亿万富翁基金经理雷伊o戴利奥表示，降息不是解决现在信贷市场动荡问题的办法。戴利奥是近期数月为美国联邦储备委员会提供建议的专家之一。
Ray Dalio, the billionaire fund manager who was among the experts to advise the US Federal Reserve in recent months, has said interest rate cuts are not the solution to the turmoil1 in the credit markets.
基金公司Bridgewater Associates开创者和首席财务官戴利奥表示，事实上，长期解决方案将涉及汇率政策--譬如中国人民币升值--以解决美国的贸易失衡问题。
Rather, Mr Dalio, founder2 and chief investment officer of money manager Bridgewater Associates, said the longer-term solution would involve currency policies - such as a revaluation of the Chinese renminbi - to address the US's trade imbalance.
大家目前的信贷问题是国际收入支出问题的另一个方面，他向英国《金融时报》表示：这个世界一直充斥着流动性，资金不断从海外涌入，很多资金不能不飞速投资到位。
Our current credit problems are the flip3 side of our balance of payments problem, he told the Financial Times. The world has been awash with liquidity4 and money has been pouring in from abroad, so lots of money had to get invested fast.
USD作为全球主要的储备货币，加之主要盈余国家的货币盯住USD，这催生了以USD计价的债务泡沫--即很多不负责任的USD贷款。此轮抵押贷款危机只是这个问题的表象之一。
The dollar being the world's dominant5 reserve currency, coupled with the major surplus countries having their currencies pegged6 to the dollar, has led to a dollar denominated debt bubble - a lot of irresponsible lending in dollars. The mortgage crisis is just one reflection of this.
戴利奥运呼吁美联储停止降息，并为美国经济增长设立一个现实的目的：每年增长2.2%。这将是上世纪30年代以来的最低水平，同时也低于美联储2.5%的目的增长率。
Mr Dalio called for the Fed to sTOP cutting interest rates and to set a realistic target rate for US growth of 2.2 per cent a year. That would be the lowest since the 1930s, and below the 2.5 per cent that is the Fed's target.
戴利奥表示，为了双方的利益，中国需要调高人民币兑USD汇率。
China needed to revalue its currency against the US dollar for the benefit of both countries, said Mr Dalio.
（人民币）之所以处于现在的水平，是来源于于一些历史缘由，而它们不再适用，也是不可持续的。他表示。
The [renminbi] is where it is because of historical reasons that no longer apply and are unsustainable, he said.
之所以说USD兑人民币及其他新兴市场货币贬值既有益于他们，也有益于大家，是由于大家有着相反的担心--他们担忧我们的经济过热和海外资产不断累积，而大家则担忧本国的经济走软和大家的国外债务不断累积。他表示。
The reason a dollar devaluation against China's currency and other emerging market currencies is now good for both them and us is that we have exactly opposite concerns - they are concerned about their economy overheating and their foreign assets building up while we are concerned about our economy weakening and our foreign liabilities building up, he said.
