Vocabulary:

bond yields – доходность облигаций

liquidity bubble – (=excess liquidity) – избыток ликвидности, свободных денежных средств

asset-price bubble – необоснованный рост цен на финансовые активы

mortgage - ипотека, закладная; ипотечный кредит, при котором в качестве обеспечения ссуды заемщик передает кредитору права на недвижимость

mortgage market - ипотечный рынок, рынок закладных (рынок ипотечных ссудных капиталов, на котором происходит купля-продажа ипотечных облигаций, выпускаемых торгово-промышленными корпорациями и используемых для предоставления кредита под залог недвижимости)

mortgage-backed securities - ценные бумаги, обеспеченные закладными

dollar peg – фиксация государством курса национальной валюты относительно доллара (привязка к доллару)

revaluation - ревальвация; повышение курса валюты

foreign-exchange intervention - валютная интервенция: купля-продажа центральным банком валюты для воздействия на курс национальной денежной единицы

hot money - "горячие деньги" ; спекулятивный (денежный) иностранный капитал

currency basket – валютная корзина

diversify – расширять круг используемых валют и финансовых инструментов (с целью повышения безопасности валютных резервов государства)

TRANSLATION NOTES:

monetary policy is increasingly being set in Beijing as well as in Washington – денежно-кредитная политика во все большей степени определяется не только Вашингтоном, но и Пекином

При переводе фраз с as well as важно сохранить расстановку акцентов. Смысловая структура фразы такая же, как у русского словосочетания не только, но и. Однако в переводе на русский язык порядок следования компонентов меняется.

38. G7 Cautions on Inflationary Pressures

Finance ministers and cen­tral bank governors from the world's leading economies have warned of increasing inflationary pressures, add­ing to concerns over rising protectionist sentiment and global trade imbalances.

The Group of Seven, in a statement issued on Satur­day, said although high oil prices would dampen eco­nomic activity, world growth would remain "solid". In September, it had singled out oil as a risk to growth while saying underlying inflation was contained.

The warning on inflation came as the US Federal Reserve continues to tighten monetary policy and follows the European Central Bank's quarter point rate increase last week - the first in five years. The Bank of Japan has also started to prepare the ground for an eventual curtailing of its exception­ally loose monetary policy.

The G7 again committed itself to actions to raise national savings in the US and promote domestic-led growth in Europe and Japan. It also called for greater exchange rate flexibility in Asian emerging markets.

Repeating its standard lan­guage that exchange rates should reflect economic fundamentals, the G7 singled out China. "We expect that further flexible implementa­tion of China's currency sys­tem would improve the func­tioning and the stability of the global economy and the international monetary sys­tem," it said.

Since China revalued its currency by 2 per cent against the dollar in July there has been little movement in the renminbi, which is now pegged to a basket of currencies, in spite of a band that was supposed to allow it to rise or fall against the dol­lar by 0.3 per cent daily.

John Snow, Treasury secretary, has managed to con­tain protectionist pressures in the Congress. The spon­sors of a Senate bill impos­ing large tariffs on Chinese imports have agreed to delay a vote on the legislation - to provide time for China to demonstrate that its new currency regime will lead to real reform.

Mr Snow said: "China's new exchange rate system has operated with too much rigidity ... this poses risks to China's economy and the global economy."

Participants said Jin Renqing, China's finance minis­ter - who was attending a special session of the meet­ing together with Brazil, India and South Africa - said China would, over time, allow market forces to play a greater role in determining the value of the renminbi.

Gordon Brown, UK chan­cellor of the exchequer, gave a warm welcome to trade concessions offered by Brazil and India if Europe and the US agreed to deeper cuts in agricultural trade barriers. France's opposition to reform of European Union farm policies is one of the main obstacles to progress in the trade talks.