Westpac morning report
翻译：Daniel Wang

此文为西太平洋银行10月10日早报节选，内容主要为对9日全球外汇市场状况的描述及分析，以及与外汇走势密切相关的金融市场重要事件及各国公布的经济数据解读。该银行报告对外汇市场关注点在于大洋洲，故纽元、澳元为其主要分析对象。

翻译参考答案会存在意译或为追求文章完整而加入的前日市场状况说明，故答案可能与原文有出入，有疑问的地方可加我的QQ或者发邮件共同探讨。

相关名词:
FX: foreign exchange外汇
risk aversion:风险规避
USD:美元指数
NZD:纽元
AUD:澳元

Worries over GM and Morgan Stanley resurface. Early rumours that the G7 economies are set to provide a blanket guarantee for all interbank lending lifted sentiment and helped the Dow post a quick 180pt rally in opening trade. However, the recovery proved fleeting. GM tumbled as much as 22%, heading towards its lowest close in 58 years on analyst reports that the company may not receive $25bn in Government loan guarantees in time to help them survive the crises in the credit and equity markets. Markets were also transfixed by Morgan Stanley, with the stock sliding 14% on chatter that Mitsubishi UFJ might pull out of its deal to buy a stake in the company. The lifting of the short-selling ban probably did Morgan Stanley no favours either. Reports from the US Treasury that the government could start to inject capital into US financial institutions “within weeks” did little to lift spirits. The Dow continued down to fresh 5-year lows, shedding more than 500pts at the time of writing.

Overnight trade in FX markets initially took the lead from Asia, with an ongoing bias toward paring back of risk aversion trades. That saw the USD on the back foot for much of the night, but it regained ground into the close. NZD and AUD were the only major currencies to end the day higher against the USD, though both have given back some of their gains. The AUD maintained its recent record as the more volatile of the two, rising from yesterday’s low of 0.6630 to a high of 0.7130, before sliding back below 0.69 this morning. Similarly, the NZD made it as far as 0.6250, but has since fallen back below 0.61.

隔夜外汇市场，行情延续亚市场境况，各主货币收回因风险规避情绪所引致的失地。美元指数也因此而小幅下滑，但随后小幅反弹。纽元和澳元是主要货币中仅有的两个兑美元收高的币种，尽管相对其盘中涨幅有所缩减。澳元兑美元维持近日的巨幅波动行情，由0.6630低点上扬至0.7130时段高点，随后在今日亚市早盘再度下滑至0.69水平。与澳元相似，纽元兑美元隔夜最高至0.6250,随后又跌至0.61水平。

US initial jobless claims fall 20k to 478k. The hurricane impact is starting to wane but the underlying job market story is deteriorating still. Other US data included a 0.8% rise in wholesale inventories in August.

美国上周初请失业金人数减少2万人至47.8万人。古斯塔夫和艾克飓风的影响已逐渐消退，但潜在就业市场境况仍在恶化。其它数据如美国8月份批发库存月率上升0.8%。

Japanese machinery orders fell 14.5% in August. This is a large decline, even by the standards of this wildly erratic series. The fall was more moderate if private orders only are considered, and foreign orders actually rose, but the bottom line is that the domestic demand for capital goods is weakening sharply.

日本8月份制造业订单指数下滑14.5%。尽管该指数一直不稳定，但此次下滑仍较为明显。如若将私人订单考虑在内，那么该指数则相对温和，国外订单实际上上扬，但是国内对资本品的需求正大幅放缓。

UK house prices down 1.3% in Sep. The HBoS measure backed the earlier Nationwide BS figures, showing a similar 12.4% yr annual pace of house price decline. Adding to the economic woes of the UK, the trade deficit blew out to over ￡8bn in revised July data and held there in August. The report showed sluggish exports, with further deterioration in prospect as the global economy grinds towards recession.

