International tensions between countries representing the world’s largest currencies remained high on Thursday after an inconclusive seminar of G20 heads of government and finance ministers in China.
代表全球最大货币的国家之间的国际紧张周四仍处于高位，此前20国集团(G20)政府首脑和财政部长在中国举行的一个研讨会未能讨论出结果。
World leaders, finance ministers and academics had gathered at a “high-level seminar” in Nanjing to discuss reform of the international monetary system, central to France’s chairmanship of the G20 in 2011. But the divisions that have prevented a co-operative solution to global trade imbalances remained evident.
各国领导人、财政部长和学者汇聚南京，出席一个“高级别研讨会”，讨论国际货币体系的改革——这是2011年法国担任G20轮值主席国期间的中心主题。但是，各方的分歧仍十分明显，这些分歧曾阻碍了各国就全球贸易失衡拿出合作解决方案。
Tim Geithner, US Treasury secretary, identified the problem in the international monetary system to be the asymmetry between freely floating currencies and the “tightly managed exchange rate regimes and very extensive capital controls” of “some emerging markets” – a clear reference to China.
美国财长蒂姆?盖特纳(Tim Geithner)指出，国际货币体系的问题在于一种不对称：一方面是自由浮动的货币，另一方面是“某些新兴市场……受到严格管理的汇率制度和非常广泛的资本管制”——这显然是指中国。
He added: “This asymmetry in exchange rate policies creates a lot of tension. It intensifies inflation risk in those emerging economies with undervalued exchange rates. And, finally, it generates protectionist pressures.”
他补充说：“汇率政策上的这种不对称，制造了许多紧张。它在那些汇率低估的新兴经济体加剧了通胀风险。最后，它产生了保护主义压力。”
While Nicolas Sarkozy, French president, urged the G20 countries not to “lose the impetus built up in the midst of the crisis” to prevent future crises, the Chinese hosts did not share his urgency.
尽管法国总统尼古拉?萨科齐(Nicolas Sarkozy)敦促G20国家不要“失去在危机期间积累起来的动力”以防范未来的危机，但作为东道主的中国方面并未呼应他的紧迫感。
Wang Qishan, Chinese vice-premier, emphasised his nation’s view that global monetary reform was a “long and complex process” that could only be explored and implemented gradually. The uneasy stand-off between the main players was a repetition of February’s meeting of G20 finance ministers and central bank governors.
中国副总理王岐山强调了中方的看法，即全球货币改革是一个“长期复杂的过程”，只能逐步探索和推进。主要国家之间这种令人局促的僵局，堪称2月份G20财长和央行行长会议的重演。
Described privately by those taking part as one of the least constructive G20 gatherings since the crisis, the delegates found it difficult to agree on the right way to measure global trade imbalances, preventing the grouping from discussing policies that might lead to their resolution.
一些与会者私下形容这个会议是金融危机以来最缺乏建设性的G20会议之一。各方难以就衡量全球贸易失衡的正确方式达成一致，使会议无从讨论有望解决失衡的政策。
In Nanjing, Mr Sarkozy instigated a discussion on whether special drawing rights – a reserve asset comprised of a basket of dollars, euros, yen and sterling – should also include the renminbi.
在南京，萨科齐开启了一场有关特别提款权（SDR，由美元、欧元、日元和英镑等一篮子货币组成的储备资产）是否应当包括人民币的讨论。
Even though many figures including Mervyn King, Bank of England governor, have warned that “we should not get sidetracked by issues such as changing the composition of the SDR basket”, there was little enthusiasm for this idea as a means of keeping more substantive global discussions on track.
英国央行行长默文?金(Mervyn King)等许多人士警告称，各方不应被改变特别提款权篮子构成之类的问题分心。无论如何，各方对这个构想（作为一种继续推进更具实质性的全球讨论的手段）并不热心。
China has cooled to the idea of moving too quickly towards inclusion of the renminbi in the SDR basket and Mr Geithner, who holds a veto on any such move, laid out conditions that would be unacceptable to the Chinese.
中国对过快走向在SDR篮子中包括人民币的构想已趋于冷淡。同时，在此类变动上拥有否决权的盖特纳设定了一些中方不可能接受的条件。
Mr Geithner said currencies should only be included in the SDR basket if their countries had flexible exchange rates, independent central banks and allowed free movement of capital flows. China does not meet any of those criteria.
盖特纳表示，只有那些具有弹性汇率、独立央行，并且允许资本自由流动的国家，其货币才应当包括在SDR篮子中。中国不符合这些标准中的任何一项。
