人民币交易
<p> 2015复习正是强化复习阶段，在考研英语中占了40分，所以考研英语阅读是英语科目中重要的一项。名师老师曾建议过考研生需要坚持每天泛读10-15分钟的英文原刊。强烈推荐了杂志《经济学人》.杂志中的文章也是考研英语的主要材料来源.希望考研考生认真阅读，快速提高考研英语阅读水平。 <span word="Trading">Trading</span> <span word="the">the</span> <span word="yuan">yuan</span> 人民币交易 <span word="Yuawn">Yuawn</span> 元之崛起? <span word="Buzz">Buzz</span> <span word="about">about</span> <span word="the">the</span> <span word="rise">rise</span> <span word="of">of</span> <span word="China">China</span> <span word="s">s</span> <span word="currency">currency</span> <span word="has">has</span> <span word="run">run</span> <span word="farahead">farahead</span> <span word="of">of</span> <span word="sedate">sedate</span> <span word="reality">reality</span> 人民币升值的呼声远远超于稳定的现实环境 <span word="IF">IF</span> <span word="HEADLINES">HEADLINES</span> <span word="translated">translated</span> <span word="into">into</span> <span word="trading">trading</span> <span word="volumes">volumes</span>, <span word="theyuan">theyuan</span> <span word="would">would</span> <span word="be">be</span> <span word="well">well</span> <span word="on">on</span> <span word="its">its</span> <span word="way">way</span> <span word="to">to</span> <span word="dominating">dominating</span> <span word="the">the</span> <span word="world">world</span> <span word="s">s</span> <span word="currency">currency</span> <span word="markets">markets</span>. <span word="It">It</span> <span word="once">once</span> <span word="againgraced">againgraced</span> <span word="front">front</span> <span word="pages">pages</span> <span word="this">this</span> <span word="week">week</span> <span word="after">after</span> <span word="moves">moves</span> <span word="to">to</span> <span word="lift">lift</span> <span word="its">its</span> <span word="status">status</span> <span word="in">in</span> <span word="London">London</span>, <span word="the">the</span> <span word="world">world</span> <span word="s">s</span> <span word="biggestforeign">biggestforeign</span>-<span word="exchange">exchange</span> <span word="market">market</span>. <span word="This">This</span> <span word="was">was</span> <span word="the">the</span> <span word="latest">latest</span> <span word="instalment">instalment</span> <span word="of">of</span> <span word="a">a</span> <span word="five">five</span>-<span word="year">year</span>-<span word="long">long</span> <span word="public">public</span>-<span word="relationscampaign">relationscampaign</span>. <span word="Since">Since</span> 2009, <span word="when">when</span> <span word="China">China</span> <span word="first">first</span> <span word="declared">declared</span> <span word="its">its</span> <span word="intention">intention</span> <span word="to">to</span> <span word="promote">promote</span> <span word="the">the</span> <span word="yuaninternationally">yuaninternationally</span>, <span word="a">a</span> <span word="string">string</span> <span word="of">of</span> <span word="announcements">announcements</span> <span word="and">and</span> <span word="milestones">milestones</span> <span word="has">has</span> <span word="cast">cast</span> <span word="the">the</span> <span word="Chinese">Chinese</span> <span word="currency">currency</span> <span word="asa">asa</span> <span word="putative">putative</span> <span word="rival">rival</span> <span word="to">to</span> <span word="the">the</span> <span word="dollar">dollar</span>. 如果本文的标题翻译为交易量的话，那么它确实能够很好地引出这样一个事实：人民币正走向货币交易市场的霸主之位。本周在伦敦这一全球最大的外汇交易市场里，几个利好因素再次让人民币成为瞩目的焦点。人民币的公关推广活动已历时五年，而以上利好消息正是中国政府近期努力的最新成果。自2009年中国首次宣布推动人民币国际化的意图以来，一系列的政策公告和重大事件都使得中国货币成为了美元的假想敌。 <span word="The">The</span> <span word="hype">hype</span> <span word="rests">rests</span> <span word="on">on</span> <span word="several">several</span> <span word="seemingly">seemingly</span> <span word="impressive">impressive</span> <span word="numbers">numbers</span>. <span word="Yuan">Yuan</span> <span word="deposits">deposits</span> <span word="beyond">beyond</span> <span word="China">China</span> <span word="sborders">sborders</span> <span word="have">have</span> <span word="increased">increased</span> <span word="tenfold">tenfold</span> <span word="in">in</span> <span word="the">the</span> <span word="past">past</span> <span word="five">five</span> <span word="years">years</span>. <span word="The">The</span> <span word="dim">dim</span> <span word="sum">sum</span> <span word="bond">bond</span> <span word="market">market</span> <span word="foryuan">foryuan</span>-<span word="denominated">denominated</span> <span word="debt">debt</span> <span word="issued">issued</span> <span word="outside">outside</span> <span word="China">China</span> <span word="has">has</span> <span word="gone">gone</span> <span word="from">from</span> <span word="non">non</span>-<span word="existence">existence</span> <span word="to">to</span> <span word="a">a</span> <span word="dozenissuances">dozenissuances</span> <span word="a">a</span> <span word="month">month</span>. <span word="And">And</span> <span word="the">the</span> <span word="yuan">yuan</span> <span word="is">is</span> <span word="the">the</span> <span word="second">second</span>-<span word="most">most</span>-<span word="used">used</span> <span word="currency">currency</span> <span word="in">in</span> <span word="the">the</span> <span word="world">world</span> <span word="for">for</span> <span word="tradefinance">tradefinance</span>. 本次掀起的人民币热潮有赖于几个看似惊人的指标。人民币的境外储备量在过去的五年里上升了十倍。过去不曾存在的，在境外以人民币计价的点心债券，目前每月都有十数次的发行量。与此同时，人民币已经成为了全球第二常用的贸易金融货币。 <span word="Adding">Adding</span> <span word="to">to</span> <span word="the">the</span> <span word="impression">impression</span> <span word="that">that</span> <span word="something">something</span> <span word="big">big</span> <span word="is">is</span> <span word="afoot">afoot</span> <span word="is">is</span> <span word="the">the</span> <span word="competition">competition</span> <span word="between">between</span> <span word="citiesaround">citiesaround</span> <span word="the">the</span> <span word="world">world</span> <span word="to">to</span> <span word="establish">establish</span> <span word="themselves">themselves</span> <span word="as">as</span> <span word="yuan">yuan</span>-<span word="trading">trading</span> <span word="hubs">hubs</span>. <span word="London">London</span> <span word="puffed">puffed</span> <span word="up">up</span> <span word="its">its</span> <span word="chestthis">chestthis</span> <span word="week">week</span> <span word="after">after</span> <span word="the">the</span> <span word="Chinese">Chinese</span> <span word="government">government</span> <span word="designated">designated</span> <span word="China">China</span> <span word="Construction">Construction</span> <span word="Bank">Bank</span> <span word="as">as</span> <span word="the">the</span> <span word="officialclearing">officialclearing</span> <span word="bank">bank</span> <span word="for">for</span> <span word="yuan">yuan</span>-<span word="denominated">denominated</span> <span word="transactions">transactions</span> <span word="in">in</span> <span word="Britain">Britain</span> <span word="and">and</span> <span word="agreed">agreed</span> <span word="to">to</span> <span word="launch">launch</span> <span word="directtrading">directtrading</span> <span word="between">between</span> <span word="the">the</span> <span word="pound">pound</span> <span word="and">and</span> <span word="the">the</span> <span word="yuan">yuan</span> <span word="in">in</span> <span word="China">China</span>. <span word="These">These</span> <span word="announcements">announcements</span> <span word="were">were</span> <span word="made">made</span> <span word="tocoincide">tocoincide</span> <span word="with">with</span> <span word="a">a</span> <span word="trip">trip</span> <span word="to">to</span> <span word="London">London</span> <span word="by">by</span> <span word="Li">Li</span> <span word="Keqiang">Keqiang</span>, <span word="China">China</span> <span word="s">s</span> <span word="prime">prime</span> <span word="minister">minister</span>. 更令人震撼的是，全球各大城市之间都在争先建设成为人民币交易的中心。而本周，伦敦则先下一城：中国政府决定授权中国建设银行有限公司担任伦敦人民币业务清算行，并且同意在银行间外汇市场开展人民币对英镑直接交易。上述决议的公告是与中国国务院总理李克强的访英之旅做出配合。 <span word="The">The</span> <span word="designation">designation</span> <span word="of">of</span> <span word="a">a</span> <span word="clearing">clearing</span> <span word="bank">bank</span> <span word="creates">creates</span> <span word="a">a</span> <span word="channel">channel</span> <span word="for">for</span> <span word="yuan">yuan</span> <span word="held">held</span> <span word="in">in</span> <span word="Britain">Britain</span> <span word="to">to</span> <span word="flow">flow</span> <span word="intoChinese">intoChinese</span> <span word="capital">capital</span> <span word="markets">markets</span>, <span word="boosting">boosting</span> <span word="London">London</span> <span word="s">s</span> <span word="appeal">appeal</span> <span word="as">as</span> <span word="a">a</span> <span word="trading">trading</span> <span word="centre">centre</span> <span word="for">for</span> <span word="the">the</span> <span word="currency">currency</span>.<span word="Other">Other</span> <span word="cities">cities</span> <span word="such">such</span> <span word="as">as</span> <span word="Frankfurt">Frankfurt</span> <span word="and">and</span> <span word="Singapore">Singapore</span> <span word="have">have</span> <span word="also">also</span> <span word="been">been</span> <span word="awarded">awarded</span> <span word="clearing">clearing</span> <span word="banks">banks</span>, <span word="butLondon">butLondon</span> <span word="already">already</span> <span word="controls">controls</span> <span word="nearly">nearly</span> 60% <span word="of">of</span> <span word="yuan">yuan</span>-<span word="denominated">denominated</span> <span word="trade">trade</span> <span word="payments">payments</span> <span word="between">between</span> <span word="Asia">Asia</span> <span word="andEurope">andEurope</span>, <span word="and">and</span> <span word="this">this</span> <span word="week">week</span> <span word="s">s</span> <span word="agreement">agreement</span> <span word="will">will</span> <span word="shore">shore</span> <span word="up">up</span> <span word="its">its</span> <span word="position">position</span>. 此次清算银行的授权使得英国能够拥有一条人民币回流中国资本市场的通道，从而增加了伦敦作为全球货币结算中心的吸引力。虽然其他一些城市，例如法兰克福和新加坡，都被授予了清算银行的权限，但伦敦在欧亚间人民币计价交易清算的市场份额早已接近60%，而本周的协议更进一步巩固其优势地位。 <span word="London">London</span> <span word="s">s</span> <span word="currency">currency</span> <span word="traders">traders</span>, <span word="however">however</span>, <span word="will">will</span> <span word="not">not</span> <span word="be">be</span> <span word="hyperventilating">hyperventilating</span>. <span word="The">The</span> <span word="rapid">rapid</span> <span word="growth">growth</span> <span word="in">in</span> <span word="the">the</span> <span word="useof">useof</span> <span word="the">the</span> <span word="yuan">yuan</span> <span word="outside">outside</span> <span word="China">China</span>, <span word="whether">whether</span> <span word="for">for</span> <span word="trade">trade</span> <span word="settlement">settlement</span> <span word="or">or</span> <span word="investment">investment</span>, <span word="has">has</span> <span word="been">been</span> <span word="from">from</span> <span word="aminuscule">aminuscule</span> <span word="base">base</span>. <span word="The">The</span> <span word="yuan">yuan</span> <span word="is">is</span> <span word="the">the</span> <span word="seventh">seventh</span>-<span word="most">most</span>-<span word="used">used</span> <span word="currency">currency</span> <span word="in">in</span> <span word="international">international</span> <span word="payments">payments</span>,<span word="according">according</span> <span word="to">to</span> <span word="SWIFT">SWIFT</span>, <span word="a">a</span> <span word="global">global</span> <span word="transfer">transfer</span> <span word="system">system</span>. <span word="That">That</span> <span word="is">is</span> <span word="up">up</span> <span word="from">from</span> 20<span word="th">th</span> <span word="place">place</span> <span word="at">at</span> <span word="the">the</span> <span word="start">start</span> <span word="of">of</span>2012. <span