集线器与交换机的区别:拜登吃面：汇率角力新攻略？ 双语

When Joe Biden went for a quick bite to eat at a local Beijing noodle joint last week, it looked like textbook diplomatic PR. Joe and ambassador Gary Locke just wanted to show how ordinary government officials can be.

美国副总统乔•拜登(Joe Biden)上周在北京当地一家面馆随意品尝了些东西，这看上去就像教科书式的外交公关活动。拜登和美国驻华大使骆家辉(Gary Locke)只是想展示一下，政府官员可以是多么普通的人。

But was this low-key outing to Yao Ji Stewed Liver just a PR stunt, or a cunning political attack on China’s currency regime?

但这次在姚记炒肝店低调的就餐仅仅是一场公关表演，还是对中国汇率体制一次巧妙的政治攻击？

The US vice-president’s lunch for five included noodles, steamed buns, soft drinks, and some cold side dishes to boot. Yet the tab came to a paltry Rmb79. Even with a 20 per cent tip (as is US custom), the whole lunch still came in return for a crisp red Rmb100 note.

拜登一行5人的午餐包括面条、包子、软饮料和一些凉菜，但价钱只有微不足道的79元人民币。即便加上20%的小费（给小费是美国习俗），整顿午餐仍不过花了一张清脆的红色百元大钞。

But wait – was Biden quietly showing to China and the world just how undervalued the renminbi is? The Shanghai Daily at least thinks it is worth asking the question:"Some economic experts said the United States was trying to convey the information that China should appreciate its currency because, in dollar terms, the meal was too cheap."

但等一下——拜登是在隐晦地向中国和世界表明人民币被低估的程度有多么严重吗？《上海日报》(Shanghai Daily)至少认为有必要提出这个问题。该报称：“一些经济学专家表示，美国试图传达的信息是人民币应该升值，因为按美元计算，这顿饭太便宜了。”

In fact, Biden’s lunch has already entered netizen vernacular.

实际上，拜登的午餐已经成为网络语言。

A new phrase “Biden Eats Noodles” was even coined and spread quickly online. The original bloggers said it meant “purchasing goods that greatly outvalue their tagged price.”

网上甚至创造出“拜登吃面”这个新词，并迅速传播开来。原创博主们表示，该词的意思是“以远低于货值的价格采购到商品”。

They even composed a sentence to explain it: “Don’t think about marrying me without owning a house. That’s just a Biden Eats Noodles dream.”

他们甚至造句来解释这个词：“没房就想和我结婚，简直就是拜登吃面！”

Some hope Beijing is shaking off its rigid currency regime and allowing the renminbi to appreciate further, faster. But as Yao Yang pointed out in his post on Project Syndicate last week, a one-off big bang appreciation looks rather unlikely: "If appreciation does not reduce the current-account surplus and capital inflows, then the renminbi’s exchange rate is bound to face further upward pressure. That is why some people are advocating that China undertake a one-shot, big-bang appreciation – large enough to defuse expectations of further strengthening and deter inflows of speculative “hot” money. Such a revaluation would also discourage exports and encourage imports, thereby reducing China’s chronic trade surplus."

一些人希望中国政府放弃僵化的汇率制度，允许人民币更大幅度、更快地升值。但正如北京大学中国经济研究中心(China Center for Economic Research)主任姚洋上周在Project Syndicate上的撰文中所指出的那样，人民币一次性大幅升值看起来非常不可能：“如果升值没有减少经常项目盈余和资本流入，那么人民币汇率将承受更大的升值压力。这就是为什么一些人建议中国采取一次性大幅升值的策略——一次升足，打消人民币进一步走强的预期，阻止投机性“热钱”的涌入。如此规模的升值还将抑制出口、鼓励进口，从而减少中国长期存在的贸易盈余。”

"But such a move would be almost suicidal for China’s economy. Between 2001 and 2008, export growth accounted for more than 40% of China’s overall economic growth. That is, China’s annual GDP growth rate would drop by four percentage points if its exports did not grow at all. In addition, a study by the China Center for Economic Research has found that a 20% appreciation against the dollar would entail a 3% drop in employment – more than 20 million jobs."

“但这样的动作对中国经济来说不啻自杀。从2001年到2008年，出口增长要占中国总体经济增长的40%强。也就是说，如果出口增长被完全消除，那么中国的GDP年增长率将下降4个百分点。此外，中国经济研究中心的研究表明，人民币对美元升值20%将导致就业人口下降3%，相当于2000万人。”

Biden’s trip may not have moved Beijing when it comes to currency, but it has at least helped spur a very local rise in consumer spending.

拜登北京之行可能不会改变中国政府在汇率方面的立场，但它至少帮助刺激了非常局部的消费支出增长。

Yao Ji Stewed Liver has been reaping the rewards – with long queues stretching along the street as people try to relive the VP’s hearty bowl of pork noodles, according to the Shanghaiist.

姚记炒肝店就已经在收获回报——据《新民晚报》报道，由于人们想要体验拜登点过的丰盛的炸酱面，等候就餐的长队排到了大街上。