International tensions between countries representing the world’s largest currencies remained high on Thursday after an inconclusive seminar of G20 heads of government and finance ministers in China.

　　代表全球最大貨幣的國家之間的國際緊張周四仍處于高位，此前20國集團(G20)政府首腦和財政部長在中國舉行的一個研討會未能討論出結果。

　　World leaders, finance ministers and academics had gathered at a “high-level seminar” in Nanjing to discuss reform of the international monetary system, central to France’s chairmanship of the G20 in 2011. But the divisions that have prevented a co-operative solution to global trade imbalances remained evident.

　　各國領導人、財政部長和學者匯聚南京，出席一個“高級別研討會”，討論國際貨幣體系的改革——這是2011年法國擔任G20輪值主席國期間的中心主題。但是，各方的分歧仍十分明顯，這些分歧曾阻礙了各國就全球貿易失衡拿出合作解決方案。

　　Tim Geithner, US Treasury secretary, identified the problem in the international monetary system to be the asymmetry between freely floating currencies and the “tightly managed exchange rate regimes and very extensive capital controls” of “some emerging markets” – a clear reference to China.

　　美國財長蒂姆?蓋特納(Tim Geithner)指出，國際貨幣體系的問題在于一種不對稱：一方面是自由浮動的貨幣，另一方面是“某些新興市場……受到嚴格管理的匯率制度和非常廣泛的資本管制”——這顯然是指中國。

　　He added: “This asymmetry in exchange rate policies creates a lot of tension. It intensifies inflation risk in those emerging economies with undervalued exchange rates. And, finally, it generates protectionist pressures.”

　　他補充說：“匯率政策上的這種不對稱，制造了許多緊張。它在那些匯率低估的新興經濟體加劇了通脹風險。最后，它產生了保護主義壓力。”

　　While Nicolas Sarkozy, French president, urged the G20 countries not to “lose the impetus built up in the midst of the crisis” to prevent future crises, the Chinese hosts did not share his urgency.

　　盡管法國總統尼古拉?薩科齊(Nicolas Sarkozy)敦促G20國家不要“失去在危機期間積累起來的動力”以防范未來的危機，但作為東道主的中國方面并未呼應他的緊迫感。

　　Wang Qishan, Chinese vice-premier, emphasised his nation’s view that global monetary reform was a “long and complex process” that could only be explored and implemented gradually. The uneasy stand-off between the main players was a repetition of February’s meeting of G20 finance ministers and central bank governors.

　　中國副總理王岐山強調了中方的看法，即全球貨幣改革是一個“長期復雜的過程”，只能逐步探索和推進。主要國家之間這種令人局促的僵局，堪稱2月份G20財長和央行行長會議的重演。

　　Described privately by those taking part as one of the least constructive G20 gatherings since the crisis, the delegates found it difficult to agree on the right way to measure global trade imbalances, preventing the grouping from discussing policies that might lead to their resolution.

　　一些與會者私下形容這個會議是金融危機以來最缺乏建設性的G20會議之一。各方難以就衡量全球貿易失衡的正確方式達成一致，使會議無從討論有望解決失衡的政策。

　　In Nanjing, Mr Sarkozy instigated a discussion on whether special drawing rights – a reserve asset comprised of a basket of dollars, euros, yen and sterling – should also include the renminbi.

　　在南京，薩科齊開啟了一場有關特別提款權（SDR，由美元、歐元、日元和英鎊等一籃子貨幣組成的儲備資產）是否應當包括人民幣的討論。

　　Even though many figures including Mervyn King, Bank of England governor, have warned that “we should not get sidetracked by issues such as changing the composition of the SDR basket”, there was little enthusiasm for this idea as a means of keeping more substantive global discussions on track.

　　英國央行行長默文?金(Mervyn King)等許多人士警告稱，各方不應被改變特別提款權籃子構成之類的問題分心。無論如何，各方對這個構想（作為一種繼續推進更具實質性的全球討論的手段）并不熱心。

　　China has cooled to the idea of moving too quickly towards inclusion of the renminbi in the SDR basket and Mr Geithner, who holds a veto on any such move, laid out conditions that would be unacceptable to the Chinese.

　　中國對過快走向在SDR籃子中包括人民幣的構想已趨于冷淡。同時，在此類變動上擁有否決權的蓋特納設定了一些中方不可能接受的條件。

　　Mr Geithner said currencies should only be included in the SDR basket if their countries had flexible exchange rates, independent central banks and allowed free movement of capital flows. China does not meet any of those criteria.

　　蓋特納表示，只有那些具有彈性匯率、獨立央行，并且允許資本自由流動的國家，其貨幣才應當包括在SDR籃子中。中國不符合這些標準中的任何一項。