人民币汇率改革
近两年来，关于人民币汇率改革的问题一直是国内外广泛关注的焦点。从1994年至今，我国对外汇管理体制进行了重大改革，在实现了经常项目下的完全可兑换后，人民币汇率实行了名义上的有管理的浮动汇率制度，多年来始终保持在8.27水平左右。由于近几年来我国经济持续高速发展，外贸顺差不断扩大，外汇储备急剧增加，人们越来越认识到，有必要实行更加灵活的调控机制。
7月21日，央行宣布开始实行以市场供求为基础、参考一篮子货币进行调节、有管理的浮动汇率制度。央行宣布的人民币汇率改革主要有三方面内容：一是汇率由1美元兑8.28元调整到8.11元，升幅为2%；二是人民币与美元脱钩，汇率参照一篮子货币制定；三是在前一交易日收盘价基础上，人民币汇率每天波幅在0.3%以内。
8月9日，央行宣布改革银行间外汇市场，为非银行金融机构和非金融企业进入该市场开了“绿灯”，同时首次引入询价这种更为市场化的交易方式，首次允许在该市场内开展远期外汇交易和掉期交易。这意味着，央行正致力于逐步推进人民币汇率的市场化。
获奖译文 中译英
Reform of RMB Exchange Rate
作者：geoffhan
The reform of RMB exchange rate has held the limelight in the last couple of years both in China and globally. Since 1994, major reforms have been carried out on China’s foreign exchange management system. Following the implementation of convertibility under current accounts, a nominally managed floating exchange rate regime has been put into place, with the RMB exchange rate constantly kept at about 8.27 for years. Thanks to the sustained rapid economic growth in recent years, China’s trade surplus has been increasing and the foreign exchange reserve has been growing by leaps and bounds. People have come to realize that it is necessary to adopt a more flexible regulatory mechanism.
On July 21, the central bank announced the implementation of a managed floating exchange rate regime based on market supply and demand and in reference to a basket of currencies, which includes the following three major contents: First, the exchange rate of RMB against US dollars is adjusted from 8.28 to 8.11, an increase of 2%. Second, RMB is no longer pegged to US dollars, and the exchange rate is determined in reference to a basket of currencies. Third, based on the closing price of the previous working day, the RMB exchange rate is allowed to float within a band of 0.3%.
On August 9, the central bank announced the reform of inter-bank foreign exchange market, giving “green light” to non-bank financial institutions and non-financial enterprises to enter into this market. Meanwhile for the first time a more market-oriented quoting system is introduced to
the foreign exchange market, and forward foreign exchange transaction and swap transaction are allowed in this market. These indicate that the central bank is devoted to push forward a market-oriented of RMB exchange rate step by step.
参考译文 中译英
The Reform of RMB Exchange Rate Regime
Over the past two years, China’s reform of RMB exchange rate has been attracting widespread attention both at home and abroad. Since 1994 till present time, China has undergone dramatic transformations in foreign exchange management system. With its establishment of convertibility for current account, China had for years kept a nominal managed floating exchange rate regime, keeping its currency pegged around 8.27 to the dollar. In recent years, however, China has maintained a rapid and sustainable development of its economy, thereby registering a steady rise in trade surplus and a considerable increase in foreign exchange reserves. As a result, people are becoming increasingly aware of the need to adopt a more flexible mechanism for the control of RMB exchange rate.
On July 21, the People’s Bank of China (PBOC) announced its adoption of a managed floating exchange rate regime based on market condition with reference to a basket of currencies. The PBOC reform program consists of three aspects: 1) changing the official USD/RMB exchange rate to 8.11 from 8.28 ---- a 2% strengthening of the RMB against the dollar; 2) scrapping the yuan peg against the US dollar, and determining the RMB rate by referring to a basket of currencies; 3) allowing the RMB rate to fluctuate in a 0.3% band based on the previous day's closing exchange rate.
On August 9, PBOC announced a reform in the inter-bank foreign exchange market, giving the green light to non-bank financial institutions and non-financial enterprises for their entrance into the market. Meanwhile, the initiation of a market-based “enquiry transaction” allows for the first time dealings in forward exchange transaction and swap transaction in the market. All of this suggests that PBOC is now making constant efforts in pushing forward the marketization of the RMB exchange rate.
