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America officially categorised China as a currency manipulator for the first time in 25 years, after the yuan weakened past the psychologically significant mark of seven to the dollar, the lowest point for the Chinese currency since the financial crisis. The yuan trades narrowly in China around an exchange rate set by the central bank. It dismissed the idea that the yuan had been manipulated, submitting that its depreciation was caused instead by “shifts in market dynamics”, which include “escalating trade frictions”.
在人民幣兌美元匯率跌破1美元兌7元的心理關口(金融危機以來人民幣匯率的最低點)后，美國25年來首次正式將中國列為匯率操縱國。在中國，人民幣匯率在央行設定的匯率范圍內波動很小。這一點駁斥了人民幣被操縱的說法，認為人民幣貶值是由“市場動態變化”引起的，其中包括“不斷升級的貿易摩擦”。
Those trade frictions had indeed escalated when Donald Trump earlier announced 10% tariffs on an additional $300bn-worth of Chinese goods in the two countries’ trade war. Mr Trump said he was punishing China for not keeping its promise to buy more American agricultural goods, among other things.
當特朗普早些時候宣布對兩國貿易戰中價值3000億美元的中國商品加征10%的關稅時，這些貿易摩擦確實升級了。特朗普表示，此舉意在懲罰中方沒有履行購買更多美國農產品等承諾。
Stockmarkets had a rocky week, with the s&p 500, Dow Jones Industrial Average and nasdaq indices recording their worst trading day of the year so far. Most Asian currencies tumbled following the yuan’s depreciation. But the yen, considered to be a haven in uncertain times, soared against the dollar. The yields on government bonds, another safe bet, fell as investors ploughed into the market.
股市經歷了動蕩的一周，標準普爾500指數、道瓊斯工業平均指數和納斯達克指數創下今年以來的最大單日跌幅。人民幣貶值后，大多數亞洲貨幣大幅下跌。但在不確定時期被視為避風港的日元兌美元匯率飆升。另一個安全的賭注——政府債券的收益率隨著投資者涌入市場而下跌。
Investors were also unnerved by a wave of larger-than-expected interest-rate cuts. India’s central bank shaved 0.35 of a percentage point off its main rate, to 5.4%; New Zealand’s slashed its benchmark rate from 1.5% to 1%; and Thailand’s first cut in four years left its main rate at 1.5%. All three were pessimistic about the prospects for growth.
投資者也對一波高于預期的降息深感不安。印度央行將其主要利率下調0.35個百分點，至5.4%;新西蘭將基準利率從1.5%下調至1%;泰國四年來首次降息，主要利率維持在1.5%。這三個國家都對經濟增長前景感到悲觀。
A trade dispute caused sales of cars made in Japan to plunge in South Korea last month. Samsung, South Korea’s biggest maker of smartphones and memory chips, said it was searching for substitute suppliers of some essential chemicals that Japan has tightened its grip on, which South Korea calls an embargo. This week Japan approved its first shipment of high-tech material to South Korea in a month. The row was sparked by a political spat.
上個月，一場貿易爭端導致日本制造的汽車在韓國的銷量暴跌。韓國最大的智能手機和存儲芯片制造商三星表示，正在尋找一些替代供應商，以供應日本加強控制的一些基本化學品。韓國方面稱，日本對這些化學品實施了禁運。本周，日本批準了一個月來首次向韓國出口高科技材料。這場爭端是由一場政治口水戰引起的。
The EU selected Kristalina Georgieva as its candidate to head the IMF, but only after the rancorous exercise concluded with some telephone diplomacy. Ms Georgieva is currently the second-highest official at the World Bank. Under an informal convention, Europe gets to pick the managing director of the IMF (and America the president of the World Bank), so Ms Georgieva is favoured to get the job in October, when the IMF will choose its leader. But it must first change a rule that says a new managing director must be under 65. Ms Georgieva turns 66 on August 13th.
歐盟提名克里斯塔琳娜·喬治耶娃為國際貨幣基金組織（IMF）總裁候選人，但這一針鋒相對的行動是通過電話外交手段結束的。喬治耶娃目前是世界銀行排名第二的高級官員。根據一項非正式的會議，歐洲將遴選出IMF的總裁(世界銀行行長一直由美國人擔任)，因此喬治耶娃很有可能在10月份得到這個職位，屆時IMF將選出其領導人。但前提是必須改變一項規定——即新董事總經理必須在65歲以下。喬治亞娃將于8月13日迎來66歲生日。
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