导读NEWS
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导读：本文选自3月9日经济学人 Finance and economics 专栏的一篇文章，标题是 China’s trading day is starting to influence global markets 文章探讨了在交易市场和货币市场中美国和中国各自的影响力，并对股票市场做出了相应的分析。
正文NEWS
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China’s trading day is starting to influence global markets
The importance of opening time in Shanghai
In his book “The Death of Gentlemanly Capitalism”, Philip Augar described a shift in the culture of London’s financial industry during the 1980s and 1990s. The old City of public-school amateurism, late starts, early finishes and long, boozy lunches disappeared. In its place, a new City emerged under the sway of American investment banks. The morning meeting started two hours earlier. Lunch was a sandwich at your desk. And instead of port and cigars, try mineral water.① a shift in: a change in the way people think about something, in the way something is done etc
即人们想法、做法上的转变。本篇文章一开始便提到，在 Philip Augar 的一本书，“The Death of Gentlemanly Capitalism”（《绅士资本主义之死》）中，作者所描写的二十世纪八十年代和九十年代伦敦金融产业所面临的转变。
② boozy: showing that someone has drunk too much alcohol
第二句话的意义比较难懂，官方给出了一个非常好的翻译，我们来分析一下：
本句翻译: 老派的金融城消失了——那种公学范的非逐利业余主义、开工晚、收工早以及无酒不欢的悠长午餐统统不见了。
分析: 一般以 ism 结尾的词都指的是某种主义，amateurism 是由 amateur （业余的）衍生来的词汇，即业余主义。所以我们将 public-school amateurism 翻译为“公学范的非逐利业余主义”。值得一提，public school 是一个非常有意思的词，在英国尤其是英格兰地区，它指的是为13到18岁青少年开办的私立付费学校，且通常为寄宿制。我们所熟知的伊顿公学 Eton College 和哈罗公学 Harrow School 都属于 public school 的范畴。而在美国和苏格兰这些地区，pubilic school 指的是政府设立的免费学校。
③ sway: power or influence over sb
sway 除了常见的摇动、摆动的含义，还有支配和影响的含义，hold sway 是其常用的固定搭配，表示某人或某物对其他事物具有影响或控制。
e.g. Rebel forces hold sway over much of the island. 该岛很大一部分控制在叛军手里。
It was time to sober up, too, because America’s influence on the London market went well beyond the acquisition by its banks of a few old-school stockbrokers. America was home to much of the world’s capital. As more buying and selling of assets took place across borders and time zones, the New York trading day set the tone for markets everywhere else. A City broker had to be at his desk, and with his wits about him, when the New York market opened just after lunchtime in London.① sober: to become more serious and sensible
上面的 sober 是动词，而 sober 作为形容词的含义是: serious and sensible, 它作为形容词既可以形容行为也可以形容人。
e.g. We are now far more sober and realistic. 我们现在严肃多了，也现实多了。
e.g. A sober assessment of the situation 对形势的冷静估计
② stockbrokers: 证券或股票经纪人。stockbroker 是一个合成词，stock 指股票，而 broker 就是我们通常所说的经纪人( a person who buys and sells things for other people )
The global trading day still only truly begins when New Yorkclears its throat. Markets in the rest of the world then take note of what has been said. But listen closely, and you hear the beginnings of a dialogue. China has barely opened its capital markets to foreign investors and the yuan is still a managed currency. Yet its say in how global markets rise and fall is already apparent. And China’s influence will only increase as more foreign capital flows into the financial markets on its mainland.
China’s voice is most audible in currency markets. For a long time, the yuan hugged the dollar closely, taking its cue from America. But since August 2015 it has been allowed to fluctuate more in response to market forces. In theory, its value is set by reference to a basket of currencies. In practice, this means a wider trading range against the dollar—not so weak as to spark capital flight, but not so strong as to hurt exports. Within this range, the yuan exerts a sizeable pull. Other important currencies, notably the euro, have tracked its ups and downs against the dollar.① clears its throat: 清嗓子
② cue: an action or event that is a signal for sb to do sth 此处 cue 指的是行动的信号，take cue from 我们可翻译为“紧跟...的步伐”。在路透社的一篇报道中也有相同的用法：
Stocks in Asia took cues from Wall Street, with the S&P 500 posting its best quarterly gain in a decade on Friday amid trade optimism.
Reuters Mar 31, 2019
③ currency basket: a currency basket is a portfolio of selected currencies with different weightings.
具体关于一篮子货币的科普可在 Wikipedia 上找到。
by reference to: 参照
④ ups and downs: alternating periods of good and bad fortune 起落；沉浮
本段翻译:
在货币市场上，中国的声音最为响亮。在很长一段时间里，人民币与美元紧密挂钩，紧随美国的步调变化。但自2015年8月起，人民币可以在更大程度上随市场因素波动。
理论上，人民币的价值是参考一篮子货币而定的。而实际上，这意味着人民币兑美元的成交价有了更大的变化空间——不至于走弱到引发资本外逃，也不会走强到影响出口。在这个范围内，人民币产生了相当的影响力。其他重要货币，特别是欧元，一直在跟踪人民币兑美元的涨跌。
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