（陈小全）
专家点评 中译英
翻译是一个学习和研究的过程
本次擂台赛原文节选自2005年9月26日发表于《新闻晨报》的一篇题为《外汇理财空间更大投资建议》的文章（节选后略有改动），作者是工行上海分行的许君洁。
本期擂台赛原文虽不长，但其中术语或固定说法却不少，例如：经常项目（current account）、外贸顺差（trade surplus）、外汇储备（foreign exchange reserves）、一篮子货币（a basket of currencies）、远期外汇交易（forward exchange transaction）、掉期交易（swap transaction）、银行间外汇市场（the inter-bank foreign exchange market）以及有管理的浮动汇率制度（a managed floating exchange rate regime）等等。术语具有约定俗成的特点，一般不能随便更改，因此，如果不知道必须去查阅，切不可胡编乱造。对术语意义的理解也不可望文生义，如果不懂也必须查证或请教他人。在如今这样一个互联网时代，做到上述两点本不该是件难事。例如，我本人在做参考答案时，也不知道“掉期交易”英语里怎样说，也不懂得它的意义。于是我上网查找，发现了下面一段文字：
掉期交易（swap transaction）是指交易双方约定在未来某一时期相互交换某种资产的交易形式。更为准确他说，掉期交易是当事人之间约定在未来某一期间内相互交换他们认为具有等价经济价值的现金流（cash flow〕的交易。较为常见的是货币掉期交易和利率掉期交易。货币掉期文易，是指两种货币之间的交换交易、在一般情况下，是指两种货币资金的本金交换。利率掉期交易、是相同种货币资金的不同种类利率之间的交换交易，一般不伴随本金的交换。掉期交易与期货、期权交易一样，是近年来发展迅猛的金融衍生产品之一，成为国际金融机构规避汇率风险和利率风险的重要工具。
然后，我又找到下面这段英文：
A swap transaction is the combination of a cash transaction and a forward transaction in opposite directions carried out with the same counter-party. There are two types of transaction possible: A cash purchase of a currency linked with a forward sale of the same currency against another. A cash sale of a currency linked to a forward purchase of the same currency against another. The swap points added (premium) or deducted (discount) to the cash exchange rate of the first part of the transaction, represent the interest differential over a specified period (due date of the swap) of the two currencies involved.
通过学习上两段内容，我对“掉期交易”有了一个基本概念，知道这一交易行为较复杂，包含两个交易。一个是以即期汇率即期交换货币；第二个则是在某一未来日期以确定的汇率反向交换第一个交易中的货币，用以获得利润。了解了“掉期交易”的基本概念和中英文说法后，也就排除了这一术语带来的障碍。通过这一经历，我的体会是：翻译是一个学习和研究的过程。看了大家的来稿，我觉得不是所有人都经历了这样一个学习和研究的过程，这主要表现在有人把一些常用的术语和固定搭配也搞错了。例如：
a regulated, managed floating exchange rate regime，the basketful monetary，PBC’s reform of the RMB exchange，the complete foreign exchange for regular programs，Forward Deal and Swap Deal，distant dealing and swap dealing，long-term foreign exchange and swap，a package of currencies，full convertibility under the regular account，full convertibility under current items等等。
应该说，大家来稿中的错误远不止这些，我们也没有必要在这里一一列出。其实，只要我们认真，完全可以避免上述错误的发生。这里我想给大家一点建议。既然这篇翻译是关于人民币汇率改革的，那么我们可以找一些相关的英文文章拿来学习一下，通过学习不仅可以增长知识，而且可以弄清楚一些相关的表达，这样在翻译时就会避免许多错误。当然，扎实的英
语基础是翻译的前提条件，许多人在这方面也存在问题。下面我重点谈几个基础英语方面的问题。
根据Cambridge Advanced Learner's Dictionary的定义，动词announce 的意思是to state or make known, especially publicly，是个及物动词。因此其结构通常是：主语+及物动词+宾语，或者：主语+及物动词+that引导的宾语从句。请看例句：
1）They announced the death of their mother in the local paper.
2）She announced the winner of the competition to an excited audience.
3）President George W. Bush announced his intention to appoint 16 individuals to serve in his administration.
4）The Prime Minister has announced that public spending will be increased next year.
可是在大家的来稿中，使用announce to do something结构的人大有人在。如：On 21 July, the Central Bank announced to reform the exchange rate regime„„
在我看过的来稿当中，绝大部分人把“近两年来”译错，in recent two years在英语当中是错误的说法。我们可以说in the past two years，over the past two years，for the past two years，in recent days，over recent months，in recent months，in recent years，in recent times等等；但就是不能说in recent two years。汉语里所说的“开绿灯”（允许，给„提供方便）英语里恰好也用green light，但通常不用动词open或动词短语turn on与之搭配，而是根据意思使用receive或者give。看下面两个例句：
1) General Thurman still had to receive a final green light from the president once he had worked out a plan.
