China raised banks’ reserve ratio requirements on Sunday, the fourth time this year that Beijing has used this tool to tighten liquidity. The move underscores Beijing’s commitment to monetary tightening at a time when other economies, including the European Central Bank, are also beginning monetary tightening.

　　中國(guó)周日上調(diào)了存款準(zhǔn)備金率。這是今年以來(lái)中國(guó)第四次運(yùn)用這項(xiàng)工具收緊流動(dòng)性。在其他經(jīng)濟(jì)體——包括歐洲央行在內(nèi)——紛紛開(kāi)始收緊銀根之際，此舉也突顯出中國(guó)收緊銀根的承諾。

　　China’s central bank said it was raising the reserves that commercial banks must deposit with the central bank to 20.5 per cent, an increase of 50 basis points, with effect from April 21.

　　中國(guó)央行宣布，從4月21日起，商業(yè)銀行存款準(zhǔn)備金率將上調(diào)50個(gè)基點(diǎn)，至20.5%。

　　Controlling inflation is China’s top economic priority this year, but monthly inflation data have remained high despite several rounds of tightening. March’s consumer price index rose to 5.4 per cent, the highest level in nearly three years.

　　控制通脹是中國(guó)今年首要的經(jīng)濟(jì)工作，然而，盡管當(dāng)局采取了數(shù)次收緊動(dòng)作，月度通脹數(shù)據(jù)仍然居高不下。3月份居民消費(fèi)價(jià)格指數(shù)升至5.4%，達(dá)到近3年來(lái)的最高水平。

　　The move by the People’s Bank of China came after Tim Geithner, US Treasury secretary, attacked the International Monetary Fund’s failure to use its existing tools to tackle China’s tightly managed exchange rate.

　　在中國(guó)央行宣布上調(diào)存款準(zhǔn)備金率之前，美國(guó)財(cái)長(zhǎng)蒂姆•蓋特納(Tim Geithner)剛剛指責(zé)國(guó)際貨幣基金組織(IMF)未能利用現(xiàn)有工具，對(duì)付中國(guó)受到嚴(yán)格管理的匯率。

　　An alternative policy option for China to tackle its domestic inflation is allowing a greater appreciation in the renminbi. But comments to the IMF’s governing body in Washington over the weekend highlighted the divisions between developed and developing countries on the causes of imbalances in the global economy.

　　中國(guó)要解決國(guó)內(nèi)通脹，除了上調(diào)存款準(zhǔn)備金率以外，還可以允許人民幣加快升值。然而，周末在IMF決策機(jī)構(gòu)發(fā)表的言論，突顯出發(fā)達(dá)國(guó)家與發(fā)展中國(guó)家對(duì)于全球經(jīng)濟(jì)失衡的根源存在分歧。

　　The gulf between these countries’ policy recommendations suggest the G20 process to iron out economic imbalances will run into trouble once the group discusses substantive issues rather than process.

　　這些國(guó)家相互之間迥異的政策建議，表明一旦討論從過(guò)程轉(zhuǎn)向?qū)嵸|(zhì)問(wèn)題，G20解決經(jīng)濟(jì)失衡的進(jìn)程將遇到困難。

　　Speaking to the International Monetary and Financial Committee, the IMF’s governing body, Mr Geithner hit out at a “few emerging markets” that manage their exchange rates. His words can refer only to China but reflect US desire to tackle the renminbi as a multilateral and not a bilateral issue.

　　蓋特納在向IMF的決策機(jī)構(gòu)——國(guó)際貨幣與金融委員會(huì)(International Monetary and Financial Committee)發(fā)表講話(huà)時(shí)，抨擊“若干新興市場(chǎng)”實(shí)行有管理的匯率機(jī)制。他的話(huà)只能是指中國(guó)，但反映了美國(guó)把人民幣作為多邊問(wèn)題、而非雙邊問(wèn)題來(lái)對(duì)付的意圖。

　　“The current system of exchange rates is an obstacle to effective international co-operation on imbalances,” he said, blaming China’s exchange rate policy for capital flows that push up the exchange rates of those emerging economies that do allow foreign funds in. Having received criticism from the IMF over US fiscal policy last week, Mr Geithner turned the tables and accused the fund of failing to use existing powers to put greater pressure on China.

　　蓋特納表示：“當(dāng)前的匯率體系是國(guó)際社會(huì)在失衡方面進(jìn)行有效合作的一個(gè)障礙。”他指責(zé)中國(guó)匯率政策導(dǎo)致資本流動(dòng)推高了那些允許外國(guó)資金進(jìn)入的新興經(jīng)濟(jì)體的匯率水平。在上周IMF批評(píng)美國(guó)的財(cái)政政策之后，蓋特納反唇相譏，指責(zé)IMF未能利用現(xiàn)有權(quán)力對(duì)中國(guó)施加更大壓力。

　　“The fund has the requisite tools within the existing framework of the IMF Articles of Agreement – but they have not been sufficiently utilised, as suggested by the IMF’s Independent Evaluation Office,” Mr Geithner said.

　　蓋特納表示：“在IMF協(xié)議條款的現(xiàn)行框架內(nèi)，IMF擁有必要的工具——但是，正如IMF獨(dú)立評(píng)估辦公室所說(shuō)的，這些工具沒(méi)有得到充分應(yīng)用。”

　　Even though most G20 officials agreed with Christian Noyer, governor of the French central bank, that there had been “no fights” at the G20 meeting, that was because the body focused on issues of process rather than substance.

　　雖然大多數(shù)G20官員贊同法國(guó)央行行長(zhǎng)克里斯蒂安•諾亞(Christian Noyer)的說(shuō)法——G20會(huì)議上不存在“戰(zhàn)爭(zhēng)”，但那是因?yàn)镚20迄今著眼于過(guò)程，而非實(shí)質(zhì)問(wèn)題。