China is very likely to contribute to the eurozone’s bail-out fund but the scope of its involvement will depend on European leaders satisfying key conditions, two senior advisers to the Chinese government have told the Financial Times.

　　中國(guó)政府的兩名資深顧問(wèn)對(duì)英國(guó)《金融時(shí)報(bào)》表示，中國(guó)很可能向歐元區(qū)紓困基金貢獻(xiàn)資金，但其介入規(guī)模將取決于歐洲領(lǐng)導(dǎo)人能否滿足一些關(guān)鍵條件。

　　Any Chinese support depended on contributions from other countries and Beijing must be given strong guarantees on the safety of its investment, according to Li Daokui, an academic member of China’s central bank monetary policy committee, and Yu Yongding, a former member of that committee.

　　據(jù)清華大學(xué)教授、中國(guó)央行貨幣政策委員會(huì)委員李稻葵，以及前委員余永定表示，中國(guó)的任何支持都將取決于其它國(guó)家作出的貢獻(xiàn)，而且北京方面必須就其投資的安全性得到強(qiáng)有力的保證。

　　“It is in China’s long-term and intrinsic interest to help Europe because they are our biggest trading partner but the chief concern of the Chinese government is how to explain this decision to our own people,” said Professor Li. “The last thing China wants is to throw away the country’s wealth and be seen as just a source of dumb money.”

　　“幫助歐洲符合中國(guó)的長(zhǎng)期根本利益，因?yàn)樗麄兪俏覀兊淖畲筚Q(mào)易伙伴，但中國(guó)政府的主要關(guān)切是如何向國(guó)內(nèi)人民解釋這個(gè)決定，”李稻葵表示。“中國(guó)可不想揮霍國(guó)家的財(cái)富，到頭來(lái)還只被視為一個(gè)傻錢來(lái)源。”

　　He added that Beijing might also ask European leaders to refrain from criticising China’s currency policy, a frequent source of tension with trade partners. The US argues that an intentionally undervalued renminbi unfairly supports Chinese exports.

　　他補(bǔ)充說(shuō)，北京方面可能還會(huì)促請(qǐng)歐洲領(lǐng)導(dǎo)人不要批評(píng)中國(guó)的匯率政策，匯率政策經(jīng)常是中國(guó)與貿(mào)易伙伴之間產(chǎn)生緊張的源頭。美國(guó)辯稱，有意低估的人民幣，讓中國(guó)出口產(chǎn)品得到了不公平的補(bǔ)貼。

　　In spite of discomfort among some Europeans about Chinese investment, the comments represented a fillip to eurozone leaders hours after a summit aimed at calming the two-year-long sovereign debt crisis. Financial markets reacted with relief at the deal, which included a plan to recapitalise European banks, make them accept a loss of 50 percent on their holdings of Greek debt and boost the firepower of the rescue fund, known as the European financial stability facility.

　　盡管一些歐洲人對(duì)中國(guó)投資感到不適，但中方的上述言論對(duì)歐元區(qū)領(lǐng)導(dǎo)人而言堪稱振奮人心，就在此前數(shù)小時(shí)，歐元區(qū)領(lǐng)導(dǎo)人舉行了一場(chǎng)峰會(huì)，以求平息已持續(xù)兩年的主權(quán)債務(wù)危機(jī)。各方達(dá)成的協(xié)議讓金融市場(chǎng)松了一口氣，該協(xié)議包括的計(jì)劃有，擬對(duì)歐洲各銀行進(jìn)行資本重組，迫使它們接受所持希臘債務(wù)減記50%，并增大紓困基金“歐洲金融穩(wěn)定安排”(EFSF)的火力。

　　Bank shares soared while the euro strengthened 2.2 percent against the dollar. But in a sign that investors were still at heart nervous about how the eurozone debt crisis would play out, Italian government bond yields first sank to 5.7 percent, before rebounding to 5.9 percent, near their euro-era highs.

