中国应如何与市场对话_时事_双语阅读-查字典英语网

中国应如何与市场对话

从许多方面来说，这是一项不错的政策措施。但问题在于它是在错误的时间实施的。

Delayed and then announced in the context of mounting evidence that China is in the midstof a significant economic slowdown, it resulted in an immediate depreciation of the renminbi. Assuch, rather than being viewed as an important part of beneficial medium-term economicreform, it was deemed by many as China’s attempt to “steal growth from other countries —thereby contributing to global financial instability as markets rushed to price in theprobability of a larger deceleration of the global economy.

之前一直拖延、而后又在越来越多的证据表明中国经济正处于显著放缓时宣布这一决定，其结果是人民币随即贬值。如此一来，这一举措不但未被看作是有益的中期经济改革的重要部分，还被许多人视为中国试图从其他国家“窃取增长——从而导致了全球金融不稳定，因为市场急于在价格中反映全球经济更大范围减速的可能性。

It only took a few days for disruptive markets to force the government to intervene in theforeign exchange market, rather than be less involved. As the global financial disorderpersisted, it then felt obliged to supplement this with a series of monetary stimulusmeasures, including an interest-rate cut, lower reserve requirement and direct liquidityinjections.