Leaders from the G20 group of leading economies will next month seek to agree specific guidelines on reducing global trade imbalances, in a fresh attempt to head off a potential “currency war”.

　　由全球大型經(jīng)濟(jì)體組成的20國(guó)集團(tuán)(G20)領(lǐng)導(dǎo)人，將在下月尋求就減少全球貿(mào)易失衡的具體方針達(dá)成一致，以求再次努力避免潛在的“匯率戰(zhàn)爭(zhēng)”。

　　Finance ministers and central bank governors, meeting this weekend in the South Korean city of Gyeongju, agreed on a policy framework to contain large current account surpluses and deficits, but a proposal to set specific targets ran into opposition.

　　這些國(guó)家的財(cái)長(zhǎng)和央行行長(zhǎng)周末在韓國(guó)慶州市開(kāi)會(huì)，達(dá)成了一項(xiàng)旨在遏制巨額經(jīng)常賬戶盈余和赤字的政策框架，但一項(xiàng)確立具體目標(biāo)的提議遭到了反對(duì)。

　　The meeting also announced significant progress in reforming the International Monetary Fund, shifting power away from Europe and towards emerging nations like China and Brazil.

　　會(huì)議還宣布，在改革國(guó)際貨幣基金組織(IMF)、將權(quán)力從歐洲轉(zhuǎn)移至中國(guó)和巴西等新興國(guó)家方面，取得了重大進(jìn)展。

　　Analyst reaction was muted. Eswar Prasad, a former IMF official now at Cornell University in the US, said a previous attempt to impose tougher IMF surveillance of current account imbalances had achieved little while the threat of such monitoring was unlikely to trigger policy changes in countries with large surpluses and deficits.

　　分析人士的反應(yīng)比較溫和。國(guó)際貨幣基金組織( IMF)前官員、美國(guó)康奈爾大學(xué)(Cornell University)教授埃斯瓦•普拉薩德(Eswar Prasad)表示，以前一項(xiàng)由IMF對(duì)經(jīng)常賬戶失衡實(shí)施更嚴(yán)格監(jiān)督的嘗試，幾乎一無(wú)所獲；而威脅進(jìn)行這樣的監(jiān)督，不太可能推動(dòng)存在巨額盈余或赤字的國(guó)家改變政策。

　　Todd Elmer, of Citigroup, said: “The meeting produced little pressure for the US to back away from its accommodative stance which has fuelled dollar depreciation, it does not call more strongly for increased flexibility in Asia and it appears to leave an out for some countries, like Japan, to pursue intervention or capital controls.”

　　花旗集團(tuán)(Citigroup)的托德•埃爾默(Todd Elmer)表示：“這次會(huì)議幾乎沒(méi)有對(duì)美國(guó)施加任何壓力，要求其逆轉(zhuǎn)迄今推動(dòng)美元貶值的寬松政策立場(chǎng)，也沒(méi)有更強(qiáng)烈地呼吁亞洲提高靈活性，而且似乎讓某些國(guó)家（如日本）放手進(jìn)行干預(yù)或資本管制。”

　　The US, which has been pushing China to allow its currency to rise and reduce its huge trade surplus, claimed victory. Tim Geithner, Treasury secretary, said after the meeting: “The most important thing we achieved is agreement on a framework for curbing excess trade imbalances in the future.”

　　一直在推動(dòng)中國(guó)讓人民幣升值、并減少其巨額貿(mào)易盈余的美國(guó)宣稱獲勝。美國(guó)財(cái)長(zhǎng)蒂姆•蓋特納(Tim Geithner)在會(huì)后表示：“我們實(shí)現(xiàn)的最重要成就是，各方就一個(gè)框架在未來(lái)遏制過(guò)度貿(mào)易失衡的框架達(dá)成了一致意見(jiàn)。”

　　But the statement issued by the ministers left unclear how the imbalances would be reduced. The communiqué also issued a clear warning to the US that loose monetary policy could continue to push volatile capital flows into emerging economies.

　　但是，從各國(guó)財(cái)長(zhǎng)發(fā)布的聲明看不出失衡將如何得到削減。會(huì)議公報(bào)還向美國(guó)發(fā)出了一個(gè)明確警告：寬松的貨幣政策，可能繼續(xù)推動(dòng)善變的資本洪流進(jìn)入新興經(jīng)濟(jì)體。

　　European nations agreed to surrender two of their seats on the IMF’s 24-member executive board to make way for emerging nations, who will also receive a greater share of “quotas”, which determine voting power. But the exact decisions on reorganising quotas was deferred until 2012.

　　歐洲國(guó)家同意在24個(gè)席位的IMF執(zhí)行董事會(huì)上，讓出2個(gè)席位給新興國(guó)家，這些新興國(guó)家將得到更大份額的“配額”；這些配額決定投票權(quán)。但是，有關(guān)改組配額的具體決定，將推遲到2012年作出。

　　Christine Lagarde, France’s finance minister, agreed the shift to combating imbalances would offer a sense of purpose to the French presidency of the G20 next year. The US and South Korea had also sought to forge consensus on a numerical target for surpluses and deficits at this weekend’s meeting, suggesting a cap of 4 per cent of gross domestic product. But the idea of a specific target ran into stern opposition from Germany, Brazil and Japan.

　　法國(guó)財(cái)政部長(zhǎng)克里斯蒂娜•拉加德(Christine Lagarde)同意，向抗擊失衡轉(zhuǎn)移，將給明年法國(guó)出任G20輪值主席國(guó)帶來(lái)一種目的感。美國(guó)和韓國(guó)在周末會(huì)議上還曾尋求就一個(gè)量化的盈余或赤字目標(biāo)凝聚共識(shí)，提出上限宜定在國(guó)內(nèi)生產(chǎn)總值(GDP)的4%。但設(shè)定具體目標(biāo)的想法遭到德國(guó)、巴西和日本的強(qiáng)烈反對(duì)。