中国货币
<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="China">China</span> <span word="s">s</span> <span word="currency">currency</span> 中国货币 <span word="One">One</span> <span word="way">way</span> <span word="no">no</span> <span word="more">more</span> 只有一条路可走 <span word="Why">Why</span> <span word="China">China</span> <span word="s">s</span> <span word="central">central</span> <span word="bank">bank</span> <span word="is">is</span> <span word="weakening">weakening</span> <span word="itscurrency">itscurrency</span> 为什么中国的中央银行正在弱化它的货币 <span word="CHINA">CHINA</span> <span word="S">S</span> <span word="currency">currency</span> <span word="has">has</span> <span word="long">long</span> <span word="been">been</span> <span word="a">a</span> <span word="source">source</span> <span word="of">of</span> <span word="controversy">controversy</span>, <span word="especially">especially</span> <span word="among">among</span> <span word="Americanpoliticians">Americanpoliticians</span> <span word="outraged">outraged</span> <span word="by">by</span> <span word="its">its</span> <span word="cheapness">cheapness</span>. 中国的货币长久以来就是争议之源，尤其是因其廉价而饱受美国政客的指责。 <span word="But">But</span> <span word="it">it</span> <span word="is">is</span> <span word="rarely">rarely</span> <span word="a">a</span> <span word="source">source</span> <span word="of">of</span> <span word="uncertainty">uncertainty</span>. 但是它却不是不稳定的源泉。 <span word="Critics">Critics</span> <span word="have">have</span> <span word="argued">argued</span> <span word="fiercely">fiercely</span> <span word="about">about</span> <span word="what">what</span> <span word="it">it</span> <span word="should">should</span> <span word="be">be</span> <span word="worth">worth</span>. 批评家就其实际价值争论了很久， <span word="But">But</span> <span word="as">as</span> <span word="to">to</span> <span word="what">what</span> <span word="it">it</span> <span word="would">would</span> <span word="be">be</span> <span word="worth">worth</span>, <span word="China">China</span> <span word="s">s</span> <span word="authorities">authorities</span> <span word="have">have</span> <span word="left">left</span> <span word="little">little</span> <span word="room">room</span> <span word="for">for</span> <span word="disagreement">disagreement</span>. 但是事关未来中国货币价值，中国政府不容置喙。在中国历史上的大多数时间，其货币紧紧与美元挂钩。 <span word="For">For</span> <span word="much">much</span> <span word="of">of</span> <span word="its">its</span> <span word="history">history</span> <span word="it">it</span> <span word="has">has</span> <span word="been">been</span> <span word="pegged">pegged</span> <span word="tightly">tightly</span> <span word="to">to</span> <span word="the">the</span> <span word="dollar">dollar</span>. <span word="More">More</span> <span word="recently">recently</span> <span word="it">it</span> <span word="has">has</span> <span word="floatedwithin">floatedwithin</span> <span word="a">a</span> <span word="narrow">narrow</span> <span word="band">band</span>. 近来，中国汇率在一个很小的范围波动。 <span word="Most">Most</span> <span word="people">people</span> <span word="have">have</span> <span word="assumed">assumed</span> <span word="it">it</span> <span word="would">would</span> <span word="float">float</span> <span word="upwards">upwards</span>. 大多数人，认为其将会向上浮动。 <span word="In">In</span> <span word="recent">recent</span> <span word="days">days</span>, <span word="however">however</span>, <span word="China">China</span> <span word="s">s</span> <span word="authorities">authorities</span> <span word="have">have</span> <span word="tested">tested</span> <span word="that">that</span> <span word="assumption">assumption</span>. 而近日，中国官方欣慰证实了这一猜想， <span word="At">At</span> <span word="a">a</span> <span word="two">two</span>-<span word="day">day</span> <span word="meeting">meeting</span> <span word="ending">ending</span> <span word="on">on</span> <span word="February">February</span> 18<span word="th">th</span>, <span word="the">the</span> <span word="central">central</span> <span word="bank">bank</span> <span word="decided">decided</span> <span word="to">to</span> <span word="weaken">weaken</span> <span word="theyuan">theyuan</span>, <span word="according">according</span> <span word="to">to</span> <span word="the">the</span> <span word="Wall">Wall</span> <span word="Street">Street</span> <span word="Journal">Journal</span>. 