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Fears of a severe rupture between the UK and the EU has driven the pound to its lowest level on record, according to a Bank of England trade-weighted index, and politics is set to dictate whether the currency extends losses or can stabilise.
对英国和欧盟(EU)间关系严重破坏的担忧把英镑汇率压低至有记录以来的最低水平（根据英国央行(BoE)的一个贸易加权指数），而政治将决定这种货币是会扩大跌幅还是企稳。
The pound’s effective exchange rate, which is weighted to reflect the UK’s trade flows, hit a low of 73.38 according to the latest daily reading compiled by the BoE — weaker than the depths hit during the financial crisis, Britain’s ejection from the European Rate Mechanism in 1992, and its departure from the Gold Standard in the 1930s.
根据英国央行每日编制的这一指数，英镑实际汇率跌至73.38的低点。这种实际汇率为反映英国贸易流状况而经过了加权处理。该读数比金融危机期间、1992年英国脱离欧洲汇率机制(European Exchange Rate Mechanism)期间、以及上世纪30年代英镑脱离金本位期间所跌至的水平都要低。
Sterling recovered against the dollar yesterday, but came off session highs as the market assessed the promised parliamentary debate on Brexit proposals.
昨天，英镑兑美元汇率有所回升。不过，在市场评估有关英国议会将围绕退欧方案展开辩论的承诺之际，该汇率从盘中高点回落。
Theresa May, prime minister, agreed to opposition demands for “a full and transparent” Brexit debate in parliament before activating the Article 50 clause that will start the UK’s divorce proceedings with the EU, but stopped short of promising to allow MPs a formal vote on the government’s negotiating strategy.
英国首相特里萨•梅(Theresa May)答应了反对党提出的要求，同意在激活第50条（此举将启动英国脱离欧盟进程）之前在议会开展“全面而透明”的退欧辩论，但没有承诺允许议员就英国政府脱欧谈判的战略举行正式投票。
During exchanges in the Commons, subsequent remarks from David Davis, the cabinet minister in charge of leaving the EU, sounded less conciliatory — and the extent of the pound’s recovery waned. Against the dollar, sterling remained up on the day, by 0.8 per cent at $1.2209, but off a peak that had pushed it up 1.8 per cent.
在下院的交锋中，负责退欧的内阁部长戴维•戴维斯(David Davis)随后的讲话听起来不那么客气——英镑的复苏势头随之减弱。当天，英镑兑美元汇率依然保持了上涨，涨幅为0.8%，达到1英镑兑1.2209美元，不过却低于当天的峰值涨幅1.8%。
Earlier, analysts had welcomed the prospect of closer scrutiny of the terms of the deal to leave the EU, saying news reports of MPs’ greater involvement in the Brexit process triggered the rally against the dollar.
早先，分析师们对于加强对退欧协议条款审查的可能性表示欢迎。他们表示，有关英国议员更大程度介入英国退欧进程的新闻报道，引发了英镑兑美元汇率的上涨。
Koon Chow, a macroeconomics and FX strategist at UBP, said the promise of a debate “encouraged people to think that a ‘check and balance’ on the Brexit timing and process may still exist,” adding: “In turn, that reduces the risk of the Conservative government pushing the UK through the most economically excruciating channel of exit.
瑞士联合私立银行(UBP)宏观经济和外汇策略师Koon Chow表示，承诺举行一场辩论可能“鼓励人们认为或许依然存在对英国退欧的时间和流程的‘制衡’，”他补充说：“这进而降低了保守党政府以一种在经济上最痛苦的方式推动英国退欧的风险。”
“This has stopped additional pound selling for now and may hold the line for the pound in the next couple days.”
“这阻止了人们在当下抛售更多的英镑，或许将在接下来几天不再抛出英镑。”
Ulrich Leuchtmann, a strategist at Commerzbank, said the latest UK political twist does not change the outlook for the pound. “Anyone still holding unhedged sterling positions will have to realise that an attempt to rescue a currency can sometimes come too late or can be unsuccessful,” he said.
德国商业银行(Commerzbank)策略师乌尔里希•洛伊希特曼(Ulrich Leuchtmann)表示，英国最近的政治曲折不会改变英镑的前景。“任何依然持有未经对冲的英镑头寸的人必须意识到，挽救一种货币的尝试有时候可能来得太晚，或者可能不成功，”他说。
“In that case, the current sterling recovery would constitute the very last breather before exactly that major slide.”
“在那种情况下，眼下英镑的复苏将成为大幅下挫之前的最后一个喘息期。”
