过去-采油树
unit1
考研英语阅读理解精读
100
篇之经济类
unit1
Some of the
concerns surrounding Turkey’s application to join
the European Union, to be voted on by the
EU’s
Council
of
Ministers
on
December
17th,
are
economic
-
in
particular,
the
country’s
relative
poverty.
Its
GDP
per head is less than a third of the average for
the 15 pre-2004 members of the EU. But it is not
far off
that of one of the ten new
members which joined on May 1st 2004 (Latvia), and
it is much the same as those of
two
countries, Bulgaria and Romania, which this week
concluded accession talks with the EU that could
make
them full members on January 1st
2007.
Furthermore,
the
country’s
recent
economic
progress
has
been,
according
to
Donald
Johnston,
the
secretary-general of the OECD,
year earlier, a rate of growth that no
EU country comes close to matching. Turkey’s
inflation rate has just fallen
into
single figures for the first time since 1972, and
this week the country reached agreement with the
IMF on a
new three-
year, $$10
billion economic programme that will, according to
the IMF’s managing director, Rodrigo
Rato,
Resilience has not
historical
ly been the country’s
economic strong point. As recently as 2001, GDP
fell by
over 7%. It fell by more than
5% in 1994, and by just under 5% in 1999. Indeed,
throughout the 1990s growth
oscillated
like an electrocardiogram recording a violent
heart attack. This irregularity has been one of
the main
reasons
(along
with
red
tape
and
corruption)
why
the
country
has
failed
dismally
to
attract
much-needed
foreign direct investment. Its stock of
such investment (as a percentage of GDP) is lower
now than it was in the
1980s, and
annual inflows have scarcely ever reached $$1
billion (whereas Ireland attracted over $$25
billion in
2003, as did Brazil in every
year from 1998 to 2000).
One deterrent to foreign investors is
due to disappear on January 1st 2005. On that day,
Turkey will take
away
the
right
of
virtually
every
one
of
its
citizens
to
call
themselves
a
millionaire.
Six
noughts
will
be
removed from the face value of the
lira; one unit of the local currency will
henceforth be worth what 1m are
now-
ie, about
?0.5
3 ($$0.70). Goods will have to be
priced in both the new and old lira for the whole
of the year,
but foreign bankers and
investors can begin to look forward to a time in
Turkey when they will no longer have
to
juggle mentally with indeterminate strings of
zeros.
注（
1
）
：本文选自
Economist
< br>；
12/18/2004, p115-115,
2/5p
；
注（
2
）
：本文习题命题模仿
2004
年真题
text 1
第
1
题和第
3
题（
1
，
3
）
< br>，
2001
年真题
text 1
第
2
题（
2<
/p>
）
，
1999
年
真题
text 2
第
2
题（
4
）和
2002
年真题
text 3
第
4
题（
5
）
；
1.
What is Turkey’s economic situation
now?
[A] Its GDP
per head is far lagging behind that of the EU
members.
[B] Its inflation rate is
still rising.
[C] Its economy grows
faster than any EU member.
[D] Its
economic resilience is very strong.
2.
We can
infer from the second paragraph that__________.
[A] Turkey will soon catch
the average GDP level of the 15 pre-2004 EU
members
[B] inflation rate in Turkey
used to be very high
[C] Turkey’s
economy will keep growing at present
rate
[D] IMF’s economic
program will help Turkey join the EU
3.
The word “oscillated” (Line 3,
Paragraph 3) mo
st probably
means_________.
[A] fell
[B]
climbed
[C] developed
[D]
swang
4.
Speaking of Turkey’s foreign direct
investment, the author implies
that_________.
[A] it’s stock is far less than that of
other countries
[B] it does
not have much influ
ence on Turkey’s
economic progress
[C] steady
GDP growth will help Turkey attract more foreign
direct investment
[D] Turkey’s economic
resilience relies on foreign direct
investment
5.
We can
draw a conclusion from the text
that__________.
[A] foreign investment environment in
Turkey will become better
[B] Turkey’s citizens will suffer heavy
loss due to the change of the face value of the
lira
[C] the local currency
will depreciate with the removal of six noughts
from the face value
[D] prices of goods
will go up
答案：
C
B D C A
篇章剖析
本篇文章是一篇说明文，
介绍了土耳其的经济状况。
< br>第一段将土耳其的经济情况和其他几个欧盟新成员
国的经济情况进行了一下对比，
说明土耳其的经济状况并非如人们担心的那样糟糕；
第二段对土
耳其这
几年的经济增长情况进行了简要介绍；
第三段说明土耳其
的经济缺乏弹性以及由此带来的影响；
最后一
段说明妨碍投资者
的一个因素即将消失。
词汇注释
GDP:
国内生产总值
(gross domestic
product)
accession:
[
????????
] n.
添加
,
增加
OECD:
经合，经济合作与发展组织
(Organization for Economic Co-operation
and Development)
resilience:
[
??????????
] n.
弹回
,
有弹力
,
恢复力
,
oscillate:
[
????????
]v.
振荡
electrocardiogram:
[
????????????????????
] n. .[
医
]
心电图
,
心动电流图
(
略作
ECG)
inflow:
[
???????
] n.
流入
,
流入物
deterrent:
[di5tE:rEnt] n.
阻碍物
nought: [
????
] n.
无
,
零
lira: [
??????
] n.
里拉
juggle:
[
??????
] v.
（常与
with
连用）耍杂耍
indeterminate:
[
??????????????
] adj.
在程度、体积、性质或数量上没有准确确定的
难句突破
But it is not far off that of one of
the ten new members which joined on May 1st 2004
(Latvia), and it is
much the same as
those of two countries, Bulgaria and Romania,
which this week concluded accession
talks with the EU that could make them
full members on January 1st 2007.
主体句式：
it is not far off
that…and it is much the same as.
.
结构分析：这是一个复杂句，句子主体结构是一个并列句，在第一个并列分句里有一个
which
引导的定
语从句修饰
new members
，
在第二个并列分句里有一个
which
引导的非限定性定语从句修饰
B
ulgaria and
Romania
，还有一个
that
引导的定语从句，修饰
accessi
on talks
。
句子译文：但是
和
2004
年
5
月
1
日加入欧盟的十个新成员国之一（拉脱维亚）相比，土耳
其差得并不
算太远，而和本周刚刚完成加入欧盟的谈判，并将在
2007
年
1
月获得完全成员地位的两
个国家，保加
利亚和罗马尼亚相比则相差无几。
题目分析
1.
答案为
C
，
属事实细节题。根据文章第二段，土耳其的经济发展“十分惊人”
< br>。接着载第二行，作者
以数据说明土耳其本年度第二季度的
GDP
增长
“
no EU
country comes close to matching
”
，
可见其经济发
展速度超过任何欧盟成员。
2.
答案为
B
，属推理判断题。根据文章第二段“土耳其得通货膨胀率自
1972<
/p>
年以来首次跌进各位数”
可知，以前的通货膨胀率都在两位数甚至
更多，是非常高的数字。
3.
答案
为
D
，属猜词题。这个词的意思可以根据文中第三段所用的明喻
判断出来。文中说，整个
1990
年代，土耳其的
GDP
增长就好像“遭受了猛烈的心脏病发作时的心电图一样”
，可见
GDP
增长时高时
低
，峰谷之间的差异较大，所以
oscillated
最有可能的
意思就是“摆动，震荡”
，只有
A
中的
swang
意思
与之相符。
4.
答案为
C
，
属推理判断题。根据文章第三段，
GDP<
/p>
的不规律性是导致土耳其难以吸引外国直接投资
的主要原因，可见
稳定的
GDP
增长有助于土耳其吸引更多的外国直接投资。
5.
