报刊英语试题A卷

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2010—2011学年度第2学期期末考试 《经贸英语报刊选读》试题(A )
Ⅰ Translate the following phrases into Chinese (20’)
1. Paradise Lost
2. credit crunch
3.tougher monetary policy
4. hedge fund
5. leave no margin for error
6. at a discount
7. real estate market
8. expensive fiscal plan 10. tax rebate ⅡTranslate the following phrases into English (20’)
1. 个人所得税门槛
2. 中小企业 2. 国家统计局
4. 负增长
5.税率调整
6.周转税
7. 中国社会科学院
8.管理价格
10. 都江堰水利工程
Ⅲ Reading read the following texts and answer the questions related with the texts, and then translate the sentences with the underline. (30’×2)
Passage one
Why Hot Money Is Sizzling in China
Hot money refers to large quantities of money that move quickly in international currency exchanges due to speculative activities or foreign funds that are temporarily transferred to a financial center and can be withdrawn at any time ( 11)
Hot money can cause serious problems for a country's financial stability. Though analysts have controversial opinions about how hot money winds its way into China, most of them acknowledge that fast inflows and outflows of hot money have become an issue to be reckoned with. Their influences have been felt in capital and property markets as well as the overall macro-economic performance. Earlier this month, Economic Information Daily published an article about how the government tracks hot money flows and supervises them. Excerpts follow. How much?
The latest statistics indicate that in the first quarter the country's foreign exchange reserves stood at $153.9 billion, while the aggregate value of the trade surplus and paid-in foreign direct investment (FDI) for the same quarter was approximately $70 billion. Many analysts conclude that the difference between the foreign reserves and the above-mentioned aggregate amount is the scale of international hot money in the first quarter.
But Zhao Qingming, a senior research manager at China Construction Bank, said the amount of hot money simply could not be determined in such a way. Zhao said the appreciation of non-U.S. dollar assets in China's foreign reserves contributed to the fast growth of its foreign reserve value.
Mei Xinyu, a researcher at the Chinese Academy of International Trade and Economic Cooperation under the Ministry of Commerce, agrees that the amount of hot money is not that large. The continuous devaluation of the U.S. dollar has increased China's non-U.S. dollar reserves, he said. The income from investing foreign reserve money as well as the settlement of domestic companies' foreign exchange swaps also have contributed greatly to the increase in the country's foreign reserves, he said.
Why China?
Why does international hot money favor China? Li Yang, a financial researcher at the Chinese Academy of Social Sciences (CASS), said the interest rate gap between the United States and China and the foreign exchange arbitrage brought about by renminbi appreciation both have triggered a greater influx of international speculative money.
Li believes that simple speculation such as interest rate arbitrage and foreign exchange arbitrage could bring speculators profits of more than 10 percent.
The surge of international hot money has been caused in part by U.S. interest rate cuts in the wake of the subprime mortgage crisis. The U.S. Federal Reserve has cut its key federal funds rate seven times since last September from 5.25 percent to the current 2 percent. In the meantime, the Chinese central bank started its sixth round of interest rate hikes since last year. At present, the benchmark one-year deposit interest rate was raised to 4.14 percent from the previous 2.52 percent. The opposite action of the two nations has further lured the influx of the overseas speculative money, Li said.
The continuous devaluation of the U.S. dollar has forced hot money to find a way out, with emerging markets becoming its destination. (12) Some of the hot money holders were tempted by the fast appreciation of the Chinese currency. In the first quarter, the renminbi rose more than 4 percent against the U.S. dollar, the fastest quarterly appreciation since the currency reform of 2005.
Zhang Ming, a financial expert at CASS, said he believes the robust growth of the mainland property and capital markets was another important reason for the huge inflow of hot money.
How did it enter?
Zhang said hot money has entered China through three different ways-the capital account, current account and the underground money bank.
Items under China's capital account such as FDI, securities investment, trade credit and loans, might also be channels where hot money sneaks in, Zhang said. Hot money can enter China under the name of FDI, and after being changed into renminbi, speculators can invest it in the stock and real estate markets, he said. "China has a strict control over the capital account, thus making it costlier for hot money to enter the country than other emerging markets," Zhang said.
In terms of the current account, Zhang said domestic foreign trade companies could bring in hot money by reporting low import quotations and high export quotations or registering sales revenue received in advance and deferred payments.( 13) Some foreign trade dealers have forged fake trade documents, enabling them to collect payment although no goods have been exported, he said. He added that fake trade has been the most convenient channel for hot money to enter the country.
