英语翻译IntroductionGiven the rapidly growing reserves and trade

英语翻译
Introduction
Given the rapidly growing reserves and trade surpluses both in major Asian exporters
(China,Japan,Korea) and elsewhere (India,Russia) it is clearly unsatisfactory both to
analyze commercial policy in these countries in pure barter trade models,and to
separately analyze the impacts on trade and reserve accumulation of exchange rate
changes.Despite this,currently available literature focuses on either trade policy
changes ignoring monetary structure,or trade impacts of exchange rate changes in
structures where trade pattern changes do not follow from a trade model.Here,we
attempt to bridge this gap using a trade model with simple monetary structure in
which the surplus is endogenous.We abstract from all asset holding and intertemporal
effects and money is simply a medium of exchange reflecting a transactions demand.
Money is non neutral since domestic monetary policy does not accommodate to the
fixed exchange rate,and there is excess supply of foreign exchange to the central bank.
The central bank accommodates this by making domestic currency inconvertible and
absorbing all excess foreign exchange offered.
Nowhere are these issues more pronounced than in Chinese case,where reserves now
exceed $1 trillion and annual surpluses approach $20 billion.This has generated
intense pressure on China to revalue,and as a result there has been substantial interest
in the potential impacts of a significant Renminbi revaluation on trade flows and
patterns,as well as in the size of revaluation which might ultimately be needed to
restore external sector balance.
（接上）Other studies of Renminbi revaluation use general equilibrium models in which
monetary structure is absent.The IMF (2005),utilizing a partial equilibrium
framework,conclude that a 10% Renminbi appreciation would reduce China’s trade
surplus by $10 billion.Willenbockel (2006),using a general equilibrium model with
different fixed labor supply and unlimited labor supply assumptions simulates a revaluation of the RMB by 4%,and finds that a 4% RMB revaluation,would increase
China’s exports by 10.5% or 13.6%,and exports would fall by 10.7% or 11% depending upon the assumptions used.

Introduction
介绍
Given the rapidly growing reserves and trade surpluses both in major Asian exporters (China, Japan, Korea) and elsewhere (India, Russia)
考虑到在主要的亚洲进口国(如中国,日本,韩国)和一些其他地方(如印度,俄罗斯)快速增长的储备和贸易盈余
it is clearly unsatisfactory both to
analyze commercial policy in these
countries in pure barter trade models,
很显然不会令人满意,去分析这些国家对于易货贸易模式的商业政策
and to
separately analyze the impacts on trade and reserve accumulation of exchange rate
changes.
和独立地去分析贸易上的影响和储存货币兑换率积累
Despite this, currently available literature focuses on either trade policy
changes ignoring monetary structure,
除此之外,最近的已知文学聚焦于忽略了货币结构的贸易政策的改变
or trade impacts of exchange rate changes in
structures where trade pattern changes do not follow from a trade model.
或者是对在不遵从贸易模式的贸易状态改变的结构下的货币兑换率,所产生的贸易影响
Here, we
attempt to bridge this gap using a trade model with simple monetary structure in
which the surplus is endogenous.
在此,我们试图在这道沟壑上架起一座横桥,仅用含贸易顺差内源性的简易的货币结构
We abstract from all asset holding and intertemporal
effects and money is simply a medium of exchange reflecting a transactions demand.
我们从所有资产持有和跨国影响中摘要,发现金钱是只是一个反应了交易需求的媒介
Money is non neutral since domestic monetary policy does not accommodate to the
fixed exchange rate, and there is excess supply of foreign exchange to the central bank.
因为国内的货币政策不能容纳固定的兑换比率,并且中央银行也有过多的外币储备,金钱并不保持不变
The central bank accommodates this by making domestic currency inconvertible and
absorbing all excess foreign exchange offered.
中央银行可以通过让本国货币不可获得,以及吸收所有过度的供应的外币兑换来实现它
Nowhere are these issues more pronounced than in Chinese case, where reserves now
exceed $1 trillion and annual surpluses approach $20 billion.
没有什么别的地方比在中国更强调这样的事件,中国现在现在的外币储备超过1万亿美元,并且每年的盈余将近200亿美元.
This has generated
intense pressure on China to revalue,
and as a result there has been substantial interest
in the potential impacts of a significant Renminbi revaluation on trade flows and
patterns,
这就对中国产生了紧张的压力,来对人民币重新估价.结果是,这就产生了对能产生使人民币升值的显著影响的贸易流动和模式的极大兴趣.
as well as in the size of revaluation which might ultimately be needed to
restore external sector balance.
以及在人民币升值的规模可能最终需要
恢复对外部门的平衡
好难啊~~
纯人工制作喔!