2) The European Commission gave the green light yesterday in Brussels for British Airways' takeover of Dan-Air, dismissing objections by rival carriers and the Belgian government.
来稿中的错误很多，笔者只再举两例如下：
1) After having realized completely convertible under frequent items, China improved the RMB exchange rate by moving into a nominal and managed floating rate system.（其他错误姑且不谈，本句中realized的宾语是什么？难道形容词convertible可以做宾语吗？）
2) the central bank is devoted to push forward a market-oriented of RMB exchange rate step by step.（本句中的to 明明是介词，为什么后面使用push forward？market-oriented是修饰语，为什么做push forward的宾语？）
最后给大家提个醒儿，在我们参考网上或其他媒体的英文材料时，不要总认为一切都是对的。本擂台赛原文所谈的内容，网上就有央行宣布内容的官方英译稿。第一段便是：
With a view to establish and improve the socialist market economic system in China, enable the market to fully play its role in resource allocation as well as to put in place and further strengthen the managed floating exchange rate regime based on market supply and demand, the People's Bank of China, with authorization of the State Council, is hereby making the following announcements regarding reforming the RMB exchange rate regime: （Public Announcement of the People's Bank of China on Reforming the RMB Exchange Rate Regime July 21, 2005 ）
根据The American Heritage Dictionary of Idioms的解释，with a view to的意思是for the purpose of，aiming toward，给出的例句是A-frame houses were designed with a view to shedding heavy snow. 本例句表明with a view to中的to 通常被看作是介词，后面需接名词性的东西。再来看两个句子：
1）He spent much of his time reading and studying with a view to producing a firm and concise version of his political ideas.
2）In the UK there has been much discussion about teaching stall recoveries with a view to making it all easier for the beginner to understand and remember.
官方英译稿中还有这样一句：The People's Bank of China will make adjustment of the RMB exchange rate band when necessary according to market development as well as the economic and financial situation. 该译文中adjustment后面的 of应改为to，另外，虽然根据词典adjustment可作为可数或不可数名词，但此处是否应将其看作不可数也值得商榷。
鉴于笔者水平有限，不妥之处欢迎批评指正。
陈小全
人民币汇率改革
近两年来，关于人民币汇率改革的问题一直是国内外广泛关注的焦点。从1994年至今，我国对外汇管理体制进行了重大改革，在实现了经常项目下的完全可兑换后，人民币汇率实行了名义上的有管理的浮动汇率制度，多年来始终保持在8.27水平左右。由于近几年来我国经济持续高速发展，外贸顺差不断扩大，外汇储备急剧增加，人们越来越认识到，有必要实行更加灵活的调控机制。
7月21日，央行宣布开始实行以市场供求为基础、参考一篮子货币进行调节、有管理的浮动汇率制度。央行宣布的人民币汇率改革主要有三方面内容：一是汇率由1美元兑8.28元调整到8.11元，升幅为2%；二是人民币与美元脱钩，汇率参照一篮子货币制定；三是在前一交易日收盘价基础上，人民币汇率每天波幅在0.3%以内。
8月9日，央行宣布改革银行间外汇市场，为非银行金融机构和非金融企业进入该市场开了“绿灯”，同时首次引入询价这种更为市场化的交易方式，首次允许在该市场内开展远期外汇交易和掉期交易。这意味着，央行正致力于逐步推进人民币汇率的市场化。
获奖译文 中译英
Reform of RMB Exchange Rate
作者：geoffhan
The reform of RMB exchange rate has held the limelight in the last couple of years both in China and globally. Since 1994, major reforms have been carried out on China’s foreign exchange management system. Following the implementation of convertibility under current accounts, a nominally managed floating exchange rate regime has been put into place, with the RMB exchange rate constantly kept at about 8.27 for years. Thanks to the sustained rapid economic growth in recent years, China’s trade surplus has been increasing and the foreign exchange reserve has been growing by leaps and bounds. People have come to realize that it is necessary to adopt a more flexible regulatory mechanism.
On July 21, the central bank announced the implementation of a managed floating exchange rate regime based on market supply and demand and in reference to a basket of currencies, which includes the following three major contents: First, the exchange rate of RMB against US dollars is adjusted from 8.28 to 8.11, an increase of 2%. Second, RMB is no longer pegged to US dollars, and the exchange rate is determined in reference to a basket of currencies. Third, based on the closing price of the previous working day, the RMB exchange rate is allowed to float within a band of 0.3%.
