Right on cue. With president Hu Jintao due to visit Washington next week and Beijng under pressure over currencies, the renminbi has risen to its highest level against the US dollar since Beijing officially de-pegged the currency last June.

　　中國國家主席胡錦濤定于下周訪問華盛頓，與此同時北京仍面臨著匯率壓力。恰好在這個時候，人民幣兌美元匯率升至自去年6月與美元脫鉤以來的最高水平。

　　But even though this takes the Chinese currency below the symbolically important level of 6.6 to the US$, Washington won’t be much impressed. In the six months since last June, the Chinese currency is up only 3.53 per cent. That will hardly transform the world’s trade imbalances.

　　但即便人民幣匯率已經突破1美元兌6.6元人民幣這一具有重要象征意義的水平，華盛頓也不會滿意。自去年6月以來的半年中，人民幣僅升值3.53%，這個程度的升幅很難扭轉世界貿易失衡局面。

　　The People’s Bank of China set Thursday’s mid-point rate – a daily reference rate around which the yuan can rise or fall 0.5 per cent – for the renminbi at 6.5997.

　　中國央行周四將人民幣匯率中間價設定為1美元兌人民幣6.5997元。中間價是一個適用于當日的參考匯率，匯率可圍繞中間價上下浮動0.5%。

　　President Barack Obama has upped the ante by granting Hu Jintao an “official state visit” – a full black-tie fanfare, something which former president George W Bush denied China’s head (in 2006 Hu was simply granted an “official visit”).

　　美國總統巴拉克?奧巴馬(Barack Obama)對胡錦濤的訪問給予了“國事訪問”的規格，為完全正式的外交禮遇。而前總統喬治?W?布什(George W Bush)并未給中國元首如此待遇（2006年胡錦濤訪美時規格為“正式訪問”）。

　　It looks like a honour to his Chinese guest. But nothing in diplomacy comes without strings attached. And on this occasion, Obama will be looking to be repaid in (appreciating) renminbi.

　　在奧巴馬的中國客人看來這似乎是一種榮譽，但在外交領域任何禮遇都有附帶條件。而這一次，奧巴馬希望得到的回報是人民幣（升值）。

　　But China has already signalled that it won’t move quickly. As the world’s largest dollar investor, it hardly wants a rapid decline in the greenback – and is seeking reassurance from the US that the value of its dollar-denominated investments.

　　不過中國已經示意不會很快采取動作。作為世界最大的美元投資國，中國可不希望美元迅速貶值，同時正在為其美元計價的投資向美國尋求保障。

　　Chinese vice-foreign minister Cui Tiankai was quoted by state media as saying : "Regarding the security of China’s assets in the US, if the US side can offer a positive statement on that then of course we’d welcome that. It’s an issue we’re paying attention to."

　　中國官方媒體引述副外長崔天凱的話說：“關于中國在美資產的安全，如果美方能針對該問題做出積極表態，中國將會表示歡迎。這是我們會關注的一個議題。”

　　But for US Treasury Secretary Timothy Geithner, who announced his list of topics for discussion on Wednesday, the yuan is the biggest concern. He wants it to rise “more rapidly”. He said: "China’s rise offers us the opportunity of dramatic growth in demand for things Americans create and produce… But it will also force us to raise our game."

　　但對于美國財長蒂姆?蓋特納(Timothy Geithner)而言，人民幣仍是最大的問題。周三蓋特納公布了自己的會談議題清單。他希望人民幣能“更快”升值，他說：“中國提高人民幣匯率，能夠顯著提高對美國創造和生產的商品的需求……但也會迫使我們在更高層面上競爭。”