据《华尔街日报》消息，为期两天并于2月18号结束的会议，在其召开之后， <span word="It">It</span> <span word="has">has</span> <span word="lowered">lowered</span> <span word="its">its</span> <span word="benchmark">benchmark</span> <span word="by">by</span> <span word="a">a</span> <span word="smidgen">smidgen</span> <span word="at">at</span> <span word="a">a</span> <span word="time">time</span> <span word="for">for</span> <span word="several">several</span> <span word="days">days</span>. 中央银行决定贬抑人民币。它略微降低了其基准几天的时间。 <span word="The">The</span> <span word="currency">currency</span> <span word="has">has</span> <span word="also">also</span> <span word="fallen">fallen</span> <span word="from">from</span> <span word="the">the</span> <span word="strong">strong</span> <span word="side">side</span> <span word="of">of</span> <span word="its">its</span> <span word="band">band</span> <span word="to">to</span> <span word="the">the</span> <span word="weak">weak</span> <span word="side">side</span>. 货币也已经从强势的一端，降到弱势的一端了。 <span word="In">In</span> <span word="the">the</span> <span word="space">space</span> <span word="of">of</span> <span word="a">a</span> <span word="few">few</span> <span word="days">days</span>, <span word="it">it</span> <span word="lost">lost</span> <span word="about">about</span> 1% <span word="of">of</span> <span word="its">its</span> <span word="value">value</span>. 几天的时间，就已经贬值了1%。 <span word="On">On</span> <span word="February">February</span> 26<span word="th">th</span> <span word="China">China</span> <span word="s">s</span> <span word="foreign">foreign</span>-<span word="exchange">exchange</span> <span word="regulator">regulator</span> <span word="said">said</span> <span word="that">that</span> <span word="China">China</span> <span word="s">s</span> <span word="ongoingexchange">ongoingexchange</span>-<span word="rate">rate</span> <span word="reforms">reforms</span> <span word="meant">meant</span> <span word="that">that</span> <span word="two">two</span>-<span word="way">way</span> <span word="fluctuations">fluctuations</span> <span word="will">will</span> <span word="become">become</span> <span word="the">the</span> <span word="norm">norm</span>. 2月26日，中国外汇管理局称中国正在进行汇率改革，这意味着双向波动会成为规范 <span word="For">For</span> <span word="the">the</span> <span word="past">past</span> <span word="year">year</span>, <span word="a">a</span> <span word="different">different</span> <span word="norm">norm</span> <span word="has">has</span> <span word="applied">applied</span>: 在过去的几年，一个不同的标准已被采用： <span word="the">the</span> <span word="fluctuations">fluctuations</span> <span word="have">have</span> <span word="been">been</span> <span word="mostly">mostly</span> <span word="one">one</span> <span word="way">way</span>. 波动可能只因为一种方式。 <span word="China">China</span> <span word="enjoys">enjoys</span> <span word="a">a</span> <span word="sizeable">sizeable</span> <span word="current">current</span>-<span word="account">account</span> <span word="surplus">surplus</span> <span word="and">and</span> <span word="it">it</span> <span word="still">still</span> <span word="attracts">attracts</span> <span word="more">more</span> <span word="foreign">foreign</span>-<span word="directinvestment">directinvestment</span> <span word="than">than</span> <span word="it">it</span> <span word="provides">provides</span>. 中国拥有相当数量的经常项目盈余，并且它仍然吸引这比其投资量更多的国外直接投资。 <span word="Other">Other</span> <span word="kinds">kinds</span> <span word="of">of</span> <span word="capital">capital</span> <span word="flows">flows</span> <span word="are">are</span> <span word="more">more</span> <span word="volatile">volatile</span>. <span word="But">But</span> <span word="in">in</span> <span word="the">the</span> <span word="last">last</span> <span word="quarter">quarter</span> <span word="of">of</span> 2013, <span word="a">a</span> <span word="net">net</span> $22<span word="billion">billion</span> <span word="of">of</span> <span word="hot">hot</span> <span word="money">money</span> <span word="flowed">flowed</span> <span word="inwards">inwards</span>. 