The head of the European Financial Stability Facility, Klaus Regling, arrives in Beijing Friday as all eyes turn to China as it decides what role - if any - it will play in funding Europe's bailout plan.

　　歐洲金融穩(wěn)定基金(European Financial Stability Facility)負(fù)責(zé)人雷格林(Klaus Regling)將于周五抵達(dá)北京。此時(shí)所有人都注視著中國(guó)，看它決定在資助歐洲救援計(jì)劃的過(guò)程中發(fā)揮什么樣的作用──如果決定參與資助的話。

　　Mr. Regling will meet with the head of the State Administration of Foreign Exchange, Yi Gang, and Vice Minister of Finance Zhu Guangyao, before flying onto other Asian countries.

　　雷格林將會(huì)晤國(guó)家外匯管理局局長(zhǎng)易綱和財(cái)政部副部長(zhǎng)朱光耀，然后飛往亞洲其他國(guó)家。

　　European leaders secured a deal Thursday to reduce Greece's debt and expand the firepower of the euro zone's bailout vehicle, by four- or five-fold, suggesting it could provide guarantees for around 1 trillion, or about $1.4 trillion, of bonds issued by flailing E.U. member countries. The expansion could in part be funded by cash-rich emerging economies such as China.

　　歐洲領(lǐng)導(dǎo)人周四達(dá)成一個(gè)方案，決定削減希臘的債務(wù)，并將前述歐元區(qū)救援基金的規(guī)模擴(kuò)充四到五倍。他們暗示，這只基金可以為歐盟財(cái)政困難的成員國(guó)發(fā)行的債券提供約1萬(wàn)億歐元（約合1.4萬(wàn)億美元）的擔(dān)保?？捎芍袊?guó)等現(xiàn)金充裕的新興經(jīng)濟(jì)體來(lái)為基金規(guī)模的擴(kuò)大提供部分支持。

　　With foreign exchange reserves in excess of $3.2 trillion, China has long been looked upon by struggling economies as a potential white knight. This time is no different with rumors swirling of a potentially large contribution from Beijing to the European rescue fund.

　　Bloomberg News據(jù)國(guó)際貨幣基金組織(IMF)人士說(shuō)，中國(guó)表達(dá)幫助歐洲的意愿至少已經(jīng)有了一個(gè)月時(shí)間，不過(guò)條件是經(jīng)由IMF、并與其他“金磚國(guó)家”聯(lián)合出資。中國(guó)的外匯儲(chǔ)備超過(guò)3.2萬(wàn)億美元，困難經(jīng)濟(jì)體長(zhǎng)期以來(lái)都指望中國(guó)能夠成為拯救它們的白衣騎士?，F(xiàn)在依然有傳言說(shuō)，北京將為歐洲的救援基金出資，數(shù)額可能很大。

　　According to people at the International Monetary Fund, for a least a month China has expressed its willingness to help the Europeans, but only through the IMF and in conjunction with contributions from other Brazil, India and Russia, the major emerging economies that together with China make up the so-called BRIC nations. But others in the BRIC group seem wary of putting in substantial amounts of money, and China is unlikely to act by itself.

　　據(jù)國(guó)際貨幣基金組織(International Monetary Fund，簡(jiǎn)稱IMF)人士說(shuō)，中國(guó)表達(dá)幫助歐洲的意愿至少已經(jīng)有了一個(gè)月時(shí)間，不過(guò)條件是經(jīng)由IMF、并與其他“金磚國(guó)家”（除中國(guó)以外還有巴西、印度和俄羅斯）聯(lián)合出資。但其他金磚國(guó)家似乎不敢拿出大筆資金，而中國(guó)也不太可能單獨(dú)行動(dòng)。

　　It would also mark a major change in the way China allocates is foreign exchange reserves. SAFE allocates the lion's share of its resources to low risk and low yield - investments. While the low return has long been a source of frustration, the reserve administrators are wary of the political fallout likely to result from the national reserves posting a significant loss.

