双语|汇率、市场干预

There is a second myth: that China would benefit from letting its exchange rate float freely, letting market forces set the price.
还有一个谣传：通过让汇率自由浮动，让市场决定物价，中国能从中获益。
No market economy has foresworn intervening in the exchange rate.
市场经济从没有放弃过对汇率的干预。
More to the point, no market economy has foresworn macroeconomic interventions.
更确切地说，市场经济从没停止过对宏观经济的干预。
Governments intervene regularly in financial markets, for instance, setting interest rates.
一些政府也会有规律地干预金融市场，比如，固定利率。
Some market fundamentalists claim that governments should do none of this.
某些市场经济的坚定拥护者声称政府不应该这么做。
But today, no country and few respectable economists subscribe to these views.
然而，如今没有一个国家支持这种观点，也鲜有杰出的经济学家赞同它们。
The question, then, is what is the best set of interventions in the market? 那么，问题在于什么程度的市场干预是最佳的呢？
There is a high cost to exchange rate volatility, and countries where governments have intervened judiciously to stabilise their exchange rate have, by and large, done better than those that have not.
让汇率自由浮动的代价很大，总的来说，那些明智地稳定汇率的国家情况要比放任汇率浮动的国家好。