答案为
A
，属推理判断题。文章在第一段和第二段介绍土耳其快速的经济增长。第三段分析了过去
不能吸引急需的外国直接投资的主要原因之一：
经济发展不规律
性。
文章最后一段介绍了将取消妨碍外
国投资者的一个因素。并
在文章最末提到：
“外国银行家和投资人现在可以期待今后在土耳其再不用快
速心算一串串数不清的零了”
。由此可见，土耳其的外国投资环境将变得更
好。
参考译文
土耳其加入欧盟的申请将于
12
月
17
日
在欧盟部长会议上进行表决，
围绕该申请的一些顾虑就是经
济问
题，
尤其是该国的相对贫困问题。
其人均
GDP
还不足
2004
年之前欧盟<
/p>
15
国人均
GDP
的三分之一。
但是和
2004
年
5
月
1
日加入欧盟
的十个新成员国之一（拉脱维亚）相比，土耳其差得并不算太远，而
和本周刚刚完成加入
欧盟的谈判，并将在
2007
年
1
月获得完全成员地位的两个国家，保加利亚和罗马
尼亚相比则相差无
几。
不但如此，用经济合作和发展
组织秘书长唐纳德
·
约翰斯顿的话来说，该国最近的经济发展“
十分
惊人”
。
本年度第二季度的
GDP
比去年增长了
13.4%
，
这样的增长速度是任何欧盟成员国都无法匹敌的。
土耳其的通货膨胀率最近刚从
1972
年以来首次跌进各位数，
本周该国刚刚同国际货币基金组织达成一
项新的为期三年，总额
100
亿美元的经济项目协议，按照国际货币基金执行总裁罗德里戈
·
莱托的说法，
这一项目将会“帮助土耳其
…
把通货膨胀率降到欧盟水平，并且增加其经济弹性。
”
历史上该国经济并没有很强的韧
性。近期如
2001
年，它的
GDP<
/p>
下降超过
7%
。而
1994
年，下降超
过
5%
，
1999
年仅比
5%
略低。的确，在整个
1990
年代，该
国的经济就好像一次猛烈的心脏病发作的心
电图记录那样来回摆动。
这种不规律性是导致该国很难吸引其急需的外国直接投资的主要原因之一
（另
外还有繁琐的公事程序和腐败）
。现在这类投资总额（作为
GDP
的一个百分点）比
1980
年代的时候还
要低，
而每年的外资流入量很少能够达到
10
亿美元
（爱尔兰仅
2003
年一年就吸引外资超过
250
亿美元，
而巴西从
1998
年
到
2000
年每年的外资流入量都达到了这个数字。
）
从
2005
年
1
月
1
日起，一个妨碍外国投资者的因素将会消失。到那一天，土耳其将取消其公
民自称为
百万富翁的权利。里拉的面值里将减少六个零；这样，当地货币的每个货币单位
将和现在的
1
百万里拉
等值
---
也就是
0.53
欧
元（
0.70
美元）左右。商品将在一整年内用新旧里拉同时定
价，但外国银行家和
投资人现在可以期待今后在土耳其再不用快速心算一串串数不清的零
了。
考研英语阅读理解精读
100
篇
unit2
Unit 2
Charlie
Bell became chief executive of McDonald's in
April. Within a month doctors told him that he had
colorectal cancer. After stockmarket
hours on November 22nd, the fast-food firm said he
had resigned; it would
need a third
boss in under a year. Yet when the market opened,
its share price barely dipped then edged higher.
After all, McDonald's had, again, shown
how to act swiftly and decisively in appointing a
new boss.
Mr
Bell himself got the top job when Jim Cantalupo
died of a heart attack hours before he was due to
address
a
convention
of
McDonald's
franchisees.
Mr
Cantalupo
was
a
McDonald's
veteran
brought
out
of
retirement
in
January
2003
to
help
remodel
the
firm
after
sales
began
falling
because
of
dirty
restaurants,
indifferent
service
and
growing
concern
about
junk
food.
He
devised
a
recovery
plan,
backed
by
massive
marketing,
and
promoted
Mr
Bell
to
chief
operating
officer.
When
Mr
Cantalupo
died,
a
rapidly
convened
board confirmed Mr
Bell, a 44-year-old Australian already widely seen
as his heir apparent, in the top job. The
convention got its promised chief
executive's address, from the firm's first non-
American leader.
Yet within
weeks executives had to think about what to do if
Mr Bell became too ill to continue. Perhaps
Mr Bell had the same thing on his mind:
he usually introduced Jim Skinner, the 60-year-old
vice-chairman, to
visitors
as
the
hand
at
the
wheel
Now
Mr
Skinner
(pictured),
an
expert
on
the
firm's
overseas
operations, becomes chief executive,
and Mike Roberts, head of its American operations,
joins the board as
chief operating
officer.
Is
Mr
Roberts
now
the
new
heir
apparent?
Maybe.
McDonald's
has
brought
in
supposedly
healthier
choices
such
as
salads
and
toasted
sandwiches
worldwide
and,
instead
of
relying
for
most
of
its
growth
on
opening new restaurants,
has turned to upgrading its 31,000 existing ones.
America has done best at this; under
Mr
Roberts, like-for-like sales there were up by 7.5%
in October on a year earlier.
The
new
team's
task
is
to
keep
the
revitalisation
plan
on
course,
especially
overseas,
where
some
American
brands
are
said
to
face
political
hostility
from
consumers.
This
is
a
big
challenge.
Is
an
in-house
succession the best
way to tackle it? Mr Skinner and Mr Roberts are
both company veterans, having joined in
the 1970s. Some recent academic studies
find that the planned succession of a new boss
groomed from within,
such as Mr Bell
and now (arguably) Mr Roberts, produces better
results than looking hastily, or outside, for one.
McDonald's smooth handling of its
serial misfortunes at the top certainly seems to
prove the point. Even so,
everyone
at
McDonald's
must
be
hoping
that
it
will
be
a
long
time
before
the
firm
faces
yet
another
such
emergency.
Economist; 11/27/2004, V
ol.
373 Issue 8403, p64-65, 2p, 1c
注（
1
）
：本文选自
Econo
mist
；
11/27/2004, p64-65, 2p,
1c
；
注（
2
）
：本文习题命题模仿
2000
年真题
text 1
第
1
题（
1
）
，
1995
年真题
text 1
第
2
题（
2
）
，
2002
年真<
/p>
题
text 2
第
2
题（
3
）
，
1998
年真题
text 2
第
2
题（
4
）和
1999
年真题
t
ext 1
第
4
题（
< br>5
）
；
1.
The main reason for the constant change
at the top of McDonald is ________.
[A] the board’s
interfe
rence
[B] the falling
sales
[C] the health problems of the
chief executives
[D] the constant
change of its share price
2.
Which of
the following was NOT a cause of the falling sales
of McDonald?
[A] the change
of the chief executive
[B] people’s
co
ncern about junk food
[C]
dirty restaurant
[D] indifferent
service
3.
The phrase “heir apparent” (Line 7,
Paragraph 2) in the article most probably
means____________.
[A]
someone who has the same ideas, aims and style
with a person
[B] someone who has the
unalienable right to receive the family title
[C] someone who is appointed as a heir
of a person
[D] someone who is likely
to take over a person’s position when that person
leaves
4.
In terms
of succession at the top, McDonald_________.
[A] has had to made rather
hasty decisions
[B] prefers to appoint
a new boss from within
[C] acts in a
quick and unreasonable way
[D] surprises all the people with its
decisions
5.
Toward McDonald’s reaction to
emergencies at the top, the writer’s
attitude can be said
to be___________.
[A] indifferent
[B] doubtful
[C] objective
[D] praiseful
答案：
C A D B D
篇章剖析
本篇文章介绍了麦当劳高层
人事接替的情况，是一篇说明文。第一段介绍了查里
·
贝尔辞去
麦当劳首席
执行官一事；
第二段追溯了他如何成为麦当劳首席执
行官；
第三段介绍了麦当劳现任首席执行官如何接
任；第四段分
析了下一位可能的继任者；最后一段对这种内部接任的方式进行了总结。
词汇注释
colorectal:
[
?????????????
] adj. [
解
]
结肠直肠的
franchisee:
[
?????????????
] n.
总经销商
,
有代销权的人或团体
veteran:
[
????????
] n.
老资格；老手
heirs
apparent:
有继承权的人；公认的继任者
like-for-like:
同类的
revitalization:
[
???????????????????
] n.
振兴；复兴
in-house:
[
???????
] adj.
内部的
groom:
[
?????
] v.