　　如果出資，那么還將意味著中國(guó)分配外匯儲(chǔ)備的方式出現(xiàn)重大改變。國(guó)家外匯管理局把手中大部分資源都投資于低風(fēng)險(xiǎn)、低收益的投資產(chǎn)品中。雖然這種低回報(bào)曾長(zhǎng)期招致不滿，但國(guó)家外匯儲(chǔ)備出現(xiàn)巨虧可能帶來(lái)的政治后果，卻是外儲(chǔ)管理者不愿意見(jiàn)到的。

　　China's $400 billion sovereign wealth fund, China Investment Corp., is fully invested and currently doesn't have the resources to make a significant contribution to Europe's bailout.

　　中國(guó)4000億美元的主權(quán)財(cái)富基金中國(guó)投資有限責(zé)任公司（簡(jiǎn)稱中投）已經(jīng)是滿倉(cāng)投資，目前沒(méi)有資源來(lái)為歐洲的救援做出較大的貢獻(xiàn)。

　　Still, Chinese leaders have hinted that they would be more interested helping Europe if they could count on a pay off elsewhere, such as being recognized as a 'market economy', a status that would help its chances of winning anti-dumping or subsidy cases brought against it. But European leaders have thus far opposed such a quid-pro-quo. 不過(guò)中國(guó)領(lǐng)導(dǎo)人曾經(jīng)暗示，如果他們能在別的方面獲得回報(bào)（比如說(shuō)承認(rèn)其“市場(chǎng)經(jīng)濟(jì)”地位），他們對(duì)援助歐洲的興趣會(huì)更高。一旦市場(chǎng)經(jīng)濟(jì)地位獲得承認(rèn)，中國(guó)在遭遇反傾銷或不公平補(bǔ)貼訴訟時(shí)獲勝的機(jī)率會(huì)更高。但歐洲領(lǐng)導(dǎo)人迄今一直反對(duì)這樣的交換條件。

　　Sentiment in China is divided over whether the country should take a role in helping bail out Europe.

　　在中國(guó)是否應(yīng)當(dāng)參與救助歐洲的問(wèn)題上，中國(guó)民眾的看法存在分歧。

　　'China should ride to Europe's rescue,' said Peng Junming, a former official at the People's Bank of China who now serves as chief investment officer of Empire Capital Management LLP, an investment-management firm in Beijing. Mr. Peng sees it as a way to get a better return for the reserves.

　　曾在中國(guó)央行任職、現(xiàn)為北京君投資本管理中心首席投資長(zhǎng)的彭俊明說(shuō)，中國(guó)應(yīng)當(dāng)救援歐洲。他認(rèn)為這是中國(guó)外匯儲(chǔ)備獲得更好回報(bào)的一個(gè)途徑。

　　In addition, Mr. Peng thinks that the Euro-debt crisis also offers Beijing an opportunity to further promote the global use of the yuan.

　　此外，彭俊明還認(rèn)為，歐債危機(jī)也為北京提供了進(jìn)一步促進(jìn)人民幣全球化的機(jī)會(huì)。

　　Elsewhere in Asia, Japanese Finance Minister Jun Azumi said Thursday that Tokyo was ready to take measures to support Europe as stability in the region would benefit Japan.

　　亞洲其他國(guó)家中，日本財(cái)政大臣安住淳(Jun Azumi)周四說(shuō)，日本政府愿意采取措施支持歐洲，因?yàn)闅W洲的穩(wěn)定將有利于日本。

　　'A stable Europe will be in the interest of our nation. From that standpoint, we will take necessary measures in a timely fashion,' Mr. Azumi told a parliamentary debate.

　　安住淳在日本國(guó)會(huì)辯論上說(shuō)，穩(wěn)定的歐洲對(duì)我們國(guó)家有利。從這個(gè)角度，我們將適時(shí)采取必要的舉措。

　　Azumi was being asked about Japan's possible contribution to European efforts to stem its sovereign debt and banking crisis.

　　這番話的背景是他被問(wèn)及日本可能如何協(xié)助歐洲遏制其主權(quán)債務(wù)及銀行業(yè)危機(jī)。

　　Japan has so far purchased around 20% of debt issued by the bailout fund, European Financial Stability Facility, and has said it is ready to buy more.

　　歐洲金融穩(wěn)定基金(European Financial Stability Facility)迄今發(fā)行的債券中，日本購(gòu)買了20%左右，并表示愿意購(gòu)買更多債券。