Dear Secretary Geithner and Secretary Locke:
　　親愛的蓋特納部長和駱家輝部長：

　　We write to express our serious concerns about China's continued manipulation of its currency. By pegging the renminbi (RMB) to the U.S. dollar at a fixed exchange rate, China unfairly subsidizes its exports and disadvantages foreign imports. As we work to promote a robust U.S. economic recovery, it is imperative that we address this paramount trade issue with all available resources. We urge your agencies to respond to China's currency manipulation with the actions outlined in this letter. Doing so will allow American companies and workers to compete fairly against their Chinese counterparts and will boost U.S. economic recovery and growth.

　　我們寫這封信是要表達我們對中國繼續操縱其貨幣的嚴重擔憂。通過將人民幣以固定匯率與美元掛鉤，中國不公平地補貼了其出口產品，并使外國進口產品在中國市場處于不利地位。就在我們致力于促進美國經濟強勁復蘇之際，我們急需運用所有可能的資源來解決這一非常重要的貿易問題。我們敦促美國財政部和商務部采取本信列出的行動，以回應中國的貨幣操縱行為。這樣做將使美國企業和工人能與中國同行公平競爭，并將促進美國經濟的復蘇和增長。

　　The impact of China's currency manipulation on the U.S. economy cannot be overstated. Maintaining its currency at a devalued exchange rate provides a subsidy to Chinese companies and unfairly disadvantages foreign competitors. U.S. exports to the country cannot compete with the low-priced Chinese equivalents, and domestic American producers are similarly disadvantaged in the face of subsidized Chinese imports. The devaluation of the RMB also exacerbates the already severe U.S-China trade deficit. Statistics show that between January 2000 and May 2009, China's share of the U.S. trade deficit for non-oil goods grew from 26% to 83% -- an untenable pattern for American manufacturers. And finally, China's exchange-rate misalignment threatens the stability of the global financial system by contributing to rampant Chinese inflation and accumulation of foreign reserves. For these compelling reasons, we ask your agencies to pursue the course of action below.

　　中國的貨幣操縱行為對美國經濟的影響已嚴重到了無以復加的程度。中國通過將人民幣匯率保持在低估狀態，為本國企業提供了一項補貼，并不公平地令外國競爭對手處于不利地位。美國出口到中國的產品無法與中國低價的同類產品競爭，而美國生產商在國內也同樣面臨中國獲補貼產品的不公平競爭。人民幣貶值還加劇了已經很嚴重的美中貿易逆差。統計數據顯示，在2000年1月至2009年5月期間，中國在美國非石油產品貿易逆差中的占比從26%提高到了83%，這種局面對美國制造商來說再也不能繼續下去了。最后，由于會加劇中國的通貨膨脹并增加中國的外匯儲備，中國匯率政策失當將威脅到全球金融體系的穩定。鑒于這些令人信服的原因，我們要求美國財政部和商務部采取以下行動：

　　First, we urge the Department of Commerce to apply the U.S. countervailing duty law in defense of American companies who have suffered as a result of the currency manipulation. The U.S. is permitted to respond to subsidized imports where the elements of a subsidy are met under the countervailing duty law. The countervailing duty law outlines a three-part test to identify the presence of a countervailable subsidy: 1) that it involves a financial contribution from the government; 2) that it confers a benefit; and 3) that is specific to an industry or a group of industries. China's exchange rate misalignment meets all three parts of this test and therefore merits the WTO-permitted application of countervailing duties.

　　首先，我們敦促商務部適用美國反補貼稅法，以保護因匯率操縱承受損失的美國公司的利益。美國可以根據反補貼稅法，對符合補貼條件的受補貼進口產品采取應對措施。反補貼稅法概述了一套分為三個部分的檢驗辦法，來確定是否存在可采取反補貼措施的補貼(countervailable subsidy)：1）涉及政府提供的財務捐助；2）帶來某種利益；3）專門針對某個行業或某個行業組合。中國匯率錯位滿足這套檢驗辦法的所有三個部分，因此應該征收WTO所允許的反補貼稅。

　　Second, we ask the Department of Treasury to include China in its bi-annual agency report on currency manipulation. Since 1994 Treasury has not identified China as a country that manipulates its currency under the terms of the Omnibus Trade and Competitiveness Act of 1988 ('Trade Act of 1988'), but Secretary's Geithner testimony to the Senate acknowledging that fact surely justifies the inclusion of China in the report. After labeling the country as a currency manipulator, Treasury should enter into negotiations with China regarding its foreign exchange regime. These combined actions will signal the government's willingness to take decisive action against China's currency manipulation, including the potential filing of a formal complaint with the World Trade Organization.

　　第二，我們要求財政部在有關匯率操縱的半年度的機構報告中把中國包括在內。自1994年，財政部一直未根據《1988年綜合貿易和競爭力法案》(The Omnibus Trade and Competitiveness Act of 1988)的條款將中國定為匯率操縱國，但財政部長蓋特納(Geithner)在向參議院作證時承認了這一事實，因此把中國包括進報告當中肯定是合理的。在把這個國家定義為匯率操縱國之后，財政部應當和中國就其匯率機制展開談判。這些綜合措施將傳達出政府對中國操縱匯率采取果斷措施、包括可能向WTO提起正式申訴的意愿。

　　The recommendations identified above must be done in concert with intense diplomatic efforts, not only with China but also with the IMF and multi-laterally with other countries. Through a combined strategy of legal action and international pressure, it is possible China will revisit its undervaluation of the RMB. If these efforts are not successful, we ask the Administration to consider all the tools at its disposal, including the application of a tariff on Chinese imports, to respond to China's currency manipulation. The economic impact of the RMB undervaluation on American businesses and workers is too great for the Administration not to pursue a comprehensive effort.

　　上述建議必須和緊密的外交行動一起執行，這些外交行動不僅是對中國展開，也要對國際貨幣基金組織(IMF)和其他國家多邊地展開。通過一種由法律行動和國際壓力組成的綜合策略，中國有可能檢討它對人民幣匯率的低估。如果這些措施不成功，我們將要求政府考慮所有可以動用的工具來應對中國操縱匯率，包括對中國進口產品征收關稅。人民幣低估對美國企業和工人產生的經濟影響太大，政府不能不采取一種全面的措施。

　　This economic downturn has underscored the pressing need to promote policies that protect U.S. jobs and U.S. businesses. Addressing China's manipulation of its currency must be a critical part of our strategy to rebuild our economy and establish safeguards against future financial crises. The Administration has the legal ability and resources to protect American businesses in the face of China's RMB devaluation, and we urge you to exercise this authority expeditiously.
　　在當前經濟不景氣的情況下，推行保護美國就業崗位和美國企業的政策更顯迫切。應對中國對其貨幣匯率的操縱，必須成為我們重建經濟、防范未來金融危機的戰略的關鍵部分。政府在法律上能夠并且擁有各種資源，來保護美國企業免受中國低估人民幣匯率的影響，我們敦促你們迅速履行這一職權。

　　Thank you for your consideration of this letter. We look forward to your response.
　　謝謝你們考慮此信。我們期待你們的答復。