培训；培植
难句突破
1. Mr
Cantalupo was a McDonald's veteran brought out of
retirement in January 2003 to help remodel
the firm after sales began falling
because of dirty restaurants, indifferent service
and growing concern
about junk food.
主体句式：
Mr. Canalupo
w
as a McDonald’s veteran.
结构分析：
这是一个复杂句，
表语
veteran
后面有一个过去分词短语
bro
ught out of retirement
作后置定语，
这个定语还带有自己的两个状语，一个是不定式短语做目的状语，另外一个是
after
引导的时间状语从
句，这个从句中还有一个
because of
引导的原因状语。
bring
sb. out of retirement
的意思是“将某人从退
< br>休状态召回”
。
句子译文：坎
塔卢波在麦当劳工作过多年，在公司因为餐厅环境不卫生，服务态度差，以及人们对“垃
圾食品”的不断质疑导致业绩下降之后，
2003
年他被从退休
中召回，帮助公司进行改革。
2. Even so,
everyone at McDonald's must be hoping that it will
be a long time before the firm faces yet
another such emergency.
主体句式：
everyone must be hoping
that…
结构分析：
这个句子中包
含一个由
that
引导的宾语从句和由
before
引导的状语从句。
这个句子的难点在
before
这个词的理解上。
通常
before
可以译为
“才”
。
例如：
It had been two days
before I realized the problem.
（过了两天我才意识到这个问题。
）
句子译文：即便如此，相信麦当劳上下一定还是希望不要在近期内又面临这类紧急情况。
题目分析
1.
答案为
C
，
属事实细节题。文章第一段提及
Charlie Bell
辞职的原因是他患了直肠癌；接着又在第二
段说他升任总裁是因
为他的前任在准备讲演时因为心脏病突发而去世。
这样，
麦当劳
在一年内就不得不
寻找第三位总裁。可见麦当劳高层频繁更换人员的原因是这些总裁的健
康问题。
2.
答案为
A
，
属事实细节题。可参见文章第二段第四行
because of…
后面的部分。
3.
答案为
D
，属猜词题。根据上下文，
Charlie
Bell
被
Jim Cantalupo
提拔为首席运营官之后，被广泛视
为是他的
heir
apparent
，接着作者在第四段发问，现任的首席运营官会不会
是现任总裁的
heir
apparent
呢？显然，这个词组的意思应该是“接替某人职位”的人。
4.
答案为
B
，
属推理判断题。
根据文章，
三位总
裁都是在麦当劳内部管理人才，
而且下一位继任者也已
经内定，
这种内部选定继任者的办法帮助麦当劳在一连串不幸事件发生后能够平稳交接。
可见麦当劳更
愿意从内部任命新老板。
5.
答案为
D
，
属推理判断题。作者在第一段末评论麦当劳的行动时说道：
“麦当劳又一次显示了其在任
命新老板方面的快速决断能力。
”
在文末对麦当劳的内部接任方式进行总结时，作者引用某些学术研究
的成果，认为这种方
式的效果更好，并以“麦当劳在高层发生一连串的不幸事件后能够平静地交接似乎
清楚地
证明了这一点。
”来加以说明。可见作者对于麦当劳处理类似发生在高层的突发事件的反
应是持
赞扬态度的。
参考译文
查里
·
贝尔四月成为麦当劳的首席执行官。不到一个月，医生就告诉他他患了直肠癌。在<
/p>
11
月
22
日的
股市交易结束之后，这家快餐公司宣布他已经辞职；该公司将需要这一年内的第三位老板。然而，
当股市开张时，该公司的股价只是略有下降，很快又再次上扬。麦当劳又一次显示了其在任命新老板方<
/p>
面的快速决断能力。
贝尔先生本人是在吉姆
·
坎塔卢波
（
Jim Cantalupo
）
死于心脏病突发之后得到这一高层职位的。
当时
坎塔卢波正准备
在几个小时之后的麦当劳特许经销商会议上致词。
坎塔卢波在麦当劳工作过多年，
在公
司因为餐厅环境不卫生，服务态度差，以及人们对“垃圾食品”的
不断质疑导致业绩下降之后，
2003
年他被从退休中召回，帮
助公司进行改革。他制定了一项在大规模营销基础上的振兴计划，并且将贝尔
先生提拔为
首席运营官。坎塔卢波先生去世后，董事会很快开会确定任命贝尔先生，这位早就被公认为
其继任者的
44
岁澳大利亚人担任这一首席职位。这次会议从
该公司的第一位非美国籍的领导人那里得
到了其许诺的公司首席执行官的讲演。
然而，在短短几周之内，公司高层就不得不
思考如果贝尔先生病重无法继续工作该怎么办的问题。
也许贝尔先生也在考虑同样的问题
：他向来访者介绍
60
岁的副总裁吉姆
·
斯金纳时总是称他为“掌舵高
手”
。
现在公司海外经营专家斯金纳先生
（见图）
成了公司首席执行官，
主管公司美国经营业务的麦克
·
罗
伯茨则加入董事会成为首席运营官。
罗伯茨先生是不是新的继任者呢？也许。
麦当劳改变了主要依靠开新店发展企业的方法，
而在全球
推
出了被认为更加健康的食品，
比如沙拉和烤三明治，
并且开始改
进现有的
31000
家连锁快餐店的经营。
美国在这方面做得最好；在罗伯茨先生的努力下，美国麦当劳十月的同类销售额比一年前增长了
7%
。
新团队的任务就是保持其振兴计划不变，
尤其是海外部分，
据说在海外某些美国品牌面对着来自消费者
的政治敌意。
这
是一个巨大的挑战。
这种内部接任的方式是不是迎接这种挑战的最佳方式呢？斯金纳先<
/p>
生和罗伯茨先生都是
1970
年代就加入
公司的资深管理人员。
最近的一些学术研究发现，
内定的新老板
，
比如贝尔先生和现在（还未最终宣布）的罗伯茨先生，按计划接任会比草率任命一个新
老板或者从外部
聘请新老板效果更好。麦当劳在高层发生一连串的不幸事件后能够平静地
交接似乎清楚地证明了这一
点。即便如此，相信麦当劳上下一定还是希望不要在近期内又
面临这类紧急情况。
考研英语阅读理解精读
< br>100
篇
unit3
Unit 3
The annual review of American company
board practices by Korn/Ferry, a firm of
headhunters, is a useful
indicator of
the health of corporate governance. This year's
review, published on November 12th, shows that
the Sarbanes-Oxley act, passed in 2002
to try to prevent a repeat of corporate collapses
such as Enron's and
WorldCom's, has had
an impact on the boardroom--albeit at an average
implementation cost that Korn/Ferry
estimates at $$5.1m per firm.
Two years ago, only 41% of
American firms said they regularly held meetings
of directors without their
chief
executive present; this year the figure was 93%.
But some things have been surprisingly unaffected
by the
backlash
against
corporate
scandals.
For
example,
despite
a
growing
feeling
that
former
chief
executives
should not sit on
their company's board, the percentage of American
firms where they do has actually edged up,
from 23% in 2003 to 25% in 2004.
Also, disappointingly few
firms have split the jobs of chairman and chief
executive. Another survey
of
American boards published this week, by
A.T. Kearney, a firm of consultants, found that in
2002 14% of the
boards of S&P 500 firms
had separated the roles, and a further 16% said
they planned to do so. But by 2004
only
23% overall had taken the plunge. A survey earlier
in the year by consultants at McKinsey found that
70%
of
American
directors
and
investors
supported
the
idea
of
splitting
the
jobs,
which
is
standard
practice
in
Europe.
Another disappointment is the slow
progress in abolishing
of the directors
are up for re-election each year, to three-year
terms. Invented as a defence against takeover,
such
boards,
according
to
a
new
Harvard
Law
School
study
by
Lucian
Bebchuk
and
Alma
Cohen,
are
unambiguously
Despite this, the
percentage of S&P 500 firms with staggered boards
has fallen only slightly--from 63% in
2001 to 60% in 2003, according to the
Investor Responsibility Research Centre. And many
of those firms that
have
been
forced
by
shareholders
to
abolish
the
system
are
doing
so
only
slowly.
