CATTI三級(jí)筆譯實(shí)務(wù)練習(xí)題：多邊合作

2019年CATTI三級(jí)筆譯實(shí)務(wù)練習(xí)題：多邊合作英譯漢MultilateralCooperationIsKeytoResolvingGlobalFinancialImbalancesThecurrentsurgeinprivatecapitalflowshasoccurredinthemidstofmuch-improveddomesticpoliciesandglobalfinancialconditionscomparedwiththosethatprevailedduringthecapitalflowssurgeofthel990s.1Thistimearound,governmentshavesofargenerallymanagedtoavoidexcessiveexpansionofaggregatedemand,largecurrent-accountdeficits,andsharpappreciationsoftherealexchangerate.However,thepolicyagendaformanagingcapitalflowsisbroadandcomplex,andconsiderablechallengesremain.Progresshasbeenmadeinsimplifyingtheverycomplexwebofcapitalcontrolsandexchangeraterestrictionsimposedbymanycountries.2Butthegradualopeningofcapitalaccountsmustbeaccompaniedbyafurtherstrengtheningofmacroeconomicpolicies,thedevelopmentoflocalcapitalmarketsandtheinstitutionsneededtoregulatethem,andtheestablishmentofasystemofriskmanagementrobustenoughtorespondtotheneedsofamoreflexibleexchangerateandopencapitalaccount.3Liberalizationofthecapitalaccountonceimplementedisdifficulttoreverse.Areturntocapitalcontrolsshouldbeseenonlyasapolicyoflastresort,tobeusedtodampenexcessiveexchangeratevolatilityortomoderatelargeinflowsofcapitalwhenotherpolicies,suchasinterestratesandinterventioninforeignexchangemarkets,provefruitless.Despitetheconsiderableimprovementinpoliciesinrecentyears,thesurgeincapitalflowsstillpresentssubstantialriskstodevelopingcountries.Futureriskstoeconomicandfinancialstabilitywilllikelytakeadifferentformandcharacter4thanthoseencounteredinthepast-andmayexposeinstitutionalandmacroeconomicweaknessesthatcannotbeanticipatedatthisjuncture.Onewarningsignofpotentialtroubleshasbeenthesurgeinportfolioinflowsthathasbeenassociatedwithadramaticescalationofstockmarketpricesandvaluationsinmanydevelopingcountries5,particularlyinAsia,raisingtheriskofassetpricebubbles.OthersignsofpossibletroubleareappreciatedexchangeratesandcurrentaccountdeficitsinsomeEasternEuropeancountries.Theimpactofindividualriskscouldbemagnifiedifseveralweretooccursimultaneously.Developing-countrypoliciesmustbereinforcedbyrenewedinternationaleffortstopromotestabilityandmaintainafinancialenvironmentconducivetoabalancedexpansionanddeployment6ofcapitalflowsindevelopingcountries.Onemajorrisktostabilityisthegrowingimbalanceinglobalpaymentsandtheassociatedmarketanxiety/aboutthepossibilityofadisorderlyadjustmentoftheimbalancethroughsuddenchangesinexchangeratesandglobalinterestrates.Suchchangescoulddestabilizeanddisruptinternationalfinancialmarkets,whichwouldcauseallcountriestosuffer.Althoughacoordinatedpolicyofinterventioninforeigncurrencymarketsisneitherdesirablenorfeasible,adegreeofmultilateralcooperationisneededtoaddressthecurrentglobalimbalances.Thatapproach,basedonthemutualinterestsofdeficitandsurpluscountries,shouldreflectthestructuralasymmetrybetweeninternationalreservecurrenciesandothercurrencies.Atitscentermustbeconsensusonablendofadjustments8adequatetorebalanceglobalaggregatedemandwithoutcausingaglobalrecession.Ordinarily,policycoordinationamongkeyplayers9isunnecessary,becausefloatingexchangerates,accompanyingl0monetarypolicies,andindependentcentralbanksdotheirjobtofacilitateadjustmenttoanyshockshittingtheworldeconomy.11Butwhenthesustainabilityofthesourcesoffinancel2forglobalpaymentimbalancesisindoubt,asitisatpresent,multilateralcooperationtopreventsuddenanddisorderlymarketreactionsbecomeshighlydesirable13,especiallyifthegrowingglobalimbalancescreatepressureforprotectionisttradepoliciesinsomecountries.Developingcountries,inparticular,havemuchtogainfrommultilateralcooperation,andmuchtolosefromitsabsence14,andtheywouldsufferdisproportionatelyifinstabilitywereinducedandadisorderlyunwindingofglobalfinancialimbalancesensued.TheworldeconomyismovingtowardamultipolarinternationalmonetarysysteminwhichthemonetaryandfinancialpoliciesoftheUnitedStates,EuroArea,Japan,andseveralkeyemergingmarketeconomies,includingChina,allexertsubstantialinfluence.Policymakersinemergingmarketeconomiesshouldthereforestrivetostrengtheninstitutionsandpromotepoliciesandmechanismsthatwillimprovetheirabilitytonavigateinaworldofincreasinglyintegratedandinterdependentfinancialandproductionsystems.15詞匯1.surge突然來臨的急流，猛增aggregatedemand累積總需求current-account經(jīng)常項(xiàng)目deficit赤字appreciation升值realexchangerate實(shí)際匯率macroeconomic宏觀經(jīng)濟(jì)的Liberalization開放，自由化dampen消除，抑制，壓抑volatility變動(dòng)性atthisjuncture在這個(gè)當(dāng)口portfolio有價(jià)證券valuation估值conduciveto有利于，有助于deficit/surplus逆差/順差asymmetry不對(duì)稱internationalreservecurrencies國(guó)際儲(chǔ)備貨幣floatingexchangerates浮動(dòng)匯率sustainability可持續(xù)性protectionisttradepolicies貿(mào)易保護(hù)主義政策multipolar多極化marketeconomies市場(chǎng)經(jīng)濟(jì)體注釋.本文是一篇正式的報(bào)告，因此句式較為嚴(yán)謹(jǐn)、緊湊，用詞較為專業(yè)，在翻譯時(shí)要避免望文生義，在認(rèn)真分析、理清句子層次和含義的基礎(chǔ)上進(jìn)行必要的句型和詞性轉(zhuǎn)換，使譯文盡可能準(zhǔn)確、流暢。止匕句中，those-詞指代domesticpoliciesandglobalfinancialconditions,為避免重復(fù)，可譯成的情況。短語tooccurinthemidstof的本義是在中發(fā)生，為符合漢語的表達(dá)習(xí)慣，可意譯為伴隨著。對(duì)名詞性詞組much-improveddomesticpoliciesandglobalfinancialconditions可進(jìn)行詞性轉(zhuǎn)換，譯成國(guó)內(nèi)政策和全球金融狀況的大幅改善。全句可譯為：與20世紀(jì)90年代資本流動(dòng)激增的情況相比，當(dāng)前私人資本流動(dòng)的激增伴隨著國(guó)內(nèi)政策和全球金融狀況的大幅改善。.本句是一個(gè)較為復(fù)雜的被動(dòng)句，翻譯時(shí)可將被動(dòng)態(tài)轉(zhuǎn)化為主動(dòng)態(tài)，并根據(jù)需要，將長(zhǎng)句化成若干短句，以使譯文更加流暢：許多國(guó)家的資本管制和匯率限制錯(cuò)綜復(fù)雜，在簡(jiǎn)化這些措施方面，已經(jīng)取得了進(jìn)展。.