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Yet there are risks to China's economy too, from even a milder form of Trumpian populism.
然而，對于中國經濟來說，也存在著來自一種較為溫和形式的特朗普式民粹主義的風險。
The dollar's weakness over the spring and summer helped stem the outflow of capital from China that had threatened to unmoor the yuan and so unsettled global financial markets at the turn of the year.
美元在春夏兩季中的弱勢曾對阻止早在年初就已威脅要解纜人民幣、進而一度令全球金融市場動蕩不安的資本從中國的外流起到幫助作用。
A sustained dollar rally would thus mean a severe headache for China's policymakers, as it would revive the pressure on its capital account.
因而，對中國決策者來說，持續的美元升勢是一件很令人頭疼的事情，因為這種升勢會復活對其資本賬戶的壓力。
They might then face an unpalatable choice: let the yuan sink against the dollar or keep domestic monetary policy tighter to support it.
這樣，他們就可能面臨一種難以接受的選擇：要么放任人民幣對美元下跌，要么在國內維持從緊的貨幣政策以支撐人民幣。
China is safe from the biggest indirect effect of Mr Trump's victory: the boost it gives other populist politicians.
至于特朗普勝利的最大的非直接影響——這種勝利給予其他民粹主義政客的提振，中國是安全的。
Europe is far more vulnerable.
歐洲就要脆弱的多得多了。
Britain's vote in June to leave the European Union was one early ballot-box reflection of anti-establishment sentiment.
6月的英國脫歐投票是反對現有體制情緒的一種早期的票箱反映。
Since then, insurgent political parties in France, Germany, Italy and elsewhere have called for referendums on membership.
自那以后，法國、德國、意大利以及其他國家的造反政黨就在呼吁就歐盟成員國資格進行公投。
Such parties typically favour trade barriers and limits on immigration, and are gaining in popularity.
這類政黨一般都對貿易壁壘和移民限制青睞有加，而且正在積聚人氣。
The euro area's economy has been faring better in recent years, but the single currency remains fragile.
近年來，歐元區的經濟一直都在較好地前行。但是，單一貨幣仍然脆弱不堪。
The kind of cross-border risk-sharing needed to put the euro on a sound footing is at odds with the rising tides of nationalism and populism.
為將歐元置于一種堅實基礎之上所必需的跨境風險共擔與日漸高漲的民族主義和民粹主義浪潮勢如水火。
An immediate hurdle is Italy's referendum on constitutional reform on December 4th.
一個即將到來的障礙是12月4日的意大利憲法改革公投。
A defeat would weaken Matteo Renzi, the reformist prime minister, and embolden the populist Five Star Movement, which favours ditching the euro.
失敗會削弱該國的改革派總理馬泰奧·倫齊，讓傾向于放棄歐元的民粹主義五星運動更加肆無忌憚。
Around 14% of the euro area's goods exports go to America, quite a bit less than China's 18%.
大約14%的歐元區商品出口到美國，比中國的18%少一點。
But America accounts for about 40% of the currency zone's recent export growth, according to economists at HSBC, a bank.
但是，據匯豐銀行經濟學家，美國大約占該貨幣區近來出口增長的40%。
So American protectionism is arguably a bigger threat to Europe than to China.
因此，美國的保護主義可以說是一種對歐洲比對中國更大的威脅。
The whole world has much to fear from Mr Trump's threats to tear up trade agreements and impose punitive tariffs on imports.
整個世界都對來自特朗普撕毀貿易協議并對進口施加懲罰性關稅的威脅深感憂慮。
And even if he refrains from starting a trade war, the loose-tongued, fact-lite style he cultivated during the campaign could wreak serious damage when he is president.
同時，即便他在開啟貿易戰上做出退讓，他在選戰期間養成的口無遮攔、罔顧事實的風格也可能在他總統任上造成嚴重的破壞。
His hyperbolic threats now carry the weight of the American presidency.
如今，他的夸大其詞的威脅具有美國總統的分量。
His victory was enough to chill some financial markets; what he might do with it could spark full-scale panic.
他的勝利足以讓一些金融市場感到寒心；他可能以之而做出的行為可能激起全面的恐慌。
Even short of that, like the Brexit vote, it marks an alarming step away from a liberal, open economic order towards more isolationism and less prosperity.
縱然沒有造成恐慌，就像英國脫歐那樣，這也標志著令人擔憂的遠離自由開放的經濟秩序、走向更多的孤立主義和較少的繁榮的一步。
