China is very likely to contribute to the eurozone’s bail-out fund but the scope of its involvement will depend on European leaders satisfying key conditions, two senior advisers to the Chinese government have told the Financial Times.

　　中國政府的兩名資深顧問對英國《金融時報》表示，中國很可能向歐元區紓困基金貢獻資金，但其介入規模將取決于歐洲領導人能否滿足一些關鍵條件。

　　Any Chinese support depended on contributions from other countries and Beijing must be given strong guarantees on the safety of its investment, according to Li Daokui, an academic member of China’s central bank monetary policy committee, and Yu Yongding, a former member of that committee.

　　據清華大學教授、中國央行貨幣政策委員會委員李稻葵，以及前委員余永定表示，中國的任何支持都將取決于其它國家作出的貢獻，而且北京方面必須就其投資的安全性得到強有力的保證。

　　“It is in China’s long-term and intrinsic interest to help Europe because they are our biggest trading partner but the chief concern of the Chinese government is how to explain this decision to our own people,” said Professor Li. “The last thing China wants is to throw away the country’s wealth and be seen as just a source of dumb money.”

　　“幫助歐洲符合中國的長期根本利益，因為他們是我們的最大貿易伙伴，但中國政府的主要關切是如何向國內人民解釋這個決定，”李稻葵表示。“中國可不想揮霍國家的財富，到頭來還只被視為一個傻錢來源。”

　　He added that Beijing might also ask European leaders to refrain from criticising China’s currency policy, a frequent source of tension with trade partners. The US argues that an intentionally undervalued renminbi unfairly supports Chinese exports.

　　他補充說，北京方面可能還會促請歐洲領導人不要批評中國的匯率政策，匯率政策經常是中國與貿易伙伴之間產生緊張的源頭。美國辯稱，有意低估的人民幣，讓中國出口產品得到了不公平的補貼。

　　In spite of discomfort among some Europeans about Chinese investment, the comments represented a fillip to eurozone leaders hours after a summit aimed at calming the two-year-long sovereign debt crisis. Financial markets reacted with relief at the deal, which included a plan to recapitalise European banks, make them accept a loss of 50 percent on their holdings of Greek debt and boost the firepower of the rescue fund, known as the European financial stability facility.

　　盡管一些歐洲人對中國投資感到不適，但中方的上述言論對歐元區領導人而言堪稱振奮人心，就在此前數小時，歐元區領導人舉行了一場峰會，以求平息已持續兩年的主權債務危機。各方達成的協議讓金融市場松了一口氣，該協議包括的計劃有，擬對歐洲各銀行進行資本重組，迫使它們接受所持希臘債務減記50%，并增大紓困基金“歐洲金融穩定安排”(EFSF)的火力。

　　Bank shares soared while the euro strengthened 2.2 percent against the dollar. But in a sign that investors were still at heart nervous about how the eurozone debt crisis would play out, Italian government bond yields first sank to 5.7 percent, before rebounding to 5.9 percent, near their euro-era highs.

　　銀行類股票價格飆升，而歐元兌美元匯率上漲2.2%。但是，有一個跡象表明投資者內心仍對歐元區債務危機將如何演變感到緊張，那就是意大利國債收益率在最初降至5.7%之后，又反彈至5.9%，逼近該國國債在歐元時代的高位。

　　Klaus Regling, head of the EFSF, was due to arrive in Beijing late on Thursday for discussions with top Chinese leaders on whether and how much China might contribute. Nicolas Sarkozy, the French president, telephoned his Chinese counterpart Hu Jintao a few hours after the summit ended to discuss the rescue plan but there was no immediate announcement on any Chinese involvement.

　　EFSF負責人克勞斯?雷格林(Klaus Regling)定于周四晚些時候抵達北京，與中國高層領導人就中國是否作出貢獻和作出多大貢獻展開磋商。法國總統尼古拉?薩科齊(Nicolas Sarkozy)在峰會結束數小時后致電中國國家主席胡錦濤，討論相關紓困計劃，但各方均沒有立即發表有關中國介入的聲明。

　　European leaders agreed that the EFSF would explore two plans to increase its remaining firepower from about ￠250bn ($355bn) to ￠1,000bn. One would be to offer investors insurance on selected government debt while the other would create a special fund in which the International Monetary Fund or countries such as China could invest.

　　歐洲各國領導人同意，EFSF將探索兩項計劃，以求將其剩余的火力從大約2500億歐元（合3550億美元）增至1萬億歐元。其中一項計劃將是針對一些選定的國債，向投資者提供擔保，而另一項計劃將是創建一只特別基金，由國際貨幣基金組織(IMF)或中國等國家向其投資。

　　With $3,200bn in foreign exchange reserves, roughly a quarter of which are believed to be held in euros, China could be willing to contribute between $50bn and $100bn to the EFSF or a new fund set up under its auspices in collaboration with the IMF, according to one person familiar with the thinking of the Chinese leadership.

　　中國擁有3.2萬億美元外匯儲備，據信其中大約四分之一是歐元資產。據熟悉中國領導層思路的一名人士介紹，中國可能愿意向EFSF、或與IMF共同資助建立的一只新基金貢獻500億至1000億美元。

　　One condition China might ask for is that its contribution be at least partly denominated in renminbi, which would protect its investment against currency fluctuations. China would buy euro-denominated bonds but repayments would compensate for any changes in the value of the renminbi, which has appreciated nearly 20 percent against the euro in the past three years.

　　中國可能提出的一個條件是，它貢獻的資金至少須有一部分以人民幣計價，這將保護中國投資不受匯率波動的影響。中國將購入歐元計價的債券，但這些債券的本息還款將補償人民幣價值的任何變動。過去三年里，人民幣兌歐元匯率已累計上升近20%。

　　Reflecting the unease in Europe, the head of Germany’s industry association, said he feared Chinese help could “come at a political cost”. Hans-Peter Keitel told the FT: “Asking a non-eurozone nation to help the euro would give the other nation the power to decide the fate of the single currency.”

　　反映歐洲方面不安的跡象之一是，德國工業協會的負責人表示，他擔心中國的幫助可能“帶來政治代價”。漢斯-彼得?凱特爾(Hans-Peter Keitel)對英國《金融時報》表示：“請一個歐元區以外的國家來幫助歐元，將給予那個國家決定單一貨幣命運的權力。”