word="However">However</span>, <span word="the">the</span> <span word="Chinese">Chinese</span> <span word="currency">currency</span> <span word="still">still</span> <span word="accounts">accounts</span> <span word="for">for</span> <span word="a">a</span> <span word="mere">mere</span> 1.4% <span word="of">of</span> <span word="global">global</span> <span word="payments">payments</span>,<span word="compared">compared</span> <span word="with">with</span> <span word="the">the</span> <span word="dollar">dollar</span> <span word="s">s</span> 42.5%. <span word="Given">Given</span> <span word="that">that</span> <span word="many">many</span> <span word="of">of</span> <span word="those">those</span> <span word="deals">deals</span> <span word="just">just</span> <span word="shuffle">shuffle</span> <span word="cash">cash</span> <span word="betweenChinese">betweenChinese</span> <span word="companies">companies</span> <span word="and">and</span> <span word="their">their</span> <span word="subsidiaries">subsidiaries</span> <span word="in">in</span> <span word="Hong">Hong</span> <span word="Kong">Kong</span>, <span word="there">there</span> <span word="is">is</span> <span word="much">much</span> <span word="less">less</span> <span word="than">than</span> <span word="meets">meets</span> <span word="theeye">theeye</span> <span word="to">to</span> <span word="the">the</span> <span word="yuan">yuan</span> <span word="s">s</span> <span word="stature">stature</span> <span word="as">as</span> <span word="a">a</span> <span word="trade">trade</span>-<span word="settlement">settlement</span> <span word="currency">currency</span>. 然而，伦敦的货币交易员并不会因此对人民币感到兴奋不已。无论是在国际贸易清算还是投资往来方面，支撑着中国境外人民币使用量急速增长的基础极为薄弱。环球银行金融电信协会指出，目前人民币在国际支付领域常用货币的排名里，从2012年初的第二十位上升到了第七位。但即便如此，中国货币在国际支付领域的份额也仅有1.4%，相比之下美元则为42.5%。考虑到涉及人民币的许多交易都只是中国公司与其在香港分支机构的资金流动，以人民币作为国际贸易结算货币的情况远比我们看到的要少。 <span word="Even">Even</span> <span word="more">more</span> <span word="telling">telling</span> <span word="is">is</span> <span word="the">the</span> <span word="yuan">yuan</span> <span word="s">s</span> <span word="standing">standing</span> <span word="as">as</span> <span word="an">an</span> <span word="investment">investment</span> <span word="currency">currency</span>. <span word="The">The</span> <span word="dollar">dollar</span> <span word="s">s</span> <span word="biggestselling">biggestselling</span> <span word="point">point</span> <span word="as">as</span> <span word="a">a</span> <span word="global">global</span> <span word="reserve">reserve</span> <span word="currency">currency</span> <span word="is">is</span> <span word="the">the</span> <span word="deep">deep</span>, <span word="liquid">liquid</span> <span word="pool">pool</span> <span word="of">of</span> <span word="American">American</span> <span word="assets">assets</span> <span word="opento">opento</span> <span word="international">international</span> <span word="buyers">buyers</span>. <span word="Despite">Despite</span> <span word="the">the</span> <span word="barrage">barrage</span> <span word="of">of</span> <span word="reports">reports</span> <span word="in">in</span> <span word="recent">recent</span> <span word="years">years</span> <span word="about">about</span> <span word="the">the</span> <span word="dim">dim</span>-<span word="sumbond">sumbond</span> <span word="market">market</span>, <span word="China">China</span> <span word="s">s</span> <span word="offerings">offerings</span> <span word="are">are</span> <span word="much">much</span> <span word="sparser">sparser</span>. <span word="Jonathan">Jonathan</span> <span word="Anderson">Anderson</span> <span word="of">of</span> <span word="Emerging">Emerging</span> <span word="AdvisorsGroup">AdvisorsGroup</span> <span word="calculates">calculates</span> <span word="that">that</span> <span word="global">global</span> <span word="investors">investors</span> <span word="have">have</span> <span word="access">access</span> <span word="to">to</span> 56 <span word="trillion">trillion</span> <span word="of">of</span> <span word="American">American</span> <span word="assets">assets</span>, <span