Merck,
a
pharmaceutical
company in
trouble over the possible side-effects of its
arthritis drug Vioxx, is allowing its directors to
run their
full term before introducing
a system in which they are all re-elected (or
otherwise) annually. Other companies'
staggered boards are entrenched in
their corporate charters, which cannot be amended
by a shareholders' vote.
Anyone
who
expected
the
scandals
of
2001
to
bring
about
rapid
change
in
the
balance
of
power
between
managers and owners was, at best,
naive.
注（
1
）
：本文选自
Economist
< br>；
11/13/2004,
p67-67, 4/9p
；
注（
2
）
：本文习题
命题模仿
1998
年真题
text 1
第
2
题（
1<
/p>
）
，
2002
年
真题
text 2
第
2
题（
2
）
，
< br>text 5
第
3
题（
3
）
，
2004
年真题
text 4
第
2
题（
4
）和
1999
年真题
text 1
第
4
题（
5
）
；
1.
The
Sarbanes-Oxley act is most probably
about_________.
[A] corporate scandal
[B]
corporate management
[C] corporate cost
[D] corporate governance
2.
The word
“backlash” (Line 3, Paragraph 2) most probably
means_________.
[A] a violent force
[B] a
strong impetus
[C] a firm
measure
[D] a strong negative reaction
3.
According to the text, separating the
roles between chairman and chief executive
is________.
[A] a common practice in American
companies
[B] what many European
companies do
[C] a must to keep the
health of a company
[D] not a popular
idea among American entrepreneurs
4.
We learn
from the text that a
[A] is adverse to the increment of firm
value
[B] gives its board members too
much power
[C] has been abolished by
most American companies
[D] can be
voted down by shareholders
5.
Toward
the board practice of American companies, the
writer’s attitude can be said to
be________.
[A] biased
[B] pessimistic
[C] objective
[D] critical
答案：
D D B A D
篇章剖析
本篇文章是一篇议论文，
对美国公司的董事会变化缓慢的情况提出了批评。
第一段引用一家猎头公司的
年度评论说明一项旨在防止公司财务丑闻的法案已
经对美国公司的董事会产生了影响；
在第二段作者笔
锋一转，<
/p>
说明虽然公司丑闻对于公司董事会的做法产生了一些影响，
但仍然
有一些方面毫无变化或者变
化缓慢。接下来作者分析了几种典型的情况；三段指出了一些
公司董事和总裁职务不分的情况；第四断
指出一些公司在废除“交错董事任期”的董事会
方面进展缓慢；第五段以具体的例子对上述情况加以说
明并得出结论：要改变职业经理人
和公司所有人之间的权力平衡并非一蹴而就之事。
词汇注释
headhunter:
[
????????????
] n.
用高薪征聘人才者
governance:
[
?????????
] n.
治理；管理
boardroom:
[
?????????
] n.
（董事会）会议室
albeit:
[
?????????
] conj.
虽然
backlash:
[
???????
] n.
激烈反应，激烈反对对一个较早行动的对抗性反应
take the plunge:
冒险，采取断然行动
staggered:
[
???????
] adj.
交错的
unambiguously:
[
???????????????
] adv.
明白地
,
不含糊地
pharmaceutical:
[
????????????????
] adj.
制药的；调药的
arthritis:
[
??????????
] n.
关节炎
entrench:
[
?????????
] v.
保护
amend:
[
??????
] v.
改正；修改
难句突破
Merck, a
pharmaceutical company in trouble over the
possible side-effects of its arthritis drug Vioxx,
is
allowing its directors to run their
full term before introducing a system in which
they are all re-elected
(or otherwise)
annually.
主体句式：
Merck is
allowing its directors to run their full term
结构分析：
这是一个复杂句，
句子的主语之后又
一个较长的同位语短语，
句子中还有一个
before
引导的
状语，在这个状语中含有一个
which
引导的定语从句。
before
在这种
情况下通常译为“才”
。
句子译文：
因为所生产的关节炎药物
Vioxx
的
潜在副作用而陷入困境的默克制药公司现在允许其董事任
期直到届满，然后才会引入一个
每年将所有人重新选任一遍（或者别的方法）的制度。
题目分析
1.
答案为
D
，
属推理判断题。根据第
一段，
the Sarbanes-Oxley act
的通过
是为了防止再次出现类似安然
公司或者世通公司垮掉的情况。而文章又提到在公司治理方
面，该法案已经显现出了一定的影响力。可
见，该法案是有关公司治理的法案。
2.
答案为
D
，
属猜词题。首先确定“
backlash
”与反对公司丑闻有关，其次，下文对
backlash
给了一个
具体的例子，
就是
< br>“越来越多的人认为前任总裁不应该继续留在董事会里”
，
显然这符合选项
D
中的
“强
烈的对抗性
/
否定性反应”
。
3.
答案为
B
，
属事实细节题。
根据文章
第三段最后一句，
将董事长和总裁的职务区分开来是
“欧洲的行
业惯例”
。
4.
答案为
A
，
属事实细节题。根据文章第四段的一份最新哈佛商学院研究，
“
staggered board
”是为了防
止公司权力被夺取而被发明的，但它显然“和公司价值的显著下降有关”
。可
见这种交错董事任期的董
事会不利于公司价值的增长。
5.
答案为
D
，
属推理判断题。本文指出虽然出台了防止公司丑闻的法案，但美国公司的董事会变化
依
然缓慢。继而分析了几种令人失望的情况。在文章最末作者指出，人们不应该天真的相
信
2001
年的丑
闻会迅速改变职业经
理人和公司所有人之间的权力平衡。可见作者对美国公司的董事会持批评的态度。
参考译文
猎头公司“光辉国际”
（
Korn/Ferry
）推出的美国公司董事会惯例年度评论是了解公司治理状况的有
用指南。今年<
/p>
11
月
12
日发
表的年度评论表明，
2002
年通过的旨在防止类似安然公司和
世通公司垮掉
的事情再次发生的《萨班
-
奥西利法案》对董事会已经产生了一定的影响
---
虽然按照
“光辉国际”的估
计，实施该法案的平均成本是每家公司
510
万美元。
两年前，
只有
41%
的美国公司说他们
会在首席执行官不在场的情况下定期举行董事会；
今年这一数
字
达到了
93%
。不过，令人惊异的是，对公司丑闻的强烈反对并
没有影响到某些事情的发展。例如，虽
然越来越多的人认为前任总裁不应该继续留在董事
会里，
但美国公司董事会中前任总裁的比率不降反升
了，从
2003
年的
23%
上升到了
2004
年的
25%
。
另外，将董事
长和总裁的职务区分开来的公司很少，这一点令人颇为失望。一家咨询公司“
A.T.<
/p>
卡
尼”公司在本周发布的另外一份对美国董事会的调查发现，
2002
年标准普尔
500
家公司中，有
14%
的
董事会
已经进行了职务角色的区分，另有
16%
的董事会表示计划这么
做。可是到
2004
年，在全部公司
中
，只有
23%
的公司采取了行动。同年早些时候麦肯锡公司的咨
询师发布的一项调查发现，
70%
的美国
董事和投资人支持职务区分的想法，而这在欧洲早已是行业惯例了。
另一件令人失望的事情就是在废除“交错董事任期”的董事会
方面进展缓慢
---
所谓交错董事任期，
就是每年只改选三分之一的董事，而每一届董事的任期是三年。依据吕西安
·
贝布查克和阿尔玛
·
科恩的
一份最新哈佛商学院研究，
这种为了防止公司权力被夺取而发明的董事会显然
“和公司价值的显著下降
有关”
。
尽管如此，
标准普尔
500
公司中有交错董事任期的董事会比例却只有轻微下降
---
“
投资人责任研究中心”
的数据显示，
该比率仅从
2001
年的
63%
下降到了
2003
年的
60%
。
许多被股东施压要求放弃这一制度的
公司现在只是缓慢地着手这一工作。
因为所生产的关节炎药物
Vioxx
的潜在副作用而陷
入困境的默克制
药公司现在允许其董事任期直到届满，然后才会引入一个每年将所有人重
新选任一遍（或者别的方法）
的制度。其他公司交错董事任期的董事会是由公司规章确立
的，不能由股东投票改变。如果有人期望
2001
年的丑闻会迅
速改变职业经理人和公司所有人之间的权力平衡的话，那么他未免太天真了
考研英语阅读理解精读
100
篇
< br>unit4
Unit 4
Most economists hate gold. Not, you
understand, that they would turn up their noses at
a bar or two. But
they
find
the
reverence
in
which
many
hold
the
metal
almost
irrational.
