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meili 发表于 2022-10-18 19:40:51

前沿市场

<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="Frontier">Frontier</span> <span word="markets">markets</span>　　前沿市场　　<span word="Wedge">Wedge</span> <span word="beyond">beyond</span> <span word="the">the</span> <span word="edge">edge</span>　　出险招，赚大钱　　<span word="Money">Money</span> <span word="is">is</span> <span word="leaving">leaving</span> <span word="emerging">emerging</span> <span word="markets">markets</span> <span word="for">for</span> <span word="riskier">riskier</span> <span word="betsat">betsat</span> <span word="the">the</span> <span word="investment">investment</span> <span word="frontier">frontier</span>　　资本正从新兴市场流向前沿市场，追逐更具风险投资　　<span word="MANY">MANY</span> <span word="of">of</span> <span word="Africa">Africa</span> <span word="s">s</span> <span word="roads">roads</span> <span word="are">are</span> <span word="scarred">scarred</span> <span word="with">with</span> <span word="potholes">potholes</span>, <span word="sothe">sothe</span> <span word="fresh">fresh</span> <span word="tarmac">tarmac</span> <span word="on">on</span> <span word="the">the</span> <span word="drive">drive</span> <span word="between">between</span> <span word="Ndola">Ndola</span> <span word="and">and</span> <span word="Kitwe">Kitwe</span>, <span word="two">two</span> <span word="cities">cities</span> <span word="in">in</span> <span word="Zambia">Zambia</span> <span word="s">s</span> <span word="copper">copper</span> <span word="belt">belt</span>, <span word="issomething">issomething</span> <span word="of">of</span> <span word="a">a</span> <span word="treat">treat</span>. <span word="The">The</span> <span word="country">country</span> <span word="s">s</span> <span word="road">road</span> <span word="building">building</span> <span word="is">is</span> <span word="financed">financed</span> <span word="by">by</span> <span word="a">a</span> $750<span word="m">m</span> <span word="Eurobond">Eurobond</span> <span word="issued">issued</span> <span word="in">in</span> <span word="September">September</span> 2012. <span word="The">The</span> <span word="timing">timing</span> <span word="was">was</span> <span word="perfect">perfect</span>.<span word="The">The</span> <span word="Federal">Federal</span> <span word="Reserve">Reserve</span> <span word="had">had</span> <span word="an">an</span> <span word="open">open</span>-<span word="ended">ended</span> <span word="commitment">commitment</span> <span word="to">to</span> <span word="buy">buy</span> <span word="Treasuries">Treasuries</span> <span word="to">to</span> <span word="keep">keep</span> <span word="yields">yields</span> <span word="low">low</span>.<span word="Investors">Investors</span> <span word="in">in</span> <span word="America">America</span> <span word="and">and</span> <span word="Europe">Europe</span> <span word="were">were</span> <span word="hungry">hungry</span> <span word="to">to</span> <span word="buy">buy</span> <span word="dollar">dollar</span>-<span word="denominated">denominated</span> <span word="debt">debt</span> <span word="offering">offering</span> <span word="juicyyields">juicyyields</span>. <span word="Zambia">Zambia</span> <span word="drew">drew</span> $12 <span word="billion">billion</span> <span word="of">of</span> <span word="orders">orders</span> <span word="for">for</span> <span word="a">a</span> <span word="ten">ten</span>-<span word="year">year</span> <span word="bond">bond</span> <span word="paying">paying</span> <span word="only">only</span> 5.4%. <span word="Spain">Spain</span> <span word="couldnot">couldnot</span> <span word="borrow">borrow</span> <span word="as">as</span> <span word="cheaply">cheaply</span> <span word="at">at</span> <span word="the">the</span> <span word="time">time</span>.　　赞比亚铜带上，恩多拉和基德伟两座城市之间，新近铺上了崭新的柏油马路。这在大部分道路都坑坑洼洼的非洲可算奢侈。2012年9月，赞比亚获得7.5亿美元的欧洲债券用作道路建设。当时时机可谓完美。美联储已承诺无限量购买美国国债以压低收益。欧美投资者争相购买美元计价的高收益债券。赞比亚以5.4%的低利率获得120亿美元的十年期国债订单。当时，西班牙尚无法获得如此低的利率。　　