英语翻译CURRENCY UNDERVALUATION:WHAT IT DOES,HOW IT VIOLATES NAM

英语翻译
CURRENCY UNDERVALUATION:
WHAT IT DOES,HOW IT VIOLATES NAM PRINCIPLES,
AND WHY H.R.1498 IS THE BEST SOLUTION
As with other commodities,the value of a currency is a function of supply and
demand.When market forces are free to determine the value,currencies move up and
down as conditions change.However,when a govemment intervenes in currency
markets to maintain an undervalued currency,it generates powerful and systematic
advantages in its international trade.
With regard to its exports,an undervalued currency conveys a subsidy if and
when a good is shipped across the border.As shown in the attachment,the government
by its intervention decides how much extra domestic currency an exporter of goods or
services (such as tourism) will receive for each dollar it earns.That bonus is a subsidy
provided by the foreign government.Under WTO rules,a subsidy benefit that is received
contingent on export is prohibited.The prohibition rests on the longstanding legal
judgment that export subsidies are inherently distortive and destructive of free and fair
competition.
With regard to the country's imports,an undervalued currency serves as a hidden
tax on all imported goods and services.The attachment shows clearly that
undervaluation creates the need for importers,or would-be importers,to pay extra in
domestic currency to purchase each dollar of foreign goods.Whether viewed as a hidden
tariff or a hidden tax,the undervalued currency undermines the level playing field for
imported products and distorts free and fair competition
The bottom line is that persistent
govemment intervention is incompatible with
the spirit ofthe WTO agreements.
currency undervaluation maintained by
free trade and violates the letter as well as
Currency Undervaluation Violates NAM Principles
In 2005,the Board approved two specific sets of priorities for NAM -- one an
overall trade agenda; the other,a China-specific agenda.The principles and specific
objectives in those documents provide a strong basis for condemning persistent currency
undervaluation.
Specifically,NAM's established policy objectives include:
.Eliminate trade-distorting subsidies & defend,preserve and enhance
the effectiveness of WTO-consistent U.S.trade law.As noted above,
export subsidies are prohibited because they are the most distortive of free
trade.
.Elimination of artificially created and maintained competitive
advantages through WTO-inconsistent subsidization or other means.

货币低估.
它究竟是什么,它违反了南原理,
为什么H.R.1498是最好的解决方案
与其他商品一样,对货币价值是一个函数的供应
需求.当市场力量是免费的确定值、货币、吗
作为条件下改变.然而,当一个社会介入的货币
市场去保持一个被低估的货币,它会产生强大和系统化
在国际贸易中优势.
关于它的出口,低估货币,传达出一个补助
当一个好装船时越过边界.详见附件,政府
以其干预决定多少额外的国内货币的出口货物或
服务(如旅游业)将会收到每一个美元的收入.奖金是一种补贴
由外国政府.根据世贸组织的规则,补贴效益
很大程度上取决于出口是被禁止的.禁止在长期的法律.基于
判断,出口补贴和破坏性的曲解的天生的自由和公平的
激烈的竞争.
对于这个国家的进口,一个被低估的货币作为一种隐藏的
税收对所有进口商品和服务.附件清楚反映出
低估造成需要进口商,或准进口商支付费用
国内货币购买每美元的外国商品.不管是看作一个隐藏的
关税或隐含的税收,被低估的货币削弱了起跑线上了
进口产品和扭曲了自由和公平的竞争
底线是,坚持
对社会干预是不相容的
WTO协定的精神.
货币低估维护
自由贸易和违反这封信
货币低估违反越南的原则
在2005年,董事会批准了两个特定的首要目标之一——南
综合贸易议程;另一个China-specific议程.这个原则和具体
在这些文件提供了目标的基础货币谴责持久
低估.
确切地说,是既定政策目标包括:
.消除补贴、保护、保存和提高
WTO-consistent的有效性,美国贸易法律.如上所述,
禁止出口补贴,因为它们是最曲解的自由
贸易.
.消除所有的人工创建并维护竞争
通过wto不一致的补助或者其他优点.