On August 9, the central bank announced the reform of inter-bank foreign exchange market, giving “green light” to non-bank financial institutions and non-financial enterprises to enter into this market. Meanwhile for the first time a more market-oriented quoting system is introduced to
the foreign exchange market, and forward foreign exchange transaction and swap transaction are allowed in this market. These indicate that the central bank is devoted to push forward a market-oriented of RMB exchange rate step by step.
参考译文 中译英
The Reform of RMB Exchange Rate Regime
Over the past two years, China’s reform of RMB exchange rate has been attracting widespread attention both at home and abroad. Since 1994 till present time, China has undergone dramatic transformations in foreign exchange management system. With its establishment of convertibility for current account, China had for years kept a nominal managed floating exchange rate regime, keeping its currency pegged around 8.27 to the dollar. In recent years, however, China has maintained a rapid and sustainable development of its economy, thereby registering a steady rise in trade surplus and a considerable increase in foreign exchange reserves. As a result, people are becoming increasingly aware of the need to adopt a more flexible mechanism for the control of RMB exchange rate.
On July 21, the People’s Bank of China (PBOC) announced its adoption of a managed floating exchange rate regime based on market condition with reference to a basket of currencies. The PBOC reform program consists of three aspects: 1) changing the official USD/RMB exchange rate to 8.11 from 8.28 ---- a 2% strengthening of the RMB against the dollar; 2) scrapping the yuan peg against the US dollar, and determining the RMB rate by referring to a basket of currencies; 3) allowing the RMB rate to fluctuate in a 0.3% band based on the previous day's closing exchange rate.
On August 9, PBOC announced a reform in the inter-bank foreign exchange market, giving the green light to non-bank financial institutions and non-financial enterprises for their entrance into the market. Meanwhile, the initiation of a market-based “enquiry transaction” allows for the first time dealings in forward exchange transaction and swap transaction in the market. All of this suggests that PBOC is now making constant efforts in pushing forward the marketization of the RMB exchange rate.
（陈小全）
专家点评 中译英
翻译是一个学习和研究的过程
本次擂台赛原文节选自2005年9月26日发表于《新闻晨报》的一篇题为《外汇理财空间更大投资建议》的文章（节选后略有改动），作者是工行上海分行的许君洁。
本期擂台赛原文虽不长，但其中术语或固定说法却不少，例如：经常项目（current account）、外贸顺差（trade surplus）、外汇储备（foreign exchange reserves）、一篮子货币（a basket of currencies）、远期外汇交易（forward exchange transaction）、掉期交易（swap transaction）、银行间外汇市场（the inter-bank foreign exchange market）以及有管理的浮动汇率制度（a managed floating exchange rate regime）等等。术语具有约定俗成的特点，一般不能随便更改，因此，如果不知道必须去查阅，切不可胡编乱造。对术语意义的理解也不可望文生义，如果不懂也必须查证或请教他人。在如今这样一个互联网时代，做到上述两点本不该是件难事。例如，我本人在做参考答案时，也不知道“掉期交易”英语里怎样说，也不懂得它的意义。于是我上网查找，发现了下面一段文字：
掉期交易（swap transaction）是指交易双方约定在未来某一时期相互交换某种资产的交易形式。更为准确他说，掉期交易是当事人之间约定在未来某一期间内相互交换他们认为具有等价经济价值的现金流（cash flow〕的交易。较为常见的是货币掉期交易和利率掉期交易。货币掉期文易，是指两种货币之间的交换交易、在一般情况下，是指两种货币资金的本金交换。利率掉期交易、是相同种货币资金的不同种类利率之间的交换交易，一般不伴随本金的交换。掉期交易与期货、期权交易一样，是近年来发展迅猛的金融衍生产品之一，成为国际金融机构规避汇率风险和利率风险的重要工具。
然后，我又找到下面这段英文：
A swap transaction is the combination of a cash transaction and a forward transaction in opposite directions carried out with the same counter-party. There are two types of transaction possible: A cash purchase of a currency linked with a forward sale of the same currency against another. A cash sale of a currency linked to a forward purchase of the same currency against another. The swap points added (premium) or deducted (discount) to the cash exchange rate of the first part of the transaction, represent the interest differential over a specified period (due date of the swap) of the two currencies involved.
