经济学人284:港币 现在入手还是1983年那个价格

　　Finance and economics
财经商业
The Hong Kong dollar
港币
Buy now at 1983 prices
现在入手还是1983年那个价格
After 30 years, Hong Kong's peg¹ to the American dollar is still going strong
三十年后的今天,港币汇率稳定不变将继续走强
The skyline has changed but the exchange rate hasn't.
楼高可以变,但是汇率不行。
WHATEVER exchange-rate system a country has, it will wish at some times that it had another one, according to Stanley Fischer, a former central banker.
不论一个国家有什么样的汇率系统，它一定会时不时希望能变成另一个国家的汇率，前任以色列央行行长Stanley Fischer这么说过。
2_副本.jpgMany countries find it hard to cope with a floating currency and even harder to stick to a fixed² one.
很多国家发现应对一个浮动汇率很难，但是更难的是守住一个固定的浮动汇率。
It is therefore remarkable³ thatHong Kongthis week celebrated⁴ the 30th anniversary of its currency's peg to the dollar.
因此港币汇率保持不变三十周年令人瞩目。
This crude but effective system was adopted on October 17th 1983 to stop a currency crisis.
香港在1983年10月17号采用了这一简单却有效的体系成功阻止了汇率危机。
Since then it has survived three American recessions, SARS and Soros, a fabled⁵ currency speculator, who attacked the peg during the Asian financial crisis.
自那以后，港币在三次冲击—非典，索罗斯基金冲击，虚构资金投机者，面对亚洲金融危机里美元衰退的情形下屹立不倒。
In recent yearsHong Kong's peg has come under upward,not downward pressure.
最近几年，港币的稳定是归功于向上的冲劲而不是向下的压力。
In maintaining its fixed rate to the dollar,Hong Konghas imported the Federal Reserve's easy monetary⁶ policy despite its healthier economy.
尽管香港经济更加有活力，它还是一直套用美联储的宽松货币政策来维持它的固定汇率。
The result has been high inflation and surging home prices.
结果便是高通胀和高涨的房价。
Even as its economy has diverged⁷ from America's, it has converged⁹ with that of the rest ofChina.
尽管经济已和美国分道扬镳，但是香港早就联合中国大陆。
Yet theHong Kongdollar and the yuan have been growing apart.
现在港币和人民币分别都在成长。
The Hong Kong dollar's peg was once also a tight link to the yuan, which was itself pegged¹⁰ toAmerica's currency.
港币的稳定一度和人民币有紧密的联系,而人民币本身就和美元的汇率挂钩。
But sinceChinamodified the peg, the yuan has appreciated by over a third.
但是自从中国修改了汇率,人民币升值了将近三成。
As Mr Fischer suggested, some economists¹¹ now wish thatHong Konghad another system.
正如同Mr.Fischer暗示的，一些经济学家现在希望香港换一套系统。
It could, for example, let its exchange rate crawl upwards¹² to curb¹³ inflation, asSingaporedoes.
例如，它可以是让汇率缓慢上升来控制通胀，就像新加坡做的那样。
Or it could track the rising yuan.
或者它可以追随人民币那样升值。
Eventually it could even adopt the mainland's currency; over 10% of bank deposits inHong Kongare already in yuan.
最后它可能甚至会采用大陆的汇率；将近10%的香港存款现在已经是以人民币为单位了。
But these alternatives have drawbacks of their own.
但是这些选择本身也是有自身缺陷的。
Chinamay now dominateHong Kong's trade, but much of that trade is still priced in dollars, points out Li-Gang Liu of ANZ, a bank.
澳新银行的刘利军指出，中国可能现在控制着香港的贸易，然而大部分贸易仍然用美元标价。
Besides, the yuan's value is still fixed each morning by China's central bank, and yuan assets are fenced in by capital controls.
除此之外，中国央行仍然保持人民币的价值不变，那样通过资产控制来保护人民币资产。
Pegging¹⁴ to an inconvertible yuan could destroyHong Kong's role as an international financial centre, Mr Liu argues.
刘利军说道，坚持不变的人民币汇率可能会摧毁掉香港作为国际金融中心的地位。
Over timeHong Konghas adapted to some of the peg's constraints¹⁵.
随着时间的迁移，香港已经适应了一些汇率不变的限制。
Its exchange rate may be rigid¹⁶, but its other prices and wages are remarkably¹⁷ flexible.
它的汇率可能是僵硬的，但是它的其他价格和工资却是惊人的灵活变化。
During the financial crisis, even senior civil servants took a pay cut.
在金融危机下，甚至是高级公务员都减薪。
This flexibility¹⁸ allows the economy to adjust quickly to cyclical ups and downs without the help of an independent monetary policy.
这种灵活性就保证了经济迅速调整到周期性的涨伏里，从而不需要单独的货币政策帮忙。
Prices, particularly for property, do sometimes take on a life of their own.
价格，尤其对于财产，有时确实有他们自己的生命。
But a more flexible exchange rate is not enough by itself to prevent asset-price booms:Singapore's house prices have also soared despite its strengthening currency.
但是更加灵活的汇率政策还不足够通过自身来避免资产价格爆炸：尽管新加坡有强势的汇率，它的房价也已经被炒起来了。
And in some cases the currency itself can be the asset that takes off.
并且在一些情况下汇率本身就会让资产缩水。
The Swiss franc, for example, strengthened dramatically during the euro crisis, prompting its central bank to intervene.
例如，瑞士法郎，在欧债危机里戏剧化的走高，刺激了它的央行去干预。
As nearby countries like India and Indonesia fret¹⁹ about capital outflows and plunging²⁰ currencies, the stability offered by Hong Kong's peg looks as good on its 30th birthday as it ever has.
就像印度，印尼这些附近的国家就对资本外流和汇率突降感到烦忧，香港的货币稳定性永远看起来像它三十岁生日那样美。
1.according to 根据，按照；据…所说
Again this is according to recently declassified²¹ information.
这也还是根据最近解密的信息得知的。
It did not go according to plan.
这个妥协方案并没有按计划执行。
2.cope with 对付
How will they cope with the huge psychological pressures?
他们将如何应付巨大的心理压力呢？
And the algorithm could not cope with that.
但该算法无法处理这种连续的信息。
3.converge⁸ with 收敛
Over time, it may even converge with the on-shore forward foreign exchange market.
假以时日，这个市场更可能与内地的远期外汇市场逐渐融合。
Yields in many of these markets were driven down by hopes that they would, in time, converge with those in mature european markets.
这一市场交易量下跌是因为该地区投资者们希望他们假以时日能与欧洲成熟市场保持一致。
4.link to 与…连接， 联系
Just send them a link to the google docs file.
只需给他们一个google docs的文件链接。
Each sentence is followed by a link to the source.
每个语句后面还包括了它们的出处的链接。

