Day 1 原文文本
【翻译划线段落】
Dollars will find buyers hard to find in 2017
With the US Federal Reserve raising interest rates, and President Mario Draghi of the European Central Bank seemingly unable to escape his addiction to quantitative easing policy, many investors are questioning who wants to buy the euro. The answer is simple. The whole world is eager to buy the euro. The problem in 2017 is more likely to be finding anyone who wants to buy the US dollar.
美国联邦储备系统持续提高利率,欧洲中央银行行长马里奥•德拉吉也似乎无法摆脱量化宽松货币政策,这引起许多投资者的议论:谁还会去购买欧元呢?答案很简单:全世界都热切想要购买欧元。2017年,谁会想要购买美元才更可能是个问题。
The Middle East is a good example of a region of avid euro buyers. Even with the recent rally in the oil price, most Middle Eastern countries are expected to run sizeable fiscal deficits. The IMF expects Saudi Arabia to run a fiscal deficit of almost 10 per cent of GDP next year. To fund their budget deficits, the Gulf countries are selling central bank reserves and pools of assets held by their sovereign wealth funds.
中东地区就是热衷投资欧元的绝佳例证。即便最近油价回暖,大多数中东地区的国家预计都存在巨额财政赤字。联合国国际货币基金组织(IMF)预估沙特阿拉伯明年的财政赤字将占其国内生产总值(GDP)的近10%。海湾国家正在出售央行外汇储备和主权财富基金持有的大量资金来为预算赤字提供资金。
Imagine Saudi Arabia sells US Treasuries, and uses the dollars it receives to pay its civil servants. Then imagine that a Saudi Arabian civil servant takes their pay and uses the money to buy a BMW car in euros. What is happening? Saudi Arabia is selling dollars and buying euros. It does not matter that there is an asset on one side of the transaction and a BMW on the other side of the transaction — the foreign exchange market implication is the same whether it is Bunds or BMWs that are bought.
试想一下,沙特阿拉伯售出美国国债,并用得到的美元来支付公务员薪酬。然后一位公务员获得薪酬后购买以欧元计价的宝马汽车。这之中发生了什么事?沙特阿拉伯卖出美元,购入了欧元。交易的一端是资产,另一端是宝马车,这并不造成任何影响——不会因购买的是德国国债还是宝马而有任何改变,对外汇市场的影响是一样的。。
If the Middle East buys assets, they like their assets to be made in America (central banks buy roughly twice as many US assets as other assets). If the Middle East buys products and services, they like their products and services to be made in Europe (the Middle East buys twice as much from Europe as from the US). Thus if the Middle East is selling assets to buy goods, it sells dollars to buy euros.
如果中东地区国家想要收购他国资产,他们往往会选择美国(央行收购的美国资产约为其它资产的两倍)。如果中东国家想要购买商品或服务,他们往往会选择欧洲(中东地区在欧洲购买的商品和服务是在美国的两倍),因此如果中东地区出售资产,购入商品,这无异于卖出美元,购入欧元。
Of course this does not just apply to the Middle East. The world is eager to buy euros because the world wants European products (in preference to US products). The relative current account balances of the Euro area and the US alone tell us that. China, another economy inclined to divest itself of US assets of late, buys more euro area imports than US imports. The same is true of the APEC Asian economies as a bloc. Africa’s preference for Euro area products in comparison to American is overwhelming. Only Latin America exhibits any relative desire to buy “made in America”. The rest of the world clamours for euros to obtain goods and services from their preferred supplier.
1.divest: ~ yourself of sth to get rid of sth处理掉;丢弃:
»The company is divesting itself of some of its assets. 公司正在处理它的部份财产。
~ sb / sth of sth to take sth away from sb / sth使解除;使摆脱:
»After her illness she was divested of much of her responsibility. 她生病后便给解除了许多责任。
2.bloc: a group of countries that work closely together because they have similar political interests (政治利益一致的)国家集团
So why is the euro not stronger with all this enthusiastic buying of BMWs and other euro area goods?
3.clamour: to demand something loudly
[clamour for]
The audience cheered, clamoring for more.
[clamour to do something]
All his friends were clamouring to know where he’d been.
to talk or shout loudly:
Children clamored excitedly.
那么为什么欧元并没有因宝马以及其他欧元区商品的热销而强于美元呢?
In 2016 the US basically pleaded with the rest of the world to lend it money. US interest rates are above those of the euro area (euro area interest rates are negative). US bond yields are above those of the euro area (many euro area bond yields are negative). US equities have outperformed those of the euro area (by about 15 per cent, and euro area equity performance is negative this year). The US basically did everything that it could to persuade investors to buy dollars — and at the end of all of that effort the euro still trades within 4 per cent of where it traded against the dollar at the start of the year.
2016年美国基本上在央求其他国家借钱给它。美国利率高于欧元区(欧元区利率为负值)。美国债券收益率高于欧元区(许多欧元区国家债券收益率为负值)
美国股票交易效益超过欧元区国家(约15%,欧元区今年国家股票交易效益为负值)。美国基本上已经不留余力吸引投资者投资美元——付出种种努力后欧元对美元的汇率仍保持在今年年初的汇率水平4%之内。
The challenge for the US is that it needs foreigners to buy dollars every day to stop the dollar from falling. In the first nine months of 2016, foreigners had to purchase $2.7bn every day. That is more than the daily GDP of the Netherlands. Any day that foreigners were not inclined to buy $2.7bn, the dollar would weaken. This is important — if foreigners decide that they want to “wait and see” what Donald Trump’s policies are like before committing to buying more dollars, then the dollar will fall. “Wait and see” is not good enough for the US.
美国现面临的艰巨任务是,只有外国投资者每天投资美元,才能遏制美元的跌势。2016的前九个月,外国投资者得每天购买27亿。这数额比荷兰的日均GDP还要庞大。只要哪天外国投资者的投资额未能达到27亿,美元就会下跌。这很关键——如果外国投资者打算先观望唐纳德•特朗普作何决策再决定是否投资,那么美元就会下跌。外国投资者按兵不动的策略,不能令美国满意。
The question is not who wants to buy euros — the whole world wants to buy euros because the whole world wants to buy euro area products. The US had to offer considerable financial incentives to persuade foreigners to buy dollars.