The wall is starting to crack 英语翻译论文

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1、Thewallisstartingtocrack.Foryears,Chinahasmadeittoughforcapitaltoflowtoandfromitseconomy,thesecond-largestintheworld.Now,thegovernmentinBeijingisforgingaheadwithacampaigntobringtheyuanontotheworldstageandbreachesareappearinginthatformidablefinancialbarrier.Ayuanthat'smore

2、widelyusedininternationaltradeandinvestmentcouldeventuallychallengethedollar'ssupremacy,correctsomeoftheimbalancesthatplaguetheChineseandglobaleconomy,andforceaprofligateU.S.tolivewithinitsmeans.Itwon'tbeaneasytransition.TherearepowerfulvestedinterestsinChinathataresatisf

3、iedwiththestatusquoandwilltrytoputthebrakesonanyreformeffort.ButthechangesChinahasmadesofarhavegeneratedmomentumbothathomeandinternationallyandmayprovetoostrongtoresist.Formorethanadecade,China'sclosedcapitalaccounthasbeenadefiningfeatureoftheglobaleconomy.Ithasinsulatedt

4、hemainlandfrominternationalcapitalflows,enablingChinatorideouttheAsianfinancialcrisisin1997andleavingitsbanksunscathedbythenear-collapseoftheU.S.financialsystemin2008.Asimportant,denyingforeign-exchangemarketsaroleinsettingtheexchangeratehasallowedthegovernmenttomaintaint

5、hevalueoftheyuanatanartificiallylowlevelsupportinga30-yearexportboom.SinceChinesesaverscan'ttaketheirmoneyoverseas,bankshavealsogottenawaywithofferingthemlowinterestrates,keepingthecostofcapitalforindustryatbargain-basementpricesandunderpinninganinvestmentbinge.Taketheexa

6、mpleofShenzhenafishingvillagein1979,in2011ametropolisof14millionbuiltaroundtheworld'sfourth-busiestport.Low-costcapitalsubsidizedtheconstructionoftransportandpowerinfrastructure,factoriesandproductionlines.Anundervaluedyuan,combinedwithlowcostoflabor,enabledcompaniestound

7、ercuttheirforeignrivalsonprice.Butmanipulationoftheexchangerateandrepressionoftheinterestratecomesatacost.Cheapcapitalhasresultedinovercapacityintheindustrialsectorandbubblesinthemainland'spropertymarket.Managingtheexchangerateinthefaceoftradesurpluseshasresultedinthebuil

8、dupofgargantuanforeign-exchangereserves$3.04trillionthatChinahaslittlechoicebuttorecycleascut-pr