女也得下地干活儿了，这一干活女人家的手就糙了就不值钱了没有魅力了……纽约银行的金融小队长很有政治嗅觉啊，一下就发现了这个问题。
Prime Minister Wen, speaking earlier this month during the annual session of parliament in Beijing, said “we have lent a massive amount of capital to the United States, and of course we are concerned about the security of our assets.”
温相在朝廷开会的时候参过一本，说这下咱杨白劳也得考虑一下黄世仁家的白条的问题啊，不然咋给咱家穷喜儿上街扯两尺红布哪？
What China won't do, Derrick said, is start dumping the Treasury debt it already holds, as that would undermine the value of its existing reserves and cause a rapid spike in the value of the yuan, undermining the economy.
这句就简单了，一个spike是指比率剧幅快速上升，undermine破坏，就是说中国如果抛掉储备的美元，结果就会使人民币升值（美国和欧洲已经在印钱，增加流通中的货币），损害中国经济。下文中的shooting in the foot是说朝自己的脚开枪，相当于搬石头砸自己的脚了。
“China almost certainly won't tamper with its existing reserves, as they would be shooting themselves in the foot,” he said.But reduced Treasury purchases by China and other countries will eventually put pressure on the dollar, he said, because the United States' will have to rely more heavily on printing money to finance massive stimulus spending.
小队长分析说，中国肯定不会动已经买了的美元储备，但是会减少继续购买的量，其它国家也跟着这样干，那最后美元的压力就大啦！为啥？美国人只会花钱救市，那钱如果不是从别人家来的，不只好自己印了么，这印钱……这档口那就是玩死自己啊。
The Federal Reserve said Tuesday it will begin doing just that on Wednesday when it starts buying Treasury debt.
Michael Woolfolk, a senior currency strategist at the Bank of New York-Mellon, said that means the Obama administration must assert repeatedly its belief in a strong U.S. dollar.
“They have to emphasize that, because that is the way to encourage investment and keep inflation low,” he said.
The Bank of New York-Mellon has more than $20 trillion in assets under custody.
美国人想好了，死字当头不如搏一把——自己印钱买下自己的债（有点绕啊，可国家没钱救市，只有国债卖掉才有钱，但银行机构没钱买，不就只能自己印了钱自己买了）。可要这样干，边上的小弟们都不傻啊，虎视着哪，所以你老大得出来吱一声，拳头往胸口砸几通，还得嚷两嗓子——咱身体倍棒、吃牛排倍香，这美元就是硬通坚挺！这样小弟们才只好在虎威下把钱扔你口袋里让你监管着。
_______________________________
以上是路透社3月24日的一篇新闻稿(<a href='http://=http://www.reuters.com/article/marketsNews/idUSN2461991920090324' target='_blank'>=http://www.reuters.com/article/marketsN ... 0090324</a>)，可对照路透社中文网站的对应新闻(<a href='http://cn.reuters.com/article/chinaNews ... 25?sp=true' target='_blank'>http://cn.reuters.com/article/chinaNews ... sp=true</a>)参考其翻译。
BoNY - Bank of New York，纽约银行
dump - 愿意是抛弃、倾倒，路透中文使用的词是出脱、抛售
stash - 指藏着的金钱、武器等，这里包含了美方分析师的一种心态，认为中国国储信息不透明，包括在国际金融动作方面对美国有所隐瞒、不肯按照美国的意图输血