英国9月房价指数下滑1.3%。HBoS公布的指数显示英国房价年率下滑近12.4%。经过修正的7月以及8月贸易赤字均超过80亿英镑，加剧了对英国经济陷入衰退的担忧。报告显示了处于呆滞状态的出口业，在全球经济即将陷入衰退的阴影下其前景堪忧。

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westpac morning report 摘录
翻译：Daniel Wang

这次的翻译可能有一些难，因为涉及到金融专业领域，不过我会尽量把一些这方面文章翻译的惯例给大家列出来，这次因为时间关系，没有来得及找其它文章，大家对本节目有什么好的建议或者意见都可以在这里提出来。

本篇文章是摘自westpac银行关于15日全天外汇市场走势的报告。下面是一些大家可能不大熟悉的词汇或者代码，我单列出来，以供参考。

USD Index 美元指数，是美元兑其它国家主要货币强弱的指标
NY morning 纽约汇市早盘 early London 伦敦汇市早盘
MER 美林公司 JPM 摩根大通银行
DJIA 道琼斯工业平均指数
各货币代码：USD美元 NZD新西兰元或者纽元 AUD澳元 EUR欧元 JPY日圆
ECB （European Central Bank）欧洲央行

USD Index rallied into the NY morning with hopes for an emergency Fed cut to restore confidence to turbulent financial markets and NYMEX oil sinking below $95/bbl. But there was no rate cut and instead the dollar trimmed gains on subconsensus readings on the Sep NY Fed manufacturing index and Aug industrial production. DJIA sank early and got worse, sitting -400pts late, with financials (except newly bought MER) particularly weak. Much speculation surrounds AIG’s capital needs, with reports that the government has asked Goldmans and JPM to lead a lending facility for it. NZD/USD sank from a high of 0.6710 in early London to as low as 0.6535, struggling back to 0.6590.

隔夜纽约汇市期间，因投资者期望美联储能突然降息而给混乱的金融市场以信心，以及NYMEX原油价格下滑至95美元/桶，美元指数略有上扬。但突然降息的希望落空，美联储并不买帐，反而纽约联储9月制造业指数及8月工业生产数据差于预期，令美元指数失去此前所得。道•琼斯指数逐步下滑400点，金融版块损失惨重。市场对美国国际集团的融资状况表示关注，有报道称美国政府曾要求高盛以及摩根大通为其提供金融支持。纽元兑美元在伦敦市场由此前的0.6710下滑至日内低点0.6535，随后触底反弹至0.6590水平。

AUD/USD fell heavily in the London morning as risk aversion soared, AUD/JPY tumbling 2.5 yen to 84.50 at one point. AUD/USD hit a low of 0.8012 before finally finding some buyers, trading around 0.8080 late NY.

因隔夜风险规避情绪持续升温，澳元兑美元在伦敦市场大幅下滑，澳元兑日圆交叉盘亦下滑2.5日圆至84.50水平。澳元兑美元在0.8012低点才找到些许支撑，纽约市场期间于0.8080附近盘整。

EUR/USD suffered from rumours of an emergency rate cut from the ECB and sliding oil prices, trading a very wide range, from 1.4450 in very early London to a 1.4085 low. But the pair recovered to 1.4300 into the NY close. The financial turbulence sent USD/JPY as low as 104.53, from where it rebounded to 106 but then faded back below 105.00 as DJIA losses exceeded 400pts.

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China inflation drops, trade surplus hits record
中国通胀下行，贸易顺差创新高

www.reuters.com
翻译：Daniel Wang

China's consumer inflation fell in August to a 14-month low of 4.9 percent, giving policy makers more room to pump up the world's fourth-largest economy if growth slows abruptly in coming months.

中国8月通胀水平降至14个月以来新低4.9%，如果中国在未来数月经济增速趋缓，那么此次数据将为中国政策提供更多空间去放宽货币政策以刺激经济增长。

"With these numbers we move much closer to the time when Beijing decides inflation is not an issue any more," said Stephen Green, head of China research at Standard Chartered Bank in Shanghai. "There are increasing noises that this tightening policy has lasted too long, and more and more worries about growth skidding seriously."