That
it
was
used
as
money
for
millennia is irrelevant: it isn't any
more. Modern money takes the form of paper or,
more often, electronic data.
To
economists, gold is now just another commodity.
So why is its price
soaring? Over the past week, this has topped $$450
a troy ounce, up by 9% since the
beginning of the year and 77% since
April 2001. Ah, comes the reply, gold transactions
are denominated in
dollars, and the
rise in the price simply reflects the dollar's
fall in terms of other currencies, especially the
euro,
against which it hit a new low
this week. Expressed in euros, the gold price has
moved much less. However,
there is no
iron link, as it were, between the value of the
dollar and the value of gold. A rising price of
gold,
like that of anything else, can
reflect an increase in demand as well as a
depreciation of its unit of account.
This is where gold bulls come in. The
fall in the dollar is important, but mainly
because as a store of value
the dollar
stinks. With a few longish rallies, the greenback
has been on a downward trend since it came off the
gold standard in 1971. Now it is
suffering one of its sharper declines. At the
margin, extra demand has come
from
those
who
think
dollars--indeed
any
money
backed
by
nothing
more
than
promises
to
keep
inflation
low--a decidedly
risky investment, mainly because America, with the
world's reserve currency, has been able to
create and borrow so many of them. The
least painful way of repaying those dollars is to
make them worth less.
The
striking exception to this extra demand comes from
central banks, which would like to sell some of
the gold they already have. As a legacy
of the days when their currencies were backed by
the metal, central
banks still hold
one-fifth of the world's gold. Last month the Bank
of France said it would sell 500 tonnes in
coming years. But big sales by central
banks can cause the price to plunge--as when the
Bank of England sold
395
tonnes
between
1999
and
2002.
The
result
was an
agreement
between central
banks
to
co-
ordinate
and
limit future
sales.
If the price of gold
marches higher, this agreement will presumably be
ripped up, although a dollar crisis
might
make
central
banks
think
twice
about
switching into
paper
money.
Will
the
overhang
of
central-bank
gold drag the
price down again? Not necessarily. As James Grant,
gold bug and publisher of Grant's Interest
Rate Observer,
a
newsletter,
points
out,
in
recent
years
the
huge
glut
of
government
debt
has
not
stopped
a
sharp rise in its price.
注（
1
）<
/p>
：本文选自
Economist
；
12/4/2004, p76-76,
1/3p
；
注（
2
）
：本文习题命题模仿
2000
年真题
text 4
第
3
题（
1
< br>）
，
2001
年真题
text 4
第
2
题（<
/p>
2
）
，
text
1
第
2
题（
3
）
，
2002
年真题
text 2
第
2
题（
4
）和
text 5<
/p>
第
3
题（
5
）
；
1.
In
economists’ eyes, g
old is
something__________.
[A] they look down upon
[B]
that can be exchanged in the market
[C]
worth people’s reverence
[D]
that should be replaced by other forms of money
2.
According
to
the
author,
one
of
the
reasons
for
the
rising
of
gold
price
is___________.
[A] the increasing demand for
gold
[B] the depreciation of
the euro
[C] the link between the
dollar and gold
[D] the increment of
the value of the dollar
3.
We can
infer from the third paragraph that_________.
[A] the decline
of the dollar is inevitable
[B] America benefits from the
depreciation of the dollar
[C] the
depreciation of the dollar is good news to other
currencies
[D] investment in the dollar
yields more returns than that in gold
4.
The
phrase “ripped up” (Lin
e 1, Paragraph
5) most probably means__________.
[A] strengthened
[B] broadened
[C] renegotiated
[D] torn up
5.
According to the passage, the rise of
gold price__________.
[A] will not last
long
[B] will attract some
central banks to sell gold
[C] will
impel central banks to switch into paper money
[D] will lead to a dollar crisis
答案：
B
A B D B
篇章剖析
本篇文章采用了提出问题
-
分析问题的模式，
分析了金价上涨，美元下跌的经济态势。第一段说明黄金
是一种商品；第二段分析了金价
上涨的原因：金价的上涨反映了需求的增加以及计价单位的贬值；第三
段美元下跌的原因
；
第四段分析了各国央行的反应；
最后一段对金价继续上扬可能
带来的影响进行了分
析。
词汇注释
reverence:
[
?????????
] n.
崇敬，尊敬
millennia:
[
????????
] n.
millennium
的复数
soaring:
[
???????
] adj.
剧增的；上升到明显高于正常水平的
troy ounce: n.
金衡制盎司
,
金衡
denominate:
[
???????????
] v.
以…面值发行以某种给定的货币单位发行或表达
euro: [
???????
]
n.
欧元
depreciation:
[
????????????????
] n.
跌价；贬值
bull:
[
???
] n.
买空；
（做）多头
stink: [
?????
] v.
发出臭味
longish:
[
??????
] adj.
相当长的
rally:
[
?????
] n.
（行情、价格等）跌后复升
greenback:
[
?????????
] n.
美钞
tonne:
[
???
] n.
公吨
(=1,000
公斤或称
metric ton)
rip up:
斯毁；取消
overhang:
[
?????????
] n.
突出量
难句突破
At
the
margin,
extra
demand
has
come
from
those
who
think
dollars--indeed
any
money
backed
by
nothing more than
promises to keep inflation low--a decidedly risky
investment, mainly because America,
with the world's reserve currency, has
been able to create and borrow so many of them.
主体句式：
extra
demand has come
结构分析：本句是一个复杂句，
from
这个介词所引导的状语中包含一个
who
引导的定语从句，一个插
入语，主句之后是一个
because
引导的原因状语从句。
nothing
more
than
的意思是“只不过，仅仅”
。
句子译文：
在此下跌情况下，
导致金价
上扬的额外需求来自于那些认为美元
---
或者任何一种依靠抑
制通
胀的许诺来支撑的货币
—
无疑是一
种高风险投资的人，
主要因为美国拥有美元这一世界储备货币，
而且
一直能够制造和借来很多美元。
题目分析
1.
答案为
B
，
属事实细节题。
文章第一段提到经济学家不喜欢黄金的原因是人们对黄金缺乏理性的崇拜。
在他们看来，黄金只不过是一种商品，也就是可以在市场交换的东西。
2.
答案为
A
，
属事实细节题。文章第二段分析了金价上涨的两个主要原因：金价用美元表示，而美
元
相对于其他货币贬值了；市场对黄金需求的增加。
3.
答案为
B
，
属推理判断题。
根据文章第三段，
美国因为拥有世界储备货币，
而且一直能够制造和借来
很多美元
。要偿还这些美元，最不费力的方式就是让美元贬值。可见，美元贬值对美国是有益无害的事
情。
4.
答案为
D
，
属猜词题。根据文章第四段，为了防止出现一国
央行大量抛售黄金导致金价下跌的情况，
各国央行达成协议，协调和限制今后的黄金销售
。如果金价持续上涨，很可能一些央行会再次抛售黄金
（文中提到法国央行出售黄金的决
定）
，
那样各国央行之间的协议就会被破坏。
< br>因此，
根据上下文，
“
ripp
ed
up
”最有可能的意思就是“
torn
up
”
（撕毁）
。
5.
