Nanjing is no Bretton Woods.

　　南京不是布雷頓森林(Bretton Woods)。（譯者注：二戰(zhàn)后，在美國(guó)的布雷頓森林簽訂的《布雷頓森林協(xié)定》確立了以美元為中心的國(guó)際貨幣體系。）

　　A meeting in China's former capital, called at the behest of France, was meant to bring together G-20 leaders to put the international monetary system to rights. The French perhaps thought they had common cause with China against the dominant role of the dollar in the international financial system.

　　在中國(guó)古都南京召開(kāi)的會(huì)議原本是為把二十國(guó)集團(tuán)(G20)領(lǐng)導(dǎo)人召集到一起，改革國(guó)際貨幣體系。會(huì)議是應(yīng)法國(guó)的要求召開(kāi)的。法國(guó)人也許以為，在反對(duì)國(guó)際金融體系中美元霸主地位的問(wèn)題上，他們和中國(guó)有著共同的目標(biāo)。

　　But if so, they thought wrong. Given that China holds $1.6 trillion in dollar debt, calling an end to the dollar's reign would hardly shore up the value of its investment. So Thursday's gathering was relegated from a leaders' summit in Beijing to a ministerial meeting in Nanjing. With a sprinkling of academics thrown in and discussion limited to a single day, the chances of any breakthrough results look small.

　　不過(guò)，如果是這樣，他們就想錯(cuò)了。鑒于中國(guó)持有1.6萬(wàn)億美元美國(guó)國(guó)債，結(jié)束美元的統(tǒng)治地位不會(huì)增大中國(guó)投資的價(jià)值。因此，周四的會(huì)議從北京的領(lǐng)導(dǎo)人峰會(huì)降格為南京的部長(zhǎng)級(jí)會(huì)議，還夾雜寥寥數(shù)位學(xué)術(shù)人士，而且討論僅限于短短的一天，在這種情況下，取得任何突破性進(jìn)展看起來(lái)幾率都很小。

　　In the absence of clear political will, contenders for the heavyweight reserve-currency crown will have to slug it out on their own merits. The reigning champion, weighing in at 61% of global reserves, is the dollar. With the world's largest economy, deep and liquid capital markets, and the benefit of incumbency, the dollar packs a powerful punch.

　　在缺乏明確政治意志的情況下，爭(zhēng)奪重量級(jí)外匯儲(chǔ)備冠軍的國(guó)家將不得不憑自己的實(shí)力決一雌雄。衛(wèi)冕冠軍是美元，占全球外匯儲(chǔ)備的61%。美國(guó)是全球最大的經(jīng)濟(jì)體，美國(guó)有著資金雄厚、流動(dòng)性良好的資本市場(chǎng)，加上美元衛(wèi)冕冠軍的優(yōu)勢(shì)，美元打出了有力的一擊。

　　But after a long time at the top, it is also looking a little flabby. The greenback's dominance means other countries have little choice but to hold their reserves in dollars. That let the U.S. live beyond its means in the buildup to the crisis, and finance a response with foreign capital. With a falling dollar now eroding the value of its debt, abuse of that privilege has won the U.S. few friends among its creditors.

　　不過(guò)，在冠軍的寶座上坐了很久后，美元看起來(lái)也有些不穩(wěn)當(dāng)了。美元的統(tǒng)治地位意味著其他國(guó)家別無(wú)選擇，只能用美元作為外匯儲(chǔ)備。這令美國(guó)在危機(jī)醞釀的過(guò)程中入不敷出，在應(yīng)對(duì)危機(jī)時(shí)用外國(guó)的資金埋單。隨著眼下不斷貶值的美元令美國(guó)的債務(wù)縮水，濫用這種特權(quán)使美國(guó)在其債權(quán)國(guó)中不得人心。

　　But contenders for the dollar's crown aren't yet at their fighting weight. The euro, with 26% of global reserves, is the leading challenger. But with its own debt problems, no proven mechanism for ensuring fiscal restraint among its members and no integrated financial market, the euro zone could be an even more irresponsible steward of the global financial system than the U.S.

　　不過(guò)，挑戰(zhàn)美元統(tǒng)治地位的爭(zhēng)奪者尚不夠份量。歐元在全球儲(chǔ)備中占了26%，是最大的挑戰(zhàn)者。不過(guò)，由于歐元區(qū)自身的債務(wù)問(wèn)題，以及缺乏能夠確保成員國(guó)實(shí)施財(cái)政緊縮措施的有效機(jī)制，缺乏統(tǒng)一的金融市場(chǎng)，相比美國(guó)，歐元區(qū)可能是全球金融體系更加不負(fù)責(zé)任的監(jiān)管人。

　　That leaves China. Progress toward an international role for the yuan has been rapid. In 2010, $76 billion in trade transactions were settled in yuan, up from less than $1 billion in 2009. But there is a big difference between a trade-settlement currency and a reserve currency. As the world's biggest exporter, there is no reason why China can't demand payment in yuan for its goods. But with a closed capital account and continued control over the exchange rate, there is little prospect that it will be able to establish the yuan as a reserve currency.

　　接下來(lái)就是中國(guó)。人民幣的國(guó)際化步伐一直很快。2010年，有760億美元貿(mào)易以人民幣結(jié)算，較2009年不到10億美元大幅增加。不過(guò)，貿(mào)易結(jié)算貨幣和儲(chǔ)備貨幣之間有著巨大的區(qū)別。作為全球最大的出口國(guó)，沒(méi)有理由說(shuō)中國(guó)不能要求用人民幣買(mǎi)其商品。不過(guò)，在資本金帳戶封閉、匯率受到持續(xù)控制的情況下，人民幣成為儲(chǔ)備貨幣的可能性非常小。

　　The dollar might not be in fighting shape, but with the other contenders still in the featherweight division, it will be a while before the U.S. has to surrender the reserve-currency crown.

　　美元或許已經(jīng)沒(méi)有戰(zhàn)斗力了，但在其他挑戰(zhàn)者仍處于羽量級(jí)的情況下，美國(guó)拱手讓出儲(chǔ)備貨幣的桂冠還有待時(shí)日。