Indeed, China reported a record trade surplus for August of $28.69 billion, but economists said the surprisingly strong figure was due to weakening domestic demand that sapped import growth. Forecasts for the surplus had centred on $23.5 billion.

中国公布8月贸易顺差达到286.9亿美元的单月高点，但经济学家表示这是由于国内需求疲软打压进口所造成的。此前对8月贸易顺差的市场预期为235亿美元。

Yu Song and Hong Liang at Goldman Sachs said they expected consumer inflation to fall to a range of 3-4 percent in coming quarters, while Glenn Maguire with Societe Generale said the 3 percent mark could be reached by the end of the year.

高盛研究员Yu Song和Hong Liang表示，下个季度通胀指数有望下滑至3－4%区间，而法国兴业银行研究员Glenn Maguire亦表示，今年底通胀水平有望达到3%的政策目标。

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Echoes of the Past
过去重现

BBCChina.com.cn
翻译：Daniel Wang

The British actress Keira Knightley has rejected claims that her latest film The Duchess, a historical drama set in the 18th Century, parallels the life of Princess Diana.

英国女演员凯拉•奈特莉（Keira Knightley）否认了她最近的一部电影《女公爵》，该部电影讲述的是18世纪类似于黛安娜王妃生平事故的一部历史性戏剧。

The film tells the true life story of Georgiana, Duchess of Devonshire, who was the great-great-great-great aunt of Diana, Princess of Wales.

该部电影描述了德文郡（Devonshire）女公爵乔治亚娜（Georgiana）的真实故事，而乔治亚娜是威尔士公妃黛安娜的上推四代的曾祖母。

In the film Knightley plays an aristocratic woman that is trapped in a marriage to a man who is in love with his mistress. It is this storyline that mimics the experiences of Princess Diana, who married Prince Charles only to discover that he was continuing a long-standing clandestine relationship with another woman.

凯拉•奈特莉在此片中饰演了一个身陷错败婚姻的贵妇，该贵妇的丈夫背着她与另一个女人产生了感情。该故事情节让人不禁联想起黛安娜王妃的经历，因黛安娜王妃与查尔斯王子结婚后，才发现王子与他的情人保持着长久的秘密关系。

Even the film’s tagline, "There were three people in her marriage", suggests a link to Diana’s story, as it bears a remarkable similarity to the words the princess used to describe her own situation in a highly candid 1995 television interview.

此片的宣传语“三个人的婚姻”暗示了与黛安娜王妃有关的故事情节，因1995年黛安娜在接受电视采访的时候曾使用过类似的语言来描述她的婚姻。

Speaking to the BBC, Keira Knightley was quick to play down the similarities in the stories, saying her character was "an interesting enough person to warrant a film completely about her without comparisons".

凯拉•奈特莉在对BBC的采访中，刻意淡化了本片情节与黛妃之间的相似之处，她表示她在片中的角色只是确保该片情节完整、有趣的演员而已，没有必要拿该片故事与其他人进行比较。

In fact the 23-year-old actress claims not to remember the story of Prince Charles and Princess Diana’s doomed marriage.

"I was 11 when Diana died, so I don’t really know what the actual story is so I don’t feel I can comment on the parallels," Knightley scolded reporters at a recent press conference.

Whether the Diana connection exists or not, The Duchess provides a fascinating insight into personal relationships in a society where divorce was taboo.

不管《女公爵》的情节与黛妃的故事到底是否有相似的地方，至少该片给我们提供了窥视人类内心的机会，让我们真正了解到已婚人士在处理家庭关系时，要懂得切莫轻言离婚。

The film is also a visual feast as the architecture and fashions of 18th Century England are painstakingly recreated down to the smallest detail.