<span word="Zambia">Zambia</span> <span word="s">s</span> <span word="debut">debut</span> <span word="Eurobond">Eurobond</span> <span word="showed">showed</span> <span word="how">how</span> <span word="rich">rich</span>-<span word="world">world</span> <span word="funds">funds</span> <span word="were">were</span> <span word="looking">looking</span> <span word="beyond">beyond</span> <span word="their">their</span> <span word="hometerritory">hometerritory</span>, <span word="past">past</span> <span word="even">even</span> <span word="emerging">emerging</span> <span word="markets">markets</span> <span word="to">to</span> <span word="frontier">frontier</span> <span word="markets">markets</span> <span word="at">at</span> <span word="the">the</span> <span word="farthest">farthest</span> <span word="edge">edge</span> <span word="of">of</span> <span word="theinvestment">theinvestment</span> <span word="universe">universe</span>. <span word="Even">Even</span> <span word="as">as</span> <span word="the">the</span> <span word="prospect">prospect</span> <span word="of">of</span> <span word="the">the</span> <span word="end">end</span> <span word="of">of</span> <span word="the">the</span> <span word="Fed">Fed</span> <span word="s">s</span> <span word="bond">bond</span>-<span word="buying">buying</span> <span word="causedwobbles">causedwobbles</span> <span word="in">in</span> <span word="emerging">emerging</span> <span word="markets">markets</span> <span word="last">last</span> <span word="year">year</span>, <span word="African">African</span> <span word="nations">nations</span> <span word="were">were</span> <span word="able">able</span> <span word="to">to</span> <span word="tap">tap</span> <span word="funds">funds</span>. <span word="Nigeria">Nigeria</span> <span word="andGhana">andGhana</span> <span word="sold">sold</span> <span word="Eurobonds">Eurobonds</span> <span word="in">in</span> <span word="July">July</span>. <span word="Mozambique">Mozambique</span> <span word="raised">raised</span> $850<span word="m">m</span> <span word="in">in</span> <span word="September">September</span>. <span word="Gabon">Gabon</span> <span word="issued">issued</span> <span word="asecond">asecond</span> <span word="Eurobond">Eurobond</span> <span word="in">in</span> <span word="December">December</span>.　　赞比亚的第一批欧洲债券如此抢手，显示了发达国家资金正舍弃国内市场甚至是新兴市场，涌向最边缘的投资领域前沿市场。去年，新兴市场由于担心美联储停止购债而发生动荡。即便如此，非洲国家仍获得大量投资。尼日利亚和加纳在七月售出欧洲债券。莫桑比克于九月筹得8.5亿美金。十二月，加蓬发行第二批欧洲债券。　　<span word="Frontier">Frontier</span> <span word="markets">markets</span> <span word="are">are</span> <span word="generally">generally</span> <span word="small">small</span>, <span word="illiquid">illiquid</span> <span word="and">and</span> <span word="risky">risky</span>, <span word="so">so</span> <span word="it">it</span> <span word="is">is</span> <span word="a">a</span> <span word="surprise">surprise</span> <span word="that">that</span> <span word="recent">recent</span> <span word="tremorsin">tremorsin</span> <span word="emerging">emerging</span> <span word="markets">markets</span> <span word="have">have</span> <span word="not">not</span> <span word="shaken">shaken</span> <span word="them">them</span> <span word="more">more</span>. <span word="Exotix">Exotix</span>, <span word="a">a</span> <span word="broker">broker</span>, <span word="calculates">calculates</span> <span word="an">an</span> <span word="averageinterest">averageinterest</span>-<span word="rate">rate</span> <span word="spread">spread</span> <span word="of">of</span> <span word="Eurobonds">Eurobonds</span> <span word="from">from</span> 50 <span word="frontier">frontier</span> <span word="markets">markets</span> .<span word="The">The</span> <span word="spread">spread</span> <span word="on">on</span> <span word="its">its</span> <span word="index">index</span> <span word="has">has</span> <span word="narrowed">narrowed</span> <span word="to">to</span> 395 <span word="basis">basis</span> <span word="points">points</span>. <span word="The">The</span> <span word="gap">gap</span> <span word="between">between</span> <span word="the">the</span> <span word="Exotixmeasure">Exotixmeasure</span> <span word="and">and</span> <span word="J">J</span>.