China raised banks’ reserve ratio requirements on Sunday, the fourth time this year that Beijing has used this tool to tighten liquidity. The move underscores Beijing’s commitment to monetary tightening at a time when other economies, including the European Central Bank, are also beginning monetary tightening.

　　中國周日上調(diào)了存款準備金率。這是今年以來中國第四次運用這項工具收緊流動性。在其他經(jīng)濟體——包括歐洲央行在內(nèi)——紛紛開始收緊銀根之際，此舉也突顯出中國收緊銀根的承諾。

　　China’s central bank said it was raising the reserves that commercial banks must deposit with the central bank to 20.5 per cent, an increase of 50 basis points, with effect from April 21.

　　中國央行宣布，從4月21日起，商業(yè)銀行存款準備金率將上調(diào)50個基點，至20.5%。

　　Controlling inflation is China’s top economic priority this year, but monthly inflation data have remained high despite several rounds of tightening. March’s consumer price index rose to 5.4 per cent, the highest level in nearly three years.

　　控制通脹是中國今年首要的經(jīng)濟工作，然而，盡管當局采取了數(shù)次收緊動作，月度通脹數(shù)據(jù)仍然居高不下。3月份居民消費價格指數(shù)升至5.4%，達到近3年來的最高水平。

　　The move by the People’s Bank of China came after Tim Geithner, US Treasury secretary, attacked the International Monetary Fund’s failure to use its existing tools to tackle China’s tightly managed exchange rate.

　　在中國央行宣布上調(diào)存款準備金率之前，美國財長蒂姆•蓋特納(Tim Geithner)剛剛指責國際貨幣基金組織(IMF)未能利用現(xiàn)有工具，對付中國受到嚴格管理的匯率。

　　An alternative policy option for China to tackle its domestic inflation is allowing a greater appreciation in the renminbi. But comments to the IMF’s governing body in Washington over the weekend highlighted the divisions between developed and developing countries on the causes of imbalances in the global economy.

　　中國要解決國內(nèi)通脹，除了上調(diào)存款準備金率以外，還可以允許人民幣加快升值。然而，周末在IMF決策機構(gòu)發(fā)表的言論，突顯出發(fā)達國家與發(fā)展中國家對于全球經(jīng)濟失衡的根源存在分歧。

　　The gulf between these countries’ policy recommendations suggest the G20 process to iron out economic imbalances will run into trouble once the group discusses substantive issues rather than process.

　　這些國家相互之間迥異的政策建議，表明一旦討論從過程轉(zhuǎn)向?qū)嵸|(zhì)問題，G20解決經(jīng)濟失衡的進程將遇到困難。

　　Speaking to the International Monetary and Financial Committee, the IMF’s governing body, Mr Geithner hit out at a “few emerging markets” that manage their exchange rates. His words can refer only to China but reflect US desire to tackle the renminbi as a multilateral and not a bilateral issue.

　　蓋特納在向IMF的決策機構(gòu)——國際貨幣與金融委員會(International Monetary and Financial Committee)發(fā)表講話時，抨擊“若干新興市場”實行有管理的匯率機制。他的話只能是指中國，但反映了美國把人民幣作為多邊問題、而非雙邊問題來對付的意圖。

　　“The current system of exchange rates is an obstacle to effective international co-operation on imbalances,” he said, blaming China’s exchange rate policy for capital flows that push up the exchange rates of those emerging economies that do allow foreign funds in. Having received criticism from the IMF over US fiscal policy last week, Mr Geithner turned the tables and accused the fund of failing to use existing powers to put greater pressure on China.

　　蓋特納表示：“當前的匯率體系是國際社會在失衡方面進行有效合作的一個障礙。”他指責中國匯率政策導(dǎo)致資本流動推高了那些允許外國資金進入的新興經(jīng)濟體的匯率水平。在上周IMF批評美國的財政政策之后，蓋特納反唇相譏，指責IMF未能利用現(xiàn)有權(quán)力對中國施加更大壓力。

　　“The fund has the requisite tools within the existing framework of the IMF Articles of Agreement – but they have not been sufficiently utilised, as suggested by the IMF’s Independent Evaluation Office,” Mr Geithner said.

　　蓋特納表示：“在IMF協(xié)議條款的現(xiàn)行框架內(nèi)，IMF擁有必要的工具——但是，正如IMF獨立評估辦公室所說的，這些工具沒有得到充分應(yīng)用。”

　　Even though most G20 officials agreed with Christian Noyer, governor of the French central bank, that there had been “no fights” at the G20 meeting, that was because the body focused on issues of process rather than substance.

　　雖然大多數(shù)G20官員贊同法國央行行長克里斯蒂安•諾亞(Christian Noyer)的說法——G20會議上不存在“戰(zhàn)爭”，但那是因為G20迄今著眼于過程，而非實質(zhì)問題。