Nanjing is no Bretton Woods.

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

　　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.

　　在中國古都南京召開的會議原本是為把二十國集團(G20)領導人召集到一起，改革國際貨幣體系。會議是應法國的要求召開的。法國人也許以為，在反對國際金融體系中美元霸主地位的問題上，他們和中國有著共同的目標。

　　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，如果是這樣，他們就想錯了。鑒于中國持有1.6萬億美元美國國債，結束美元的統治地位不會增大中國投資的價值。因此，周四的會議從北京的領導人峰會降格為南京的部長級會議，還夾雜寥寥數位學術人士，而且討論僅限于短短的一天，在這種情況下，取得任何突破性進展看起來幾率都很小。

　　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，爭奪重量級外匯儲備冠軍的國家將不得不憑自己的實力決一雌雄。衛冕冠軍是美元，占全球外匯儲備的61%。美國是全球最大的經濟體，美國有著資金雄厚、流動性良好的資本市場，加上美元衛冕冠軍的優勢，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，在冠軍的寶座上坐了很久后，美元看起來也有些不穩當了。美元的統治地位意味著其他國家別無選擇，只能用美元作為外匯儲備。這令美國在危機醞釀的過程中入不敷出，在應對危機時用外國的資金埋單。隨著眼下不斷貶值的美元令美國的債務縮水，濫用這種特權使美國在其債權國中不得人心。

　　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，挑戰美元統治地位的爭奪者尚不夠份量。歐元在全球儲備中占了26%，是最大的挑戰者。不過，由于歐元區自身的債務問題，以及缺乏能夠確保成員國實施財政緊縮措施的有效機制，缺乏統一的金融市場，相比美國，歐元區可能是全球金融體系更加不負責任的監管人。

　　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.

　　接下來就是中國。人民幣的國際化步伐一直很快。2010年，有760億美元貿易以人民幣結算，較2009年不到10億美元大幅增加。不過，貿易結算貨幣和儲備貨幣之間有著巨大的區別。作為全球最大的出口國，沒有理由說中國不能要求用人民幣買其商品。不過，在資本金帳戶封閉、匯率受到持續控制的情況下，人民幣成為儲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.

　　美元或許已經沒有戰斗力了，但在其他挑戰者仍處于羽量級的情況下，美國拱手讓出儲備貨幣的桂冠還有待時日。