Currency Wars Tweeting the dollar down America’s president, but not its Treasury, names currency manipulators Most governments are happy when foreigners want their bonds, especially when those foreigners are long-term holders, like central banks. But America is different. It worries that some foreign governments buy its debt to keep the dollar pricey and their own currencies cheap. This “currency manipulation” gives other countries a competitive edge, raising their own trade surpluses and America’s deficit. Brad Setser of the Council on Foreign Relations, a think-tank, sees an “arc of intervention” across Thailand, Singapore, Taiwan and South Korea that has slowed the dollar’s decline over the past nine months. America has reportedly persuaded South Korea to forswear currency manipulation in a “side-agreement” to their revised trade deal. And on April 16th President Donald Trump tweeted that “Russia and China are playing the Currency Devaluation game…Not acceptable!” Mr Trump’s tweet was at odds with his Treasury Department’s assessment. Every six month it must tell Congress if any big trading partner if manipulating its currency. 货币战争 “推”低美元 指认“货币操纵国”的不是财政部,而是美国总统 大多数国家的政府都乐见本国债券受外国投资者青睐，如果那些外国人是外国央行等长线投资者就更是如此了。但美国却不同。它担心某些外国政府购入自己的国债是为了推高美元、让本国货币保持在低位。这种“货币操纵”会给其他国家带来竞争优势，增加它们的贸易顺差，扩大美国的贸易赤字。 美国智库外交关系委员会的布拉德·塞瑟发现，过去九个月里，一道“干预弧线”出现在泰国、新加坡、台湾和韩国，延缓了美元的贬值。据称美国已通过美韩贸易协议修订版中的一份附带协议说服韩国放弃操纵货币。4月16日，特朗普发推文表示：“俄罗斯和中国正在耍货币贬值的把戏…不可接受！” 特朗普的推文与美国财政部发布的评估报告存在矛盾。美国财政部每半年必须向国会提交报告，说明美国主要贸易1.都知道美国总统喜欢玩tweet，这里妙用这个词 2.注意大多数童鞋常见的是treasure,表示金银财宝。这里是treasury，更多时候加the时表示英美等国的财政部 3.manipulate这里扩展一个非常常见的前man，manu表示hand的含义。含义为操作；操纵。如另外一个常见考点词emancipate英[??m?ns?pe?t]美??m?ns??pet]e(out of; from)+man+cip(to take)+ate—emancipate(to take from the hand or power of another; set free, liberate) 4.注意keep这里后面加名词形容词的使用。积累推高美元，保持本国货币低位的说法。 5.常用短语，give sb a competitive edge给某人竞争的优势；常用的动词还有gain, have表示获得优势，占据优势的含义 6.注意this的使用，使文章的连贯性很好 7.deficit英[?def?s?t]美[?d?f?s?t]赤字，逆差，亏损 8.think-tank nc.（尤指政府的）智囊团，智库 9.foreswear to make a serious decision to stop doing something 决心放弃，发誓戒除 ? To forswear alcohol发誓戒酒 10.devalue to reduce the rate at which money can be exchanged for foreign money（使）贬值 10.本段出现了很多非常重要的短语，在很多学术类文章里尤为常见。比如at odds with常常让你去找同义改写。还有后面提到的refrain from doing sth尤为常见。 11.注意这里brand这个词的使用，没有去乱给别人贴标签。可以学学这里用了一个词，brand最常见的含义是品牌，这里作动词，表示的含义见下方。 12.be at odds to disagree 与?不合；与?意见不一致；与?相矛盾 13.chastise英[t???sta?z]美[t??s?ta?z, ?t??s?ta?z]vt严厉批评，谴责，斥责 14.refrain to avoid doing or stop yourself from doing something 避
