Right on cue. With president Hu Jintao due to visit Washington next week and Beijng under pressure over currencies, the renminbi has risen to its highest level against the US dollar since Beijing officially de-pegged the currency last June.

　　中国国家主席胡锦涛定于下周访问华盛顿，与此同时北京仍面临着汇率压力。恰好在这个时候，人民币兑美元汇率升至自去年6月与美元脱钩以来的最高水平。

　　But even though this takes the Chinese currency below the symbolically important level of 6.6 to the US$, Washington won’t be much impressed. In the six months since last June, the Chinese currency is up only 3.53 per cent. That will hardly transform the world’s trade imbalances.

　　但即便人民币汇率已经突破1美元兑6.6元人民币这一具有重要象征意义的水平，华盛顿也不会满意。自去年6月以来的半年中，人民币仅升值3.53%，这个程度的升幅很难扭转世界贸易失衡局面。

　　The People’s Bank of China set Thursday’s mid-point rate – a daily reference rate around which the yuan can rise or fall 0.5 per cent – for the renminbi at 6.5997.

　　中国央行周四将人民币汇率中间价设定为1美元兑人民币6.5997元。中间价是一个适用于当日的参考汇率，汇率可围绕中间价上下浮动0.5%。

　　President Barack Obama has upped the ante by granting Hu Jintao an “official state visit” – a full black-tie fanfare, something which former president George W Bush denied China’s head (in 2006 Hu was simply granted an “official visit”).

　　美国总统巴拉克?奥巴马(Barack Obama)对胡锦涛的访问给予了“国事访问”的规格，为完全正式的外交礼遇。而前总统乔治?W?布什(George W Bush)并未给中国元首如此待遇（2006年胡锦涛访美时规格为“正式访问”）。

　　It looks like a honour to his Chinese guest. But nothing in diplomacy comes without strings attached. And on this occasion, Obama will be looking to be repaid in (appreciating) renminbi.

　　在奥巴马的中国客人看来这似乎是一种荣誉，但在外交领域任何礼遇都有附带条件。而这一次，奥巴马希望得到的回报是人民币（升值）。

　　But China has already signalled that it won’t move quickly. As the world’s largest dollar investor, it hardly wants a rapid decline in the greenback – and is seeking reassurance from the US that the value of its dollar-denominated investments.

　　不过中国已经示意不会很快采取动作。作为世界最大的美元投资国，中国可不希望美元迅速贬值，同时正在为其美元计价的投资向美国寻求保障。

　　Chinese vice-foreign minister Cui Tiankai was quoted by state media as saying : "Regarding the security of China’s assets in the US, if the US side can offer a positive statement on that then of course we’d welcome that. It’s an issue we’re paying attention to."

　　中国官方媒体引述副外长崔天凯的话说：“关于中国在美资产的安全，如果美方能针对该问题做出积极表态，中国将会表示欢迎。这是我们会关注的一个议题。”

　　But for US Treasury Secretary Timothy Geithner, who announced his list of topics for discussion on Wednesday, the yuan is the biggest concern. He wants it to rise “more rapidly”. He said: "China’s rise offers us the opportunity of dramatic growth in demand for things Americans create and produce… But it will also force us to raise our game."

　　但对于美国财长蒂姆?盖特纳(Timothy Geithner)而言，人民币仍是最大的问题。周三盖特纳公布了自己的会谈议题清单。他希望人民币能“更快”升值，他说：“中国提高人民币汇率，能够显著提高对美国创造和生产的商品的需求……但也会迫使我们在更高层面上竞争。”