醉翁之意不在酒⑴

最近，美国的一些高级经济官员宣称，人民币兑美元的价值被低估了，因此人民币应该升值。 这一说法的根据是：中国的外汇储备已达约3, 500亿美元，而中国拥有的美国政府债券已经超过1,220亿美元。从这个意义上说，中国己成为美国的最大债权国之一，已经占了上风。⑵美国政府的这种担心不难理解。曾几何时，美国把日本当作替罪羊，⑶说是日本人抢走了美国人的饭碗。 然后又指责墨西哥。现在又指控说中国人做事不公，以廉价的币值和较低的单位成本向美国出口产品。⑷

在此情况下，美国的高价产品滞销，美国工厂的库存积压，其结果是工人失业，甚至工厂关闭。⑶所以，中国的经济政策应对美国的失业问题负责。此种论调根本站不住脚。如果美国的消费者不购买廉价的中国产品，则需购买高价的同类产品。因此，购买中国产品可省下钱来购买更多的由美国生产的资本密集型或知识密集型产品(6)。实际情况是，中国向美国出口低价商品可以增加美国人的实际收入。由此看来，美国政府对中国一而再、再而三地抱怨完全是醉翁之意不在酒。（7)

Explanatory notes on terminology

1.升值：货币升值是to appreciate

2醉翁之意不在酒：to have / with ulterior motives

3.价值被低估：to be undervalued

4外汇储备：foreign exchange reserves

5政府债券：Government bonds

6债权国：Debtor country

7.廉价的币值：cheap currency value

8 单位成本：unit cost

9.滞销：do not sell well

10.库存积压：inventories      build up

11.工人失业和工厂关闭：lay-offs        and closedowns

12.资本密集型或知识密集型产品：capital         or knowledge-intensive products

13.实际收入：real income (real:按购买力计值的；按币值情况调整的）

翻译详解

(1)    标题“醉翁之意不在酒”可根据全篇的意思翻译为What Are They Driving At?本文最后出 现的“醉翁之意不在酒”需另作处理。

(2)“从这个意义上说，中国已成为美国的最大债权国之一，已经占了上风”的译文是：China has， in that sense, become one of the biggest creditors to the United States, which has given China an upper hand over the United States. “从这个意义上说”作插入语处理，而“已经占了上风”以一个非限定性定语从句的形式出现。

(3)“曾几何时，美国把日本当作替罪羊”：It was not too long ago that the Japanese were made the scapegoat：这里用了强调句式 It was ... that...

(4)“现在又指控说中国人做事不公，以廉价的币值和较低的单位成本向美国出口产品。”：Now they have found another accusation, saying that the Chinese are not fair — they go about exporting to the U.S. by taking advantage of a cheap yuan which means lower unit costs of Chinese goods.

(5)“在此情况下，美国的高价产品滞销，美国工厂的库存积压，其结果是工人失业，甚至工厂关闭。”：Such being the case, higher priced American goods are not selling well, and inventories build up at U.S. factories, and the result is layoffs or, even worse, plant closings.在这 里，两个句子合并成了一个句子。

(6)“资本密集型或知识密集型产品”英文的说法是capital or knowledge intensive goods,与之相 对应的是“劳动密集型产品”，其英文说法是labor-intensive products。

(7)“由此看来，美国政府对中国一而再、再而三地抱怨完全是醉翁之意不在酒”：It is obvious that the U.S. was making a left-handed complaint by harping on about the “undervalued” Renminbi.这里的“醉翁之意不在酒”相当于“得了便宜还卖乖”。所以，这种抱怨是 left-handed complaint。“一而再、再而三地”这个状语已经在动词短语harp on中得到体现， 该短语的意思是“反复地说”。

参考译文

What Are They Driving At?

Recently, some top U.S. economic officials argue that the RMB yuan is undervalued vis-a-vis the U.S. dollar. Therefore, it is time for the yuan to appreciate. The basis for their argument is that China has accumulated about $350 billion in foreign-currency reserves and over $122 billion in U.S. government bonds. China has, in that sense, become one of the biggest creditors to the United States, which has given China an upper hand over the United States. It is not difficult to understand why the United States has such a worry. It was not too long ago that the Japanese were made the scapegoat of the Americans. They were accused of taking American jobs. Then the Mexicans were accused. Now they have found another accusation, saying that the Chinese are not fair — they go about exporting to the U.S. by taking advantage of a cheap yuan which means lower unit costs of Chinese goods.

Such being the case，higher priced American goods are not selling well, and inventories build up at U.S. factories, and the result is layoffs or, even worse, plant closings. Therefore, it is argued that China’s economic policies are responsible for the job losses in the U.S. An argument of this kind can hardly holdwater. American consumers either buy Chinese low priced goods or go elsewhere to buy them at higher prices. Since purchases of Chinese goods can save money, it means the Americans can make more purchases of the more capital or knowledge intensive goods manufactured in the United States. The fact of the matter is that the cheap Chinese-made exports into the United States can actually increase the real income of American consumers. It is obvious that the U.S. was making a left-handed complaint for ulterior purposes by harping on about the “undervalued” Renminbi.