外汇

SAFE , with its mandate to manage foreign exchange reserves , has adopted a far racier investment style in recent months .

受托管理中国外汇储备的外管局，最近数月采取了一种更为积极的投资风格。

It could intervene in the foreign-exchange market, selling reals and buying dollars, but then scarce Brazilian savings would get tied up in the depreciating greenback.

可以来干预外汇市场，卖出里西尔买进美元，但是不足的巴西储蓄将受困于美元贬值。

Any projects applying for no less than RMB 5 million fixed assets loan or no less than $1 million foreign exchange loan from ICBC should be appraised; any S%26amp;T development loan should be appraised in principle regardless loan amounts; additional loan amounts exceeding 30% of the former loan commitment should be reappraised.

凡申请中国工商银行固定资产贷款人民币500万元以上、外汇贷款100万美元以上的项目，均应进行评估；科技开发贷款不论贷款额大小，原则上都要进行评估；追加贷款额超过原承诺贷款30%的应重新进行评估。

But the fund, formed from $200 billion of foreign-exchange reserves, has set aside as much money for recapitalizing domestic financial institutions as for overseas investment.

中投公司手里的2，000亿美元是从国家外汇储备中划拨而来，然而这些原打算用于海外投资的资金已有相当一部分被用来充实国内金融机构的资本金。

Over the next several years, the Japanese government spent almost 47 trillion yen — or about $470 billion at current exchange rates — not only buying banks' bad assets but also recapitalizing them.

在过去的数年里，日本政府花费了约47兆日元，按现在的外汇汇率算，约为4700亿美元，不仅收购银行不良资产，同时还要对银行进行资产重组。

Article 22 shall be changed into Article 23, of which item (1) of paragraph 1 shall be modified as "demanding that the banking institutions deposit the reserve fund at a required ratio"; and item (3) thereof shall be modified as "handling rediscounting for the banking institutions, which have opened accounts in the PBC"; and item (5) thereof shall be modified as "dealing in treasury bonds, other government bonds, financial bonds and foreign exchange on the open market".

九、第二十二条改为第二十三条，第一款第一项修改为：&要求银行业金融机构按照规定的比例交存存款准备金&；第三项修改为：&为在中国人民银行开立账户的银行业金融机构办理再贴现&；第五项修改为：&在公开市场上买卖国债、其他政府债券和金融债券及外汇&。

IX. Article 22 shall be changed into Article 23, of which item (1) of paragraph 1 shall be modified as "demanding that the banking institutions deposit the reserve fund at a required ratio"; and item (3) thereof shall be modified as "handling rediscounting for the banking institutions, which have opened accounts in the PBC"; and item (5) thereof shall be modified as "dealing in treasury bonds, other government bonds, financial bonds and foreign exchange on the open market".

九、第二十二条改为第二十三条，第一款第一项修改为：&要求银行业金融机构按照规定的比例交存存款准备金&；第三项修改为：&为在中国人民银行开立账户的银行业金融机构办理再贴现&；第五项修改为：&在公开市场上买卖国债、其他政府债券和金融债券及外汇&。

The capital inflow, as measured by the difference between the increase in foreign exchange reserves and the foreign trade surplus, has resurged since August.

资本流入——外汇储备增量和外贸盈余的差额——自从8月份以来又开始了。

The big shock, however, was not the size of the increase so much as its composition: Short-term inflows－after netting-out known contributions from the trade surplus and foreign direct investment－have resurged dramatically.

不过，这还不能完全解释一季度外汇储备的大幅增长，其中应该还有一部分是通过贸易帐户－资本账户进入中国的热钱。

Capital requirements need to be revamped so that banks accumulate more reserves during the good times.

资本要求必须修改，使银行积累更多的外汇储备在美好的时光。

The split between the two groups can hardly be papered over.

这两个团体间的分歧难以掩饰。

This approach not only encourages a greater number of responses, but minimizes the likelihood of stale groupthink.

这种做法不仅鼓励了更多的反应，而且减少跟风的可能性。