ECONOMICS REPORT - Sovereign Wealth Funds: When Governments Become Players
Thu, 6 Dec 2007
This is the VOA Special English Economics Report.
经济报道－主权财富基金：政府起作用之时。
2007年12月6日，星期四。
这是VOA特别英语的经济报道。
Last month, America's biggest bank, Citigroup, agreed to sell five percent of its shares to the government of Abu Dhabi. The deal, worth seven and a half billion dollars, was another example of growing investments by sovereign wealth funds.
These are owned by governments. They are separate from the holdings of central banks. Sovereign wealth funds are estimated to hold more than two trillion dollars.
上个月，美国最大的银行（花旗集团）同意将其5%的股份出售给阿布扎比政府。这一交易价值75亿美元，是主权财富基金投资不断增长的又一实例。
主权财富基金由政府撑控，独立于中央银行的控制。主权财富基金估计拥有2万亿美元以上。
The largest is the Abu Dhabi Investment Authority, established in nineteen seventy-six. The emirate does not say how much its fund is worth. Estimates are between five hundred billion and nine hundred billion dollars.
Most sovereign wealth funds are tied to money from oil exports. Oil prices reached a record high near one hundred dollars a barrel in November. Oil is traded in dollars. And dollars have been flowing into Gulf economies like Abu Dhabi.
最大的主权财富基金是成立于1976年的阿布扎比政府投资机构。阿联酋并未告知其基金的价值，据估计在5000亿至9000亿美元之间。
大部分主权财富基金与石油出口财富相关；石油价格在11月份接近了每桶100美元的历史高位。石油以美元进行交易；并且美元不断地流入诸如阿布扎比等海湾经济之手。
But there is a limit to how much money can be pumped into an economy without causing inflation to jump.
Brad Setser is a fellow for geoeconomics at the Council on Foreign Relations in New York. He notes that one problem facing these oil exporters is that their currency values are linked to the dollar, and the dollar has fallen.
但是，财富源源不断拥入一个经济主体而不引起通货膨胀的抬头，是有一个限度的。
布拉德•塞斯特是纽约国外关系理事会的地域经济专家，他指出，这些石油输出国所面临的一个问题是他们的货币价格与美元挂钩，并且美元一直在下跌。
Oil exporters can use sovereign wealth funds to build up reserves of money to protect against a drop in oil prices. But a severe drop seems unlikely. So instead they are making foreign investments that they hope will pay good returns.
Sovereign funds are known for highly conservative investments. But now some appear willing to take more risk.
石油输出国能够利用主权财富基金，建立财富贮备，以防止石油价格的下跌。但是，大幅下跌似乎不可能。因此，他们进行国外投资，希望借此获得良好的回报。
主权基金以高度保守的投资而闻名。但是，有些主权基金现在愿意承担更高的风险。
Not all funds involve oil money. A good example is the China Investment Corporation. This newly formed company is financed by selling government bonds and buying foreign exchange from the Chinese central bank.
Much of the money in the China Investment Corporation is meant to provide capital for state-owned Chinese banks. The fund will also support the international expansion of state-owned Chinese companies. The fund is expected to reach a value of about two hundred billion dollars.
并非所有财富均来自石油，一个较佳实例是中国投资公司。这一新成立的公司，其资金来源是中国中央银行出售政府债券和购进外汇。
中国投资公司的大部分财富用于向中国国有银行提供资金。这一基金也支持中国国有企业进行海外扩张；预计达到2000亿美元的价值。
Back to Abu Dhabi: Ministers from the Organization of the Petroleum Exporting Countries met there on Wednesday. They decided to leave OPEC production unchanged for now, but agreed to meet again February first. They also welcomed their thirteenth member, Ecuador, which rejoined OPEC in November.
And that's the VOA Special English Economics Report, written by Mario Ritter. I'm Steve Ember.
（我们）再回到阿布扎比：OPEC部长在星期三聚首。他们决定，目前不改变OPEC（石油）的产量，但同意在2月1日再次聚会。他们也欢迎他们的第13位成员，即11月重新加入OPEC的厄瓜多尔。
这是由Mario Ritter编写的、VOA特别英语的经济报道。我是Steve Ember。

很高兴见到楼主再度出山！

贴上我前几天翻的内容^^

Last month, America's biggest bank, Citigroup, agreed to sell 5% of its shares to the government of Abu Dhabi. The deal, worth seven and a half billion dollars, was another example of growing investments by sovereign wealth funds. These are owned by governments. They are separate from the holdings of central banks. Sovereign wealth funds are estimated to hold more than two trillion dollars.

