泽熙美文英译汉
1.
The World Financial Situation
Bond markets appear to be telling a different story.1 Bond prices have continued rallying, and the yield for two-year US Treasuries has fallen to 3.1% (as at 12 December). Bond markets have also priced in future interest rate cuts, which has helped their yields fall. Bonds are seen as forward indicators. Bond prices rally and yields fall when investors anticipate an economic downturn.2 During recessionary periods, bonds tend to outperform as investors switch out of growth assets into safe investing instruments.
The divergence in bond and equity markets3 could be the result of economic uncertainty. At present, US economic growth appears to be moderating, driven by a sharp slowdown in the housing sector.4 The problems in sub-prime mortgages, when homeowners increased mortgages on their homes at temporary low rates of interest in order to provide themselves with immediate spending money, have led to more foreclosures and caused house prices to decline. Financial institutions with direct or indirect exposure to sub-prime mortgages have started reporting huge profit losses, and their increased reluctance to lend has led to tighter credit conditions. Excessive tightening and much lower house prices could lead to reduced US domestic consumption.5 This has raised fears of a recession. As more banks report larger than expected losses, concern over the potential impact on the financial system and the economy has increased, deepening fears of a recession.
However, key data such as employment6 has continued to hold up (supporting domestic consumption), and companies continue to report profits. This supports the hope that the US economy will not enter a period of negative economic growth, and won’t fall into a recession. Key to this will be how the Fed responds to tightening credit conditions. The Fed cut interest rates in December, and has left the door open to further cuts if necessary. It has also announced measures to inject liquidity into the financial system.
In an overall environment of soft growth, investors will likely pay a premium for markets where growth appears more certain. As growth in the US will be relatively slow, focus is likely to turn to high-growth emerging markets. Asia, except Japan, will be the likely beneficiary, as valuations still remain relatively reasonable and economic growth remains strong.
The trend toward a weaker US dollar is likely to continue but the USD is unlikely to collapse. We expect that Asian currencies will continue to appreciate against the USD as they7 adjust to reflect their stronger underlying fundamentals. In the short term, the USD could continue to depreciate against the GBP and EUR, but these currencies look increasingly expensive in valuation terms.
正确答案：
全球经济局势
债券市场好像是另一番景象。1债券价格一路反弹，到12月12日两年期美国国债收益率已跌至3.1%。债券市场已根据未来减息定价，致收益率继续下跌。债券被视作是前瞻性指标。当投资者预期未来经济低迷时，债券价格会反弹但收益率下降。2在经济衰退期，投资者纷纷从成长性投资产品撤出，转而投向安全稳定的投资产品，这时的债券表现更佳。
债券市场和股市3的不同可能是经济不稳定导致的。目前，受到房地产行业急剧回落的拖累，美国经济增长速度放缓。4为了让自己有钱花，房屋的主人以暂时的低利率提高房屋按揭数额，结果引发次贷问题。次贷问题又导致房屋被没收，房价下跌。直接或间接受到次贷问题影响的金融机构开始公布其巨额亏损，而越来越不愿提供贷款导致这些机构的信贷条件越来越严苛。过分缩紧银根以及房价大幅下跌会降低美国国内消费水平。5这导致了人们对经济衰退产生恐慌情绪。由于越来越多的银行开始公布超乎预期的亏损，人们对于金融系统和整个经济可能遭受重创的担忧日益加剧，这也加重了人们对于经济衰退的恐慌。
不过，一些关键数据如就业率6等守住了阵脚(这也支撑了国内消费)，而且公司仍在公布盈利的消息。这使人们对美国经济不会进入负增长，从而不会引发经济衰退抱有一线希望。问题的关键在于美联储如何应对不断严苛的信贷条件。美联储在12月降低了利率，并且必要时仍可能继续减息。此外，美联储还宣布将加强金融系统的流动性。
