分析：美中能否再次逃过汇率战（双语）

　　The US Treasury has again declined to label China a currency manipulator, saying the renminbi’s real exchange rate is rising at an annualised pace of 10 per cent.

　　美国财政部再次拒绝将中国列为汇率操纵国，称人民币实际汇率正以10%的年率上升。

　　In a politically sensitive report slipped out on Friday afternoon, the Treasury said high inflation in China meant its true exchange rate had risen rapidly since it was allowed to appreciate last June.

　　美国财政部在上周五下午悄悄发布的一份政治敏感的报告中表示，中国的高通胀意味着，人民币真实汇率自去年6月“二次汇改”以来已大幅上升。

　　The report is further evidence that the issue of renminbi undervaluation has slipped down the agenda after China let its currency rise again, the Republicans regained control of the House of Representatives and Hu Jintao, China’s president, visited the US in January.

　　这份报告进一步证明，在中国再次让人民币升值、共和党重新控制众议院以及中国国家主席胡锦涛今年1月访美之后，人民币汇率偏低问题在美方议程上的地位已有所下降。

　　“The report studiously avoids bringing things to a boil by calling China a currency manipulator,” said Eswar Prasad, professor of trade policy at Cornell University. “Exercising that nuclear option at this stage is certainly in nobody’s interest.”

　　康奈尔大学(Cornell University)贸易政策教授埃斯瓦尔•普拉萨德(Eswar Prasad)表示：“报告不将中国列为汇率操纵国，是刻意避免激化矛盾。在现阶段执行该‘非常选择’，肯定对各方都不利。”

　　But the Treasury continued to say in its report the speed of renminbi appreciation “is insufficient and that more rapid progress is needed”.

　　但美国财政部在报告中补充表示，人民币升值速度“不够快，需要加快步伐”。

　　By law, the Treasury must produce semi-annual reports that declare whether important trading partners manipulate their currencies to gain trade advantages against the US. Officials say that China has made enough progress – including changes to its language during Mr Hu’s state visit – that such a declaration is not warranted.

　　美国财政部依法必须每半年提交一份报告，表明重要贸易伙伴国是否在操纵其本币汇率、以获取相对美国的贸易优势。美方官员表示，由于中国已取得足够的进展，其中包括在胡锦涛对美展开国事访问期间改变了在人民币问题上的措辞，因此没有理由把中国列为汇率操纵国。

　　In a joint statement at the end of the state visit, Mr Hu and Barack Obama, US president, said: “China will continue to promote RMB exchange rate reform and enhance RMB exchange rate flexibility, and promote the transformation of its economic development model.”

　　在此次国事访问结束后发表的联合声明中，胡锦涛和美国总统巴拉克•奥巴马(Barack Obama)表示：“中国将继续坚持推进人民币汇率形成机制改革，增强人民币汇率弹性，转变经济发展方式。”