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经济类文章精选:Currency teaser

http://www.sina.com.cn 2006/06/05 15:55  新东方

  7 Currency teaser

  A strong rupee is giving policymakers a new sort of headache

  THE Indian finance ministry's mid-year review, released this week, sees the external sector as a silver lining around the country's huge fiscal deficit. "
Buoyant" and "encouraging" are the words used to describe three consecutive quarters of current-account surplus--the first in a quarter-century. Add to that swelling foreign-exchange reserves and a stronger rupee, and some are arguing that it is time for drastic liberalisation of India's foreign-exchange regime. They could be disappointed.

  For most of the past decade, the nominal value of the rupee has been allowed to decline gently against the dollar, by about 5% a year, thus staying fairly steady in real terms. This year, however, it has been appreciating in real terms (and, since June, nominally as well). It would have done so more sharply had the central bank not been buying dollars with gusto. Exporters of manufactured goods, obsessed with price competition from China, are aghast at the rise--and at the prospect held out by some forecasters that a sustained boom in India's IT exports means it will continue.

  The rupee's recent strength is only partly related to India's prowess in software and the mushrooming of "business-process outsourcing" in such projects as call-centres. The chunky surplus on invisibles owes more to remittances: non-resident Indians, attracted by the stability of the rupee and its higher interest rates, have been moving their offshore deposits back home. Similarly, Indian companies are borrowing more in dollars without selling rupees forward to hedge repayments. The trade deficit, meanwhile, has been shrinking, as imports grow slowly.

  The inflows have boosted foreign-exchange reserves by some $20 billion this year, to $66 billion, or 12 months'-worth of imports. The size of this cushion has triggered some calls for further liberalisation of the labyrinthine foreign-exchange controls that India still maintains, despite the move in 1993 towards rupee convertibility for trade purposes. In recent months, some controls have duly been eased. It is now simpler, for example, for individuals to open foreign-currency bank accounts, and for travellers to get hold of foreign exchange. And non-resident Indians have been allowed to take out money acquired through inheritance, or from rents and dividends.

  Some commentators have taken all this as a harbinger of full capital-account convertibility. That is not on the cards. The experience of 1991, when India ran out of money, has left the central bank prone to caution--an approach it felt was vindicated by the East Asian crisis of 1997-98. With war in Iraq looming and a turbulent oil market, some risk aversion is understandable. India's fiscal deficit--some 10% of GDP and widening--is another reason for moving slowly. Just as one rating agency, Moody's, is considering upgrading India's external debt, another, Fitch, has warned that its local-currency rating is under threat. Nor is it certain that opening the capital account would mean a weaker rupee. It might even attract more capital inflows. As India's exporters are learning, convertibility is a two-way street.

  Economist; 12/7/2002, Vol. 365 Issue 8302, p73, 1/3p

  注(1):本文选自Economist;12/7/2002, p73, 1/3p;

  注(2):本文习题命题模仿2002年真题text 2第2题(1),text 5第3题(2),1995年真题text 2第4题(3),2000年真题text 4第3题(4)和1998年真题text 2第4题(5);

  1.The expression “silver lining” (Line 2, Paragraph 1) most probably means______.

  [A] a side effect

  [B] a favorable aspect

  [C] a decorative line

  [D] a comforting prospect

  2.According to the text, the appreciation of the rupee in real terms__________.

  [A] will lower its nominal value

  [B] is bad news to exporters of manufactured goods

  [C] means a sharper decline of its nominal value against the dollar

  [D] will give impetus to the development of India’s IT industry

  3.The current account surplus owes to the following EXCEPT_________.

  [A] the strength of the rupee

  [B] the remittances of non-resident Indians

  [C] the hedging activity of Indian companies

  [D] the growing imports

  4.Which of the following is true according to the text?

  [A] India’s foreign exchange reserves increased more than three times this year.

  [B] Individuals are now allowed to trade foreign currency freely.

  [C] India now can tackle adverse events in the foreign exchange market better

  [D] India’s foreign exchange controls are seen as a hamper to its economic development.

  5.Which of the follow is NOT a reason for India’s slow response to calls for liberalization

  of its foreign exchange?

