2015考研英语阅读人民币的崛起_大学英语阅读

2015考研英语阅读人民币的崛起

　　Over time China will relax its financial grip. But even if it could usurp the dollars role as theworlds currency, it will not replicate the American set-up. The United States takes advantageof the dollars position to borrow cheaply from the rest of the world, selling its assets in returnfor goods. China is a mirror image of this. It runs a trade surplus, selling goods in return forfinancial claims on foreigners. Its firms, households and government save more than they caninvest at home.

　　随着时间的推移，中国会放松其对金融的掌控。但即使可以替代美元成为世界货币，它也无法重现美国对该地位的运用。美国利用其美元地位从世界其它地方低价借款并卖出资产以获得商品。中国则正好相反。它拥有大量贸易盈余，卖出商品以获得金融资产的所有权。它的企业、家庭和政府积累的储蓄远远高于其国内投资。

　　A different kind of perk

　　不同的收益

　　Rather than seeking to borrow in its own currency, China may harbour the opposite ambition:to lend in its own currency. The exorbitant privilege it may covet is a lower foreign-exchangerisk on its savings. On top of the trillions China has lent to Americas treasury, it also holdsstakes in Australian mines, African farms and Swedish car companies. But because none ofthese assets is in yuan, China suffers a capital loss whenever its currency strengthens. It wouldno doubt like to share some of this risk with the rest of the world. The model is not America,but Germany, an international creditor which holds 70% of its foreign assets in euros.