1 peg   

n.木栓，木钉；vt.用木钉钉，用短桩固定

参考例句：

• Hang your overcoat on the peg in the hall.把你的大衣挂在门厅的挂衣钩上。
• He hit the peg mightily on the top with a mallet.他用木槌猛敲木栓顶。

2 fixed   

adj.固定的，不变的，准备好的；(计算机)固定的

参考例句：

• Have you two fixed on a date for the wedding yet?你们俩选定婚期了吗？
• Once the aim is fixed,we should not change it arbitrarily.目标一旦确定，我们就不应该随意改变。

3 remarkable   

adj.显著的，异常的，非凡的，值得注意的

参考例句：

• She has made remarkable headway in her writing skills.她在写作技巧方面有了长足进步。
• These cars are remarkable for the quietness of their engines.这些汽车因发动机没有噪音而不同凡响。

4 celebrated   

adj.有名的，声誉卓著的

参考例句：

• He was soon one of the most celebrated young painters in England.不久他就成了英格兰最负盛名的年轻画家之一。
• The celebrated violinist was mobbed by the audience.观众团团围住了这位著名的小提琴演奏家。

5 fabled   

adj.寓言中的，虚构的

参考例句：

• For the first week he never actually saw the fabled Jack. 第一周他实际上从没见到传说中的杰克。
• Aphrodite, the Greek goddness of love, is fabled to have been born of the foam of the sea. 希腊爱神阿美罗狄蒂据说是诞生于海浪泡沫之中。 来自《现代汉英综合大词典》

6 monetary   

adj.货币的，钱的；通货的；金融的；财政的

参考例句：

• The monetary system of some countries used to be based on gold.过去有些国家的货币制度是金本位制的。
• Education in the wilderness is not a matter of monetary means.荒凉地区的教育不是钱财问题。