(Offending governments are scolded, followed by other chastisements if they do not mend their ways.) But its latest report, published on April 13th, refrained from branding anyone a manipulator. The report did admonish China for its persistently large trade surplus in goods with America. But Russia was barely mentioned. The recent decline in its currency was, after all, prompted by the Treasury’s decision to strengthen sanctions. Instead the report paid uncustomary attention to India, pointing out that it has a large trade surplus in goods with America and that its central bank has intervened heavily in currency markets, with net foreign-exchange purchases worth 2.2% of its GDP. It was added to a “monitoring list” of countries warranting closer scrutiny. The list itself does not bear much scrutiny, however. As well as India, it comprises China, Germany, Japan, South Korea and Switzerland. But India has no overall trade surplus and Germany has no currency if its own to manipulate. The list also ignores Thailand and Singapore, which have intervened over the past year to curb the rise in their currencies, according to Mr. Setser. These oddities are not entirely the Treasury’s fault. It is required to assess a country 伙伴是否有操纵货币之嫌。货币操纵国会受到批评，如果不改弦更张，美国将进一步施以惩罚。但美国财政部在4月13日发布的最新报告并没给谁贴上货币操纵国的标签。 报告确实就中国对美国长期和庞大商品贸易顺差提出了警告，但对俄罗斯几乎只字未提。毕竟，卢布最近大幅贬值是由美国财政部决定加大对俄制裁而引发的。 报告倒是不同寻常地关注了印度的情况，指出印度对美商品贸易顺差庞大，而且其央行重度干预货币市场，净外汇购买额占到了国家GDP的2.2%。印度被列为需进一步观察的国家，添至“监控名单”中。 但这份名单本身却经不起推敲。除印度外，名单中还有中国、德国、日本、韩国和瑞士。然而，印度整体上不存在贸易顺差，德国也没有自己的货币可操纵。塞瑟表示，这份名单还漏掉了泰国和新加坡，这两个国家在过去一年都曾以干预措施遏制本国货币升值。 出现这些怪象，并不能全免；忍住；节制 15.brand to say that you think someone is as atated加污名于；谴责 15.admonish 英[?d?m?n??]美[?d?mɑ:n??] 1.to tell someone that they have done something wrong告诫；警告；责备； 2.To advise someone to do something力劝；忠告 16.sanction an official order, such as the stopping of trade,which is taken against a country in order to make it obey international law制裁 16.注意这里instead是副词，表示反而，相反地。再写作中，常常用来连接句间，很常用，值得童鞋们学习。多来例子：He reached for the wine but did not drink, pushed it, instead, across the table towards Joanna…他伸手拿酒却没有喝，而是把它推给了坐在桌子对面的乔安娜。The kitchen might have been workable had Nicola kept it tidy; instead it was littered with pots and pans…如果妮古拉会收拾，厨房本来是能用的；但现在，这里到处乱放着锅碗瓢盆。 17.uncustomary含义是being out of the ordinary。所以这里pay uncustomary attention 翻译成了不同寻常的关注了。 18．Warrant英[?w?r?nt]美[?w?:r?nt] to make a particular activity necessary 使有必要 19.scrutiny英[?skru:t?ni]美[?skrutni] NU. the careful and detailed examination of something in order to get information about it 细看，仔细审查 20.经不起推敲，审查可以说：sth does not bear much scrutiny. 21.注意according to 后面不能接自己，不能说according to me.可以接他人。 22.comprise to have as parts or members, or to be those parts or members 包含；包括，能成 23.curb to control or limit something that is not wanted控制；限制，约束；抑制 24.oddity英[??d?ti]美[?ɑ:d?ti] someone or something that is strange and usual怪人；怪事；反常现象 against three criteria: its current-account surplus with the world and its intervention in currency markets. The first measure makes little sense, point out Fred Bergsten and Joseph Gagnon of the Peterson Institute for International Economics. In today’s global supply chains, countries like Singapore can sell materials to China that end up in products bought by America. Their direct exports to America may seem modest. But their indirect exports, embedded in goods sold by China, may be large. The treasury is