在经济增长放缓的大环境下，投资者就会为增长前景更为明确的领域付出手头富余的资金。由于美国经济增长相对减缓，注意力将会转移到经济增长更快的新兴市场。因此，除日本以外的亚洲国家都可能受益，因为对其估值依然相对合理，且其经济发展依旧保持较快增长态势。
美元贬值可能还会继续，但还不至于到崩盘的地步。我们期望，在亚洲货币7自我调整显示出较强基本面时，亚洲货币对美元能继续升值。短期来看，美元对英镑和欧元的汇率可能会继续下滑，但这些货币的估值仍将逐步走高。
[解析] 1.Bond markets appear to be telling a different story. 任何语言中都有大量的隐喻表达，但不同的语言对隐喻的使用又有很大的文化差异。在英语中，“债券市场”可以“讲故事”；但在汉语中，二者的主谓搭配是不可接受的。因此，译为汉语时要根据汉语的表述习惯调整为：债券市场好像是另一番景象。
2. Bond prices rally and yields fall when investors anticipate an economic downturn. 翻译此句时宜采取“先从后主”的翻译方法，先翻译when引导的从属结构，再翻译主句。
3.在bond and equity markets中，bond和equity在共同修饰markets，不可将该短语译为“债券和股市”，可译作“债券市场和股市”。
4. At present, US economic growth appears to be moderating, driven by a sharp slowdown in the housing sector. 英语讲究句子结构的平衡，如果句中状语较多，往往将短状语置于句首，长状语置于句末；汉语句子则习惯于将所有状语成分前置。翻译此句时，宜将driven by a sharp slowdown in the housing sector置于句子主干之前：目前，受到房地产行业急剧回落的拖累，美国经济增长速度放缓。
5. Excessive tightening and much lower house prices could lead to reduced US domestic consumption. 在英语句子中，主语excessive tightening and much lower house prices不可与reduce形成主谓搭配，所以只能借助搭配能力较强的lead to作二者的中介。汉语句子中，主谓搭配较宽泛，没必要再借助lead to。因此，译为汉语时，一方面要把lead to省去，另一方面，要将过去分词reduced转为谓语动词：过分缩紧银根以及房价大幅下跌会降低美国国内消费水平。
6. …key data such as employment…本句中的employment译为汉语时需化抽象为具体，译为“就业率”。
7.汉语中虽然有代词这一词类，但在实际运用中，不倾向于使用代词。因此，英译汉时，往往要把英语中的代词译为汉语的名词。此句中的they译为“亚洲货币”为宜。
汉译英
1.
亚投行
亚洲基础设施投资银行(亚投行)是一个由中国政府提议成立的国际金融组织。这是一个多边的开发银行，意在向亚洲地区的基础设施项目提供财力。有些人将亚投行视为国际货币基金组织、世界银行、亚洲开发银行的竞争对手，这些银行由美国等发达国家主宰。
这个新的银行允许使用中国资本来资助基础设施，从而允许中国在亚洲地区经济发展中发挥与其日益增长的经济政治影响力相匹配的更大作用。另一方面，直到2015年3月，中国在亚洲开发银行中只有5.47%的投票权，而日本和美国共有26%的投票权(每家13%)。这两个国家的统治地位以及过于缓慢的改革使得中国愿意建立亚投行，而这两个国家则担心中国越来越大的影响力。
截至到2015年4月2日，几乎所有亚洲国家和亚洲之外的多数大国都已加入了亚投行，但美国、日本(主宰了亚洲开发银行)、加拿大没有参加。北朝鲜和台湾的申请未获批准。
有关亚投行的第一个新闻报道出现在去年10月。中国政府认为改革和管理的步伐太慢，颇有挫折感，需要在国际货币基金组织、世界银行、亚洲开发银行等国际机构中拥有更大的投票权，但中国认为这些机构被美国、欧洲、日本的利益所支配。
正确答案：
亚投行
Asian Infrastructure Investment Bank
亚洲基础设施投资银行(亚投行)1是一个由中国政府提议成立的国际金融组织。2这是一个多边的开发银行，意在向亚洲地区的基础设施项目提供财力。
V1: The Asian Infrastructure Investment Bank1, an international financial institution proposed by the Chinese government, 2 is a multilateral development bank established to finance infrastructure projects in Asia.
V2: The Asian Infrastructure Investment Bank (AIIB)1 is an international financial institution proposed by the government of China.2 The purpose of the multilateral development bank is to provide finance to infrastructure projects in the Asia region.
有些人将亚投行视为3国际货币基金组织、世界银行、亚洲开发银行的竞争对手，这些银行由美国等发达国家主宰。
V1: Some people see the AIIB3 as a competitor for the IMF, the World Bank and the Asian Development Bank (ADB), which are all under the control of the developed nations headed by the United States.
V2: AIIB is regarded by some3 as a rival for the IMF, the World Bank and the Asian Development Bank (ADB), which are deemed/ regarded as dominated by developed countries like the United States.
这个新的银行会4允许使用中国资本来资助基础设施，从而5允许中国在亚洲地区经济发展6中发挥与其日益增长的经济政治影响力相匹配的更大作用。
V1: This new bank will4 permit the use of Chinese capital to fund infrastructure projects so that5 in Asia’s economic development6, China can play a greater role commensurate with/proportionate to her expanding economic and political influence.
V2: The new bank could4 allow Chinese capital to finance infrastructure projects and5 allow China a greater role to play in the