Zhang cited a case in Guangdong Province where an importer signed a contract with a domestic foreign trade dealer to pay him three months in advance in U.S. dollars. Three months after the contract was signed, the Chinese dealer asked the foreign side to postpone the payment date for another three months. After the next three months passed, the Chinese dealer required the importer to raise the price of the goods because of the price surge of raw materials. After two months of negotiations, they cancelled the contract, and the Chinese side was fined 10 percent of the money it had received in advance.
In this dispute, the two companies manipulated international trade conventions by successfully keeping the importer's money in China for eight months. The Chinese dealer could use the money he received in advance to invest in the mainland capital and property markets. Therefore, in addition to the currency appreciation during the eight months, the importer got 10-percent investment revenue from the Chinese side. Hot money also can enter China through underground money banks, Zhang said. Such banks have not been authorized by the government, are not subject to government regulations and handle deposits and loans illegally.
In these cases, foreigners usually deposit money in an overseas account at a Chinese underground bank. After changing the dollars into renminbi, the banks deduct relevant trading fees and then deposit the money into the renminbi account of the foreigners, he said.( 14)
How to contain hot money?
The frequent inflow and outflow of hot money would undoubtedly cause economic uncertainties in the mainland markets, said Zhao Qingming of China Construction Bank.
“The excessive influx of hot money will expand market liquidity, cause excessive money supply, and will eventually push up inflation,” he said. “The hot money inflow also poses more pressure for renminbi appreciation. It can also create bubbles in the property and stock markets.”
The large amount of hot money also has negative impact on currency policy, Zhao said.
Mei Xinyu of the Chinese Academy of International Trade and Economic Cooperation agrees. “Worse still, if the money is pulled out of China all of a sudden, the normal operation of mainland financial system will be disrupted,” he said.
As a means of containing hot money, Zhao suggested that the government “reasonably control the renminbi appreciation expectation, strengthen efforts in tr ade investigation and sanctions and maintain asset prices at a reasonable level.”
The State Administration of Foreign Exchange (SAFE) should cooperate with the Customs agency to crack down on fake trades, Zhang said. He also suggested keeping the China-U.S. interest rate difference at a reasonable level to curb arbitrage.(15) SAFE had stated earlier that it would strictly control foreign exchange collections and settlements, tighten its supervision and investigations of commodity and service trades, strengthen the management of the bank's short-term foreign debt quotas and improve foreign-invested companies' management of foreign debt. It also vowed to strengthen its efforts in checking cross-border capital flows and cracking down on underground banks and illegal foreign exchange trades.
Worries of a pullout
Mei warned of the financial uncertainties of a sudden pullout of hot money.
"The outflow of hot money could bring enormous disaster to the domestic financial system," he said.
Mei said the risk would come from two factors-the U.S. subprime crisis contagion and a perception that mainland renminbi appreciation and capital market gains had reached a peak. Should this happen, hot money would "quickly get the arbitrage and pull out," he said.
Mei also said the U.S. subprime mortgage crisis is worsening. If foreign-invested companies and foreign institutional investors wanted to cover losses in their home countries, they would sell off their assets in China and switch the capital into their home countries to fuel the liquidity-hungry economies, he said.
"If that happens, the renminbi will be forced to drop sharply," Mei said.
Collective irrational actions are common in financial markets, Mei said. In the long run, he believes the renminbi will keep appreciating. But if some speculators expect a downward trend in the currency's value, they would quickly retreat, prompting an overall fear of renminbi depreciation, which would in turn stir other speculators who may follow suit, he said.
"That is the scary part," Mei said. He suggested that China reject a fast and substantial appreciation of the renminbi and keep its appreciation speed at a slow and incremental level.
1.Hot money can cause serious problems for a country’s ____ stability.
A.financial
B. political
C. cultural
D. social
2.the latest statistics indicate that in the first quarter the country’s foreign exchange stood at $ ____
A.$ 153.9 billion
B. $ 70 billion
C.$ 83.9 billion
D. $223.9 billion
3. The continuous devaluation of the U.S. dollars has ___ China’s non-U.S. dollar reserves.
A. decreased
B. had little effect on
C. increased
D. had no effect on
4. Simple speculation such as interest rate arbitrage and foreign exchange arbitrage could bring speculators profits of more than ___
A. 8 percent
B. 9 percent
C. 10 percent
D. 11 percent
5. The U.S. Federal Reserve has cut its key federal funds rate ___ since last September from 5.25 percent to the current 2 percent.