word="includingbonds">includingbonds</span> <span word="and">and</span> <span word="stocks">stocks</span>. <span word="They">They</span> <span word="can">can</span> <span word="also">also</span> <span word="get">get</span> <span word="their">their</span> <span word="hands">hands</span> <span word="on">on</span> 29 <span word="trillion">trillion</span> <span word="of">of</span> <span word="euro">euro</span>-<span word="denominated">denominated</span> <span word="assets">assets</span> <span word="and">and</span>17 <span word="trillion">trillion</span> <span word="of">of</span> <span word="Japanese">Japanese</span> <span word="ones">ones</span>. <span word="But">But</span> <span word="when">when</span> <span word="it">it</span> <span word="comes">comes</span> <span word="to">to</span> <span word="Chinese">Chinese</span> <span word="assets">assets</span>, <span word="just">just</span> 0.3 <span word="trillion">trillion</span> <span word="or">or</span> <span word="so">so</span> <span word="areopen">areopen</span> <span word="to">to</span> <span word="foreign">foreign</span> <span word="investors">investors</span>. <span word="This">This</span> <span word="puts">puts</span> <span word="the">the</span> <span word="yuan">yuan</span> <span word="on">on</span> <span word="a">a</span> <span word="par">par</span> <span word="with">with</span> <span word="the">the</span> <span word="Philippine">Philippine</span> <span word="peso">peso</span> <span word="and">and</span> <span word="a">a</span> <span word="bit">bit</span> <span word="abovethe">abovethe</span> <span word="Peruvian">Peruvian</span> <span word="nuevo">nuevo</span> <span word="sol">sol</span>, <span word="Mr">Mr</span> <span word="Anderson">Anderson</span> <span word="notes">notes</span>. 更能说明人民币真实情况的是其作为投资货币的地位。美元作为国际储备货币的最大卖点就在于，具有市场深度和流动性的美国资产在支撑着它，并且这些资产还对全球的投资者开放。除了近期铺天盖地宣传报告的点心债券之外，中国能给予人民币的支撑则少之又少。根据瑞银股份有限公司北京首席新兴市场经济学家乔纳森安德森的估算，全球投资者可以购买的包括债券和股票在内的美国资产总值达到了56万亿美元。与此同时，市场可以购买到的欧元区资产达到了29万亿美元，日本资产方面则达到了17万亿美元。但对于中国资产来说，外国投资者能够接触的资产总值仅为0.3万亿美元。安德森先生指出，中国开放资产的程度使得人民币的地位与菲律宾比索相当，仅仅比秘鲁索尔高一点点。 <span word="What">What</span> <span word="is">is</span> <span word="holding">holding</span> <span word="the">the</span> <span word="yuan">yuan</span> <span word="back">back</span>? <span word="The">The</span> <span word="answer">answer</span> <span word="is">is</span> <span word="China">China</span> <span word="itselfboth">itselfboth</span> <span word="by">by</span> <span word="circumstance">circumstance</span> <span word="and">and</span>, <span word="moreimportantly">moreimportantly</span>, <span word="by">by</span> <span word="design">design</span>. <span word="For">For</span> <span word="a">a</span> <span word="currency">currency</span> <span word="to">to</span> <span word="go">go</span> <span word="global">global</span>, <span word="there">there</span> <span word="has">has</span> <span word="to">to</span> <span word="be">be</span> <span word="a">a</span> <span word="path">path</span> <span word="for">for</span> <span word="it">it</span> <span word="to">to</span> <span word="leave">leave</span> <span word="itscountry">itscountry</span> <span word="of">of</span> <span word="origin">origin</span>. <span word="The">The</span> <span word="easiest">easiest</span> <span word="route">route</span> <span word="is">is</span> <span word="via">via</span> <span word="a">a</span> <span word="trade">trade</span> <span word="deficit">deficit</span>. <span word="For">For</span> <span word="example">example</span>, <span word="since">since</span> <span word="the">the</span> <span word="UnitedStates">UnitedStates</span> <span word="imports">imports</span> <span word="more">more</span> <span word="than">than</span> <span word="it">it</span> <span word="exports">exports</span>, <span word="it">it</span> <span word="in">in</span> <span word="effect">effect</span> <span word="adds">adds</span> <span word="to">to</span> <span word="global">global</span> <span word="holdings">holdings</span> <span word="of">of</span> <span word="dollars">dollars</span> <span word="on">on</span> <span word="a">a</span> <span