Dear Secretary Geithner and Secretary Locke:
　　亲爱的盖特纳部长和骆家辉部长：

　　We write to express our serious concerns about China's continued manipulation of its currency. By pegging the renminbi (RMB) to the U.S. dollar at a fixed exchange rate, China unfairly subsidizes its exports and disadvantages foreign imports. As we work to promote a robust U.S. economic recovery, it is imperative that we address this paramount trade issue with all available resources. We urge your agencies to respond to China's currency manipulation with the actions outlined in this letter. Doing so will allow American companies and workers to compete fairly against their Chinese counterparts and will boost U.S. economic recovery and growth.

　　我们写这封信是要表达我们对中国继续操纵其货币的严重担忧。通过将人民币以固定汇率与美元挂钩，中国不公平地补贴了其出口产品，并使外国进口产品在中国市场处于不利地位。就在我们致力于促进美国经济强劲复苏之际，我们急需运用所有可能的资源来解决这一非常重要的贸易问题。我们敦促美国财政部和商务部采取本信列出的行动，以回应中国的货币操纵行为。这样做将使美国企业和工人能与中国同行公平竞争，并将促进美国经济的复苏和增长。

　　The impact of China's currency manipulation on the U.S. economy cannot be overstated. Maintaining its currency at a devalued exchange rate provides a subsidy to Chinese companies and unfairly disadvantages foreign competitors. U.S. exports to the country cannot compete with the low-priced Chinese equivalents, and domestic American producers are similarly disadvantaged in the face of subsidized Chinese imports. The devaluation of the RMB also exacerbates the already severe U.S-China trade deficit. Statistics show that between January 2000 and May 2009, China's share of the U.S. trade deficit for non-oil goods grew from 26% to 83% -- an untenable pattern for American manufacturers. And finally, China's exchange-rate misalignment threatens the stability of the global financial system by contributing to rampant Chinese inflation and accumulation of foreign reserves. For these compelling reasons, we ask your agencies to pursue the course of action below.

　　中国的货币操纵行为对美国经济的影响已严重到了无以复加的程度。中国通过将人民币汇率保持在低估状态，为本国企业提供了一项补贴，并不公平地令外国竞争对手处于不利地位。美国出口到中国的产品无法与中国低价的同类产品竞争，而美国生产商在国内也同样面临中国获补贴产品的不公平竞争。人民币贬值还加剧了已经很严重的美中贸易逆差。统计数据显示，在2000年1月至2009年5月期间，中国在美国非石油产品贸易逆差中的占比从26%提高到了83%，这种局面对美国制造商来说再也不能继续下去了。最后，由于会加剧中国的通货膨胀并增加中国的外汇储备，中国汇率政策失当将威胁到全球金融体系的稳定。鉴于这些令人信服的原因，我们要求美国财政部和商务部采取以下行动：

　　First, we urge the Department of Commerce to apply the U.S. countervailing duty law in defense of American companies who have suffered as a result of the currency manipulation. The U.S. is permitted to respond to subsidized imports where the elements of a subsidy are met under the countervailing duty law. The countervailing duty law outlines a three-part test to identify the presence of a countervailable subsidy: 1) that it involves a financial contribution from the government; 2) that it confers a benefit; and 3) that is specific to an industry or a group of industries. China's exchange rate misalignment meets all three parts of this test and therefore merits the WTO-permitted application of countervailing duties.

　　首先，我们敦促商务部适用美国反补贴税法，以保护因汇率操纵承受损失的美国公司的利益。美国可以根据反补贴税法，对符合补贴条件的受补贴进口产品采取应对措施。反补贴税法概述了一套分为三个部分的检验办法，来确定是否存在可采取反补贴措施的补贴(countervailable subsidy)：1）涉及政府提供的财务捐助；2）带来某种利益；3）专门针对某个行业或某个行业组合。中国汇率错位满足这套检验办法的所有三个部分，因此应该征收WTO所允许的反补贴税。

　　Second, we ask the Department of Treasury to include China in its bi-annual agency report on currency manipulation. Since 1994 Treasury has not identified China as a country that manipulates its currency under the terms of the Omnibus Trade and Competitiveness Act of 1988 ('Trade Act of 1988'), but Secretary's Geithner testimony to the Senate acknowledging that fact surely justifies the inclusion of China in the report. After labeling the country as a currency manipulator, Treasury should enter into negotiations with China regarding its foreign exchange regime. These combined actions will signal the government's willingness to take decisive action against China's currency manipulation, including the potential filing of a formal complaint with the World Trade Organization.

　　第二，我们要求财政部在有关汇率操纵的半年度的机构报告中把中国包括在内。自1994年，财政部一直未根据《1988年综合贸易和竞争力法案》(The Omnibus Trade and Competitiveness Act of 1988)的条款将中国定为汇率操纵国，但财政部长盖特纳(Geithner)在向参议院作证时承认了这一事实，因此把中国包括进报告当中肯定是合理的。在把这个国家定义为汇率操纵国之后，财政部应当和中国就其汇率机制展开谈判。这些综合措施将传达出政府对中国操纵汇率采取果断措施、包括可能向WTO提起正式申诉的意愿。

　　The recommendations identified above must be done in concert with intense diplomatic efforts, not only with China but also with the IMF and multi-laterally with other countries. Through a combined strategy of legal action and international pressure, it is possible China will revisit its undervaluation of the RMB. If these efforts are not successful, we ask the Administration to consider all the tools at its disposal, including the application of a tariff on Chinese imports, to respond to China's currency manipulation. The economic impact of the RMB undervaluation on American businesses and workers is too great for the Administration not to pursue a comprehensive effort.

　　上述建议必须和紧密的外交行动一起执行，这些外交行动不仅是对中国展开，也要对国际货币基金组织(IMF)和其他国家多边地展开。通过一种由法律行动和国际压力组成的综合策略，中国有可能检讨它对人民币汇率的低估。如果这些措施不成功，我们将要求政府考虑所有可以动用的工具来应对中国操纵汇率，包括对中国进口产品征收关税。人民币低估对美国企业和工人产生的经济影响太大，政府不能不采取一种全面的措施。

　　This economic downturn has underscored the pressing need to promote policies that protect U.S. jobs and U.S. businesses. Addressing China's manipulation of its currency must be a critical part of our strategy to rebuild our economy and establish safeguards against future financial crises. The Administration has the legal ability and resources to protect American businesses in the face of China's RMB devaluation, and we urge you to exercise this authority expeditiously.
　　在当前经济不景气的情况下，推行保护美国就业岗位和美国企业的政策更显迫切。应对中国对其货币汇率的操纵，必须成为我们重建经济、防范未来金融危机的战略的关键部分。政府在法律上能够并且拥有各种资源，来保护美国企业免受中国低估人民币汇率的影响，我们敦促你们迅速履行这一职权。

　　Thank you for your consideration of this letter. We look forward to your response.
　　谢谢你们考虑此信。我们期待你们的答复。