Day2作业-

【翻译划线段落】

Dollars will find buyers hard to find in 2017

With the US Federal Reserve raising interest rates, and President Mario Draghi of the European Central Bank seemingly unable to escape his addiction to quantitative easing policy, many investors are questioning who wants to buy the euro. The answer is simple. The whole world is eager to buy the euro. The problem in 2017 is more likely to be finding anyone who wants to buy the US dollar.

随着美联储的加息利率一直上升，一直上升的利率，加上而（黄色是补充的）欧洲中央银行行长马里奥•德拉吉(Mario Draghi）看来似乎不能摆脱（放弃）对量化宽松政策的（追逐）热衷，许多投资者开始质疑还会有谁去买还想买欧元。答案很简单，全世界的人都想要渴望买欧元。2017年的更可能存在的问题是，在于是否还有人去谁还会想买美元。

The Middle East is a good example of a region of avid euro buyers. Even with the recent rally in the oil price, most Middle Eastern countries are expected to run sizeable fiscal deficits. The IMF expects Saudi Arabia to run a fiscal deficit of almost 10 per cent of GDP next year. To fund their budget deficits, the Gulf countries are selling central bank reserves and pools of assets held by their sovereign wealth funds.中东地区就是热衷购买欧元的一个佳例地区，尽管与最近油价回升，恢复一样，预计多数中东国家仍然面临无法填补依然期望摆脱数额巨大的财政赤字。国际货币基金组织（IMF）希望估计沙特阿拉伯国家明年能够减少其财政赤字将占GDP的近10%的财政赤字。为了解决/填补/缩小财政赤字（筹集财政预算所需资金），海湾国家正在开始出售中央银行储备金（储备金不能卖）央行外汇储备以及主权财富基金持有的大量资产资金池。Imagine Saudi Arabia sells US Treasuries, and uses the dollars it receives to pay its civil servants. Then imagine that a Saudi Arabian civil servant takes their pay and uses the money to buy a BMW car in euros. What is happening? Saudi Arabia is selling dollars and buying euros. It does not matter that there is an asset on one side of the transaction and a BMW on the other side of the transaction — the foreign exchange market implication is the same whether it is Bunds or BMWs that are bought.

设想一下，如果沙特人出售美国国债，把换来的美元用于支付国内政府公务员工资。然后，这个沙特的政府人员拿着这些钱兑换成欧元去购买一辆宝马汽车，将会发生什么事情呢？沙特人卖出美元然后买进欧元，交易的一方面它是一种资产，另一方面是一辆宝马汽车，这些都无所谓无关紧要，因为不论它是债券抑或是购买的宝马车，在外汇市场上来说效果是一样的一样的影响。

If the Middle East buys assets, they like their assets to be made in America (central banks buy roughly twice as many US assets as other assets). If the Middle East buys products and services, they like their products and services to be made in Europe (the Middle East buys twice as much from Europe as from the US). Thus if the Middle East is selling assets to buy goods, it sells dollars to buy euros.

如果中东人购买资产，他们希望这些资产是来自于美国的（因为欧洲央行的购入价格大概是是美国和其他资产价格的两倍），如果中东人购买产品和服务，他们希望这些是欧洲制造的（中东购买的产自于欧洲的产品和服务是产于美国的两倍多），因此，如果中东人正在出售资产去买东西，他一定是在卖出美元买进欧元。