<span word="P">P</span>. <span word="Morgan">Morgan</span> <span word="s">s</span> <span word="benchmark">benchmark</span> <span word="Emerging">Emerging</span>-<span word="Market">Market</span> <span word="Bond">Bond</span> <span word="Index">Index</span> <span word="reached">reached</span> <span word="anall">anall</span>-<span word="time">time</span> <span word="low">low</span> <span word="of">of</span> 68 <span word="basis">basis</span> <span word="points">points</span> <span word="this">this</span> <span word="week">week</span> . <span word="Nor">Nor</span> <span word="has">has</span> <span word="investors">investors</span> <span word="interest">interest</span> <span word="beenconfined">beenconfined</span> <span word="to">to</span> <span word="bonds">bonds</span>. <span word="The">The</span> <span word="MSCI">MSCI</span> <span word="frontier">frontier</span> <span word="equity">equity</span> <span word="index">index</span> <span word="lagged">lagged</span> <span word="behind">behind</span> <span word="its">its</span> <span word="emerging">emerging</span>-<span word="marketcousin">marketcousin</span> <span word="after">after</span> <span word="the">the</span> <span word="global">global</span> <span word="financial">financial</span> <span word="crisis">crisis</span> <span word="but">but</span> <span word="recently">recently</span> <span word="has">has</span> <span word="been">been</span> <span word="catching">catching</span> <span word="up">up</span>.　　前沿市场通常规模小，风险大，缺乏流动性。最近的新兴市场震动并未冲击到前沿市场，实在是令人吃惊。经纪公司<span word="Exotix">Exotix</span>计算出50个前沿市场的欧洲债券的平均利差，已缩减至395个基点。本周，<span word="Exotix">Exotix</span>指数与摩根大通的新兴市场债券指数的差距降至68个基点，为历史最低点。投资者也不只对债券感兴趣。金融危机之后，<span word="MSCI">MSCI</span>的前沿市场股票指数一直落后于新兴市场，但最近差距正逐渐缩小。　　<span word="Frontier">Frontier</span> <span word="markets">markets</span> <span word="might">might</span> <span word="once">once</span> <span word="have">have</span> <span word="been">been</span> <span word="dismissed">dismissed</span> <span word="as">as</span> <span word="a">a</span> <span word="side">side</span> <span word="bet">bet</span> <span word="for">for</span> <span word="emerging">emerging</span>-<span word="market">market</span> <span word="fundslooking">fundslooking</span> <span word="to">to</span> <span word="pep">pep</span> <span word="up">up</span> <span word="returns">returns</span>. <span word="They">They</span> <span word="are">are</span> <span word="now">now</span> <span word="seen">seen</span> <span word="as">as</span> <span word="an">an</span> <span word="asset">asset</span> <span word="class">class</span> <span word="in">in</span> <span word="their">their</span> <span word="own">own</span> <span word="right">right</span>, <span word="saysAndrew">saysAndrew</span> <span word="Brudenell">Brudenell</span>, <span word="who">who</span> <span word="runs">runs</span> $700<span word="m">m</span> <span word="of">of</span> <span word="frontier">frontier</span> <span word="equity">equity</span> <span word="funds">funds</span> <span word="at">at</span> <span word="HSBC">HSBC</span>. <span word="Pension">Pension</span>-<span word="fund">fund</span> <span word="trusteesand">trusteesand</span> <span word="consultants">consultants</span> <span word="now">now</span> <span word="ask">ask</span> <span word="how">how</span> <span word="much">much</span> <span word="money">money</span> <span word="they">they</span> <span word="should">should</span> <span word="allocate">allocate</span> <span word="to">to</span> <span word="the">the</span> <span word="frontier">frontier</span>. <span word="The">The</span> <span word="risinginterest">risinginterest</span> <span word="is">is</span> <span word="in">in</span> <span word="part">part</span> <span word="because">because</span> <span word="GDP">GDP</span> <span word="growth">growth</span> <span word="in">in</span> <span word="China">China</span>, <span word="Brazil">Brazil</span> <span word="and">and</span> <span word="India">India</span> <span word="has">has</span> <span word="diminished">diminished</span>. <span word="The">The</span> <span word="thingsthat">thingsthat</span> <span word="made">made</span> <span word="emerging">emerging</span> <span word="markets">markets</span> <span word="exciting">exciting</span> <span word="in">in</span> <span word="the">the</span> 1990<span word="s">s</span> <span word="are">are</span> <span word="now">now</span> <span word="found">found</span> <span word="in">in</span> <span word="frontier">frontier</span> <span word="markets">markets</span>, <span word="saysCharlie">saysCharlie</span> <span word="Robertson">Robertson</span> <span word="of">of</span> <span word="Renaissance">Renaissance</span> <span word="Capital">Capital</span>, <span word="an">an</span> <span word="investment">investment</span> <span word="bank">bank</span>.　　过去，新兴市场资金可能只在想获得额外收益时，会到前沿市场多赌一把。然而按照安德鲁?布鲁德奈尔的说法，前沿市场如今已是一个名正言顺的资本类别了。安德鲁?布鲁德奈尔现在在汇丰银行管理着7亿美元的前沿市场股票基金。养老金托管人和咨询师已经开始考虑，该放多少钱在前沿市场。