word="dailybasis">dailybasis</span>. <span word="That">That</span> <span word="does">does</span> <span word="not">not</span> <span word="work">work</span> <span word="for">for</span> <span word="China">China</span>, <span word="which">which</span> <span word="almost">almost</span> <span word="always">always</span> <span word="runs">runs</span> <span word="a">a</span> <span word="large">large</span> <span word="trade">trade</span> <span word="surplus">surplus</span>. <span word="It">It</span> <span word="hastried">hastried</span> <span word="to">to</span> <span word="solve">solve</span> <span word="this">this</span> <span word="problem">problem</span> <span word="by">by</span> <span word="offering">offering</span> <span word="to">to</span> <span word="pay">pay</span> <span word="for">for</span> <span word="imports">imports</span> <span word="in">in</span> <span word="yuan">yuan</span>, <span word="while">while</span> <span word="still">still</span> <span word="accepting">accepting</span> <span word="dollarsfor">dollarsfor</span> <span word="its">its</span> <span word="exports">exports</span>. 是什么在阻碍着人民币发展?答案就是中国自身。不仅仅是中国的现实环境所造成的，更重要的是中国制度设计上的原因。如果一种货币要走向全球，那么必须存在一个通道能让其离开它的本国，而简单的方法莫过于贸易逆差。比方说，由于美国进口产品的总值要大于其出口，因而实际上每天都有美元流到国际市场当中。但这对于中国来说是行不通的，因为它几乎总处于贸易顺差的情况。中国已经尝试通过在对出口商品收取美元的同时，对进口商品支付人民币的方法来解决问题。 <span word="Yet">Yet</span> <span word="this">this</span> <span word="approach">approach</span> <span word="can">can</span> <span word="go">go</span> <span word="only">only</span> <span word="so">so</span> <span word="far">far</span>, <span word="because">because</span> <span word="of">of</span> <span word="the">the</span> <span word="design">design</span> <span word="of">of</span> <span word="the">the</span> <span word="Chinese">Chinese</span> <span word="system">system</span>.<span word="Foreigners">Foreigners</span> <span word="paid">paid</span> <span word="in">in</span> <span word="yuan">yuan</span> <span word="cannot">cannot</span> <span word="do">do</span> <span word="much">much</span> <span word="with">with</span> <span word="the">the</span> <span word="currency">currency</span> <span word="and">and</span> <span word="thus">thus</span> <span word="look">look</span> <span word="askance">askance</span> <span word="at">at</span> <span word="it">it</span>. <span word="Chinacould">Chinacould</span> <span word="change">change</span> <span word="this">this</span> <span word="at">at</span> <span word="a">a</span> <span word="stroke">stroke</span> <span word="by">by</span> <span word="flinging">flinging</span> <span word="open">open</span> <span word="its">its</span> <span word="capital">capital</span> <span word="account">account</span>. <span word="There">There</span> <span word="is">is</span> <span word="speculation">speculation</span> <span word="that">that</span> <span word="itmight">itmight</span> <span word="do">do</span> <span word="just">just</span> <span word="that">that</span> <span word="as">as</span> <span word="debate">debate</span> <span word="about">about</span> <span word="financial">financial</span> <span word="reform">reform</span> <span word="intensifies">intensifies</span> <span word="in">in</span> <span word="Beijing">Beijing</span>. <span word="But">But</span> <span word="Yu">Yu</span> <span word="Yongding">Yongding</span>, <span word="aformer">aformer</span> <span word="adviser">adviser</span> <span word="to">to</span> <span word="the">the</span> <span word="central">central</span> <span word="bank">bank</span>, <span word="predicts">predicts</span> <span word="that">that</span> <span word="caution">caution</span> <span word="will">will</span> <span word="prevail">prevail</span>, <span word="with">with</span> <span word="the">the</span> <span word="governmentslowly">governmentslowly</span> <span word="lowering">lowering</span> <span word="its">its</span> <span word="wall">wall</span> <span word="of">of</span> <span word="capital">capital</span> <span word="controls">controls</span> <span word="rather">rather</span> <span word="than">than</span> <span word="demolishing">demolishing</span> <span