另外，英国18世纪的宏伟建筑和特色文化在片中也展现得淋漓尽致，导演在细微部分的费尽心机为观众们提供了一次视觉上的巨大享受。

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Why China is not to blame for the surge in global inflation
为什么全球通胀不应归咎于中国？

Economist.com
翻译：Daniel Wang

Why China is not to blame for the surge in global inflation
为什么全球通胀不应归咎于中国？

MANY people in America and Europe think that the recent surge in inflation, like almost everything else these days, is “made in China”. For a number of years, cheap Chinese goods helped to reduce prices in rich economies, but more recently wages and prices have surged in China. On top of this, the hungry dragon’s insatiable appetite for food, energy and other raw materials has given cartoonists an emotive image for the surge in global commodity prices. As a result, it is claimed, China is no longer exporting deflation to the rich world, but inflation.

对于发生在西方国家的通胀问题，许多欧美国家公民依然抱着“中国制造”的陈旧思想，将问题归咎于中国。近些年来，中国的廉价商品帮助发达国家降低了物价，但是现在中国国内的工资和物价也开始急剧攀升，这条饥饿的巨龙似乎对食物、能源和其它原材料有着永远无法满足的需求，由此给了那些漫画家发挥想像的空间，借此渲染中国作为全球通胀加剧罪魁祸首的形象。其结果是，大部分人被误导，认为中国不再向西方国家输出通缩，而是通胀。

China’s inflation rate did indeed hit almost 9% earlier this year (by July it had fallen to 6.3%). And after declining for several years, the prices of America’s imports from China jumped by 5.3% in the year to July, pushing up the prices of goods in Wal-Mart, where many Americans shop. However, import prices from China are rising more slowly than the cost of goods from elsewhere: the average price of manufactured goods imported into America from industrialised countries rose by 10.1% over the past year (see left-hand chart). Moreover, all of the increase in the price of Chinese imports reflects the fall in the dollar against the yuan, not higher costs in China. In yuan terms, average Chinese export prices are still falling.

今年早些时候，中国的通胀指数触及9%的高点（7月下滑至6.3%）。美国进口中国的商品价格也结束了近些年来的下跌趋势，截止7月转而上行5.3%，连遍布美国以低价著称的连锁销售巨头沃尔玛也不得不提高商品价格。但是，就进口产品的价格增速而言，中国仍较世界其它地区为慢：美国从其它工业化国家进口的制造业产品近些年平均价格上涨了10.1%。另外需要注意的是，美国从中国进口商品价格上升的另一原因是美元与人民币汇率的变化，即人民币相对升值的一个反映，而并非中国国内成本的提高。若考虑到人民币汇率问题，中国出口商品平均价格实际上是在逐年下滑的。

There is something to the claim that China’s huge demand for food and energy is pushing up global commodity prices. China has accounted for a big slice of the growth in global consumption of oil and especially metals this decade, helping to drive prices higher. But its effect on global prices over the past year (when rich-world inflation took off) is easily overstated.

有人将全球商品价格上涨的原因归咎于中国对于食品和能源的巨大需求。诚然，近些年来，中国在国际能源消费中占的比例越来越大，特别是对贵金属的需求量大增，令其价格大幅攀升，但她对去年(西方国家通胀问题开始升温时)全球商品价格激增的影响被夸大了。

The pace of growth in China’s oil demand slowed to 4% last year. That is still relatively high, but not nearly as much as its annual rate of 12% in 2001-04, a period when the Fed was fretting about deflation, not inflation. And China’s food production has grown faster than consumption over the past few years. As a small, but growing, net exporter of wheat, maize and rice, China has, if anything, helped to ease world grain prices.

A more nuanced argument, suggested in a recent speech by Donald Kohn, the Federal Reserve’s vice-chairman, is that lax monetary policies have recently caused emerging economies such as China to grow too fast, putting extra demand on resources. Mr Kohn concluded that central banks in emerging economies should tighten policy to restrain economic growth and so reduce global inflation. There are merits to this argument, but there is also a danger that Mr Kohn may be trying to pass the buck. After all, America’s interest rates have been historically low for most of the past decade and thus it must share much of the responsibility for higher global inflation.