上个月，美国最大的银行——花旗集团同意将它5%的股权出售给阿布扎比政府。这笔耗资75亿美元的买卖再一次反映了主权财富基金投资的不断增长。这些基金系政府所有，与各中央银行的掌控是分开的。据估计主权财富基金拥有的资金超过2万亿美元。

The largest is the Abu Dhabi Investment Authority, established in 1976. The emirate does not say how much its fund is worth. Estimates are between five hundred billion and nine hundred billion dollars.

其中规模最大的是于1976年成立的阿布扎比投资局。该酋长国并没有表明其基金的价值，不过据估计可能在5000亿至9000亿美元之间。

Most sovereign wealth funds are tied to money from oil exports. Oil prices reached a record high near 100 dollars a barrel in November. Oil is traded in dollars. And dollars have been flowing into Gulf economies like Abu Dhabi. But there is a limit to how much money can be pumped into an economy without causing inflation to jump.

大部分主权财富基金的资金来源是石油出口。11月，石油价格又创记录，每桶达到近100美元。石油是通过美元来交易的，这样美元就不断地流入了包括阿布扎比在内的海湾经济中。但投资于经济而不引起通货膨胀加剧的资金数量是有限的。

Brad Setser is a fellow for geoeconomics at the Council on Foreign Relations in New York. He notes that one problem facing these oil exporters is that their currency values are linked to the dollar, and the dollar has fallen.

Brad Setser是纽约对外关系委员会国际经济政治环境研究员，他谈到，这些石油输出国面临的一个问题是他们的货币价值都与美元息息相关，而美元已贬值。

Oil exporters can use sovereign wealth funds to build up reserves of money to protect against a drop in oil prices. But a severe drop seems unlikely. So instead they are making foreign investments that they hope will pay good returns.

石油出口国可以利用主权财富基金来加大货币储备，以避免油价下跌带来的损失。不过油价暴跌的可能性不大，因此，他们转向国外投资，希望能获得良好回报。

Sovereign funds are known for highly conservative investments. But now some appear willing to take more risk.

人们一直认为主权财富基金是非常保守的一种投资，但目前看来它有尝试更大风险的趋势。

Not all funds involve oil money. A good example is the China Investment Corporation. This newly formed company is financed by selling government bonds and buying foreign exchange from the Chinese central bank.

并不是所有的主权财富基金都与石油货币有关，中国投资有限责任公司就是一个很好的例子。这个新成立的公司通过出售政府债券、从中国中央银行购入外汇来筹资。

Much of the money in the China Investment Corporation is meant to provide capital for state-owned Chinese banks. The fund will also support the international expansion of state-owned Chinese companies. The fund is expected to reach a value of about 200 billion dollars.

中国投资有限责任公司大部分资金计划向中国各国有银行提供资金，同时也将支持中国国有化公司向国际扩展业务，并预计投入资金将达到约2000亿美元。

Back to Abu Dhabi: Ministers from the Organization of the Petroleum Exporting Countries met there on Wednesday. They decided to leave OPEC production unchanged for now, but agreed to meet again February 1st. They also welcomed their thirteenth member, Ecuador, which rejoined OPEC in November.

我们再回到阿布扎比：周三，石油输出国组织的各部长汇集在此，决定目前不改变石油的产量，并定于明年2月1日再次会晤。同时，他们还对11月重返OPEC的第十三个成员国——厄瓜多尔表示了欢迎。