1、文明考风、诚信考试。作弊是对自己无能的一种掩饰，是对自己懒惰的一种伪装，更是对尊严的一种抹杀。经贸英语报刊选读试题 第 1 页 共 18 页 经贸英语报刊选读试题 第 2 页 共 18 页密封线内不要答题学 号姓 名班 级20102011学年度第 2学期期末考试经贸英语报刊选读试题（B）题 号 一 二 三 四 五 总 分得 分得 分 评卷人 Translate the following phrases into Chinese (20)1. Mutual funds 2. Turnover tax3.tougher monetary policy 4. Most-favored nation
2、5. leave no margin for profit 6. Housing bubbles7. hot money 8. Standing committee9. foreign direct investment 10. tax rebate得 分 评卷人 Translate the following phrases into English （20）1. 联合国粮食及农业组织 2.国内生产总值3.国际能源机构 4. 北大西洋公约组织5.增值税 6.周转税7. 美国次贷危机 8.世界遗产名录9. 管理价格 10. 都江堰水利工程得 分 评卷人 Reading read the fol
3、lowing texts and answer the questions related with the texts, and then translate the sentences with the underline. (302)Passage one Economics Slow as Inflation Catches Up with EuropeIt took a few months. But the economic woes touched off by soaring oil prices and the subprime mortgage crisis in the
4、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, con
5、sumers arent spending - and polls find confidence levels are falling in most of Europes 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 sp
6、ent about 70 euros ($110) a week at the pump.“I dont 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
7、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)文明考风、诚信考试。作弊是对自己无能的一种掩
8、饰，是对自己懒惰的一种伪装，更是对尊严的一种抹杀。经贸英语报刊选读试题 第 3 页 共 18 页 经贸英语报刊选读试题 第 4 页 共 18 页密封线内不要答题学 号姓 名班 级“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 -
9、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 i
10、n 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
11、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 sai
12、d. “People used to just hand over the money; now theyre 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
13、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. Germanys export motor, running strongly for
14、 several years, is suddenly sputtering. Italy, Europes 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-qu
15、arter 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
16、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 billi
17、on 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, Europes biggest economy. Exports fell 3.2 percent in May, the biggest drop in
18、 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.文明考风、诚信考试。作弊是对自己无能的一种掩饰，是对自己懒惰的一种伪装，更是
19、对尊严的一种抹杀。经贸英语报刊选读试题 第 5 页 共 18 页 经贸英语报刊选读试题 第 6 页 共 18 页密封线内不要答题学 号姓 名班 级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
20、zone for the rest of the year.At Barclays Capital, Frankfurt-based economist Thorsten Polleit said, “We havent 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 e
21、ach 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 thats the picture in Europe and North America, Polleit said pricing powe
22、r 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 dont appreciate it if others are getting better off while we are getting less well off.
23、“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 merica2. Due to _, consumers are not spending and polls find confidence levels are falling in most of Europes big economies.A. high pr
24、ices B. high interest rateC.low interest rate D. low prices3. Unusually, it is _ that have risen without driving up core inflation.A. food prices B. oil prices C. vegetable prices D. both A and B4. A stronger _had buffered Europeans somewhat from the early rise in oil prices.A. dollar B. euro C. mar
25、k D. pound5. 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 bankrupt6. _ suffered from burst housing bubbles like the one in the United States.A. Spain, Britain and Denmark
26、 B. Ireland, Britain and SpainC. German. Britain and Italy D. Denmark, Italy and Spain7. Italy was burdened by chronic _problems.A. political B. technical C. historical D. structural8. gross domestic product in the 15 countries that use the euro currency, which excludes _ grew 2.2 percent on an annu
27、al basis in the first three months.A. Britain B. Germany C. Denmark D. Italy 文明考风、诚信考试。作弊是对自己无能的一种掩饰，是对自己懒惰的一种伪装，更是对尊严的一种抹杀。经贸英语报刊选读试题 第 7 页 共 18 页 经贸英语报刊选读试题 第 8 页 共 18 页密封线内不要答题学 号姓 名班 级9. The collapse of the big construction company Matinsa-Fadesa in Spain was due to the effects of _ by banks.A.
28、higher interest rate B. severe political policiesC. lower interest rates D. looser landing conditions10. 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. smattered11. Unusually, it is food and oil price
29、s 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 econom
30、ies 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 constru
31、ction company Matinsa-Fadesa under $7.9 billion in debt. (14)15 Bad news keeps rolling out of Germany, Europes biggest economy. Exports fell 3.2 percent in May, the biggest drop in more than three years. (15)Passage two Why Hot Money Is Sizzling in ChinaHot money refers to large quantities of money
32、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 countrys financial stability. Though analysts have controversia
33、l 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 mont
34、h, 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 countrys foreign exchange reserves stood at $153.9 billion, while the aggregate value of the t
35、rade 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
36、, 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 Chinas foreign reserves contributed to the fast growth of its foreign reserve value.文明考风、诚信考试。作弊是对自己无能的一种掩饰，是对自己懒
37、惰的一种伪装，更是对尊严的一种抹杀。经贸英语报刊选读试题 第 9 页 共 18 页 经贸英语报刊选读试题 第 10 页 共 18 页密封线内不要答题学 号姓 名班 级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
38、.S. dollar has increased Chinas 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 countrys foreign reserves, he said.Why China?Why does interna
39、tional 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 internation
40、al 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
41、 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 inter
42、est 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
43、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 C
44、ASS, 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.
45、Items under Chinas 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
46、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 qu
47、otations 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 con
48、venient 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. 文明考风、诚信考试。作弊是对自己无能的一种掩饰，是对自己懒惰的一种伪装，更是对尊严的一种抹杀。经贸英语报刊选读试题 第 11 页 共 18 页 经贸英语报刊选读试题 第 12 页 共 18 页密封线内不要答题学 号姓 名班 级Three months after the contract was signed, the Chinese dealer asked the foreign side to postpone the payment date for another three months.