這個(gè)被動(dòng)態(tài)的長(zhǎng)句實(shí)際上是個(gè)簡(jiǎn)單句，介詞by后面有三個(gè)并歹U的賓語：afurtherstrengtheningofmacroeconomicpolicies,thedevelopmentoflocalcapitalmarketsandtheinstitutionsneededtoregulatethem,andtheestablishmentofasystemofriskmanagementrobustenoughtorespondtotheneedsofamoreflexibleexchangerateandopencapitalaccount要注意，第二個(gè)賓語中的needed為過去分詞，修飾institutionso止匕外，為符合漢語表達(dá)習(xí)慣，最好將被動(dòng)態(tài)轉(zhuǎn)化成主動(dòng)態(tài)，可以把mustbeaccompaniedby譯成在的同時(shí)，必須，相應(yīng)地，三個(gè)并列賓語可以轉(zhuǎn)化成三個(gè)動(dòng)賓短語。全旬可譯為：在逐步開放資本項(xiàng)目的同時(shí)，必須進(jìn)一步加強(qiáng)宏觀經(jīng)濟(jì)政策，發(fā)展本國(guó)資本市場(chǎng)和市場(chǎng)監(jiān)管的相應(yīng)制度，建立一個(gè)有力的風(fēng)險(xiǎn)管理體系，應(yīng)對(duì)匯率制度更靈活、資本項(xiàng)目更開放所帶來的需求。.takeadifferentformandcharacter:具有不同的形式和特征；可意譯為改頭換面。.翻譯此句時(shí)，為避免譯文拗口，可以對(duì)定語從句及其先行詞進(jìn)行句式轉(zhuǎn)換，也可以將名詞escalation轉(zhuǎn)換成漢語的動(dòng)詞，譯成：隨著證券投資流人的激增，許多發(fā)展中國(guó)家的股票市場(chǎng)價(jià)格和估值大幅攀升。.abalancedexpansionanddeployment:止匕處可》各名詞expansion和deployment轉(zhuǎn)譯成動(dòng)詞，譯成以均衡的方式擴(kuò)大和利用。.theassociatedmarketanxiety:直譯是隨之而來的市場(chǎng)擔(dān)心，可以轉(zhuǎn)換成市場(chǎng)隨之擔(dān)心。.blendofadjustments:綜合調(diào)整措施9.keyplayers:player的本意是玩家，這里指的是國(guó)家，可譯成：關(guān)鍵國(guó)家。.accompanying:止匕處意為酉己套。.todoone'意ob發(fā)揮作用、完成價(jià)內(nèi)的工作，在這里就是指后文的tofacilitateadjustment,故可以省略不譯。此句中，shock指的是對(duì)世界經(jīng)濟(jì)的沖擊。.sourcesoffinance:融資渠道.becomeshighlydesirable：此處可采用增詞法，譯成：成為非?？扇〉模ㄅe措）。.andmuchtolosefromitsabsence可譯為：反之，貝U受損多.promotepoliciesandmechanisms:止匕處可根據(jù)上下文意思，采用增詞法，譯成：推動(dòng)（有利的）政策機(jī)制。improvetheirabilitytonavigate可以意譯為：提高自身的參與能力。參考譯文多邊合作是解決全球金融失衡的關(guān)鍵所在與20世紀(jì)90年代資本流動(dòng)激增的情況相比，當(dāng)前私人資本流動(dòng)的激增伴隨著國(guó)內(nèi)政策和全球金融狀況的大幅改善。在這一過程中，各國(guó)政府迄今都盡量避免出現(xiàn)總需求過度擴(kuò)張、經(jīng)常項(xiàng)目巨額赤字和實(shí)際匯率大幅升值的情況。但是，管理資本流動(dòng)的政策議程既廣泛，又復(fù)雜，依然存在重大挑戰(zhàn)。許多國(guó)家的資本管制和匯率限制錯(cuò)綜復(fù)雜，在簡(jiǎn)化這些措施方面，已經(jīng)取得了進(jìn)展。但是，在逐步開放資本項(xiàng)目的網(wǎng)時(shí)，必須進(jìn)一步加強(qiáng)宏觀經(jīng)濟(jì)政策，發(fā)展本國(guó)資本市場(chǎng)和市場(chǎng)監(jiān)管的相應(yīng)制度，建立一個(gè)有力的風(fēng)險(xiǎn)管理體系，應(yīng)對(duì)匯率制度更靈活、資本項(xiàng)目更開放所帶來的需求。資本項(xiàng)目一旦開放，就難以逆轉(zhuǎn)。重返資本管制應(yīng)該被看作最后的政策舉措，只是用來抑制匯率的過度波動(dòng)，或者是在利率和干預(yù)外匯市場(chǎng)等政策證明無效時(shí)，用來調(diào)節(jié)資本的大量流入。雖然近年來在政策方面進(jìn)行了較大改進(jìn)，資本流動(dòng)的激增依然給發(fā)展中國(guó)家?guī)砹酥卮箫L(fēng)險(xiǎn)。與過去遇到的風(fēng)險(xiǎn)有所不同，經(jīng)濟(jì)和金融穩(wěn)定今后面臨的風(fēng)險(xiǎn)很可能改頭換面，也可能暴露出現(xiàn)在還無法預(yù)料的制度和宏觀經(jīng)濟(jì)的薄弱環(huán)節(jié)。可能出現(xiàn)麻煩的一個(gè)警報(bào)信號(hào)是，隨著證券投資流入的激增，許多發(fā)展中國(guó)家,尤其是亞洲的股票市場(chǎng)價(jià)格和估值大幅攀升，從而增加了資本價(jià)格出現(xiàn)泡沫的風(fēng)險(xiǎn)。其它可能出現(xiàn)麻煩的跡象是，東歐一些國(guó)