IMF：人民幣升值有助全球經(jīng)濟(jì)增長(zhǎng)

The global economic recovery continues to strengthen, the International Monetary Fund said, but growth in the U.S. and wealthier nations in Europe may depend on a depreciation of their currencies compared to China and other developing countries.
國(guó)際貨幣基金組織(International Monetary Fund，簡(jiǎn)稱(chēng)IMF)稱(chēng)，全球經(jīng)濟(jì)復(fù)蘇之勢(shì)在繼續(xù)加強(qiáng)，但美國(guó)和歐洲富裕國(guó)家的復(fù)蘇前景，或?qū)⑷Q于本幣是否相對(duì)中國(guó)等發(fā)展中國(guó)家的貨幣貶值。

As wealthy nations rein in stimulus spending, consumer demand and exports may be weak, said the IMF's chief economist, Olivier Blanchard. 'So this implies in general, an appreciation of emerging market currencies relative to advanced countries' currencies.'
IMF首席經(jīng)濟(jì)學(xué)家布蘭查德(Olivier Blanchard)認(rèn)為，隨著發(fā)達(dá)國(guó)家減少刺激性支出，其消費(fèi)需求和出口可能會(huì)陷入疲軟，這意味著要讓新興市場(chǎng)貨幣從總體上相對(duì)于發(fā)達(dá)國(guó)家貨幣升值。

Mr. Blanchard had China specifically in mind. In its semi-annual World Economic Outlook, released Wednesday, the IMF repeated that the Chinese yuan is 'substantially' undervalued.
布蘭查德專(zhuān)門(mén)提到了中國(guó)。IMF周三發(fā)布的半年度《世界經(jīng)濟(jì)展望》(World Economic Outlook) 報(bào)告再一次說(shuō)，人民幣處于被“大幅”低估的狀態(tài)。

Mr. Blanchard said that allowing the yuan to strengthen would help Beijing shift to more domestic-led growth and reduce the chances that the economy would overheat. 'An appreciation of the currency, appears highly desirable on its own,' he said.
布蘭查德認(rèn)為，允許人民幣升值將有助于中國(guó)向更加倚重于國(guó)內(nèi)的經(jīng)濟(jì)增長(zhǎng)方式轉(zhuǎn)變，并降低經(jīng)濟(jì)過(guò)熱的風(fēng)險(xiǎn)。他說(shuō)，以中國(guó)自身利益來(lái)看，人民幣升值顯得十分可取。

The IMF, U.S. and European nations have long been pressing China to revalue its currency, and Beijing has long resisted the move. But in recent weeks, the U.S. and China have given signals that a small revaluation may be in the works.
長(zhǎng)期以來(lái)，IMF和歐美各國(guó)一直在敦促中國(guó)重估人民幣，中國(guó)一直予以抵制。但從最近幾個(gè)星期美國(guó)和中國(guó)傳遞出的信號(hào)來(lái)看，人民幣可能即將進(jìn)行一次小幅升值。

Overall, the IMF lifted its forecasts of global growth to 4.2% in 2010, up from the 3.9% projection given in January.
IMF對(duì)2010年世界經(jīng)濟(jì)整體增長(zhǎng)率的預(yù)測(cè)，從1月份的3.9%調(diào)高到了4.2%。

In 2011, the IMF expects growth of 4.3% -- a bit slower than average global growth before the financial crisis hit hard in 2007. But the speed of the recovery varies greatly by region.
IMF對(duì)2011年增長(zhǎng)率的預(yù)測(cè)是4.3%，略低于2007年金融危機(jī)襲來(lái)之前的全球平均增長(zhǎng)水平。但各個(gè)地區(qū)的復(fù)蘇速度存在很大差異。

The fund expects developing countries to grow at a 6.3% pace this year and 6.5% next year. As usual, the star performers are expected to be China with growth of 10% this year and 9.9% in 2011, and India, with an 8.8% growth rate projected in 2010, followed by 8.4% next year.
IMF預(yù)計(jì)，今年、明年發(fā)展中國(guó)家將分別實(shí)現(xiàn)6.3%和6.5%的增長(zhǎng)。按其預(yù)測(cè)，表現(xiàn)最好的仍將是中國(guó)和印度：中國(guó)在今年增長(zhǎng)10%，2011年增長(zhǎng)9.9%；印度2010年增長(zhǎng)8.8%，明年增長(zhǎng)8.4%。

