經濟學人雙語精讀—巨無霸指數2

建議先不要看中文，配合音頻讀一遍純英文的，看看自己能讀懂多少，哪裡不明白，再來看中文解析

Measured against a basket of currencies, the dollar still looks dear. Only in three countries (Switzerland,Norway and Sweden) do burgers cost more, based on current exchange rates. But that is not necessarily a sign that depreciation isoverduein these countries. The cost of a burger depends partly on untradable inputs, such as rent and wages, which are higher in the rich countrieson the fringes ofthe euro zone. So the price of a meal may not be agood guide to how competitive a country is in markets for tradable goods. The Swiss and Norwegian currencies look dear, for instance, but both countries havebig trade surpluses.

相對於一籃子貨幣而言，美元看起來仍然昂貴。按當前匯率計算，只有瑞士、挪威和瑞典這三個國家的巨無霸售價高於美國。但這並不一定表示這三國的貨幣早該貶值。漢堡的售價一定程度上取決於不可交易的投入，如租金和工資。而在歐元區邊緣的富裕國家裡，這類投入的代價要更高。因此，單憑一餐飯的價格可能並不能很好地了解一個國家在貿易市場中的競爭力如何。例如，瑞士和挪威的貨幣雖然看起來較昂貴，但兩國都享有高額貿易順差。

overdue [???v??dju:]

adj.過期的; 延誤的，遲到的; 未兌的; 早應完成的;

on the fringes of在…的邊緣

Among rich countries, only Britain』s and Japan』s currenciesstand out as bargains. The pound is cheap for a reason—Brexit. But it might be harder for the yen to stay so cheap. Theeuro has shown thatthe merest hint ofan end to easy monetary policy canprompt a sharp rally. Theyen may have a similar 「Sintra moment」,says Kit Juckes ofSociété Générale, a bank. For those who feel they have missed out on the euro at bargain-basement prices, there are other ways to bet on theburgeoningstrength of the euro-zone economy. Poland and the Czech Republic have strong links to the euro area and robust GDP growth. The Polish zloty is undervalued by 44% against thedollar, and the Czech koruna by 28%.

富裕國家中，只有英國和日本的貨幣明顯被低估。英鎊匯率低是有原因的：英國脫歐。不過日元兌美元匯率要想保持如此低位恐怕沒那麼容易。歐元的經歷已表明，只要稍加暗示寬鬆的貨幣政策將結束，就會促發歐元急劇反彈。法國興業銀行的基特·朱克斯（Kit Juckes）表示，日元說不定也會經歷類似的「辛特拉時刻」。對於那些沒在歐元匯率低時抓住機會的人來說，還有其他辦法把握住歐元區經濟的強勁升勢。波蘭和捷克與歐元區聯繫緊密，且GDP增長強勁。波蘭茲羅提相對於美元被低估44%，捷克克朗被低估28%。

stand out as bargains 按本意理解是「以便宜貨脫穎而出」，這裡用在貨幣上作「明顯低估」的意思。

Brexit是對英國退出歐盟的一種戲謔說法，即British exit or Britain exiting from the EU

the merest hint of 稍加暗示

prompt a sharp rally 促使劇烈反彈

Sintra moment 「辛特拉時刻」，並不是一個特定的名詞，只是指代上文所說的德拉基鷹派講話後歐元大漲的現象（見上篇：葡萄牙辛特拉（Sintra）的一次會議上暗示該行也許很快將縮減購債規模，歐元隨之飆升）

Société Générale法國興業銀行的法語表達

burgeon [?b?:d??n

v. 發芽，抽枝; 迅速發展;

n. 嫩芽，嫩枝;

Thecaveatthat applies to Switzerland, Norway and Sweden applies in reverse to emerging markets, where rents and wages are lower than in the richworld. In general, currency gauges based on purchasing-power parity work bestwhen comparing countries with similar income. That said, many emerging-marketcurrencies do look cheap. The Russian rouble, for instance, is still 57% undervalued even after a big rally in the oil price. South Africa』s rand isalmost as cheap. Eat hamburgers withJohannesburgers.

上文加諸瑞士、挪威、瑞典的考慮反過來也適用於租金和工資都比富裕國家低的新興市場。一般來說，以購買力平價為基礎的幣值衡量指標在對比工資水平相近的國家時效果最好。這麼說來，很多新興市場的貨幣看起來確實被低估了。例如，即便在油價大漲之後，俄羅斯盧布相對美元仍被低估57%。南非蘭特幾乎同樣便宜。跟約翰內斯堡人一起大吃漢堡吧。

caveat [?k?vi?t]

n.警告，附加說明

Johannesburg約翰內斯堡，南非最大的城市，文章最後一句是作者調侃，因為南非的貨幣蘭特被低估，巨無霸在南非的價格很便宜，所以呼籲我們去南非吃漢堡。

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