答案为
B
，
属推理判断题。
根据文章第四段，
< br>在许多买家大量买入黄金的同时，
许多央行却打算将他
们
囤积的黄金出售。文章第五段说，如果金价继续上扬，各国央行之间的“限制和协调未来黄金销售”
的协议将会被打破，也就是说金价的上涨会吸引各国央行出售黄金。
参考译文
大多数经济学家都讨厌黄金。要知道，这可不是因为他们瞧不起一两块金条，而是因为他
们发现许
多人对这种金属的崇敬几乎到了毫无理性的地步。
这与
它被用作千禧年的货币并无关系：
那已经是昨日
黄花了。
现代货币采用的是纸币的形式，
或者，
更多时
候，
采用的是电子数据的形式。
对经济学家来说，
黄金现在只是另外一种商品。
< br>那么为什么金价会大幅上涨呢？在过去一周里，每金衡（
1
金衡约
31.1025
克）的价格达到了
450
美元，
比年初上涨了
9%<
/p>
，
而比
2001
年
4
月则上涨了
77%
。
啊，
答案来了，
黄金交易是
以美元来计数的，
价格的上涨只是反映了美元对其他货币的比价，
尤其是对欧元比价的下跌，
而本周美元对欧元的比价又
创新低
。
用欧元计数的话，
金价的波动要小得多。
然而，
美元价值和黄金价值之间似乎并没有固定联系。
像其
他任何东西一样，金价的上涨反映了需求的增加以及计价单位的贬值。
因此就出现了黄金买空。
美元的下跌
之所以重要主要是因为作为一种价值储存手段美钞可谓臭名昭
著。自从
< br>1971
年美元脱离金本位，就一直处于跌势，其间只有为数不多的几次跌后复升
。这一次下跌
的跌幅更大。
在此下跌情况下，
< br>导致金价上扬的额外需求来自于那些认为美元
---
或者
任何一种依靠抑制
通胀的许诺来支撑的货币
—
< br>无疑是一种高风险投资的人，
主要因为美国拥有美元这一世界储备货币，
而
且一直能够制造和借来很多美元。要偿还这些美元，最不费力的方式就
是让美元贬值。
各国中央银行的反
应跟这种额外需求正好形成鲜明对照。
这些银行都想把手里的黄金卖掉一些。
以
前各国货币都依靠这种金属，历史继承的结果就是各国中央银行的黄金储
量是世界黄金总量的五分之
一。上个月，法国中央银行宣布即将在未来几年出售
500
吨黄金。不过中央银行大量出售黄金会导致金
价猛跌
--- 1999
年至
20
02
年之间英格兰银行出售
395
吨黄
金时就发生过这种情况。
其结果是各国央行达
成协议，协调限制
今后的销售。
如果金价继续上扬，
这个协议就会被破坏，
虽然一场美元危机会让各国央行在转向纸
币经营问题上慎之
又慎。
那么央行所储备的大量黄金是否会将金
价再次拉下来呢？那倒不一定。
正如黄金迷，
时事通讯
《格
兰特利率观察家》的出版人詹姆斯
·
格兰特所指出的，最近几年政府的巨额债务并未阻止金价的大幅上
涨。
考研英语阅读理解精读
100
篇
unit5
Unit 5
Open-outcry
trading
is
supposed
to
be
a
quaint,
outdated
practice,
rapidly
being
replaced
by
sleeker,
cheaper
electronic
systems.
Try
telling
that
to
the
New
York
Mercantile
Exchange
(NYMEX),
the
world's
largest commodities exchange. On
November 1st the NYMEX opened an open-outcry pit
in Dublin to handle
Brent crude
futures, the benchmark contract for pricing two-
thirds of the world's oil.
The NYMEX is trying to snatch liquidity
from London's International Petroleum Exchange
(IPE), which
trades the most Brent
contracts; the New York exchange has hitherto
concentrated on West Texas Intermediate,
an American benchmark grade. The new
pit is a response to the IPE's efforts to
modernise. On the same day as
NYMEX
traders
started
shouting
Brent
prices
in
Dublin,
the
IPE
did
away
with
its
morning
open-outcry
session: now such trades must be
electronic, or done in the pit after lunch.
The
New
York
exchange
claims
that
customers,
such
as
hedge
funds
or
energy
companies,
prefer
open-outcry because it allows for more
liquidity. Although most other exchanges are
heading in the opposite
direction,
in
commodity
markets
such
as
the
NYMEX,
pressure
from
traders--is
helping to prop up open-outcry,
although some reckon that customers pay up to five
times as
much as with
electronic systems. Even the IPE has no
plans to abolish its floor. Only last month it
signed a lease, lasting until
2011, for
its trading floor in London.
Dublin's new pit is
Financial, despite a few
technical glitches. On its first day it
handled 5,726 lots of Brent (each lot, or
contract, is 1,000 barrels), over a
third of the volume in the IPE's new
morning electronic session. By the year's end,
predicts Mr Laughlin, it
should be
clear whether the venture will be viable. It would
stand a better chance if it moved to London. It
may
yet: it started in Ireland because
regulatory approval could be obtained faster there
than in Britain.
Ultimately, having both exchanges
offering similar contracts will be unsustainable.
Stealing liquidity from
an
established
market
leader,
as
the
NYMEX
is
trying
to
do,
is
a
hard
task.
Eurex,
Europe's
largest
futures
exchange,
set
up
shop
in
Chicago
this
year,
intending
to
grab
American
Treasury-bond
contracts
from
the
Chicago Board of Trade.
It has made little headway. And the NYMEX has
dabbled in Brent contracts before,
without success.
Given
the
importance
of
liquidity
in
exchanges,
why
do
the
IPE
and
the
NYMEX
not
band
together?
There
have
been
merger
talks
before,
and
something
might
yet
happen.
Some
say
that
the
freewheeling
NYMEX
and
the
more
staid
IPE
could
never
mix.
For
now,
in
any
case,
the
two
exchanges
will
slug
it
out--
across the Irish Sea as well as across the
Atlantic.
注（
1
）
：本文选自
Economist
；
11/6/2004, p78-78, 1/2p,
1c
；
注（
2
）
：本文习题命题模仿
2001
年真题
text 2
第
1
题（
1
）
，
text 4
第
2
题（
2
）
，
< br>text 1
第
2
题（
4
）
，
2002
年真题
text 2
第
2
题（
3
）
，
text 3
第
4
< br>题（
5
）
；
1.
The NYMEX and IPE are___________.
[A] both using
open outcry trading as a major trading form
[B] partners
that are reciprocal in their business activities
[C] rivals that are competing in the
oil trading market
[D] both taking
efforts to modernize their trading practice
2.
According
to
the
author,
one
of
the
reasons
that
the
NYMEX
takes
open-outcry trading
is__________.
[A] the preference of its
customers
[B] the standard
practice of energy exchange
[C] the
long tradition of this trading practice
[D] the nostalgic feeling it arouses
3.
The word “glitches” (Line 2, Paragraph
4) most probably means_________.
[A]
backwardness
[B] disappointments
[C] engineers
[D] problems
4.
From Paragraph 4 we can infer
that_________.
[A] trading volume in the IPE's new
morning electronic session is falling
[B] London is a better business
location for energy exchanges than Dublin
[C] Britain’s regulators a
re
less efficient than those of Ireland
[D] the Dublin pit of the NYMEX will be
more prosperous next year
5.
We can
draw a conclusion from the text that___________.
[A] it’s very
unlikely that the NYMEX and the IPE could combine
their businesses
[B] the
NYMEX will fail in Ireland as many precedents have
shown
[C] the two energy exchanges will
figure out a way to cooperate with each other
[D] the market environment for both
energy exchanges is getting better
答案：
C A D B A
篇章剖析
本文介绍了两家能源交易所之间的商战。
第一段介绍了纽约商品交易所在都柏林的交易所
采用公开叫价
的交易形式。
第二段介绍了纽约商品交易所和伦敦
国际石油交易所之间的竞争。
第三段介绍了纽约商品
交易所采用
公开叫价交易方式的原因。
第四段介绍了目前都柏林这个交易所的经营情况。
第五段对这种
能源交易所之间的竞争前景进行了简单的分析。
最后一段总结全文，
两个交易所都会在这张商战中放手
一搏。
词汇注释
open-outcry:
n.
公开叫价
quaint:
[
??????
] adj.
古怪有趣的
sleek:
[
?????
] adj.
时髦的
pit:
[
???
] n.
期货交易场
Brent crude
futures
：北海布伦特原油期货
benchmark:
[
??????????
] n.
基准点；可依照做出衡量和判断的标准
liquidity:
[
??????????
] n.
