翻译题 1.Unemployment in America is high, and elections are on the horizon. It must be time to look east again for scapegoats. Japan is only starting to recover from its protracted recession, so China will be handed the role of economic villain in the coming U. S. election cycle. Expect to hear a chorus of presidential candidates blame unfair Chinese competition for America' s manufacturing woes.
China' s trading partners do have legitimate grievances, but it would be irresponsible and inaccurate for American politicians to pin the United States' economic sluggishness on scheming culprits in Beijing. Traveling in Asia in October, Treasury Secretary John Snow heeded political pressures back home in exhorting Chinese leaders to let the market price their currency. This is a desirable outcome in the long run, but a raft of immediate caveats come to mind.
China' s financial system remains fragile, and sudden currency volatility could lead to a banking crisis that could sell disaster for the world economy. Washington would do better to urge China' s leaders to focus on their lack of preparation to assume their proper role in the world' s financial order, rather than to demand any supposedly quick fix. Moreover, China' s refusal to devalue its currency in the aftermath of the late 1990' s crises in East Asia—much appreciated by its neighbors and Washington at a time when the yuan seemed overvalued—adds credence to Beijing' s insistence that it prizes stability when it comes to exchange rates, not short-term advantage. With most economists concerned that China' s robust growth could fuel inflation and a speculative bubble, there are valid reasons for Beijing to fear a surging currency.