The head of the European Financial Stability Facility, Klaus Regling, arrives in Beijing Friday as all eyes turn to China as it decides what role - if any - it will play in funding Europe's bailout plan.

　　歐洲金融穩定基金(European Financial Stability Facility)負責人雷格林(Klaus Regling)將于周五抵達北京。此時所有人都注視著中國，看它決定在資助歐洲救援計劃的過程中發揮什么樣的作用──如果決定參與資助的話。

　　Mr. Regling will meet with the head of the State Administration of Foreign Exchange, Yi Gang, and Vice Minister of Finance Zhu Guangyao, before flying onto other Asian countries.

　　雷格林將會晤國家外匯管理局局長易綱和財政部副部長朱光耀，然后飛往亞洲其他國家。

　　European leaders secured a deal Thursday to reduce Greece's debt and expand the firepower of the euro zone's bailout vehicle, by four- or five-fold, suggesting it could provide guarantees for around 1 trillion, or about $1.4 trillion, of bonds issued by flailing E.U. member countries. The expansion could in part be funded by cash-rich emerging economies such as China.

　　歐洲領導人周四達成一個方案，決定削減希臘的債務，并將前述歐元區救援基金的規模擴充四到五倍。他們暗示，這只基金可以為歐盟財政困難的成員國發行的債券提供約1萬億歐元（約合1.4萬億美元）的擔保。可由中國等現金充裕的新興經濟體來為基金規模的擴大提供部分支持。

　　With foreign exchange reserves in excess of $3.2 trillion, China has long been looked upon by struggling economies as a potential white knight. This time is no different with rumors swirling of a potentially large contribution from Beijing to the European rescue fund.

　　Bloomberg News據國際貨幣基金組織(IMF)人士說，中國表達幫助歐洲的意愿至少已經有了一個月時間，不過條件是經由IMF、并與其他“金磚國家”聯合出資。中國的外匯儲備超過3.2萬億美元，困難經濟體長期以來都指望中國能夠成為拯救它們的白衣騎士。現在依然有傳言說，北京將為歐洲的救援基金出資，數額可能很大。

　　According to people at the International Monetary Fund, for a least a month China has expressed its willingness to help the Europeans, but only through the IMF and in conjunction with contributions from other Brazil, India and Russia, the major emerging economies that together with China make up the so-called BRIC nations. But others in the BRIC group seem wary of putting in substantial amounts of money, and China is unlikely to act by itself.

　　據國際貨幣基金組織(International Monetary Fund，簡稱IMF)人士說，中國表達幫助歐洲的意愿至少已經有了一個月時間，不過條件是經由IMF、并與其他“金磚國家”（除中國以外還有巴西、印度和俄羅斯）聯合出資。但其他金磚國家似乎不敢拿出大筆資金，而中國也不太可能單獨行動。

　　It would also mark a major change in the way China allocates is foreign exchange reserves. SAFE allocates the lion's share of its resources to low risk and low yield - investments. While the low return has long been a source of frustration, the reserve administrators are wary of the political fallout likely to result from the national reserves posting a significant loss.

　　如果出資，那么還將意味著中國分配外匯儲備的方式出現重大改變。國家外匯管理局把手中大部分資源都投資于低風險、低收益的投資產品中。雖然這種低回報曾長期招致不滿，但國家外匯儲備出現巨虧可能帶來的政治后果，卻是外儲管理者不愿意見到的。

　　China's $400 billion sovereign wealth fund, China Investment Corp., is fully invested and currently doesn't have the resources to make a significant contribution to Europe's bailout.

　　中國4000億美元的主權財富基金中國投資有限責任公司（簡稱中投）已經是滿倉投資，目前沒有資源來為歐洲的救援做出較大的貢獻。

　　Still, Chinese leaders have hinted that they would be more interested helping Europe if they could count on a pay off elsewhere, such as being recognized as a 'market economy', a status that would help its chances of winning anti-dumping or subsidy cases brought against it. But European leaders have thus far opposed such a quid-pro-quo. 不過中國領導人曾經暗示，如果他們能在別的方面獲得回報（比如說承認其“市場經濟”地位），他們對援助歐洲的興趣會更高。一旦市場經濟地位獲得承認，中國在遭遇反傾銷或不公平補貼訴訟時獲勝的機率會更高。但歐洲領導人迄今一直反對這樣的交換條件。

　　Sentiment in China is divided over whether the country should take a role in helping bail out Europe.

　　在中國是否應當參與救助歐洲的問題上，中國民眾的看法存在分歧。

　　'China should ride to Europe's rescue,' said Peng Junming, a former official at the People's Bank of China who now serves as chief investment officer of Empire Capital Management LLP, an investment-management firm in Beijing. Mr. Peng sees it as a way to get a better return for the reserves.

　　曾在中國央行任職、現為北京君投資本管理中心首席投資長的彭俊明說，中國應當救援歐洲。他認為這是中國外匯儲備獲得更好回報的一個途徑。

　　In addition, Mr. Peng thinks that the Euro-debt crisis also offers Beijing an opportunity to further promote the global use of the yuan.

　　此外，彭俊明還認為，歐債危機也為北京提供了進一步促進人民幣全球化的機會。

　　Elsewhere in Asia, Japanese Finance Minister Jun Azumi said Thursday that Tokyo was ready to take measures to support Europe as stability in the region would benefit Japan.

　　亞洲其他國家中，日本財政大臣安住淳(Jun Azumi)周四說，日本政府愿意采取措施支持歐洲，因為歐洲的穩定將有利于日本。

　　'A stable Europe will be in the interest of our nation. From that standpoint, we will take necessary measures in a timely fashion,' Mr. Azumi told a parliamentary debate.

　　安住淳在日本國會辯論上說，穩定的歐洲對我們國家有利。從這個角度，我們將適時采取必要的舉措。

　　Azumi was being asked about Japan's possible contribution to European efforts to stem its sovereign debt and banking crisis.

　　這番話的背景是他被問及日本可能如何協助歐洲遏制其主權債務及銀行業危機。

　　Japan has so far purchased around 20% of debt issued by the bailout fund, European Financial Stability Facility, and has said it is ready to buy more.

　　歐洲金融穩定基金(European Financial Stability Facility)迄今發行的債券中，日本購買了20%左右，并表示愿意購買更多債券。