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       考研英语外刊阅读能力的提升，需要日积月累才能看得到效果。接下来，北京文都考研网为帮助2020考研学子，在英语水平上更上一层台阶，特意整理出考研英语外刊阅读精选:操纵汇率(下)，供考生参考。

2020考研英语外刊阅读精选:操纵汇率(下)

The Commerce Department's would allow its officials to declare a country a manipulator even if the Treasury had not. Companies seeking an unfair edge over foreign competitors would no doubt lobby hard.

美国商务部将允许其官员宣布一个国家为汇率操纵国，即便财政部没有这样做。寻求对外国竞争对手不公平优势的公司无疑会大力游说。

The measures suggested by Mr Bergsten and Mr Gagnon would grant Mr Trump huge financial firepower— dangerous, given his penchant for using whatever weapon is to hand to fight his trade wars.

伯格斯登和加农提出的建议将赋予特朗普巨大的财力— 鉴于他喜欢用手中的任何武器来打他的贸易战，这样很危险。

They think the Treasury should be allowed to use the ESF to neutralise currency intervention by other countries with equal and opposite purchases, thus deterring the intervention in the first place. But to be credible, it would need hundreds of billions of dollars at its disposal.

他们认为财政部应该被允许利用ESF，通过同等和反向购买来抵消其他国家的货币干预从而从一开始便阻止干预。但要做到令人信服，它将需要数千亿美元可自行支配的资金。

Its current portfolio is around $95bn, of which $23bn is in dollars. Moreover, unilateral action might lead other central banks to retaliate.

其目前的投资组合约为950亿美元，其中230亿美元为美元资产。此外，单边行动可能会招致其他中央银行的报复。

Mark Sobel, a former Treasury official who managed the ESF, worries that a currency conflict might even push the dollar up, if investors scurried for safety into dollar-denominated assets.

管理ESF的前财政部官员Mark Sobel担心，如果投资者匆忙转向以美元标价的资产寻求安全，那么货币冲突甚至可能将推高美元。

Stephen Englander of Standard Chartered, a bank, warns American policymakers to "think about how you're going to feel the morning after".Intervention means buying unpopular currencies. Mr Bergsten and Mr Gagnon argue that their scheme could make the Treasury money as undervalued currencies rise.

渣打银行的史蒂文·英格兰德 警告美国政策制定者要“想想你第二天早上会有什么感觉”。干预意味着购买不受欢迎的货币。伯格斯登和加农辩称，随着估值偏低的货币升值，他们的计划能够为财务部挣钱。

But negative yields on European and Japanese debt make losses at least as plausible. One more reason for caution is the potential for further harming an already-fragile multilateral system.

但欧洲和日本债务的负收益至少让损失看起来是合理的。谨慎的另一个原因是，这有可能会进一步损害本已脆弱的多边体系。

Previous American administrations considered tariffs on imports from countries manipulating their currencies, arguing that an artificially weak exchange rate amounted to an export subsidy.

前几届美国政府考虑过要对操纵货币的国家的进口征收关税， 并称人为压低汇率相当于出口补贴。

But they held back, understanding that such action would break the World Trade Organisation's rules. A reversal would invite legal challenge, and perhaps retaliatory tariffs. The bellicose Mr Trump, however, would be unlikely to mind.

但他们退缩了，因为他们明白，这样的行为将违反世界贸易组织的规则。这种逆转将招致法律上的挑战，或许还会招致报复性关税。但好斗的特朗普可能并不在意。

       以上是北京文都考研网给出的“2020考研英语外刊阅读精选:操纵汇率(下)”，希望对2020考研者有所帮助!祝2020考研成功!

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