对前沿市场的重视，一部分是由于中国、巴西和印度的<span word="GDP">GDP</span>增速开始放缓。复兴资本的查理?罗伯逊称，上世纪九十年代促成新兴市场大发展的因素，现在都转移到了前沿市场。　　<span word="There">There</span> <span word="is">is</span> <span word="much">much</span> <span word="debate">debate</span> <span word="about">about</span> <span word="where">where</span> <span word="the">the</span> <span word="frontier">frontier</span> <span word="starts">starts</span> <span word="and">and</span> <span word="ends">ends</span>. <span word="If">If</span> <span word="the">the</span> <span word="definition">definition</span> <span word="is">is</span> <span word="amarket">amarket</span> <span word="that">that</span> <span word="is">is</span> <span word="neither">neither</span> <span word="developed">developed</span> <span word="nor">nor</span> <span word="emerging">emerging</span>, <span word="then">then</span> 23 <span word="of">of</span> <span word="the">the</span> 25 <span word="fastest">fastest</span>-<span word="growing">growing</span> <span word="economiesover">economiesover</span> <span word="the">the</span> <span word="past">past</span> <span word="decade">decade</span> <span word="are">are</span> <span word="in">in</span> <span word="the">the</span> <span word="frontier">frontier</span> <span word="category">category</span>. <span word="But">But</span> <span word="many">many</span> <span word="of">of</span> <span word="these">these</span> <span word="frontier">frontier</span> <span word="economiesdo">economiesdo</span> <span word="not">not</span> <span word="have">have</span> <span word="stockmarkets">stockmarkets</span> <span word="and">and</span> <span word="only">only</span> <span word="Qatar">Qatar</span> <span word="is">is</span> <span word="in">in</span> <span word="the">the</span> <span word="MSCI">MSCI</span> <span word="frontier">frontier</span>-<span word="market">market</span> <span word="index">index</span>, <span word="an">an</span> <span word="industrybenchmark">industrybenchmark</span>. <span word="To">To</span> <span word="qualify">qualify</span>, <span word="a">a</span> <span word="stockmarket">stockmarket</span> <span word="must">must</span> <span word="have">have</span> <span word="at">at</span> <span word="least">least</span> <span word="two">two</span> <span word="stocks">stocks</span> <span word="that">that</span> <span word="meet">meet</span> <span word="specificthresholds">specificthresholds</span> <span word="for">for</span> <span word="size">size</span> <span word="and">and</span> <span word="liquidity">liquidity</span>. <span word="It">It</span> <span word="must">must</span> <span word="also">also</span> <span word="be">be</span> <span word="accessible">accessible</span>: <span word="this">this</span> <span word="is">is</span> <span word="harder">harder</span> <span word="to">to</span> <span word="quantify">quantify</span> <span word="butwhat">butwhat</span> <span word="matters">matters</span> <span word="is">is</span> <span word="openness">openness</span> <span word="to">to</span> <span word="foreign">foreign</span> <span word="ownership">ownership</span>, <span word="the">the</span> <span word="ease">ease</span> <span word="with">with</span> <span word="which">which</span> <span word="capital">capital</span> <span word="can">can</span> <span word="flow">flow</span> <span word="acrossborders">acrossborders</span> <span word="and">and</span> <span word="the">the</span> <span word="stockmarket">stockmarket</span> <span word="s">s</span> <span word="functioning">functioning</span>. <span word="Only">Only</span> 24 <span word="markets">markets</span> <span word="across">across</span> <span word="eastern">eastern</span> <span word="Europe">Europe</span>, <span word="theMiddle">theMiddle</span> <span word="East">East</span>, <span word="Africa">Africa</span> <span word="and">and</span> <span word="Asia">Asia</span> <span word="make">make</span> <span word="the">the</span> <span word="cut">cut</span>. <span word="Their">Their</span> <span word="combined">combined</span> <span word="market">market</span> <span word="capitalisation">capitalisation</span> <span word="is">is</span> $146 <span word="billionor">billionor</span> <span word="so">so</span>. <span word="By">By</span> <span word="comparison">comparison</span> <span word="the">the</span> 21 <span word="stock">stock</span> <span word="markets">markets</span> <span word="in">in</span> <span word="MSCI">MSCI</span> <span word="s">s</span> <span word="emerging">emerging</span>-<span word="market">market</span> <span word="index">index</span> <span word="are">are</span> <span word="worth">worth</span>$4 <span word="trillion">trillion</span>.　　