手机版
1 2 3 4
首页 > 新闻中心 > 笔译案例 >
笔译案例

成功为中国经济论坛圆满完成留学论文翻译

发布时间:2014-08-19 16:21  点击:

简介
中国经济50人论坛(以下简称论坛)是由经济学界的有识之士于1998年6月在北京共同发起组成的、独立的学术群体。论坛聚集了具有国内一流水准、享有较高的社会声誉、并且致力于中国经济问题研究的一批著名经济学家。

 
Rising yuan will leave Chinese markets sore but stable 
 
Editor's Note: 
 
The People's Bank of China (PBC) last month decided to proceed with reform of the yuan exchange rate regime. Since then the yuan has risen from 6.82 to 6.77 against the dollar. The pace of reform and appreciation is claimed to be gradual and controllable, but some still believe that there may be dramatic results. Global Times (GT) reporter Wang Di talked to Yu Yongding (Yu), former member of the Monetary Policy Committee of the PBC, on currency reform and the internationalization of the yuan. 
 
GT: How will the exchange rate be determined after the reform? Will the reform lead to the appreciation of the yuan? 
 
Yu: According to the PBC statement, the yuan exchange rate will be based on market supply and demand, but it will also be determined "with reference to" a basket of currencies.
If the yuan exchange rate is entirely decided by demand and supply in the foreign exchange market, the yuan exchange rate will appreciate significantly, because of the excess supply of the US dollar vis-à-vis the yuan in the foreign exchange market.
However, if the yuan is pegged to a basket of currencies, it may appreciate or depreciate, depending on the changes of exchange rates of the US dollar against other major currencies in China's chosen basket, regardless whether there is an excess supply of US dollars.
For example, if the US dollar is appreciating against the euro, the yuan should devalue against the US dollar so as to keep the price of the basket currencies unchanged. Therefore, there is a contradiction in China's exchange rate regime as to how exactly the rate will be determined.
The wording "with reference to" provides an escape route, which gives the PBC enough leeway to decide whether and by how much the yuan exchange rate should be adjusted under any circumstances.
The presumed advantage of this arrangement is that while the yuan is appreciating gradually, capital inflows aimed at arbitrage will be deterred by the possibility of a two-way fluctuation of the yuan exchange rate against the US dollar.
But there are obvious problems with this approach. This arrangement is transitional. Eventually, China has to make a choice between free floating and pegging to a basket of currencies.
 
GT: What is the impact of the reform on China's export and import market, and on China's macro economy? 
 
Yu: There is no doubt whatsoever that yuan appreciation will have a negative impact on China's trade balance.
Some argue that currency appreciation will have no impact on trade balance by citing the Japanese experience. Yes, since the yen appreciation in 1985, Japan has still been able to maintain a trade surplus. But this example does not negate the role of currency appreciation on trade balance. The exchange rate is just one of many factors which decide the trade balance.
Beside the exchange rate, China's trade balance is also influenced by growth in the global economy as well as the domestic economy. In fact, Chinese exports' income elasticity is higher than that of price elasticity.
Generally speaking, yuan appreciation will reduce China's trade surplus by reducing exports and increasing imports. China's terms of trade will be improved, its non-tradable sector will be boosted, and its outbound foreign direct investment will increase.
Appreciation will lead to the bankruptcy of certain export enterprises and trading companies, which in turn will lead to an increase in unemployment in certain sectors and regions.
However, while acknowledging the effect of currency appreciation on trade balance, its effectiveness should not be exaggerated either, because China's trade pattern is characterized by the domination of processing trade.
Furthermore, Chinese enterprises' ability to adjust should not be underestimated. Before the 2005 appreciation, many claimed that allowing the yuan to appreciate, even just by 3 percent, would cause massive bankruptcy and unemployment.
However, after 15 percent appreciation against the dollar, massive bankruptcy and unemployment did not happen. International experience also shows that the negative impact of a currency appreciation is limited and should not be exaggerated.
 
GT: How can PBC, the central bank, prevent the reform from harming China's economy?

Yu: The central bank can control the pace of yuan appreciation. If the central bank stops intervening in the foreign exchange market entirely, the yuan exchange rate will shoot up to find its equilibrium. The downside of this approach is that the appreciation can be very large with serious consequences on China's growth and employment, at least for a certain period of time.
If the authorities do not think Chinese enterprises are resilient enough to absorb such shocks, the central bank can adopt a gradualist approach. However, this approach will inevitably lead to speculative capital inflows, which may destabilize China's financial system, causing inflation and real estate bubbles.
A good policy could be something in between the two extremes: a faster pace of appreciation plus tighter capital control. The government should take more responsibility in helping enterprises that go bankrupt and workers who lose their jobs, rather than refusing to allow the yuan to appreciate and increasing tax rebates, which creates incentives for rent-seeking and essentially acts as subsidies to foreigners.
 