另一个微妙的事情是，美联储副主席Donald Kohn曾在最近的讲话中表示，一些如中国这样的新兴市场国家，其过于宽松的货币政策导致了过快的经济增长，以致于大幅增加了这些国家对资源的需求。Donald Kohn作出推论称新兴国家应该紧缩其货币政策从而降低经济增速令全球通胀风险有所缓和。尽管其言论有其价值所在，但更多是恐怕是Donald Kohn在推卸责任，毕竟美国的利率已降至数十年来最低，作为经济超级大国其对于全球通胀风险上行负有不可推卸的责任。

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An Unforgettable Show
一场令人难忘的表演

bbcchina
翻译：Daniel.Wang

An Unforgettable Show
一场令人难忘的表演

The 2008 Beijing Olympics began officially on Friday 8th August 2008 at 8pm in front of a crowd of 90,000 eager spectators in the Bird's Nest stadium.

2008年8月8日晚上8点整，万众举目的2008年北京奥运会在奥运会主场馆鸟巢拉开帷幕，9万热切的观众欢聚一堂，共享盛会。

Things got off to a bang with an initial firework display which lit up Beijing's skyline, followed by a total of 2,008 energetic drummers beating a countdown.

盛会开始，绚丽的焰火闪亮北京的夜空，2008个充满激情的鼓手敲响了奥运会开始的倒计时。

Then the crowd was treated to an amazing sequence of intricately-choreographed, beautifully-lit vignettes which took them through 5,000 years of Chinese history and culture. After these performances, it was time for the athletes themselves to take centre stage. In keeping with tradition, Olympic founders Greece led the 204 competing nations into the stadium.

China's 639 athletes entered last behind towering flag bearer Yao Ming, to a thunderous reception from the crowd.

中国此次派出了639名参赛运动员的强大阵容，由旗手姚明带领。他们的进场，获得了现场观众最为热烈的掌声。

Finally, the cauldron was lit by a jet of fire from Chinese Olympic hero Li Ning, who had been hoisted up to the roof of the stadium on wires.

最终，奥运会主火炬由中国奥运英雄李宁点燃，他在万众瞩目之下缓缓升起，在空中绕场一周，点燃了象征奥林匹克精神的熊熊之火。

China, of course, was not alone in watching the opening ceremony. British newspaper The Guardian said the show "outdid all of its predecessors in numbers, colour, noise and expense."

此时此刻，全球亿万观众共享北京奥运开幕式。英国卫报报道称，此次开幕式华丽、喧闹并花费巨大，其规模已超越此前数届奥运会开幕式。

The Financial Times was equally impressed. "No country ever has – or surely will – match the Chinese in effort, human power, synchronicity, ingenuity and, it has to be said, money they were willing to put into what was once a little show."

金融时报客观地报道了此次开幕式，“没有任何一个国家曾经或将与中国在努力程度、人力组织、全球协调以及创造能力等方面与此次奥运会相比，况且中国举办此次奥运会的宠大开支也会令其它承办国或地区望而却步。”

No pressure on the next Olympic host city then! With just four years to go, the London Olympic organisers have promised to deliver an equally inspirational ceremony. Let's hope they can pull it off.

或许对下届奥运会承办城市而言已经没有压力了，因在四年前，伦敦奥组委就已向世界传达了将举办一届令人鼓舞的奥运会开幕式。让我们期待他们能圆满顺利地完成。

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Another month again, the majority of our Country including myself and my friends remain being immersed in the sorrow of losing their lovely and kindly relatives lost lives in the 5.12 earthquake strikes. But everything must to be continued, life goes on, business gets engaged between both sides corporation. Everyone must do their best in the occupation of their own to commemorate the victims because the dead didn’t die and they look on and help.

   For about two weeks, I have been working on the topic of the sub pages of our new website and have no enough time to read the books I were to. We planed them, programmed by the IT support, tested all of them, though we have not completed, everything is on the way and well-organized.

   And I had little time to visit hj, too, where I have lots of friends I missed very much as they did to me. So I must say sorry to them for my negligence.

   Hope our web site would be successful tested and online in the coming days. Then I can have a rest and also share the happiness with all of my friends.