英语翻译IntroductionGiven the rapidly growing reserves and trade

英语翻译IntroductionGiven the rapidly growing reserves and trade surpluses both in major Asian exporters(China,Japan,Korea) and elsewhere (India,Russia) it is clearly unsatisfactory both toanalyze commercial policy in these countries in pure barter trade models,and toseparately analyze the impacts on trade and reserve accumulation of exchange ratechanges.Despite this,currently available literature focuses on either trade policychanges ignoring monetary structure,or trade impacts of exchange rate changes instructures where trade pattern changes do not follow from a trade model.Here,weattempt to bridge this gap using a trade model with simple monetary structure inwhich the surplus is endogenous.We abstract from all asset holding and intertemporaleffects and money is simply a medium of exchange reflecting a transactions demand.Money is non neutral since domestic monetary policy does not accommodate to thefixed exchange rate,and there is excess supply of foreign exchange to the central bank.The central bank accommodates this by making domestic currency inconvertible andabsorbing all excess foreign exchange offered.Nowhere are these issues more pronounced than in Chinese case,where reserves nowexceed $1 trillion and annual surpluses approach $20 billion.This has generatedintense pressure on China to revalue,and as a result there has been substantial interestin the potential impacts of a significant Renminbi revaluation on trade flows andpatterns,as well as in the size of revaluation which might ultimately be needed torestore external sector balance.（接上）Other studies of Renminbi revaluation use general equilibrium models in whichmonetary structure is absent.The IMF (2005),utilizing a partial equilibriumframework,conclude that a 10% Renminbi appreciation would reduce China’s tradesurplus by $10 billion.Willenbockel (2006),using a general equilibrium model withdifferent fixed labor supply and unlimited labor supply assumptions simulates a revaluation of the RMB by 4%,and finds that a 4% RMB revaluation,would increaseChina’s exports by 10.5% or 13.6%,and exports would fall by 10.7% or 11% depending upon the assumptions used.