7 diverged   

分开( diverge的过去式和过去分词 )； 偏离； 分歧； 分道扬镳

参考例句：

• Who knows when we'll meet again? 不知几时咱们能再见面！
• At what time do you get up? 你几时起床？

8 converge   

vi.会合；聚集，集中；(思想、观点等)趋近

参考例句：

• The results converge towards this truth.其结果趋近于这个真理。
• Parallel lines converge at infinity.平行线永不相交。

9 converged   

v.（线条、运动的物体等）会于一点( converge的过去式 )；（趋于）相似或相同；人或车辆汇集；聚集

参考例句：

• Thousands of supporters converged on London for the rally. 成千上万的支持者从四面八方汇聚伦敦举行集会。
• People converged on the political meeting from all parts of the city. 人们从城市的四面八方涌向这次政治集会。 来自《简明英汉词典》

10 pegged   

v.用夹子或钉子固定( peg的过去式和过去分词 )；使固定在某水平

参考例句：

• They pegged their tent down. 他们钉好了账篷。 来自《简明英汉词典》
• She pegged down the stairs. 她急忙下楼。 来自《现代英汉综合大词典》

11 economists   

n.经济学家，经济专家( economist的名词复数 )

参考例句：

• The sudden rise in share prices has confounded economists. 股价的突然上涨使经济学家大惑不解。
• Foreign bankers and economists cautiously welcomed the minister's initiative. 外国银行家和经济学家对部长的倡议反应谨慎。 来自《简明英汉词典》

12 upwards   

adv.向上，在更高处...以上

参考例句：

• The trend of prices is still upwards.物价的趋向是仍在上涨。
• The smoke rose straight upwards.烟一直向上升。

13 curb   

n.场外证券市场，场外交易；vt.制止，抑制

参考例句：

• I could not curb my anger.我按捺不住我的愤怒。
• You must curb your daughter when you are in church.你在教堂时必须管住你的女儿。

14 pegging   

n.外汇钉住，固定证券价格v.用夹子或钉子固定( peg的现在分词 )；使固定在某水平

参考例句：

• To write a novel,one must keep pegging away at it consistently. 要写小说，必须不断辛勤劳动。 来自《简明英汉词典》
• She was pegging the clothes out on the line to dry. 她正在把衣服夹在晒衣绳上晾干。 来自辞典例句

15 constraints   

强制( constraint的名词复数 )； 限制； 约束

参考例句：

• Data and constraints can easily be changed to test theories. 信息库中的数据和限制条件可以轻易地改变以检验假设。 来自英汉非文学 - 科学史
• What are the constraints that each of these imply for any design? 这每种产品的要求和约束对于设计意味着什么？ 来自About Face 3交互设计精髓

16 rigid   

adj.严格的，死板的；刚硬的，僵硬的

参考例句：

• She became as rigid as adamant.她变得如顽石般的固执。
• The examination was so rigid that nearly all aspirants were ruled out.考试很严，几乎所有的考生都被淘汰了。

17 remarkably   

ad.不同寻常地，相当地

参考例句：

• I thought she was remarkably restrained in the circumstances. 我认为她在那种情况下非常克制。
• He made a remarkably swift recovery. 他康复得相当快。

18 flexibility   

n.柔韧性，弹性，（光的）折射性，灵活性

参考例句：

• Her great strength lies in her flexibility.她的优势在于她灵活变通。
• The flexibility of a man's muscles will lessen as he becomes old.人老了肌肉的柔韧性将降低。

19 fret   

v.(使)烦恼；(使)焦急；(使)腐蚀，(使)磨损

参考例句：

• Don't fret.We'll get there on time.别着急，我们能准时到那里。
• She'll fret herself to death one of these days.她总有一天会愁死的.

20 plunging   

adj.跳进的，突进的v.颠簸( plunge的现在分词 )；暴跌；骤降；突降

参考例句：

• War broke out again, plunging the people into misery and suffering. 战祸复发，生灵涂炭。 来自《现代汉英综合大词典》
• He is plunging into an abyss of despair. 他陷入了绝望的深渊。 来自《简明英汉词典》

21 declassified   

adj.解密的v.对（机密文件等）销密( declassify的过去式和过去分词 )

参考例句：

• Thousands of classified documents have now been declassified. 数以千计的保密文件现在被解密了。
• The software used for Siemens S7-300 encryption logic block declassified. 此软件用于对西门子S7-300加密逻辑块解密。