对于前沿市场的定义，至今仍充满争议。如果将其定义为既不是发达市场也不是新兴市场，那过去十年里25个发展最快速经济体中有23个会被归为前沿市场。但这些前沿经济体当中有一大批没有股票市场，并且只有卡塔尔被纳入<span word="MSCI">MSCI</span>前沿市场指数这一基准指数当中。一个合格的股票市场，必须至少拥有两支规模和流动性达到标准的股票，并且足够开放。后者较难以量化，但最重要的是是否向外资开放，资本跨境流通是否便利，股市是否有效运作。横跨东欧、中东、非洲及亚洲，只有24个市场达到该标准, 总市值达1460亿美元。与之相对的是<span word="MSCI">MSCI</span>新兴市场指数中的21个股票市场，总市值达4万亿美元。　　<span word="A">A</span> <span word="familiar">familiar</span> <span word="grumble">grumble</span> <span word="about">about</span> <span word="these">these</span> <span word="sorts">sorts</span> <span word="of">of</span> <span word="indices">indices</span>, <span word="which">which</span> <span word="are">are</span> <span word="weighted">weighted</span> <span word="by">by</span> <span word="the">the</span> <span word="market">market</span> <span word="value">value</span> <span word="ofstocks">ofstocks</span>, <span word="is">is</span> <span word="that">that</span> <span word="they">they</span> <span word="have">have</span> <span word="a">a</span> <span word="skew">skew</span> <span word="that">that</span> <span word="is">is</span> <span word="unfavourable">unfavourable</span> <span word="to">to</span> <span word="bargain">bargain</span>-<span word="hunters">hunters</span>. <span word="Investors">Investors</span> <span word="in">in</span> <span word="indextrackers">indextrackers</span> <span word="spend">spend</span> <span word="more">more</span> <span word="on">on</span> <span word="stocks">stocks</span> <span word="that">that</span> <span word="have">have</span> <span word="gone">gone</span> <span word="up">up</span> <span word="in">in</span> <span word="price">price</span>. <span word="It">It</span> <span word="is">is</span> <span word="an">an</span> <span word="acute">acute</span> <span word="problem">problem</span> <span word="forfrontier">forfrontier</span> <span word="markets">markets</span>. <span word="More">More</span> <span word="than">than</span> <span word="half">half</span> <span word="of">of</span> <span word="the">the</span> <span word="MSCI">MSCI</span> <span word="index">index</span> <span word="is">is</span> <span word="accounted">accounted</span> <span word="for">for</span> <span word="by">by</span> <span word="stocks">stocks</span> <span word="from">from</span> <span word="threeoil">threeoil</span>-<span word="rich">rich</span> <span word="Gulf">Gulf</span> <span word="states">states</span>: <span word="Qatar">Qatar</span>, <span word="the">the</span> <span word="United">United</span> <span word="Arab">Arab</span> <span word="Emirates">Emirates</span> <span word="and">and</span> <span word="Kuwait">Kuwait</span> .　　这类市值加权指数常被认为有失偏颇，对欲低价买入股票的投机商不利。那些追踪股票指数的投资人会在已增值的股票上花更多的钱。这一问题在前沿市场尤为突出。<span word="MSCI">MSCI</span>指数中有一半以上的股票来自海湾地区的三个石油大国：卡塔尔，阿联酋和科威特。　　<span word="The">The</span> <span word="purist">purist</span> <span word="sort">sort</span> <span word="of">of</span> <span word="frontiersman">frontiersman</span> <span word="sees">sees</span> <span word="the">the</span> <span word="job">job</span> <span word="as">as</span> <span word="investing">investing</span> <span word="in">in</span> <span word="poorer">poorer</span> <span word="countries">countries</span> <span word="with">with</span> <span word="the">the</span> <span word="greatestpotential">greatestpotential</span>. <span word="Purists">Purists</span> <span word="give">give</span> <span word="more">more</span> <span word="room">room</span> <span word="in">in</span> <span word="their">their</span> <span word="portfolios">portfolios</span> <span word="to">to</span> <span word="stocks">stocks</span> <span word="from">from</span> <span word="poor">poor</span>, <span word="populous">populous</span> <span word="andfast">andfast</span>-<span word="growing">growing</span> <span word="markets">markets</span>, <span word="such">such</span> <span word="as">as</span> <span word="Nigeria">Nigeria</span> <span word="or">or</span> <span word="Pakistan">Pakistan</span>. <span word="As">As</span> <span word="countries">countries</span> <span word="like">like</span> <span word="these">these</span> <span word="become">become</span> <span word="richer">richer</span>,<span