其他形式的资本流动愈发不稳定。当时2013年第四季度，净值220亿美元的热钱流入国内。 <span word="Much">Much</span> <span word="of">of</span> <span word="this">this</span> <span word="qualifies">qualifies</span> <span word="as">as</span> <span word="a">a</span> <span word="carry">carry</span> <span word="trade">trade</span>: <span word="speculators">speculators</span> <span word="have">have</span> <span word="borrowed">borrowed</span> <span word="cheaply">cheaply</span> <span word="in">in</span> <span word="dollars">dollars</span>, <span word="then">then</span> <span word="lentin">lentin</span> <span word="yuan">yuan</span>, <span word="eluding">eluding</span> <span word="China">China</span> <span word="s">s</span> <span word="capital">capital</span> <span word="controls">controls</span> <span word="in">in</span> <span word="the">the</span> <span word="hope">hope</span> <span word="of">of</span> <span word="benefiting">benefiting</span> <span word="both">both</span> <span word="from">from</span> <span word="higher">higher</span> <span word="Chineseinterest">Chineseinterest</span> <span word="rates">rates</span> <span word="and">and</span> <span word="the">the</span> <span word="yuan">yuan</span> <span word="s">s</span> <span word="appreciation">appreciation</span>. 许多被认为是一种套息交易:投机者廉价借入美元,然后借给人民币,避过了中国的资本管制,以期从更高的中国利率和人民币升值中获利。 <span word="All">All</span> <span word="of">of</span> <span word="this">this</span> <span word="has">has</span> <span word="put">put</span> <span word="upward">upward</span> <span word="pressure">pressure</span> <span word="on">on</span> <span word="the">the</span> <span word="currency">currency</span>, <span word="fulfilling">fulfilling</span> <span word="the">the</span> <span word="carry">carry</span>-<span word="traders">traders</span> <span word="designs">designs</span> <span word="andinspiring">andinspiring</span> <span word="others">others</span> <span word="to">to</span> <span word="emulate">emulate</span> <span word="them">them</span>. 套息交易者计划的实行以及激励别人效仿其行为，所有的这些都增加了货币升值的压力， <span word="Despite">Despite</span> <span word="the">the</span> <span word="central">central</span> <span word="bank">bank</span> <span word="s">s</span> <span word="heavy">heavy</span> <span word="purchases">purchases</span> <span word="of">of</span> <span word="foreign">foreign</span> <span word="exchange">exchange</span>, <span word="the">the</span> <span word="yuan">yuan</span> <span word="rose">rose</span> <span word="by">by</span> 2.8%<span word="against">against</span> <span word="the">the</span> <span word="dollar">dollar</span> <span word="in">in</span> <span word="the">the</span> <span word="year">year</span> <span word="to">to</span> <span word="January">January</span>, <span word="even">even</span> <span word="as">as</span> <span word="the">the</span> <span word="currencies">currencies</span> <span word="of">of</span> <span word="other">other</span> <span word="emerging">emerging</span> <span word="marketsplummeted">marketsplummeted</span>. 尽管央行大量购进美元，截至今年1月，即使是在其他新兴市场猛跌的情况下，人民币相对于美元升值了2.8%。 <span word="The">The</span> <span word="resulting">resulting</span> <span word="loss">loss</span> <span word="of">of</span> <span word="competitiveness">competitiveness</span> <span word="is">is</span> <span word="best">best</span> <span word="illustrated">illustrated</span> <span word="by">by</span> <span word="an">an</span> <span word="index">index</span> <span word="calculated">calculated</span> <span word="by">by</span> <span word="theHong">theHong</span> <span word="Kong">Kong</span> <span word="Monetary">Monetary</span> <span word="Authority">Authority</span>, <span word="which">which</span> <span word="compares">compares</span> <span word="China">China</span> <span word="s">s</span> <span word="currency">currency</span> <span word="with">with</span> <span word="those">those</span> <span word="of">of</span> <span word="otheremerging">otheremerging</span> <span word="economies">economies</span> <span word="that">that</span> <span word="compete">compete</span> <span word="with">with</span> <span word="it">it</span> <span word="in">in</span> <span word="third">third</span> <span word="markets">markets</span>. 