原文: 选自2011年国家高级笔译试题
译者: 爱尔兰都柏林大学 赖小琪
热钱由于具有投机性和流动的不确定性，是各国严控或打击的对象。具体到中国，之所以对热钱严正以待，是因为“热钱”的存在，不利于政府货币政策的制定和实施。在中国资本项目仍然管制的条件下，“热钱”的影响主要表现在对汇率的冲击上，央行为了保持汇率稳定，在“热钱”不断涌入的情况下，不得不大量买入外汇资金，货币供给大大增加。另一方面，为了抑制“热钱”的流入，加大其成本，需要压低人民币利率。两者的结果使得市场上的流动性大大增强，这又有可能造成通货膨胀和经济过热。
Hot money, due to its speculative feature and uncertain flow, is strictly controlled and cracked down upon by all countries around the world. When it comes specifically to China, the Chinese government has put hot money in the hotspot because its existence is detrimental to the formulation and implementation of the monetary policy. With China’s capital accounts under strict control, the impact exerted by hot money mainly goes to exchange rate. To maintain the stability of exchange rate when hot money is flooding in continuously, the central bank has to buy in lump sums of foreign funds and therefore money supply is soaring drastically. Worse still, in order to curb the inflow of hot money, the central bank needs to increase its cost by suppressing the interest rate of RMB. Both measures will result in the hugely-increased market liquidity and may trigger inflation and overheated economy.
其次，“热钱”不利于国际收支平衡和人民币汇率稳定。“热钱”的大规模流动会增加外汇市场的不稳定因素，不利于国际收支的调节，并可能加剧国际收支失衡、造成汇率扭曲，甚至引发金融危机。
Moreover, hot money is jeopardous to the balance of international payment and the stability of RMB exchange rate. The large-scale flow of hot money will incur more risk of foreign exchange market instability that poses difficulties in adjusting international payment, and may aggravate the imbalance of international payment, distort exchange rate and even ignite financial crisis.
另外，“热钱”不利于金融市场和银行体系的安全稳健。“热钱”并不是有效资本，其进入中国就是为了牟取暴利，只等人民币升值获利就走，撤走之后，将会引发股市、楼市大跌，增加了国内金融市场的不稳定性。
On top of that, hot money is also hazardous to the safety and stability of the financial market and the banking system. Hot money is not efficient capitals and aims to reap huge profits in a second. Once the RMB appreciates and the hot money gains its expected returns, it will retreat from the market, which may cause the stock market and real estate market to collapse and add to the instability of the domestic financial market.
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补充知识:
热钱（Hot Money），又称游资，或叫投机性短期资金，热钱的目的在于用尽量少的时间以钱生钱，是只为追求高回报而在市场上迅速流动的短期投机性资金。热钱与正当投资的最大分别，是热钱的目的纯粹投机盈利，而不制造就业、商品或服务。热钱炒作的对象包括股票、期货、原油、黄金、其他贵金属、货币、房产乃至农产品。从2001年至2010年十年间，流入中国的热钱平均为每年250亿美元，相当于中国同期外汇储备的9%。
Supplementary Knowledge:
Hot money, also known as flowing money or short-term speculative money, aims to “grow money by money” in the possibly shortest time. It is short-term speculative money that flows swiftly in the market in pursuit of high returns. The most pronounced difference between hot money and normal investment is that the purpose of hot money is purely speculative for profits instead of creating employment, goods or services. Hot money goes to a variety of areas including stocks, futures, crude oil, gold and other precious metals, currencies and even agricultural products. From 2001 to 2010, the average annual hot money inflow in China reached $ 25 billion, equivalent to 9% of China’s foreign exchange reserves over the same period. |