流动资金；资产折现力
West
Texas Intermediate:
西德州轻质原油
hedge fund:
对冲基金
prop up: v.
支撑
,
支持
glitch:
[
?????
] n.
小故障，小毛病
lot:
[
???
] n.
一批（在一起）拍卖的物品
viable: [
???????
]
adj.
可行的；可实施的
unsustainable:
[
??????????????
] adj.
无法维持的
treasury-
bond:
国库券
headway:
[
???????
] n.
前进；进展
dabble:
[
?????
] v. (
作为兴趣或
爱好
)
随便搞搞
,
涉猎
难句突破
Although
most other exchanges are heading in the opposite
direction, in commodity markets such as the
NYMEX,
pressure
from
traders--is
helping
to
prop
up
open-outcry,
although
some reckon that
customers pay up to five times as much as with
electronic systems.
主体句式：
pressure …is helping to
prop up open
-outcry
结构分析：这是一
个复杂句，包含两个由
although
引导的让步状语从句。
prop
up
的意思是“支持”
。
句子译文：
虽然其它绝大多数交易所正在取消这种公开叫价的交易方式，<
/p>
在纽约商品交易所这类商品市
场里，来自“本地人”
---
那些自营商
---
的
压力却起到了支持公开叫价的作用，尽管一些人估计客户为此
要支付五倍于使用电子系统
的费用
题目分析
1.
答案为
C
，
属事实细节题。根据文
章第二段“纽约商品交易所试图抢走
IPE
的交易量”和“新开
张
的交易所回应了伦敦国际石油交易所进行的现代化努力”
两句
来看，
这两家交易所是竞争石油交易的对
手。
< br>
2.
答案为
A
，
属事实细节题。
根据文章第三段，
NYMEX
声称“对冲基金或者能源公司这样的客户更喜
欢公开叫价”可知，顾客的喜好是他们考虑采用公开叫价方式的原因之一。
3.
答案为
D
，
属猜词题。根据文章第四段，除了一些技术上的“
glit
ches
”之外，新交易所让人们看到
了希望。显然，
glitches
应该是不利的方面，四个选项中，只有
B
的意义最符合上下文。
4.
答案为
B
，
属推理判断题。根据文章第四段，如果
NYMEX
把在都柏林的交易所开在伦敦的话，
“
it
would stand a better chance
”
。可见，伦敦是能源交易所更好的业务场所。
5.
答案为
A
，
属推理判断题。根据文章最后两段，两家能源交易所因为交易内容相似，且两家都是
著
名交易所，这种市场局面最终将难以维系。作者提出了两家能否联手的问题，但两个交
易所一静一动，
很难合并。
参考译文
公开叫价交易被认为是一种
奇怪而过时的做法，
应该很快被更加时髦，
更加廉价的电子系统
所取代。
但纽约商品交易所（
NYMEX
）这个世界上最大的商品交易所却反其道而行。
11
月
1
日，纽约商品交易
所在都柏林的期货交易所
开张，
并以公开叫价的方式交易作为世界三分之二原油的定价基准的布伦特原
油期货。
大部分布伦
特合约都是在伦敦国际石油交易所（
IPE
）进行交易的；纽约
商品交易所试图抢走
IPE
的交易量；
因此纽约交易所把注意力都集中在了西德州轻质原油这个美国交易基准上。
新开张的交易
所
回应了伦敦国际石油交易所进行的现代化努力。
同一天，
当纽约商品交易所的交易员开始在都柏林高喊
布伦特原油期货价格的
时候，
伦敦国际石油交易所废除了上午的公开叫价交易：
现在这
类的交易都必须
实行电子化，或者在午饭之后才能在交易所进行。
纽约商品交易所声称对冲基金或者能源公司这样的客户更
喜欢公开叫价，
因为这种方式照顾到了更
多的流动资金。
虽然其它绝大多数交易所正在取消这种公开叫价的交易方式，
在纽约商
品交易所这类商
品市场里，来自“本地人”
---
那些自营商
---
的压力却起到了支持公开叫价的作
用，尽管一些人估计客户
为此要支付五倍于使用电子系统的费用。
甚至伦敦国际原油交易所也没有打算放弃其交易厅。
上个月他
们才刚刚签署一项租约，将其在伦敦交易大厅的租期延续到
2011
年。
曼氏金融公司的交易员罗
布
·
拉夫林说，虽然出现了一些技术故障，但都柏林的这个新建
交易所正
在
“崭露头角”
。
在开张当天布伦特原油的成交量就达到了
5726
手
（每一手就是一份合约，
相当于
10
00
桶）
，是伦敦国际原油交易所当天上午更换电子交易成交量
的三分之一。拉夫林预测，这一次投机是否
可行到了年底就会见分晓。如果交易所迁到伦
敦，则成功的机会更大。也许最终它会被迁到伦敦：不过
它在爱尔兰开张就是因为那里比
伦敦能更快获得监管部门的批准。
两家交易所交易相似期货合同的局面最终将难以维系。
纽约商品交易所想和一个老牌市场
领袖叫板
谈何容易。欧洲最大的期货交易所欧洲期货交易所（
E
urex
）今年在芝加哥设立分店，打算从芝加哥期
货交易所的
美国国库卷交易里分一杯羹，
但进展不大。
纽约商品交易所以前
也曾涉足布伦特原油期货交
易，但无功而返。
考虑到交易中资金折现力的重要性，
为什么伦敦国际原油交易所和纽约商品交易所不联合起来呢？
以前有过合并商谈，不过也
许时机还没到。有人说纽约商品交易所和伦敦国际原油交易所一动一静，水
火不容。现在
，无论如何，这两家交易所都要放手一搏
---
战场横跨爱尔兰
海洋和大西洋。
考研英语阅读理解精读
100
篇
unit6
Unit 6
Thanks
to
slumping
markets,
investment
banks
are
shedding
many
of
their
highly-paid
traders.
When
markets recover, the banks might be
tempted to replace them with rather cheaper
talent. One alternative has
been around
for a while but has yet to catch on: autonomous
trading agents-computers programmed to act like
the
human
version
without
such
pesky
costs
as
holidays,
lunch
breaks
or
bonuses.
Program
trading
has,
of
course,
been
done
before;
some
blamed
the
1987
stockmarket
crash
on
computers
instructed
with
simple
decision-making
rules. But robots can be smarter than
that.
Dave
Cliff, a researcher at
Hewlett-Packard
Laboratories in Bristol, England, has been
creating trading
robots for seven
years. In computer simulations he lets them evolve
and fit models of real-world financial
markets. His experiments have suggested that a
redesign of some markets
could
lead
to
greater
efficiency.
Last
year,
a
research
group
at
IBM
showed
that Mr
Cliff's
artificial
traders
could consistently
beat the human variety, in various kinds of
market. Nearly all take the shape of an auction.
One well-known type is the English
auction, familiar to patrons of the salesrooms of
Christie's and Sotheby's,
where sellers
keep mum on their offer price, and buyers increase
their bids by stages until only one remains.
At the other extreme is the
Dutch auction, familiar to 17th-century tulip-
traders in the Netherlands as well
as
to bidders for American Treasury bonds. Here,
buyers remain silent, and a seller reduces his
price until it is
accepted. Most
markets for shares, commodities, foreign exchange
and derivatives are a hybrid of these two
types:
buyers
and
sellers
can
announce
their
bid
or
offer
prices
at
any
time,
and
deals
are
constantly
being
closed, a so-called
Mr Cliff's novel idea was
to apply his evolutionary computer programs to
marketplaces themselves. Why
not,
he
thought,
try
and
see
what
types
of
auction
would
let
traders
converge
most
quickly
towards
an
equilibrium price? The
results were surprising. In his models, auctions
that let buyers and sellers
bid at any
time like most of today's financial
exchanges were less efficient than ones that
required relatively more bids
from
either buyers or sellers. These
panics,
better
than
today's
real-world
versions.
Mr
Cliff's
most
recent
results,
which
will
be
presented
in
Sydney, Australia, on December 10th,
show that the best type of auction for any market
depends crucially on
even slight
differences in the number of buyers and sellers.