由香港金融管理局的通过比较中国与其他新兴经济体的货币在第三市场的竞争计算出来的指数，最好地说明了人民币升值导致竞争力下降的情况。 <span word="This">This</span> <span word="index">index</span> <span word="shows">shows</span> <span word="the">the</span> <span word="yuan">yuan</span> <span word="rising">rising</span> <span word="by">by</span> <span word="over">over</span> 13% <span word="in">in</span> <span word="the">the</span> <span word="year">year</span> <span word="to">to</span> <span word="January">January</span> <span word="and">and</span> <span word="by">by</span> <span word="almost">almost</span> 2.6% <span word="inJanuary">inJanuary</span> <span word="alone">alone</span>. 这个指数显示了人民币截至到今年一月份上涨了13%，光一月份就上涨了几乎2.6%。 <span word="China">China</span> <span word="s">s</span> <span word="authorities">authorities</span> <span word="did">did</span> <span word="not">not</span> <span word="say">say</span> <span word="they">they</span> <span word="had">had</span> <span word="stepped">stepped</span> <span word="in">in</span> <span word="to">to</span> <span word="sap">sap</span> <span word="the">the</span> <span word="yuan">yuan</span>. 中国政府未曾说过其介入贬抑人民币。 <span word="But">But</span> <span word="their">their</span> <span word="intervention">intervention</span> <span word="left">left</span> <span word="fingerprints">fingerprints</span> <span word="all">all</span> <span word="over">over</span> <span word="the">the</span> <span word="money">money</span> <span word="markets">markets</span>. 但是它们干涉的痕迹遍布整个货币市场。 <span word="In">In</span> <span word="buying">buying</span> <span word="dollars">dollars</span> <span word="to">to</span> <span word="weaken">weaken</span> <span word="the">the</span> <span word="currency">currency</span>, <span word="the">the</span> <span word="monetary">monetary</span> <span word="authorities">authorities</span> <span word="put">put</span> <span word="additional">additional</span> <span word="yuaninto">yuaninto</span> <span word="circulation">circulation</span>. 通过购买美元来使本币贬值，金融当局投放额外的人民币用于流通。 <span word="The">The</span> <span word="central">central</span> <span word="bank">bank</span> <span word="withdrew">withdrew</span> <span word="a">a</span> <span word="fraction">fraction</span> <span word="of">of</span> <span word="this">this</span> <span word="extra">extra</span> <span word="money">money</span> <span word="by">by</span> <span word="selling">selling</span> <span word="securities">securities</span> <span word="to">to</span> <span word="the">the</span> <span word="banks">banks</span>. 中央银行通过向银行发售有价证券来收回一小部分额外的钱。 <span word="But">But</span> <span word="the">the</span> <span word="banks">banks</span> <span word="were">were</span> <span word="still">still</span> <span word="left">left</span> <span word="with">with</span> <span word="extra">extra</span> <span word="yuan">yuan</span>, <span word="which">which</span> <span word="they">they</span> <span word="tried">tried</span> <span word="to">to</span> <span word="lend">lend</span> <span word="to">to</span> <span word="each">each</span> <span word="other">other</span>. 但是银行手头仍然有很多多出来的钱，他们试图将之借给对方， <span word="This">This</span> <span word="pushed">pushed</span> <span word="down">down</span> <span word="interbank">interbank</span> <span word="interest">interest</span> <span word="rates">rates</span>, <span word="despite">despite</span> <span word="the">the</span> <span word="central">central</span> <span word="bank">bank</span> <span word="s">s</span> <span word="withdrawals">withdrawals</span>. 这降低了银行内部利率。 <span word="As">As</span> <span word="Yao">Yao</span> <span word="Wei">Wei</span> <span word="of">of</span> <span word="Societe">Societe</span> <span word="Generale">Generale</span> <span word="points">points</span> <span word="out">out</span>, <span word="No">No</span> <span word="factors">factors</span> <span word="other">other</span> <span word="than">than</span> <span word="foreign">foreign</span>-<span word="exchangeintervention">exchangeintervention</span> <span word="seems">seems</span> <span word="able">able</span> <span word="to">to</span> <span word="explain">explain</span> <span word="that">that</span>. 