　　銀行類股票價(jià)格飆升，而歐元兌美元匯率上漲2.2%。但是，有一個(gè)跡象表明投資者內(nèi)心仍對(duì)歐元區(qū)債務(wù)危機(jī)將如何演變感到緊張，那就是意大利國(guó)債收益率在最初降至5.7%之后，又反彈至5.9%，逼近該國(guó)國(guó)債在歐元時(shí)代的高位。

　　Klaus Regling, head of the EFSF, was due to arrive in Beijing late on Thursday for discussions with top Chinese leaders on whether and how much China might contribute. Nicolas Sarkozy, the French president, telephoned his Chinese counterpart Hu Jintao a few hours after the summit ended to discuss the rescue plan but there was no immediate announcement on any Chinese involvement.

　　EFSF負(fù)責(zé)人克勞斯?雷格林(Klaus Regling)定于周四晚些時(shí)候抵達(dá)北京，與中國(guó)高層領(lǐng)導(dǎo)人就中國(guó)是否作出貢獻(xiàn)和作出多大貢獻(xiàn)展開(kāi)磋商。法國(guó)總統(tǒng)尼古拉?薩科齊(Nicolas Sarkozy)在峰會(huì)結(jié)束數(shù)小時(shí)后致電中國(guó)國(guó)家主席胡錦濤，討論相關(guān)紓困計(jì)劃，但各方均沒(méi)有立即發(fā)表有關(guān)中國(guó)介入的聲明。

　　European leaders agreed that the EFSF would explore two plans to increase its remaining firepower from about ￠250bn ($355bn) to ￠1,000bn. One would be to offer investors insurance on selected government debt while the other would create a special fund in which the International Monetary Fund or countries such as China could invest.

　　歐洲各國(guó)領(lǐng)導(dǎo)人同意，EFSF將探索兩項(xiàng)計(jì)劃，以求將其剩余的火力從大約2500億歐元（合3550億美元）增至1萬(wàn)億歐元。其中一項(xiàng)計(jì)劃將是針對(duì)一些選定的國(guó)債，向投資者提供擔(dān)保，而另一項(xiàng)計(jì)劃將是創(chuàng)建一只特別基金，由國(guó)際貨幣基金組織(IMF)或中國(guó)等國(guó)家向其投資。

　　With $3,200bn in foreign exchange reserves, roughly a quarter of which are believed to be held in euros, China could be willing to contribute between $50bn and $100bn to the EFSF or a new fund set up under its auspices in collaboration with the IMF, according to one person familiar with the thinking of the Chinese leadership.

　　中國(guó)擁有3.2萬(wàn)億美元外匯儲(chǔ)備，據(jù)信其中大約四分之一是歐元資產(chǎn)。據(jù)熟悉中國(guó)領(lǐng)導(dǎo)層思路的一名人士介紹，中國(guó)可能愿意向EFSF、或與IMF共同資助建立的一只新基金貢獻(xiàn)500億至1000億美元。

　　One condition China might ask for is that its contribution be at least partly denominated in renminbi, which would protect its investment against currency fluctuations. China would buy euro-denominated bonds but repayments would compensate for any changes in the value of the renminbi, which has appreciated nearly 20 percent against the euro in the past three years.

　　中國(guó)可能提出的一個(gè)條件是，它貢獻(xiàn)的資金至少須有一部分以人民幣計(jì)價(jià)，這將保護(hù)中國(guó)投資不受匯率波動(dòng)的影響。中國(guó)將購(gòu)入歐元計(jì)價(jià)的債券，但這些債券的本息還款將補(bǔ)償人民幣價(jià)值的任何變動(dòng)。過(guò)去三年里，人民幣兌歐元匯率已累計(jì)上升近20%。

　　Reflecting the unease in Europe, the head of Germany’s industry association, said he feared Chinese help could “come at a political cost”. Hans-Peter Keitel told the FT: “Asking a non-eurozone nation to help the euro would give the other nation the power to decide the fate of the single currency.”

　　反映歐洲方面不安的跡象之一是，德國(guó)工業(yè)協(xié)會(huì)的負(fù)責(zé)人表示，他擔(dān)心中國(guó)的幫助可能“帶來(lái)政治代價(jià)”。漢斯-彼得?凱特爾(Hans-Peter Keitel)對(duì)英國(guó)《金融時(shí)報(bào)》表示：“請(qǐng)一個(gè)歐元區(qū)以外的國(guó)家來(lái)幫助歐元，將給予那個(gè)國(guó)家決定單一貨幣命運(yùn)的權(quán)力。”