英语翻译Editor's Note:To revalue the yuan or not?This has been o

英语翻译
Editor's Note:To revalue the yuan or not?This has been one of the hottest topics for the past decade and it has become an issue not only for Chinese policymakers but other governments around the world.The upcoming G20 summit of leaders from major developed and developing economies and the worsening of the European sovereign debt crisis have complicated the discussion of the yuan's appreciation,with Chinese economists divided on the timing of the process.While some argue that appreciation would do more harm than good,others urge the opportunity be seized to accelerate the process of making the yuan fully convertible.
Financial experts debate the pros and cons of calls for China to revalue its currency
It is not time for yuan appreciation.Although the leaders at the upcoming G20 summit are expected to discuss the issue,it should be up to China to decide.
Yuan appreciation would benefit China's imports of products from machinery to resources,but the benefit would be limited compared with the damage to the overall economy.China has,for example,suffered from overcapacity in sectors such as iron and steel,and cheaper imports as a result of yuan appreciation would only worsen the situation.
Yuan appreciation will benefit rich people in China,but it will do little to help improve the livelihoods of the poor.It would only widen the gap,which would contribute to social problems.
If the yuan appreciates against the dollar,expectations of further gains in the value of the yuan would lead to increased capital inflows,which would bring financial instability and would endanger China's financial security.
What has largely been ignored by many people is that yuan appreciation would facilitate imports of agricultural products,which would be disastrous for China's more than 500 million farmers.Although the country's entry into the World Trade Organization did not have a major impact on domestic farming,yuan appreciation would have a more adverse effect on the industry,leading to more job losses.
China must make relevant policies based on its own well-being,not others' directions.
The sharp decline of the euro against the dollar and other major currencies means that the yuan has effectively appreciated.Many people no longer expect the yuan to resume its appreciation against the dollar,at least not in the next few months.We have also adjusted downward our expectations of yuan appreciation against the dollar,to about 3 to 4 percent this year.Moreover,if European markets do not calm down in the near future,then concern over a more serious financial contagion could take the yuan move off the table.
However,as long as the markets calm down and the euro stabilizes,we think China could still start to de-link the yuan from the dollar.The move would most likely be a return to some sort of a basket with a widening trading band against the dollar.Initially we expect the yuan to appreciate against the dollar,but the increased flexibility could allow the exchange rate to move both ways,giving China more room to maneuver in the future.
A recent news report about China reviewing its euro debt holdings prompted market moves and the Chinese government's assurance of its faith in the euro and European government bonds.We believe that if Asian central banks including China hold on to their euro holdings but reduce their future purchases,the euro would weaken still further.

编者按:人民币是否该升值?这是过去十年中最热门的话题之一,它不仅仅已成为中国决策者面临的一个问题,同时也向世界各地的政府提出疑问.即将到来的二十国集团峰会的领导人主要来自发达和发展中经济体,该峰会与逐渐恶化的欧洲国债危机,再加上中国经济学家对这一举措的时机意见分歧,使得人民币是否该升值的论题变得更加复杂.虽然有些人认为升值弊大于利,其他人则认为该抓紧机会加快人民币实现自由兑换的进程.
金融专家对呼吁中国升值人民币的利弊展开了讨论.
这不是人民币升值的最佳时机.虽然即将到来的G20峰会的领导人都期望在会上讨论这个问题,最终的决定权仍在中国手上.
人民币升值能够使中国进口产品从机械设备到资源都有所受益,但是如果这种好处会破坏整体经济,则应有所限制.例如,中国曾在钢铁和廉价进口等行业出现生产力过剩的问题,而人民币升值只会使情况恶化.
人民币升值将有利于中国的富人,却不会对改善穷人的生计带来多大的帮助.这只会使贫富差距更加悬殊,从而增加社会问题.
如果人民币对美元增值,进一步升值人民币的期望将会导致资本流入的增加,而这将造成经济的不稳定,危害中国的金融安全.
大多数人忽略了一点,人民币升值将有助于进口农产品,而这将会是中国5亿农民的灾难.虽然中国加入世界贸易组织对国内农业没有产生太大的影响,人民币升值则会对农业造成更多的危害,导致大规模的失业.
中国必须根据自己的福利而非他国的导向作出相关的政策.
欧元兑美元及其他货币的汇率急剧下降,意味着人民币升值取得了良好的效果.许多人不再期望恢复人民币兑美元的汇率,至少不是在接下来的几个月内.我们也调整了对人民币兑美元汇率的期望,降低到今天的3%到4%左右.另外,如果欧洲市场近期内不平静下来,则对金融危机蔓延的担忧会使人民币升值不再成为讨论的热点.
问题补充的翻译：
然而,只要市场平静下来并且欧元稳定之后,我们认为中国仍然可以开始人民币脱离美元的进程.此举可能会回归到一揽子货币政策,扩大人民币对美元汇率的波动幅度.最初我们期望人民币对美元升值,但是弹性的增大可能会使汇率朝两个方向发展,从而使得中国在未来能够有更多的空间来控制汇率.
最近一篇新闻报道提到,中国正在评估所持的欧元区债务以推动市场,中国政府也表示了对欧元及欧洲的政府债券有信心.我们相信亚洲各央行保留自己的欧元控股,同时减少日后的购买,欧元将会进一步被削弱.
自己翻的~速度有点慢的说.