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English to Chinese: article from Wallstreet
Source text - English Yet widening interest-rate differentials have regularly lent support to the dollar in 2005, and show no immediate sign of letting up. These rates matter because global banks, hedge funds and other investors generally prefer to park their money in higher-yielding securities. The larger the difference in yields between Treasury bills and, say, German or French debt, the greater the incentive for investors to hold their cash in dollars.
"I think the dollar is tracking U.S. interest rates more closely this year because yields have gotten attractive enough to get noticed by investors outside the U.S.," says Rebecca Patterson, a foreign-exchange analyst at J.P. Morgan Chase.
The Fed began planting the seeds of this year's dollar rally in June 2004, when it initiated the tightening cycle with the first of 11 quarter-point rate increases that lifted the benchmark federal-funds rate to 3.75%. Fed watchers expect rates to rise to at least 4.25% and some think 4.5% is more likely.
A few weeks before the Fed began tightening in June 2004, U.S. three-month term rates yielded around 1%, or barely half of the equivalent European rate. With the rate differential still favoring Europe, traders saw little immediate benefit in holding dollars, and broader concerns about the expanding U.S. budget and trade deficits conspired with interest rates to weigh on the dollar, some analyst suggest.
Translation - Chinese 目前仍在扩大的利率差异在2005年对美元走势提供了稳定的支持，到现在为止，还没有迹象表明这种支持将会减弱。 利率对汇率产生作用，是因为国际银行、对冲基金和其它投资者总的来说倾向于将资金投入到收益较高的证券中。美国政府债和其它政府债券（例如德国国债或法国国债）之间的利率差异越大，投资者持有美元的动力就越大。