A. six times
B. seven times
C. eight times
D. nine times
6. The opposite action of the two nations has further lured the influx of the overseas
speculative money. The opposite action refers to___
A. The U.S. Federal Reserve has cut its key federal funds rate while the Chinese central bank increased interest rate
B. The U.S. Federal Reserve as well as the Chinese central bank has cut interest rate
C. The U.S. Federal Reserve as well as the Chinese central bank has increased interest rate
D. The U.S. Federal Reserve has increased its key federal funds rate while the Chinese central bank decreased interest rate
7. Hot money has entered China through ___
A. the capital account
B. current account
C. the underground money bank
D. A, B and C
8.___ has been the most convenient channel for hot money to enter the country.
A. fake trade
B. import trade
C. export trade
D. domestic trade
9. The frequent inflow and outflow of hot money would undoubtedly cause ___ in the mainland markets.
A. economic stability
B. social uncertainties
C. political uncertainties
D. economic uncertainties
10. As a means of containing hot money, the government should ___
A. reasonably control the renminbi appreciation expectation
B. strengthen efforts in trade investigation
C. maintain asset prices at a reasonable level
D. all of the above
11. Hot money refers to large quantities of money that move quickly in international currency exchanges due to speculative activities or foreign funds that are temporarily transferred to a financial center and can be withdrawn at any time
12 The continuous devaluation of the U.S. dollar has forced hot money to find a way out, with emerging markets becoming its destination.
13 In terms of the current account, Zhang said domestic foreign trade companies could bring in hot money by reporting low import quotations and high export quotations or registering sales revenue received in advance and deferred payments.( 13) 14 In these cases, foreigners usually deposit money in an overseas account at a Chinese underground bank. After changing the dollars into renminbi, the banks deduct relevant trading fees and then deposit the money into the renminbi account of the foreigners, he said.( 14)
15. The State Administration of Foreign Exchange (SAFE) should cooperate with the Customs agency to crack down on fake trades, Zhang said. He also suggested keeping the China-U.S. interest rate difference at a reasonable level to curb arbitrage.(15) Passage two
Economics Slow as Inflation Catches Up with Europe
It took a few months. But the economic woes touched off by soaring oil prices and the subprime mortgage crisis in the United States are finally engulfing Europe.
While each country has written its own recipe for what appears to be a looming slowdown, they all have one key ingredient in common: "Inflation, inflation, inflation," said economist Gilles Moec of the Bank of America in London.
Pinched by higher prices, consumers aren't spending -- and polls find confidence levels are falling in most of Europe's big economies.
Marie-Charlotte Robin, 23, a communications student who drives every day through Paris for her summer internship, says she has to devote more and more of her budget to gasoline. Recently, she has spent about 70 euros ($110) a week at the pump.
"I don't even fill up my whole tank anymore because the price makes me sick to my stomach," Robin said, while taking a lunch break on a park bench on a street just off the Champs-Elysee.
Inflation could well be the bugbear that defines what might otherwise have been a normal, cyclical slowdown after two or three years of strong growth in Europe. Unusually, it is food and oil prices that have risen without driving up core inflation. But many worry it is just a matter of time before prices for other goods begin rising as well. (11)
"Overall, inflation is at 4 percent, twice the target of the European Central Bank," said Marco Annunziata, chief economist of UniCredit Markets and Investment Banking in London.
"If you look at core inflation -- if you ignore the prices of food and energy -- it is less than 2 percent. That shows the prices of everything else except food and energy are quite stable. The question is: How long can it last?"
A stronger euro had buffered Europeans somewhat from the early rise in oil prices, since crude is priced in dollars, and for a while their economies rolled on. (12)But soaring energy costs are starting to bite, and there is growing pessimism about the impact here from the economic troubles in the U.S. -- a top export market.
Kabir Siyar, who owns a mobile phone and electronics business, said business has slowed at his store on Hauptwache square, one of the busiest shopping areas in Frankfurt, Germany.
"For the past year or year-and-a-half, for things that cost as little as five euros ($7.90) people are asking if they can have it for three euros ($4.75) instead. You never used to see haggling," he said. "People used to just hand over the money; now they're trying to get a better price."
The dynamics of slowdown vary greatly from country to country, creating a complex scenario that is exacerbating worries about how bad it will get -- and making it harder for the European Central Bank to conduct its one-size-fits-all interest rate policy. Stressing the need to fight inflation, the bank raised rates earlier this month despite fears that might weigh on growth.
Spain, Ireland and Britain suffer from burst housing bubbles like the one in the United States. Germany's export motor, running strongly for several years, is suddenly sputtering. Italy, Europe's perennial underperformer, limps along, burdened by chronic structural problems.