word="it">it</span>. <span word="That">That</span> <span word="would">would</span> <span word="be">be</span> <span word="far">far</span> <span word="betterfor">betterfor</span> <span word="China">China</span> <span word="s">s</span> <span word="financial">financial</span> <span word="stability">stability</span>. <span word="But">But</span> <span word="it">it</span> <span word="also">also</span> <span word="means">means</span> <span word="that">that</span> <span word="the">the</span> <span word="chasm">chasm</span> <span word="between">between</span> <span word="the">the</span> <span word="hype">hype</span> <span word="about">about</span> <span word="theyuan">theyuan</span> <span word="and">and</span> <span word="the">the</span> <span word="mundane">mundane</span> <span word="reality">reality</span> <span word="is">is</span> <span word="likely">likely</span> <span word="to">to</span> <span word="widen">widen</span>. 然而，由于中国货币系统设计的因素，导致了上述方法的作用十分有限。即便外国人在贸易过程中接受人民币也改变不了宏观现实，并且他们会因此产生对此种清算方式的厌恶情绪。目前，有人预测人民币将进行大刀阔斧的激进改革，而这引起的波澜将如同北京新一轮的经济改革所引起的争论一样。但前央行货币委员会委员余永定预计，稳健依旧会是中国政府的主要方针。他表示中国政府会缓慢降低资本管制的标准，而不是一蹴而就地开放资本市场。诚然，这样的做法更有利于中国经济的稳定性。与此同时，这也意味着人民币热潮所鼓吹的愿景，很可能将与现实渐行渐远。 词语解释 1.<span word="translate">translate</span> <span word="into">into</span> 翻译成把转化成 <span word="Higher">Higher</span> <span word="net">net</span> <span word="profits">profits</span> <span word="generated">generated</span> <span word="by">by</span> <span word="the">the</span> <span word="employeetranslate">employeetranslate</span> <span word="into">into</span> <span word="higher">higher</span> <span word="bonuses">bonuses</span>. 雇员创造更高的净利润，将转化为更高的奖金。 <span word="That">That</span> <span word="boon">boon</span> <span word="from">from</span> <span word="china">china</span> <span word="trade">trade</span> <span word="could">could</span> <span word="translate">translate</span> <span word="into">into</span> <span word="anindia">anindia</span> <span word="boom">boom</span>. 中国对印度的大量出口可以转化为印度的繁荣。 2.<span word="bond">bond</span> <span word="market">market</span> 债券市场 <span word="The">The</span> <span word="bottom">bottom</span> <span word="fell">fell</span> <span word="out">out</span> <span word="of">of</span> <span word="the">the</span> <span word="muni">muni</span> <span word="bond">bond</span> <span word="market">market</span> <span word="as">as</span> <span word="a">a</span> <span word="result">result</span>. 美国市政债券市场因此再创新低。 <span word="Cooperman">Cooperman</span> <span word="said">said</span> <span word="investors">investors</span> <span word="could">could</span> <span word="lose">lose</span> <span word="as">as</span> <span word="much">much</span> <span word="as">as</span> 20% <span word="in">in</span> <span word="the">the</span> <span word="bond">bond</span> <span word="market">market</span> <span word="in">in</span> <span word="the">the</span> <span word="next">next</span> <span word="threeyears">threeyears</span>. 库珀曼称，未来三年，债券投资者的损失可能高达20%。 3.<span word="agree">agree</span> <span word="to">to</span> 同意，赞成 <span word="Did">Did</span> <span word="we">we</span> <span word="agree">agree</span> <span word="to">to</span> <span word="one">one</span>? 我有答应过么? <span word="I">I</span> <span word="quite">quite</span> <span word="agree">agree</span> <span word="to">to</span> <span word="your">your</span> <span word="opinion">opinion</span>. 我很赞成你的看法。 4.<span word="account">account</span> <span word="for">for</span> 导致，引起 <span word="Do">Do</span> <span word="women">women</span> <span word="account">account</span> <span word="for">for</span> <span word="more">more</span> <span word="of">of</span> <span word="today">today</span> <span word="s">s</span> <span word="affairs">affairs</span>? 如今女性在婚外情中所占比例是不是更大? <span word="Philosophers">Philosophers</span> <span word="had">had</span> <span word="long">long</span> <span word="wondered">wondered</span> <span word="how">how</span> <span word="to">to</span> <span word="account">account</span> <span word="for">for</span> <span word="essences">essences</span>. 长期以来，哲学家们困惑于如何说明这些本质。</p>
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