【翻譯劃線段落】

Dollars will find buyers hard to find in 2017

With the US Federal Reserve raising interest rates, and President Mario Draghi of the European Central Bank seemingly unable to escape his addiction to quantitative easing policy, many investors are questioning who wants to buy the euro. The answer is simple. The whole world is eager to buy the euro. The problem in 2017 is more likely to be finding anyone who wants to buy the US dollar.

隨著美聯(lián)儲的加息利率一直上升，一直上升的利率，加上而（黃色是補充的）歐洲中央銀行行長馬里奧?德拉吉(Mario Draghi）看來似乎不能擺脫（放棄）對量化寬松政策的（追逐）熱衷，許多投資者開始質(zhì)疑還會有誰去買還想買歐元。答案很簡單，全世界的人都想要渴望買歐元。2017年的更可能存在的問題是，在于是否還有人去誰還會想買美元。

The Middle East is a good example of a region of avid euro buyers. Even with the recent rally in the oil price, most Middle Eastern countries are expected to run sizeable fiscal deficits. The IMF expects Saudi Arabia to run a fiscal deficit of almost 10 per cent of GDP next year. To fund their budget deficits, the Gulf countries are selling central bank reserves and pools of assets held by their sovereign wealth funds.中東地區(qū)就是熱衷購買歐元的一個佳例地區(qū)，盡管與最近油價回升，恢復(fù)一樣，預(yù)計多數(shù)中東國家仍然面臨無法填補依然期望擺脫數(shù)額巨大的財政赤字。國際貨幣基金組織（IMF）希望估計沙特阿拉伯國家明年能夠減少其財政赤字將占GDP的近10%的財政赤字。為了解決/填補/縮小財政赤字（籌集財政預(yù)算所需資金），海灣國家正在開始出售中央銀行儲備金（儲備金不能賣）央行外匯儲備以及主權(quán)財富基金持有的大量資產(chǎn)資金池。Imagine Saudi Arabia sells US Treasuries, and uses the dollars it receives to pay its civil servants. Then imagine that a Saudi Arabian civil servant takes their pay and uses the money to buy a BMW car in euros. What is happening? Saudi Arabia is selling dollars and buying euros. It does not matter that there is an asset on one side of the transaction and a BMW on the other side of the transaction — the foreign exchange market implication is the same whether it is Bunds or BMWs that are bought.

設(shè)想一下，如果沙特人出售美國國債，把換來的美元用于支付國內(nèi)政府公務(wù)員工資。然后，這個沙特的政府人員拿著這些錢兌換成歐元去購買一輛寶馬汽車，將會發(fā)生什么事情呢？沙特人賣出美元然后買進歐元，交易的一方面它是一種資產(chǎn)，另一方面是一輛寶馬汽車，這些都無所謂無關(guān)緊要，因為不論它是債券抑或是購買的寶馬車，在外匯市場上來說效果是一樣的一樣的影響。

If the Middle East buys assets, they like their assets to be made in America (central banks buy roughly twice as many US assets as other assets). If the Middle East buys products and services, they like their products and services to be made in Europe (the Middle East buys twice as much from Europe as from the US). Thus if the Middle East is selling assets to buy goods, it sells dollars to buy euros.

如果中東人購買資產(chǎn)，他們希望這些資產(chǎn)是來自于美國的（因為歐洲央行的購入價格大概是是美國和其他資產(chǎn)價格的兩倍），如果中東人購買產(chǎn)品和服務(wù)，他們希望這些是歐洲制造的（中東購買的產(chǎn)自于歐洲的產(chǎn)品和服務(wù)是產(chǎn)于美國的兩倍多），因此，如果中東人正在出售資產(chǎn)去買東西，他一定是在賣出美元買進歐元。