  [A] Its increasing foreign reserve.

  [B] Its past experience.

  [C] Uncertainty of the oil market.

  [D] Its growing fiscal deficit.

  答案:D B D C A




  silver lining: 一线希望

  buoyant: [5bCiEnt] adj. 趋于上升的(价格)

  rupee: [5ru:pi:] n. 卢比(印度、巴基斯坦等国的货币)

  liberalization: [7libErElai5zeiFEn] n. 自由化; 放宽限制

  nominal: [5nCminl] adj. 属于、关于或是一笔钱或者


  appreciate: [E5pri:Fieit] v. 增值, 涨价

  gusto: [5^QstEu] n. 兴致勃勃;热情

  aghast: [E5^B:st] adj. 惊骇的, 吓呆的

  prowess: [5praJIs] n. 卓越的技能;杰出的才能;本领

  mushrooming: [5mQFrumiN] n. 迅速增长, 激烈增殖

  outsourcing: [`aJt9sR:sIN] n. [商]外部采办,外购

  chunky: [5tFQNki] adj. 结实的;厚实的

  remittance: [ri5mitEns] n. 汇款, 汇寄之款, 汇款额

  offshore: [5C(:)fFC:] adj. 海外的,国外的

  hedge: [hedV] n. 保值措施,套期保值

  cushion: [5kuFEn] n. 缓冲减轻或缓和不利后果的东西

  labyrinthine: [9lAbE`rInWaIn] adj. 迷宫(似)的, 曲折的

  convertibility: [kEn9v\:tE`bIlEtI] n. 可兑换性

  dividend: [5dividend] n. 股息, 红利

  harbinger: [5hB:bindVE] n. 先驱, 预兆

  prone: [prEun] adj. 倾向于

  vindicate: [5vindikeit] v. 证明…正当

  loom: [lu:m] v. 隐现, 迫近

  turbulent: [5tE:bjulEnt] adj. 动荡的;难控制的

  aversion: [E5vE:FEn] n. 指转向或转移的行为


  1. The size of this cushion has triggered some calls for further liberalisation of the labyrinthine foreign-exchange controls that India still maintains, despite the move in 1993 towards rupee convertibility for trade purposes.

  主体句式:The size of this cushion has triggered some calls…

  结构分析:这一句虽然也包含一个定语从句,但结构并不算太复杂,容易造成理解困难的是cushion, labyrinthine这两个词。Cushion原意是“垫子”,这里引申为“缓冲不利后果的东西;保障”,labyrinthine的意思是“复杂的;迷宫般的”。


  2. The experience of 1991, when India ran out of money, has left the central bank prone to caution--an approach it felt was vindicated by the East Asian crisis of 1997-98.

  主体句式:The experience…has left the central bank prone to caution.




  1. 答案为D,属猜词题。根据上下文,印度的财政赤字非常大,但印度的外汇储备不断增加,并且连续三个季度的经常项目账户盈余,显然,对外部门给巨额财政赤字带来了一线希望。四个选项中,只有A的意义最符合。

  2. 答案为B,属事实细节题。文章第二段制造品出口商听到卢比升值消息时的反应是“aghast”,这个词的意思是“吃惊的;吓呆的”,可见这条消息对他们来说是坏消息。

  3. 答案为D,属事实细节题。文章第三段指出了印度经常项目账户盈余的几个原因:卢比的强势,海外印度人的汇款,印度公司为了套期保值而借入美元却不卖出卢比的行为,以及贸易赤字的缩小。而贸易赤字缩小的原因是进口增长缓慢。所以进口的不断增长不是导致经常项目账户盈余的原因。

  4. 答案为C,属事实细节题。根据文章第四段第二行,印度外汇储备的大幅增加到660亿美元,因此一些人认为印度已经有了一个可以放心开放外汇控制的cushion。这个词的意思是“缓冲不利影响的东西”,显然现在的印度能够更从容地应付外汇市场的不利情况。

  5. 答案为A,属事实细节题。根据上下文,人们呼吁印度放宽外汇控制的原因是印度的外汇储备不断增加,卢比也不断走强。A项中的答案正好因果颠倒了。







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