通过学习上两段内容，我对“掉期交易”有了一个基本概念，知道这一交易行为较复杂，包含两个交易。一个是以即期汇率即期交换货币；第二个则是在某一未来日期以确定的汇率反向交换第一个交易中的货币，用以获得利润。了解了“掉期交易”的基本概念和中英文说法后，也就排除了这一术语带来的障碍。通过这一经历，我的体会是：翻译是一个学习和研究的过程。看了大家的来稿，我觉得不是所有人都经历了这样一个学习和研究的过程，这主要表现在有人把一些常用的术语和固定搭配也搞错了。例如：
a regulated, managed floating exchange rate regime，the basketful monetary，PBC’s reform of the RMB exchange，the complete foreign exchange for regular programs，Forward Deal and Swap Deal，distant dealing and swap dealing，long-term foreign exchange and swap，a package of currencies，full convertibility under the regular account，full convertibility under current items等等。
应该说，大家来稿中的错误远不止这些，我们也没有必要在这里一一列出。其实，只要我们认真，完全可以避免上述错误的发生。这里我想给大家一点建议。既然这篇翻译是关于人民币汇率改革的，那么我们可以找一些相关的英文文章拿来学习一下，通过学习不仅可以增长知识，而且可以弄清楚一些相关的表达，这样在翻译时就会避免许多错误。当然，扎实的英
语基础是翻译的前提条件，许多人在这方面也存在问题。下面我重点谈几个基础英语方面的问题。
根据Cambridge Advanced Learner's Dictionary的定义，动词announce 的意思是to state or make known, especially publicly，是个及物动词。因此其结构通常是：主语+及物动词+宾语，或者：主语+及物动词+that引导的宾语从句。请看例句：
1）They announced the death of their mother in the local paper.
2）She announced the winner of the competition to an excited audience.
3）President George W. Bush announced his intention to appoint 16 individuals to serve in his administration.
4）The Prime Minister has announced that public spending will be increased next year.
可是在大家的来稿中，使用announce to do something结构的人大有人在。如：On 21 July, the Central Bank announced to reform the exchange rate regime„„
在我看过的来稿当中，绝大部分人把“近两年来”译错，in recent two years在英语当中是错误的说法。我们可以说in the past two years，over the past two years，for the past two years，in recent days，over recent months，in recent months，in recent years，in recent times等等；但就是不能说in recent two years。汉语里所说的“开绿灯”（允许，给„提供方便）英语里恰好也用green light，但通常不用动词open或动词短语turn on与之搭配，而是根据意思使用receive或者give。看下面两个例句：
1) General Thurman still had to receive a final green light from the president once he had worked out a plan.
2) The European Commission gave the green light yesterday in Brussels for British Airways' takeover of Dan-Air, dismissing objections by rival carriers and the Belgian government.
来稿中的错误很多，笔者只再举两例如下：
1) After having realized completely convertible under frequent items, China improved the RMB exchange rate by moving into a nominal and managed floating rate system.（其他错误姑且不谈，本句中realized的宾语是什么？难道形容词convertible可以做宾语吗？）
2) the central bank is devoted to push forward a market-oriented of RMB exchange rate step by step.（本句中的to 明明是介词，为什么后面使用push forward？market-oriented是修饰语，为什么做push forward的宾语？）
最后给大家提个醒儿，在我们参考网上或其他媒体的英文材料时，不要总认为一切都是对的。本擂台赛原文所谈的内容，网上就有央行宣布内容的官方英译稿。第一段便是：
With a view to establish and improve the socialist market economic system in China, enable the market to fully play its role in resource allocation as well as to put in place and further strengthen the managed floating exchange rate regime based on market supply and demand, the People's Bank of China, with authorization of the State Council, is hereby making the following announcements regarding reforming the RMB exchange rate regime: （Public Announcement of the People's Bank of China on Reforming the RMB Exchange Rate Regime July 21, 2005 ）
根据The American Heritage Dictionary of Idioms的解释，with a view to的意思是for the purpose of，aiming toward，给出的例句是A-frame houses were designed with a view to shedding heavy snow. 本例句表明with a view to中的to 通常被看作是介词，后面需接名词性的东西。再来看两个句子：
1）He spent much of his time reading and studying with a view to producing a firm and concise version of his political ideas.
2）In the UK there has been much discussion about teaching stall recoveries with a view to making it all easier for the beginner to understand and remember.
官方英译稿中还有这样一句：The People's Bank of China will make adjustment of the RMB exchange rate band when necessary according to market development as well as the economic and financial situation. 该译文中adjustment后面的 of应改为to，另外，虽然根据词典adjustment可作为可数或不可数名词，但此处是否应将其看作不可数也值得商榷。
鉴于笔者水平有限，不妥之处欢迎批评指正。
陈小全