GT: People worry that the rising yuan will inflate real estate and stock bubbles. Will China follow a similar path to Japan in the late 1980s? 
 
Yu: Yuan appreciation per se will not cause asset bubbles, but the expectations of yuan appreciation will.
There are only two ways to eliminate appreciation expectations: a one-off appreciation or convincing the market that there will be no appreciation at all.

Under China's current circumstances, neither way is a solution.
To deal with the situation, the central bank has to use a sterilization policy to mop up excess liquidity caused by appreciation expectations and other factors, such as interest spread and rising real asset prices.
The PBC has been quite successful so far in implementing a sterilization policy. But how long this policy can be continued is questionable, if China's twin surpluses do not disappear in the near future.
Japan's real estate bubble in the late 1980s did not result from the appreciation of the Japanese yen after the Plaza conference in 1985. Its extremely loose monetary policy after 1985 was the true culprit.

GT: Some economists suggest that it is time to increase yuan's convertibility. Do you agree? 
 
Yu: A flexible exchange rate and the convertibility of the yuan are two entirely different things. For example, the Hong Kong dollar pegs to the US dollar and has no flexibility at all. But the Hong Kong dollar is fully convertible.
In China, many economists think that by liberalizing capital controls, which are almost equivalent to the convertibility of the yuan, pressure on yuan appreciation can be reduced. This is putting the cart before the horse.
 
GT: Can you comment on proposals for the internationalization of yuan? 
 
Yu: Internationalization of the yuan is a good idea. But this will be a long-drawn process. We can do something to promote the use of the yuan as a settlement currency in a very limited way. To pin too many hopes on the internationalization of the yuan is not realistic.
Without the full convertibility of the yuan, a flexible exchange rate, and a deep and liquid capital market, it is impossible to have an internationalized yuan. If we get carried away by the prospects for yuan internationalization, we may dismantle capital controls too quickly and expose China's financial system to speculative attacks.
 

Unitrans世联翻译公司在您身边,离您近的翻译公司,心贴心的专业服务,专业的全球语言翻译与信息解决方案供应商,专业翻译机构品牌。无论在本地,国内还是海外,我们的专业、星级体贴服务,为您的事业加速!世联翻译公司在北京、上海、深圳等国际交往城市设有翻译基地,业务覆盖全国城市。每天有近百万字节的信息和贸易通过世联走向全球!积累了大量政商用户数据,翻译人才库数据,多语种语料库大数据。世联品牌和服务品质已得到政务防务和国际组织、跨国公司和大中型企业等近万用户的认可。 专业翻译公司,北京翻译公司,上海翻译公司,英文翻译,日文翻译,韩语翻译,翻译公司排行榜,翻译公司收费价格表,翻译公司收费标准,翻译公司北京,翻译公司上海。
  • “贵司提交的稿件专业词汇用词准确,语言表达流畅,排版规范, 且服务态度好。在贵司的帮助下,我司的编制周期得以缩短,稿件语言的表达质量得到很大提升”

    华东建筑设计研究总院

  • “我单位是一家总部位于丹麦的高科技企业,和世联翻译第一次接触,心中仍有着一定的犹豫,贵司专业的译员与高水准的服务,得到了国外合作伙伴的认可!”

    世万保制动器(上海)有限公司

  • “我公司是一家荷兰驻华分公司,主要致力于行为学研究软件、仪器和集成系统的开发和销售工作,所需翻译的英文说明书专业性强,翻译难度较大,贵司总能提供优质的服务。”

    诺达思(北京)信息技术有限责任公司

  • “为我司在东南亚地区的业务开拓提供小语种翻译服务中,翻译稿件格式美观整洁,能最大程度的还原原文的样式,同时翻译质量和速度也得到我司的肯定和好评!”

    上海大众

  • “在此之前,我们公司和其他翻译公司有过合作,但是翻译质量实在不敢恭维,所以当我认识刘颖洁以后,对她的专业性和贵公司翻译的质量非常满意,随即签署了长期合作合同。”

    银泰资源股份有限公司

  • “我行自2017年与世联翻译合作,合作过程中十分愉快。特别感谢Jasmine Liu, 态度热情亲切,有耐心,对我行提出的要求落实到位,体现了非常高的专业性。”

    南洋商业银行

  • “与我公司对接的世联翻译客服经理,可以及时对我们的要求进行反馈,也会尽量满足我们临时紧急的文件翻译要求。热情周到的服务给我们留下深刻印象!”