word="their">their</span> <span word="middle">middle</span> <span word="classes">classes</span> <span word="will">will</span> <span word="grow">grow</span> <span word="and">and</span> <span word="spending">spending</span> <span word="on">on</span> <span word="infrastructure">infrastructure</span> <span word="will">will</span> <span word="increase">increase</span>. <span word="The">The</span> <span word="so">so</span>-<span word="called">called</span> <span word="BBCstocks">BBCstocks</span> <span word="are">are</span> <span word="one">one</span> <span word="way">way</span> <span word="to">to</span> <span word="play">play</span> <span word="these">these</span> <span word="investmentthemes">investmentthemes</span>. <span word="Zenith">Zenith</span> <span word="Bank">Bank</span>, <span word="Nigerian">Nigerian</span> <span word="Breweries">Breweries</span> <span word="and">and</span> <span word="Dangote">Dangote</span> <span word="Cement">Cement</span> <span word="are">are</span> <span word="popular">popular</span> <span word="stocks">stocks</span>. <span word="Nestlhas">Nestlhas</span> <span word="a">a</span> <span word="subsidiary">subsidiary</span> <span word="that">that</span> <span word="is">is</span> <span word="listed">listed</span> <span word="in">in</span> <span word="Lagos">Lagos</span>. <span word="In">In</span> <span word="Pakistan">Pakistan</span> <span word="there">there</span> <span word="is">is</span> <span word="Bank">Bank</span> <span word="Alfalah">Alfalah</span> <span word="and">and</span> <span word="DG">DG</span> <span word="Khan">Khan</span>, <span word="acement">acement</span> <span word="company">company</span>.　　纯粹的前沿市场投资者认为，前沿市场相对较贫穷，但潜力最大。这些投资者的资产组合当中，贫穷、人口众多、快速发展市场的股票占了更大的比例，像尼日利亚和巴基斯坦。在财富增长的同时，这些国家的中产阶级日益壮大，基础设施投资也将增加。所谓的<span word="BBC">BBC</span>股票就是前沿市场常见的投资标的之一。詹尼斯银行、尼日利亚啤酒厂和丹格特水泥都是抢手的股票。雀巢的一家分公司在拉各斯上市。巴基斯坦较热门的股票有阿法拉银行和德拉加齐汗水泥厂。　　<span word="Specialist">Specialist</span> <span word="funds">funds</span> <span word="wanting">wanting</span> <span word="to">to</span> <span word="spread">spread</span> <span word="their">their</span> <span word="bets">bets</span> <span word="may">may</span> <span word="look">look</span> <span word="at">at</span> <span word="markets">markets</span> <span word="and">and</span> <span word="stocks">stocks</span> <span word="that">that</span> <span word="are">are</span> <span word="not">not</span> <span word="inthe">inthe</span> <span word="main">main</span> <span word="index">index</span>. <span word="Saudi">Saudi</span> <span word="Arabia">Arabia</span> <span word="is">is</span> <span word="a">a</span> <span word="liquid">liquid</span> <span word="market">market</span> <span word="but">but</span> <span word="tricky">tricky</span> <span word="for">for</span> <span word="foreigners">foreigners</span> <span word="to">to</span> <span word="invest">invest</span> <span word="in">in</span>. <span word="Itsstockmarket">Itsstockmarket</span> <span word="sports">sports</span> <span word="SADAFCO">SADAFCO</span>, <span word="a">a</span> <span word="dairy">dairy</span> <span word="producer">producer</span>. <span word="Cambodia">Cambodia</span> <span word="is">is</span> <span word="another">another</span> <span word="off">off</span>-<span word="index">index</span> <span word="bet">bet</span>. <span word="It">It</span> <span word="hasNagacorp">hasNagacorp</span>, <span word="a">a</span> <span word="casino">casino</span>. <span word="Often">Often</span> <span word="the">the</span> <span word="only">only</span> <span word="way">way</span> <span word="to">to</span> <span word="buy">buy</span> <span word="exposure">exposure</span> <span word="is">is</span> <span word="through">through</span> <span word="bonds">bonds</span>. <span word="Angola">Angola</span> <span word="is">is</span> <span word="Africa">Africa</span> <span word="sthird">sthird</span>-<span word="biggest">biggest</span> <span word="economy">economy</span>, <span word="after">after</span> <span word="South">South</span> <span word="Africa">Africa</span> <span word="and">and</span> <span word="Nigeria">Nigeria</span>. <span word="It">It</span> <span word="has">has</span> <span word="no">no</span> <span word="stockmarket">stockmarket</span> <span word="but">but</span> <span word="it">it</span> <span word="does">does</span> <span word="havea">havea</span> <span word="Eurobond">Eurobond</span>. <span word="Mozambique">Mozambique</span> <span word="s">s</span> <span word="Eurobond">Eurobond</span> <span word="was">was</span> <span word="ostensibly">ostensibly</span> <span word="for">for</span> <span word="a">a</span> <span word="state">state</span>-<span word="backed">backed</span> <span word="fishing">fishing</span> <span word="venture">venture</span>.