MTI备考之M君讲翻译⑳
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原文：
Progress has been made in simplifying the very complex web of capital controls and exchange rate restrictions imposed by many countries. But the gradual opening of capital accounts must be accompanied by a further strengthening of macroeconomic policies, the development of local capital markets and the institutions needed to regulate them, and the establishment of a system of risk management robust enough to respond to the needs of a more flexible exchange rate and open capital account. Liberalization of the capital account once implemented is difficult to reverse. A return to capital controls should be seen only as a policy of last resort, to be used to dampen excessive exchange rate volatility or to moderate large inflows of capital when other policies,such as interest rates and intervention in foreign exchange markets, prove fruitless.
Despite the considerable improvement inpolicies in recent years, the surge in capital flows still presents substantial risks to developing countries. Future risks to economic and financial stability will likely take a different form and character than those encountered in the past--and may expose institutional and macroeconomic weaknesses that cannot be anticipated at this juncture. One warning sign of potential troubles has been the surge in portfolio inflows that has been associated with a dramatic escalation of stock market prices and valuations in many developing countries, particularly in Asia, raising the risk of asset price bubbles. Other signs of possible trouble are appreciated exchange rates and current account deficits in some Eastern European countries. The impact of individual risks could be magnified if several were to occur simultaneously.
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翻译要点：
macroeconomic 宏观经济的
Liberalization 开放，自由化
dampen 消除，抑制，压抑
volatility 变动性
at this juncture 在这个当口
portfolio 有价证券
valuation 估值
1. Progress has been made in simplifying the very complex web of capital controls and exchange rate restrictions imposed by many countries.
本句是一个较为复杂的被动句，翻译时可将被动态转化为主动态，并根据需要，将长句化成若干短句，以使译文更加流畅：许多国家的资本管制和汇率限制错综复杂，在简化这些措施方面，已经取得了进展。
2. But the gradual opening of capital accounts must be accompanied by a further strengthening of macroeconomic policies, the development of local capital markets and the institutions needed to regulate them, and the establishment of a system of risk management robust enough to respond to the needs of a more flexible exchange rate and open capital account.
这个被动态的长句实际上是个简单句，介词by后面有三个并列的宾语: a further strengthening of macroeconomic policies, the development of local capital markets and the institutions needed to regulate them, and the establishment of a system of risk management robust enough to respond to the needs of a more flexible exchange rate and open capital account。要注意，第二个宾语中的needed为过去分词，修饰institutions。此外，为符合汉语表达习惯，最好将被动态转化成主动态，可以把mustbe accompanied by译成“在...的同时，必须....”相应地，三个并列宾语可以转化成三个动宾短语。全句可译为：在逐步开放资本项目的同时，必须进一步加强宏观经济政策，发展本国资本市场和市场监管的相应制度，建立一个有力的风险管理体系，应对汇率制度更灵活、资本项目更开放所带来的需求。
3. Future risks to economic and financial stability will likely take a different form and character than those encountered in the past--and may expose institutional and macroeconomic weaknesses that cannot be anticipated at this juncture.
take a different form and character：具有不同的形式和特征；可意译为“改头换面”。
4. One warning sign of potential troubles has been the surge in portfolio inflows that has been associated with a dramatic escalation of stock market prices and valuations in many developing countries, particularly in Asia, raising the risk of asset price bubbles.
翻译此句时，为避免译文拗口，可以对定语从句及其先行词进行句式转换，也可以将名词escalation转换成汉语的动词，译成：随着证券投资流入的激增，许多发展中国家的股票市场价格和估值大幅攀升。
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