also required to consider only American’s “major” trading partners. It thus limits its analysis to the largest dozen (plus Switzerland, the15th-largest). That gives small, interventionist economies a free pass, notes Stephanie Segal of the Centre for Strategic and International Studies, another think-tank. Within these broad limits the report’s authors enjoy substantial discretion. And the Treasury is considering broadening the definition of a “major” trading partner. It thus had leeway to prepare a more rigorous report if it had wished to do so. Instead, says, Mr. Setser, it wrote this report to be ignored. Perhaps Treasury officials do not want to be drawn into Mr. Trump’s tariff tit-for-tat, suggests Mr. Gagnon. The report waves the 怪美国财政部。该部门需要根据三个标准来评估一个国家：对美国贸易顺差、全球经常账户顺差、对货币市场的干预。彼得森国际经济破空所的弗雷德·伯格斯滕和约瑟夫·加格农指出，第一项标准意义不大。在当今的全球供应链中，像新加坡这样的国家可以向中国出售原材料，而制成品最终售往美国。它对美直接出口额也许看似不大，但包含在中国出口商品中的间接出口可能就很大了。 而且，财政部只需考虑美国的“主要”贸易伙伴国（再加上第15大贸易伙伴瑞士）。这无疑给奉行干预主义的小型经济体发了免死金牌，另一个智库战略和国际研究中心的斯蒂芬妮·西格尔指出。 在上述系统设定的范围内，报告撰写人有大量自行裁量权。而且财政部正在考虑扩大“主要”贸易伙伴的定义。所以，如果财政部当时想要拟定一份更严格有力的报告，它是有操作空间的。但正相反，塞瑟说，它却拿出了一份不痛不痒的报告。加格农猜测，也25.criteria英[kra?\'t??r??]美[kra??t?r??] a standard by which you judge, decide about or deal with something（作出评判、决定或处理的“标准，准则 26.modest （数量、比率或改进程度）不太高的，适度的，适中的 You use modest to describe something such as an amount, rate, or improvement which is fairly small 27.embed 使（态度、感情等）植根于，使融入 If something such as an attitude or feeling is embedded in a society or system, or in someone’s personality, it becomes a permanent and noticeable feature of it . 28.dozen 十二个，一打 29.enjoy这里不是享受，表示含义相当于拥有 30.注意很多时候考试会考察substantial的含义，表示大量的。但是很多童鞋又会把substantial 记错含义，这个词表示的是证明的含义。Substantial常用的同义词可以考虑considerable（大量的），而不是considerate（体贴的），前面提到过一个词叫handsome在表达数量的时候也不是帅气的，而是可观的，大量的 31.同一段落里，第一交出现的broad是形容词表示广的。第二次broad是作为动词，扩大，词汇的多样性的体现。 32.tit-for-tat 针锋相对; 以牙还牙，一报还一报。今天补充几个其他相关说法。An eye for an eye。以眼还眼，以牙还牙。One good turn deserves another以德报德。Return good for evil or repay evil with kindness.以德报怨。 33.leeway freedom to act within particular limits 自由空间，自由度，余地 34.rigorous 1.careful to look at or consider every part of something to make certain it is correct or sefe.严密的，缜密的，严谨的 2.severe or strict严格的，严厉的 35.Invoke引起，唤起，激发（感情或景象，许多人认为这种用法不正确）If something such as a piece of music invokes a feeling or an image, it causes someone to have the feeling or to see the image. Many people consider this use to be incorrect. 36.reciprocal英[r??s?pr?kl]美[r??s?pr?k?l] A reciprocal action or arrangement flag (invoking “fair and reciprocal” trade) but fires no bullets. It may be hard to cheapen the dollar, but it is easy to depreciate a report. 许财政部官员不愿卷入特朗普的关税报复战。这份报告挥舞大旗，要求“公平互惠”的贸易，却没有真正开火。让美元贬值也许很难，让一份报告贬值却很容易。 involves two people or groups of people who behave in the same way or agree to help each other and give each other advantages.相互的；互惠的；报答的 37.depreciate 英[d??pri:?ie?t]美[d??pri?i?et] to (cause something to) lose value, especially over time（尤指随时间）（使）贬值，（使）跌价