<span word="Investors">Investors</span> <span word="bought">bought</span> <span word="it">it</span> <span word="anyway">anyway</span>, <span word="with">with</span> <span word="one">one</span> <span word="eye">eye</span> <span word="on">on</span> <span word="the">the</span> <span word="country">country</span> <span word="s">s</span> <span word="fast">fast</span>-<span word="growing">growing</span> <span word="economy">economy</span> <span word="and">and</span> <span word="theother">theother</span> <span word="on">on</span> <span word="its">its</span> <span word="offshore">offshore</span> <span word="gas">gas</span> <span word="reserves">reserves</span>.　　希望分摊风险的专业基金有时会考虑主要指数之外的市场和股票。沙特阿拉伯具有充分流动性，但对外国投资者来说，却是一个难以捉摸的市场。沙特股市中最亮眼的是沙特乳制品及食品公司。柬埔寨也是主要指数之外的一个投资热点，拥有博彩公司金界控股。通常进行风险投资唯一的途径就是购买债券。安哥拉是继南非和尼日利亚之后非洲第三大经济体，没有股市，但有欧洲债券。赞比亚的欧洲债券名义上是为一家政府支持的渔业公司筹资，但投资者还是争相购买，一方面是考虑到赞比亚快速发展的经济，另一方面是看中了赞比亚丰富的近海天然气储备。　　<span word="Greater">Greater</span> <span word="demand">demand</span> <span word="should">should</span> <span word="spur">spur</span> <span word="the">the</span> <span word="supply">supply</span> <span word="of">of</span> <span word="stocks">stocks</span>, <span word="through">through</span> <span word="sales">sales</span> <span word="of">of</span> <span word="private">private</span> <span word="stakes">stakes</span> <span word="orprivatisations">orprivatisations</span>. <span word="Deeper">Deeper</span> <span word="equity">equity</span> <span word="markets">markets</span> <span word="would">would</span> <span word="be">be</span> <span word="welcome">welcome</span>. <span word="Access">Access</span> <span word="to">to</span> <span word="debt">debt</span> <span word="markets">markets</span> <span word="is">is</span> <span word="more">more</span> <span word="ofa">ofa</span> <span word="mixed">mixed</span> <span word="blessing">blessing</span> <span word="for">for</span> <span word="some">some</span>. <span word="Ghana">Ghana</span> <span word="issued">issued</span> <span word="its">its</span> <span word="first">first</span> <span word="Eurobond">Eurobond</span> <span word="in">in</span> 2007. <span word="Within">Within</span> <span word="a">a</span> <span word="few">few</span> <span word="years">years</span> <span word="itsbudget">itsbudget</span> <span word="deficit">deficit</span> <span word="blew">blew</span> <span word="out">out</span> <span word="to">to</span> 12% <span word="of">of</span> <span word="GDP">GDP</span> <span word="after">after</span> <span word="a">a</span> <span word="large">large</span> <span word="public">public</span>-<span word="sector">sector</span> <span word="pay">pay</span> <span word="rise">rise</span>. <span word="Mozambiqueshows">Mozambiqueshows</span> <span word="worrying">worrying</span> <span word="signs">signs</span> <span word="of">of</span> <span word="similar">similar</span> <span word="trouble">trouble</span>.　　需求增加，能刺激股票的供应，包括出售私人股份或私有化。更具深度的股票市场将受到欢迎。对一些国家来说，接触到债券市场有好亦有坏。加纳于2007年第一次发行欧洲债券。在大幅增加公有部门薪酬后，几年时间内预算赤字飙升至<span word="GDP">GDP</span>的20%。莫桑比克也开始出现类似问题的苗头，令人担忧。　　<span word="Zambia">Zambia</span> <span word="meant">meant</span> <span word="to">to</span> <span word="use">use</span> <span word="its">its</span> <span word="proceeds">proceeds</span> <span word="wisely">wisely</span>. <span word="The">The</span> <span word="money">money</span> <span word="was">was</span> <span word="to">to</span> <span word="go">go</span> <span word="on">on</span> <span word="targeted">targeted</span> <span word="projects">projects</span>. <span word="Newroads">Newroads</span> <span word="in">in</span> <span word="the">the</span> <span word="copperbelt">copperbelt</span> <span word="make">make</span> <span word="sense">sense</span> <span word="since">since</span> <span word="so">so</span> <span word="much">much</span> <span word="cargo">cargo</span> <span word="is">is</span> <span word="sent">sent</span> <span word="by">by</span> <span word="truck">truck</span>. <span word="But">But</span> <span word="easy">easy</span> <span