《经济学人》精选:为什么说中国的汉堡还不够贵?

Big Mac index
Bun fight
Why China needs more expensive burgers
Oct 15th 2010

A WEAK currency, despite its appeal to exporters and politicians, is no free lunch. But it can provide a cheap one. In China a McDonald's Big Mac costs just 14.5 yuan on average in Beijing and Shenzhen, the equivalent of $2.18 at market exchange rates. In America the same burger averages $3.71. That makes China's yuan one of the most undervalued currencies in our Big Mac index, which is based on the idea of purchasing-power parity. This says that a currency's price should reflect the amount of goods and services it can buy. Since 14.5 yuan can buy as much burger as $3.71, a yuan should be worth $0.26 on the foreign-exchange market. At just $0.15, it is undervalued by about 40%. The tensions caused by currency misalignments prompted Brazil's finance minister to complain last month that his country was a potential casualty of a “currency war”. The Swiss, who avoid most wars, are in the thick of this one. Their franc is the most expensive currency on our list.

参考译文：
尽管弱势货币对于出口商和政府来说是好事，但这并不是免费的午餐。不过倒是可以提供一份便宜的午餐。在中国，一个麦当劳巨无霸在北京和深圳的平均价格为14.5元人民币，按市场汇率相当于2.18美元。在美国，同样的汉堡平均售价是3.71美元。按照以购买力平价指标为基础的巨无霸指数来看，人民币被低估了不少。根据巨无霸指数理论，货币的价格应该反映其可以购买的商品和服务的数量。既然14.5元人民币可以购买相当于美国3.71美元的汉堡，1元人民币应该在外汇市场上等值于0.26美元。但实际仅为0.15美元，即人民币被低估了大约40%。由于货币失调导致的紧张气氛，使得巴西财长上个月抱怨说，该国成为了“货币战争”的潜在受害者。瑞士虽然（作为中立国）避开了大部分战争，却避不开这场货币战争。瑞士法郎在我们这张列表中是被高估得最多的货币。