法国兴业银行的<span word="Yao">Yao</span> <span word="Wei">Wei</span> 指出似乎除了外汇干预，没有更好的原因能解释这一现象了。 <span word="Will">Will</span> <span word="the">the</span> <span word="yuan">yuan</span> <span word="s">s</span> <span word="slide">slide</span> <span word="persist">persist</span>? 人民币会持续贬值吗? <span word="In">In</span> <span word="its">its</span> <span word="statement">statement</span>, <span word="the">the</span> <span word="foreign">foreign</span>-<span word="exchange">exchange</span> <span word="regulator">regulator</span> <span word="pointed">pointed</span> <span word="out">out</span> <span word="that">that</span> <span word="export">export</span> <span word="earnings">earnings</span> <span word="andforeign">andforeign</span>-<span word="direct">direct</span> <span word="investment">investment</span> <span word="remain">remain</span> <span word="strong">strong</span>. 外汇管理局在其陈述中指出：对外贸易顺差以及国外直接投资势头依旧强劲。 <span word="These">These</span> <span word="fundamentals">fundamentals</span> <span word="both">both</span> <span word="suggest">suggest</span> <span word="the">the</span> <span word="yuan">yuan</span> <span word="should">should</span> <span word="rise">rise</span> <span word="again">again</span>. 这两个基础因素显示了人民币应该再次升值。 <span word="But">But</span> <span word="by">by</span> <span word="wrongfooting">wrongfooting</span> <span word="the">the</span> <span word="speculators">speculators</span>, <span word="the">the</span> <span word="authorities">authorities</span> <span word="hope">hope</span> <span word="that">that</span> <span word="the">the</span> <span word="expectation">expectation</span> <span word="ofappreciation">ofappreciation</span> <span word="will">will</span> <span word="not">not</span> <span word="remain">remain</span> <span word="a">a</span> <span word="cause">cause</span> <span word="of">of</span> <span word="that">that</span> <span word="appreciation">appreciation</span>. 但是通过打乱投机者的步伐，当局期望对升值的预期不会继续成为导致升值的因素。 <span word="At">At</span> <span word="the">the</span> <span word="meeting">meeting</span> <span word="in">in</span> <span word="which">which</span> <span word="it">it</span> <span word="decided">decided</span> <span word="to">to</span> <span word="cheapen">cheapen</span> <span word="its">its</span> <span word="currency">currency</span>, <span word="the">the</span> <span word="central">central</span> <span word="bank">bank</span> <span word="also">also</span> <span word="decided">decided</span> <span word="toenlarge">toenlarge</span> <span word="the">the</span> <span word="yuan">yuan</span> <span word="s">s</span> <span word="trading">trading</span> <span word="band">band</span> <span word="later">later</span> <span word="this">this</span> <span word="year">year</span>, <span word="according">according</span> <span word="to">to</span> <span word="a">a</span> <span word="statement">statement</span> <span word="cited">cited</span> <span word="bytheJournal">bytheJournal</span>. 根据《华尔街日报》上的描述，在做出贬抑人民币决定的会议上，中央银行也决定扩大人民币交易的范围。 <span word="A">A</span> <span word="more">more</span> <span word="flexible">flexible</span> <span word="yuan">yuan</span> <span word="would">would</span> <span word="give">give</span> <span word="the">the</span> <span word="central">central</span> <span word="bank">bank</span> <span word="a">a</span> <span word="freer">freer</span> <span word="hand">hand</span> <span word="in">in</span> <span word="setting">setting</span> <span word="monetary">monetary</span> <span word="policy">policy</span>,<span word="even">even</span> <span word="as">as</span> <span word="it">it</span> <span word="gradually">gradually</span> <span word="permits">permits</span> <span word="larger">larger</span> <span word="cross">cross</span>-<span word="border">border</span> <span word="flows">flows</span> <span word="of">of</span> <span word="capital">capital</span>. 一个更加有弹性的人民币将会给中央银行在制定货币政策时带来更大的便利，甚至它会逐渐允许更大规模的跨境资本流动。 <span word="Despite">Despite</span> <span word="its">its</span> <span word="cruelty">cruelty</span> <span word="to">to</span> <span word="carry">carry</span> <span word="traders">traders</span>, <span word="the">the</span> <span word="central">central</span> <span word="bank">bank</span> <span word="seems">seems</span> <span word="to">to</span> <span word="be">be</span> <span word="keen">keen</span> <span word="to">to</span> <span word="open">open</span> <span word="the">the</span> <span word="door">door</span> <span word="toforeign">toforeign</span> <span word="capital">capital</span> <span word="a">a</span> <span word="little">little</span> <span word="wider">wider</span>, <span word="as">as</span> <span word="long">long</span> <span word="as">as</span> <span word="foreigners">foreigners</span> <span word="do">do</span> <span word="not">not</span> <span word="try">try</span> <span word="to">to</span> <span word="barge">barge</span> <span word="their">their</span> <span word="way">way</span> <span word="in">in</span>. <span word="That">That</span> <span word="willmake">willmake</span> <span word="China">China</span> <span word="s">s</span> <span word="currency">currency</span> <span word="a">a</span> <span word="source">source</span> <span word="of">of</span> <span word="less">less</span> <span word="controversy">controversy</span> <span word="but">but</span> <span word="a">a</span> <span word="good">good</span> <span word="deal">deal</span> <span word="more">more</span> <span word="uncertainty">uncertainty</span>. 尽管其对于套息交易者十分严厉，但是只要外国人不试图用粗鲁的方式闯入中国市场，中央银行似乎乐意对国外资本适度放宽限制。这将减少中国通货的争议性，但是却增加了不稳定性。 词语解释 1.<span word="a">a</span> <span word="source">source</span> <span word="of">of</span> 来源 <span word="Sex">Sex</span> <span word="outstrips">outstrips</span> <span word="even">even</span> <span word="excretion">excretion</span> <span word="as">as</span> <span word="a">a</span> <span word="source">source</span> <span word="ofeuphemism">ofeuphemism</span>. 性问题以及与其相关的东西都成为了委婉语的来源。 <span word="Eventually">Eventually</span>, <span word="fragmenting">fragmenting</span> <span word="politics">politics</span> <span word="may">may</span> <span word="become">become</span> <span word="asource">asource</span> <span word="of">of</span> <span word="hope">hope</span>. 最终，政治分崩离析或许会成为希望的源泉。 2.<span word="decide">decide</span> <span word="to">to</span> 决定 <span word="Why">Why</span> <span word="did">did</span> <span word="you">you</span> <span word="decide">decide</span> <span word="to">to</span> <span word="talk">talk</span> <span word="about">about</span> <span word="it">it</span>? 那你为什么还决定把这件事说出来? <span word="When">When</span> <span word="you">you</span> <span word="decide">decide</span> <span word="to">to</span> <span word="improve">improve</span> <span word="your">your</span> <span word="life">life</span>, <span word="you">you</span> <span word="really">really</span> <span word="do">do</span>. 当你决定去改变你的生活，你真的做了。 3.<span word="fall">fall</span> <span word="from">from</span> 落下;跌落;降落 <span word="Could">Could</span> <span word="a">a</span> <span word="hamster">hamster</span> <span word="survive">survive</span> <span word="a">a</span> <span word="fall">fall</span> <span word="from">from</span> <span word="an">an</span> <span word="aeroplane">aeroplane</span>? 仓鼠从飞机上掉下来还能活吗? <span word="Last">Last</span> <span word="month">month</span>, <span word="the">the</span> <span word="ice">ice</span> <span word="cream">cream</span> <span word="giant">giant</span> <span word="ben">ben</span> <span word="jerry">jerry</span> <span word="s">s</span> <span word="seemingly">seemingly</span> <span word="took">took</span> <span word="a">a</span> <span word="fall">fall</span> <span word="from">from</span> <span word="grace">grace</span>. 就在上月，冰激凌巨头本杰瑞好像从华美的舞台上摔了一跤。 4.<span word="inspire">inspire</span> <span word="to">to</span> 启发 <span word="To">To</span> <span word="speak">speak</span> <span word="up">up</span> <span word="and">and</span> <span word="out">out</span> <span word="against">against</span> <span word="sinful">sinful</span> <span word="living">living</span> <span word="to">to</span> <span word="inspire">inspire</span> <span word="to">to</span> <span word="righteous">righteous</span> <span word="living">living</span>. 大声并大胆地向犯罪生活唱反调，并激发公义正直的生活。</p>
页:
[1]