word="moneyleads">moneyleads</span> <span word="to">to</span> <span word="lax">lax</span> <span word="discipline">discipline</span>. <span word="The">The</span> <span word="state">state</span> <span word="s">s</span> <span word="wage">wage</span> <span word="bill">bill</span> <span word="has">has</span> <span word="become">become</span> <span word="bloated">bloated</span>. <span word="The">The</span> <span word="budget">budget</span> <span word="deficit">deficit</span> <span word="maybe">maybe</span> <span word="as">as</span> <span word="high">high</span> <span word="as">as</span> 8% <span word="of">of</span> <span word="GDP">GDP</span> <span word="this">this</span> <span word="year">year</span>. <span word="To">To</span> <span word="help">help</span> <span word="fill">fill</span> <span word="the">the</span> <span word="gap">gap</span>, <span word="Zambia">Zambia</span> <span word="is">is</span> <span word="said">said</span> <span word="to">to</span> <span word="be">be</span> <span word="plotting">plotting</span> <span word="anotherEurobond">anotherEurobond</span>.　　赞比亚原本想用好这笔钱，把钱花在重点项目上。在铜带上筑路是颇明智的选择，因为大量的货物都是通过卡车运送的。但钱来得容易，花得也就随意了。赞比亚政府部门薪酬已然过高。今年的预算赤字可能达到<span word="GDP">GDP</span>的8%。据说为了弥补空缺，赞比亚已经在筹划发放新一轮欧洲债券。　　词语解释　　1.<span word="scare">scare</span> <span word="with">with</span> 吓唬　　<span word="He">He</span> <span word="wanted">wanted</span> <span word="to">to</span> <span word="scare">scare</span> <span word="us">us</span> <span word="with">with</span> <span word="this">this</span>.　　他想用这个恐吓我们。　　<span word="Fasttony">Fasttony</span> <span word="why">why</span> <span word="do">do</span> <span word="you">you</span> <span word="scare">scare</span> <span word="us">us</span> <span word="with">with</span> <span word="doomsday">doomsday</span> <span word="stuff">stuff</span>?　　你为什么用世界末日的谎言来吓唬大家呢?　　2.<span word="able">able</span> <span word="to">to</span> 能;会　　<span word="He">He</span> <span word="was">was</span> <span word="even">even</span> <span word="able">able</span> <span word="to">to</span> <span word="build">build</span> <span word="his">his</span> <span word="own">own</span> <span word="home">home</span>.　　他现在甚至能建一所自己的房子。　　<span word="Have">Have</span> <span word="you">you</span> <span word="been">been</span> <span word="able">able</span> <span word="to">to</span> <span word="support">support</span> <span word="yourself">yourself</span> <span word="translating">translating</span>?　　靠做翻译，你能维持自己的生活吗?　　3.<span word="confine">confine</span> <span word="to">to</span> 限于之内　　<span word="To">To</span> <span word="confine">confine</span> <span word="us">us</span> <span word="to">to</span> <span word="our">our</span> <span word="current">current</span> <span word="path">path</span>.　　把我们限制在现在的道路上。　　<span word="The">The</span> <span word="treatment">treatment</span> <span word="to">to</span> <span word="pulsar">pulsar</span> <span word="signal">signal</span> <span word="only">only</span> <span word="confine">confine</span> <span word="to">to</span> <span word="the">the</span> <span word="adding">adding</span> <span word="of">of</span> <span word="the">the</span> <span word="pulsar">pulsar</span> <span word="signal">signal</span> <span word="by">by</span> <span word="cycles">cycles</span> <span word="atpresent">atpresent</span>.　　目前对脉冲星信号的处理仅局限于对脉冲星信号不同周期的迭加。　　4.<span word="catch">catch</span> <span word="up">up</span> 追上;吹起　　<span word="Someday">Someday</span> <span word="china">china</span> <span word="s">s</span> <span word="software">software</span> <span word="will">will</span> <span word="catch">catch</span> <span word="up">up</span> <span word="with">with</span> <span word="its">its</span> <span word="hardware">hardware</span>.　　有一天，中国的软实力终将会赶上它的硬实力。　　<span word="Some">Some</span> <span word="are">are</span> <span word="just">just</span> <span word="getting">getting</span> <span word="started">started</span> <span word="reading">reading</span> <span word="the">the</span> <span word="comics">comics</span> <span word="while">while</span> <span word="others">others</span> <span word="are">are</span> <span word="at">at</span> <span word="different">different</span> <span word="issues">issues</span>, <span word="trying">trying</span> <span word="tocatch">tocatch</span> <span word="up">up</span>.　　有些刚刚才开始读漫画，而有些人已经在别的章节了，想追上现在的进度。</p>

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