China raised banks’ reserve ratio requirements on Sunday, the fourth time this year that Beijing has used this tool to tighten liquidity. The move underscores Beijing’s commitment to monetary tightening at a time when other economies, including the European Central Bank, are also beginning monetary tightening.

　　中国周日上调了存款准备金率。这是今年以来中国第四次运用这项工具收紧流动性。在其他经济体——包括欧洲央行在内——纷纷开始收紧银根之际，此举也突显出中国收紧银根的承诺。

　　China’s central bank said it was raising the reserves that commercial banks must deposit with the central bank to 20.5 per cent, an increase of 50 basis points, with effect from April 21.

　　中国央行宣布，从4月21日起，商业银行存款准备金率将上调50个基点，至20.5%。

　　Controlling inflation is China’s top economic priority this year, but monthly inflation data have remained high despite several rounds of tightening. March’s consumer price index rose to 5.4 per cent, the highest level in nearly three years.

　　控制通胀是中国今年首要的经济工作，然而，尽管当局采取了数次收紧动作，月度通胀数据仍然居高不下。3月份居民消费价格指数升至5.4%，达到近3年来的最高水平。

　　The move by the People’s Bank of China came after Tim Geithner, US Treasury secretary, attacked the International Monetary Fund’s failure to use its existing tools to tackle China’s tightly managed exchange rate.

　　在中国央行宣布上调存款准备金率之前，美国财长蒂姆•盖特纳(Tim Geithner)刚刚指责国际货币基金组织(IMF)未能利用现有工具，对付中国受到严格管理的汇率。

　　An alternative policy option for China to tackle its domestic inflation is allowing a greater appreciation in the renminbi. But comments to the IMF’s governing body in Washington over the weekend highlighted the divisions between developed and developing countries on the causes of imbalances in the global economy.

　　中国要解决国内通胀，除了上调存款准备金率以外，还可以允许人民币加快升值。然而，周末在IMF决策机构发表的言论，突显出发达国家与发展中国家对于全球经济失衡的根源存在分歧。

　　The gulf between these countries’ policy recommendations suggest the G20 process to iron out economic imbalances will run into trouble once the group discusses substantive issues rather than process.

　　这些国家相互之间迥异的政策建议，表明一旦讨论从过程转向实质问题，G20解决经济失衡的进程将遇到困难。

　　Speaking to the International Monetary and Financial Committee, the IMF’s governing body, Mr Geithner hit out at a “few emerging markets” that manage their exchange rates. His words can refer only to China but reflect US desire to tackle the renminbi as a multilateral and not a bilateral issue.

　　盖特纳在向IMF的决策机构——国际货币与金融委员会(International Monetary and Financial Committee)发表讲话时，抨击“若干新兴市场”实行有管理的汇率机制。他的话只能是指中国，但反映了美国把人民币作为多边问题、而非双边问题来对付的意图。

　　“The current system of exchange rates is an obstacle to effective international co-operation on imbalances,” he said, blaming China’s exchange rate policy for capital flows that push up the exchange rates of those emerging economies that do allow foreign funds in. Having received criticism from the IMF over US fiscal policy last week, Mr Geithner turned the tables and accused the fund of failing to use existing powers to put greater pressure on China.

　　盖特纳表示：“当前的汇率体系是国际社会在失衡方面进行有效合作的一个障碍。”他指责中国汇率政策导致资本流动推高了那些允许外国资金进入的新兴经济体的汇率水平。在上周IMF批评美国的财政政策之后，盖特纳反唇相讥，指责IMF未能利用现有权力对中国施加更大压力。

　　“The fund has the requisite tools within the existing framework of the IMF Articles of Agreement – but they have not been sufficiently utilised, as suggested by the IMF’s Independent Evaluation Office,” Mr Geithner said.

　　盖特纳表示：“在IMF协议条款的现行框架内，IMF拥有必要的工具——但是，正如IMF独立评估办公室所说的，这些工具没有得到充分应用。”

　　Even though most G20 officials agreed with Christian Noyer, governor of the French central bank, that there had been “no fights” at the G20 meeting, that was because the body focused on issues of process rather than substance.

　　虽然大多数G20官员赞同法国央行行长克里斯蒂安•诺亚(Christian Noyer)的说法——G20会议上不存在“战争”，但那是因为G20迄今着眼于过程，而非实质问题。