All that Trump campaign chatter about making America great again has done wonders for the US dollar.

特朗普(Trump)竞选时所有关于让美国再次伟大的言论对美元产生了奇效。

This past week the greenback hit new 13-year highs.

美元在过去的一周触及13年来的高点。

Another asset class having a storming year: shares in mining companies.

另一个在过去一年里表现出色的资产类别是矿业公司的股票。

The MSCI world metals and miners index is up 90 per cent from its January low.

MSCI明晟(MSCI)世界金属和矿业股指数从今年1月的低点上涨了90%。

Yet history suggests the two cannot rally in tandem for long.

然而，历史表明，这两者不可能长期一起上涨。

The surge in metals and miners is largely down to China.

金属和矿业股的飙升很大程度上归因于中国。

Demand there is key to most metals, not least steel.

中国的需求对大多数金属来说非常关键，尤其是钢铁。

At the start of this year, worry-worts moaned about an imploding Chinese steel industry exporting cheap steel elsewhere.

今年年初，杞人忧天的那些人抱怨陷入困境的中国钢铁业向其他地方出口廉价的钢铁。

Hot rolled coil prices hit historical lows and almost all Chinese mills made losses.

热轧板卷价格触及历史低点，几乎所有的中国钢厂出现亏损。

Prices of key inputs like iron ore and coal plunged.

铁矿石和煤炭等关键投入品价格飙升。

Beijing then redoubled previous efforts to limit output from domestic coal mines.

北京方面随后加倍努力限制国内煤矿的产量。

That boosted seaborne trade as imports rose; Australian thermal coal prices have doubled this year.

随着中国的煤炭进口增长，海运煤炭贸易大幅增长；澳大利亚的热能煤价格今年上涨了一倍。

China’s steel-hungry, private real estate market boomed following monetary loosening in 2014.

在中国2014年放松货币之后，中国渴求钢铁的私人房地产市场蓬勃发展。

Domestic steel demand surged just as other countries erected tariff barriers against Chinese exports.

就在其他国家对中国出口的钢铁竖起关税壁垒之际，中国国内钢铁需求飙升。

Coking coal and iron ore prices duly jumped.

焦煤和铁矿石价格也适时飙升。

Shares in Brazil’s iron ore producer Vale have doubled this year in dollar terms.

巴西铁矿石生产商淡水河谷(Vale)以美元计价的股价今年上涨了一倍。

London-listed Glencore, with up to a fifth of its earnings before interest, tax, depreciation and amortisation sourced from coal, has done even better.

在伦敦上市的嘉能可(Glencore)表现甚至更好，其利息、税项、折旧及摊销前利润(EBITDA)有高达五分之一来源于煤炭。

Prices for other industrial metals like copper, zinc and lead have also rallied.

铜、锌和铅等其他工业金属的价格也出现了上涨。

Expect the positive impetus from China to wane soon.

但预计来自中国的积极刺激将会很快减弱。

Beijing has asked banks to tighten lending standards to property developers; in the past that has hurt demand.

中国政府已经要求银行收紧向房地产开发商的信贷标准——过去这种措施曾影响需求。

Iron inventory is near four-year highs and coal supply should also swell, as production restrictions are lifted ahead of the winter heating season.

钢铁库存接近4年来的高点，随着中国政府在冬季取暖季之前取消生产限制，煤炭供应也会大幅增长。

As for copper, zinc and lead, Chinese demand up to August has fallen this year over last.

至于铜、锌和铅，中国截至今年8月的需求同比下降。

Over the past two decades shares of world metals and mining companies have done poorly during periods of dollar strength.

在过去20年里，全球金属和矿业公司的股价在美元强势期间表现疲弱。

A greenback firming in expectation of Trumpflation should therefore be bad for miners.

因此，对特朗普通胀效应(Trumpflation)的预期导致的美元强势应该不利于矿业公司。

If Chinese demand wanes as well, next year looks tougher still.

如果中国需求也下降，明年它们的处境看起来会更加艰难。