That's a far more rapid clip than what the IMF terms 'advanced economies' -- essentially the U.S., Europe and Japan -- which are projected to grow 2.3% in 2010 and 2.4% next year. In that group, the U.S. is expected to grow 3.1% in 2010 and 2.6% next year, while the 16 euro-zone nations are expected to struggle along at a 1% clip this year and 1.5% next year.
這個(gè)速度要遠(yuǎn)遠(yuǎn)高于IMF所稱(chēng)的“發(fā)達(dá)經(jīng)濟(jì)體”的增速。發(fā)達(dá)經(jīng)濟(jì)體實(shí)際上就是美國(guó)、歐洲和日本，預(yù)計(jì)這些國(guó)家今明兩年的增速將分別為2.3%和2.4%。在發(fā)達(dá)經(jīng)濟(jì)體中，預(yù)計(jì)美國(guó)今明兩年將分別增長(zhǎng)3.1%和2.6%，而歐元區(qū)16國(guó)將增長(zhǎng)緩慢，今明兩年的增速分別為1%和1.5%。

Japan is expected to grow 1.9% this year and 2% in 2011, the IMF said.
IMF說(shuō)，預(yù)計(jì)日本今明兩年將分別增長(zhǎng)1.9%和2%。

Greece's financial woes could dampen the outlook for Europe in particular, the IMF said. 'In the near term, a risk is that, if unchecked, market concerns about sovereign liquidity and solvency in Greece could turn into a full-blown and contagious sovereign debt crisis,' the IMF said.
IMF說(shuō)，希臘的財(cái)務(wù)問(wèn)題可能尤其會(huì)令歐洲的前景變得不樂(lè)觀。IMF說(shuō)，短期來(lái)看，有個(gè)風(fēng)險(xiǎn)是，如果市場(chǎng)對(duì)希臘主權(quán)流動(dòng)性和償債能力的擔(dān)憂(yōu)沒(méi)有被控制住的話，可能會(huì)變成全面的、傳染性的主權(quán)債務(wù)危機(jī)。

The fragility of the recovery in most advanced economies suggests that they should continue with already-planned fiscal stimulus measures this year. By next year, the IMF expects recoveries to become self-sustaining, allowing many countries to begin 'significant' reduction in deficits, even as monetary policy remains easy.
大部分發(fā)達(dá)經(jīng)濟(jì)體的復(fù)蘇都很脆弱，這顯示出它們今年應(yīng)該繼續(xù)實(shí)施已經(jīng)計(jì)劃好的財(cái)政刺激措施。IMF預(yù)計(jì)，明年之前復(fù)蘇將能獨(dú)立維持，這會(huì)讓很多國(guó)家可以在貨幣政策依然保持寬松之際，開(kāi)始大幅減少赤字。

The IMF didn't give specific advice about which countries should reduce fiscal stimulus next year -- or how deeply.
IMF沒(méi)有就哪些國(guó)家明年應(yīng)該減少財(cái)政刺激提供具體的忠告，也沒(méi)有說(shuō)減少的幅度應(yīng)該多大。

But the IMF is clearly worried about rising debt levels choking off recoveries by boosting interest rates for governments, banks and other commercial borrowers.
不過(guò)，IMF顯然擔(dān)心不斷上升的債務(wù)水平會(huì)提高政府、銀行和其他商業(yè)借款人的利率，進(jìn)而遏制復(fù)蘇。

The fund projects debt levels in advanced economies to top 100% of gross domestic product in 2014 based on current policies, up 35 percentage points from before the crisis. Bringing that back down below 60% of GDP by 2030 would require budget cuts of eight percentage points of GDP by 2020, and maintaining that level for the next decade.
IMF預(yù)計(jì)，如果繼續(xù)實(shí)施現(xiàn)行政策，2014年發(fā)達(dá)經(jīng)濟(jì)體的債務(wù)水平將達(dá)到國(guó)內(nèi)生產(chǎn)總值(GDP)的100%，較危機(jī)前高出35個(gè)百分點(diǎn)。在2030年前將債務(wù)水平降到GDP的60%以下，這需要這些國(guó)家在2020年前將預(yù)算占GDP的比例降低八個(gè)百分點(diǎn)，并在接下來(lái)的10年中保持這一水平。

Withdrawing stimulus, would only accomplish a spending reduction of 1.5 percentage points of GDP, the fund said. Thus, more drastic fiscal measures are needed, from cutting discretionary spending and broadening the tax base to tackling longer-term entitlement costs, the IMF said.
IMF說(shuō)，退出刺激措施只會(huì)令支出占GDP的比例減少1.5個(gè)百分點(diǎn)。IMF說(shuō)，這樣就需要采取更大力度的財(cái)政措施，從減少不必要支出和擴(kuò)大稅收基礎(chǔ)，到應(yīng)對(duì)更長(zhǎng)期權(quán)益成本。