    黑龙江飞鹤乳业有限公司

  • “翻译金融行业文件各式各样版式复杂,试译多家翻译公司,后经过比价、比服务、比质量等流程下来,最终敲定了世联翻译。非常感谢你们提供的优质服务。”

    国金证券股份有限公司

  • “我司所需翻译的资料专业性强,涉及面广,翻译难度大,贵司总能提供优质的服务。在一次业主单位对完工资料质量的抽查中,我司因为俄文翻译质量过关而受到了好评。”

    中辰汇通科技有限责任公司

  • “我司在2014年与贵公司建立合作关系,贵公司的翻译服务质量高、速度快、态度好,赢得了我司各部门的一致好评。贵司经理工作认真踏实,特此致以诚挚的感谢!”

    新华联国际置地(马来西亚)有限公司

  • “我们需要的翻译人员,不论是笔译还是口译,都需要具有很强的专业性,贵公司的德文翻译稿件和现场的同声传译都得到了我公司和合作伙伴的充分肯定。”

    西马远东医疗投资管理有限公司

  • “在这5年中,世联翻译公司人员对工作的认真、负责、热情、周到深深的打动了我。不仅译件质量好,交稿时间及时,还能在我司资金周转紧张时给予体谅。”

    华润万东医疗装备股份有限公司

  • “我公司与世联翻译一直保持着长期合作关系,这家公司报价合理,质量可靠,效率又高。他们翻译的译文发到国外公司,对方也很认可。”

    北京世博达科技发展有限公司

  • “贵公司翻译的译文质量很高,语言表达流畅、排版格式规范、专业术语翻译到位、翻译的速度非常快、后期服务热情。我司翻译了大量的专业文件,经过长久合作,名副其实,值得信赖。”

    北京塞特雷特科技有限公司

  • “针对我们农业科研论文写作要求,尽量寻找专业对口的专家为我提供翻译服务,最后又按照学术期刊的要求,提供润色原稿和相关的证明文件。非常感谢世联翻译公司!”

    中国农科院

  • “世联的客服经理态度热情亲切,对我们提出的要求都落实到位,回答我们的问题也非常有耐心。译员十分专业,工作尽职尽责,获得与其共事的公司总部同事们的一致高度认可。”

    格莱姆公司

  • “我公司与马来西亚政府有相关业务往来,急需翻译项目报备材料。在经过对各个翻译公司的服务水平和质量的权衡下,我们选择了世联翻译公司。翻译很成功,公司领导非常满意。”

    北京韬盛科技发展有限公司

  • “客服经理能一贯热情负责的完成每一次翻译工作的组织及沟通。为客户与译员之间搭起顺畅的沟通桥梁。能协助我方建立专业词库,并向译员准确传达落实,准确及高效的完成统一风格。”

    HEURTEY PETROCHEM法国赫锑石化

  • “贵公司与我社对翻译项目进行了几次详细的会谈,期间公司负责人和廖小姐还亲自来我社拜访,对待工作热情,专业度高,我们双方达成了很好的共识。对贵公司的服务给予好评!”

    东华大学出版社

  • “非常感谢世联翻译!我们对此次缅甸语访谈翻译项目非常满意,世联在充分了解我司项目的翻译意图情况下,即高效又保质地完成了译文。”

    上海奥美广告有限公司

  • “在合作过程中,世联翻译保质、保量、及时的完成我们交给的翻译工作。客户经理工作积极,服务热情、周到,能全面的了解客户的需求,在此表示特别的感谢。”

    北京中唐电工程咨询有限公司

  • “我们通过图书翻译项目与你们相识乃至建立友谊,你们报价合理、服务细致、翻译质量可靠。请允许我们借此机会向你们表示衷心的感谢!”

    山东教育出版社

  • “很满意世联的翻译质量,交稿准时,中英互译都比较好,措辞和句式结构都比较地道,译文忠实于原文。TNC是一家国际环保组织,发给我们美国总部的同事后,他们反应也不错。”

    TNC大自然保护协会

  • “原英国首相布莱尔来访,需要非常专业的同声传译服务,因是第一次接触,心中仍有着一定的犹豫,但是贵司专业的译员与高水准的服务,给我们留下了非常深刻的印象。”

    北京师范大学壹基金公益研究院

  • “在与世联翻译合作期间,世联秉承着“上善若水、厚德载物”的文化理念,以上乘的品质和质量,信守对客户的承诺,出色地完成了我公司交予的翻译工作。”

    国科创新(北京)信息咨询中心

  • “由于项目要求时间相当紧凑,所以世联在保证质量的前提下,尽力按照时间完成任务。使我们在世博会俄罗斯馆日活动中准备充足,并受到一致好评。”

    北京华国之窗咨询有限公司

  • “贵公司针对客户需要,挑选优秀的译员承接项目,翻译过程客户随时查看中途稿,并且与客户沟通术语方面的知识,能够更准确的了解到客户的需求,确保稿件高质量。”

    日工建机(北京)国际进出口有限公司

15811068017

15801211926

18801485229
点击添加微信

无需转接等回电