Denmark is already in a technical recession -- two consecutive quarters of decreasing economic output. According to many economists, the list of suspects for second-quarter contraction is growing: Spain, Italy and Ireland and possibly France and even Germany.
Gross domestic product in the 15 countries that use the euro currency -- which excludes Britain -- grew 2.2 percent on an annual basis in the first three months, according to Eurostat. (13) But that may be the last bit of good news for a while. "The big news is that the euro zone itself may contract in the second quarter," said Edward Hughes, an economist in Barcelona, Spain.
The crisis has already claimed a casualty in Spain, with the collapse of the big construction company Matinsa-Fadesa under $7.9 billion in debt. (14) The firm suffered the effects of higher interest rates and tighter lending conditions by banks spooked by the U.S. subprime troubles even though not directly affected.
Bad news keeps rolling out of Germany, Europe's biggest economy. Exports fell 3.2 percent in May, the biggest drop in more than three years. (15) The private research firm ZEW says its index of German investor confidence is the lowest since it began in 1991. Growth appears to have slowed dramatically in the second quarter -- to just 0.2 percent, according to the DIW think tank.
Still, many economists believe Germany may escape a big hit, following healthy 1.5 percent first quarter growth.
That may not be enough to improve the picture for Europe overall. Bank of America forecasts stagnation in the euro zone for the rest of the year.
At Barclays Capital, Frankfurt-based economist Thorsten Polleit said, "We haven't penciled in a doomsday scenario in terms of economic growth."
Barclays forecasts a slight 0.1 percent contraction for the euro zone in the second quarter, followed by 0.3 percent growth in each of the third and fourth quarters, Polleit said. For the year, Barclays growth forecast is 1.6 percent in 2008 and 2 percent in 2009.
"Inflation is a societal evil. It starts biting into consumer spending," Polleit said. While that's the picture in Europe and North America, Polleit said pricing power has shifted to countries that export commodities.
"It is always the same story. We are happy with rising prices of goods we already own," Polleit said. "We hate rising prices for goods we would like to buy. ... We don't appreciate it if others are getting better off while we are getting less well off."
1.The economic woes touched off by soaring oil prices and the subprime mortgage
crisis in the United States are finally engulfing ___
A.Africa
B. Asia
C. Europe
D. A merica
2.Due to ___, consumers are not spending and polls find confidence levels are
falling in most of Europe’s big economies.
A.high prices
B. high interest rate
C.low interest rate
D. low prices
3. Unusually, it is ___ that have risen without driving up core inflation.
A. food prices
B. oil prices
C. vegetable prices
D. both A and B
4. A stronger ___had buffered Europeans somewhat from the early rise in oil prices.
A. dollar
B. euro
C. mark
D. pound
5. Stressing the need to flight inflation, the bank___ earlier this month despite fears that might weigh on growth.
A. lowered rates
B. did not change rates
C. raised rates
D. went bankrupt
6. ___ suffered from burst housing bubbles like the one in the United States.
A. Spain, Britain and Denmark
B. Ireland, Britain and Spain
C. German. Britain and Italy
D. Denmark, Italy and Spain
7. Italy was burdened by chronic ___problems.
A. political
B. technical
C. historical
D. structural
8. gross domestic product in the 15 countries that use the euro currency, which excludes ___ grew 2.2 percent on an annual basis in the first three months.
A. Britain
B. Germany
C. Denmark
D. Italy
9. The collapse of the big construction company Matinsa-Fadesa in Spain was due to the effects of ___ by banks.
A. higher interest rate
B. severe political policies
C. lower interest rates
D. looser landing conditions
10. the private research firm ZEW says its index of German investor confidence is ___ since it began in 1991.
A. the highest
B. the lowest
C. the same
D. smattered
11. Unusually, it is food and oil prices that have risen without driving up core inflation. But many worry it is just a matter of time before prices for other goods begin rising as well. (11) 12 A stronger euro had buffered Europeans somewhat from the early rise in oil prices, since crude is priced in dollars, and for a while their economies rolled on. (12)
13 Gross domestic product in the 15 countries that use the euro currency -- which excludes Britain -- grew 2.2 percent on an annual basis in the first three months, according to Eurostat. (13)
14 The crisis has already claimed a casualty in Spain, with the collapse of the big construction company Matinsa-Fadesa under $7.9 billion in debt. (14)
15 Bad news keeps rolling out of Germany, Europe's biggest economy. Exports fell 3.2 percent in May, the biggest drop in more than three years. (15)。

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