Bank of America has been
investigating these new auctions, along with
robotic traders, for possible use in
electronic exchanges. The hope is that
today's financial auctions and online marketplaces
might work better by
becoming
more
like
their
English
and
Dutch
forebears.
But
what
to
call
such
multi-ethnic
hybrids?
Here's
introducing the
注（
1
）
：本
文选自
Economist
；
11/3
0/2002, p65, 1/2p, 1c
；
注（
2
）
：本文习题命题
模仿
2000
年真题
text 3
第
1
题（
1
）
，
text 4
第
3
题（
2
）<
/p>
，
2004
年真题
text 4
第
1
题，
2001
年真题
text 1
第
2
题（
4
）
，
1999
年真题
< br>text 1
第
4
题（
5
）
；
1.
The passage is mainly__________.
[A] a review of two kinds
of auctions
[B] an introduction of
trading robots
[C] a survey of the
trading market
[D] about trading
alternatives
2.
Which of the following is true
according to the text?
[A]
David’s r
obot traders have now been
used in real-world markets.
[B] Robot traders can evolve like
creatures.
[C] There is room for
improvement in efficiency in trading markets.
[D] The English auction is the most
popular trading form.
3.
If you
were trading American Treasury bonds, you would
most likely take
the trading
form of ___________.
[A]
the English auction
[B] the
continuous double auction
[C] the Dutch
auction
[D] the evolved auction
4.
We can infer from the text
that______________.
[A] existing auctions can not withstand
market shocks
[B] the Dutch
auction is better than the continuous double
auction
[C] it’s hard for traders to
reach an equilibrium price
[D] the best type of auction takes
place when the number of the buyers is equal to
that of sellers
5.
Toward
robot traders, the writer’s attitude can be said
to be__________.
[A] biased
[B] objective
[C] pessimistic
[D]
optimistic
答案：
B
C C B D
篇章剖析
本篇文章是一篇说明文，
介绍了一种机器人交易员。
< br>第一段以银行也需要薪资更低廉的交易员开始引入
机器人交易员的话题，说明机器
人交易员不同于程序交易，是聪明的交易员。第二段介绍了这种机器人
交易员的研发过程
和其模拟的一种拍卖形式。
第三段介绍了其他拍卖形式。
第四段
介绍了这种机器人交
易员在模拟拍卖中的表现。最后一段对这种机器人交易员的前景及影
响作了简单评价。
词汇注释
slump:
[
?????
] v. (
价格等
)
暴跌
, (
买卖
)
清淡
;
衰落
;
萧条
shed: [
???
] v.
去除除去（不想要或不需要的东西）
pesky: [
??????
]
adj.
讨厌的，麻烦的
auction:
[
???????
] n.
拍卖
patron:
[
????????
] n.
顾客；主顾
salesroom:
n.
拍卖场
mum:
[
???
] adj.
沉默的；无言的；不说话的
derivative:
[
??????????
] n.
衍生物
hybrid:
[
????????
] n.
混合物
converge:
[
?????????
] v.
达成一致趋于或达成联合、共同结论或者结果
equilibrium:
[
??????????????
] n.
平衡
forebear:
[
???????
] n.
祖先，祖宗
cliffhang:
[
????????
] v.
扣人心
弦
,
悬疑
难句突破
In his
models, auctions that let buyers and sellers bid
at any time like most of today's financial
exchanges
were less efficient than ones
that required relatively more bids from either
buyers or sellers.
主体句式：
auctions… were less
efficient than ones..
结构分析：这
是一个复杂句，句子的主语
auctions
后面有一个
that
引导的定语从句对它进行修饰，句子
主体结构中包含了一个比较级，在比较的对象
ones
后面也有
一个
that
引导的定语从句对它进行修饰。
< br>
句子译文：
在他的模式中，
现
今大多数金融交易中采用的让买卖双方随时竞价的拍卖方式比起那些需要
买卖双方提出更
多竞价的模式效率要低下。
题目分析
1.
答案为
B
，
属推理判断题。
判断文章主旨要从文章整体来把握。
文章第一段说明机器人交易员可以
替
代人类从事交易工作。
接下来作者介绍其研发过程及其模拟的
几种拍卖形式以及拍卖中的表现，
最后一
段对这种机器人交易员
的前景进行了展望，可见全文都是在介绍机器人交易员。
2.
答案为
C
，
属
事实细节题。根据文章第二段第四行，克里夫的研究表明“对某些市场进行重新设计
可能
会大幅提高效率。
”可见交易市场仍然有提高效率的空间。
3.
答案为
C
，
属事实细节题。文章第三段介绍荷兰式拍卖时说它是“今天竞拍美国国库券竞标人所
熟
悉的一种拍卖形式。
”可见，如果交易美国国库券，最有可能
采用荷兰式拍卖方式。
4.
答案为
B
，
属推理判断题。
< br>根据文章第四段克里夫的研究发现，
现今大多数金融交易中所采用让买卖
双方随时竞价的拍卖方式比起那些需要买卖双方提出更多竞价的模式效率要低下。
可见荷兰式的拍卖方
式比连续双向拍卖。
这也可以从文
章最后一段中所说的
“今天的金融拍卖和网上市场如果能更多地模仿
它们的英国和荷兰先祖生意也许就会更好”看出。
5.
答案为
D
，
属
推理判断题。作者的态度可以通过材料的选择和措辞来判断。在第一段，作者指出，
机器
人交易员不同于程序交易，是聪明的交易员。接着作者介绍了
IBM
的一个研究小组的成果：这种
机器人交易员可以在各种市场上击败真人交易员。可见
，作者对机器人交易员持积极乐观的态度。
参考译文
由于市场不景气，投资银行
辞退了许多高薪交易员。等到市场恢复，银行也许会用薪资更低廉的人
才来取代他们。<
/p>
现在他们又多了一个选择：
电子交易员
-
--
经过编程可以像人一样工作，
但却不需要休假，
午餐休息或者奖金等烦人的支出的电脑。这种电子交易员已经面世一段时间了，但尚未流行起来。以 前
当然也出现过程序交易；
有人就把
1
987
年的股市崩盘归罪于那些只按照简单决策规则指令工作的电脑。
< br>不过机器人会聪明得多。
大
卫
·
克利夫是英国布里斯托惠普实验室的研究员，
7
年来他一直致力于创造交易机器人。
在计算机
仿真试验中，他使这些机器人“按照遗传方式”不断发展，以使它们适应并且适合真实金融市
场的各种
模式。
他的实验意味着对某些市场进行重新设计可能会
大幅提高效率。
去年，
IBM
的一个研
究小组证明
克利夫的人造交易员可以在各种市场上击败真人交易员。几乎所有这些实验都
是以拍卖的形式进行的。
其中一种著名的拍卖形式就是英式拍卖，
克里斯蒂和索斯比拍卖行的顾客对此都很熟悉，
卖家不报出他
们的竞拍价，而买家则不断抬高竞拍价铬，直到只有一位买家出价为止。
另外一种形式是荷兰式拍卖，
它是十
七世纪荷兰的郁金香商人以及今天竞拍美国国库券竞标人所熟
悉的一种拍卖形式。这一回
，买家不报价，由卖家不断降价，直到有人接受这个价格为止。大部分股票
市场，商品市
场，外汇市场和衍生产品市场则采用这两种类型的混合模式：买卖双方可以随时宣布他们
的竞价或者报价，交易也随时完成，即所谓“连续双向拍卖”
。
克利夫的新思路就是把他研制的可以不断升级的电脑程序应用
于市场。
他想，
为什么不试试看哪种
拍
卖形式能最快地让交易员趋于一个均衡价格呢？其研究结果令人吃惊。
在他的模式中，<
/p>
现今大多数金
融交易中采用的让买卖双方随时竞价的拍卖方式比起
那些需要买卖双方提出更多竞价的模式效率要低
下。这些“进化的拍卖方式”还承受住了
大的市场震荡，比如崩盘和恐慌，比真人拍卖表现出色。克利
夫将于
12
月
10
日在澳大利亚悉尼演示
他的最新研究成果，
这些成果表明买卖双方人数的轻微差异都会
对最好的市场拍卖形式产生影响。
美洲银行已经开始研究这些新型拍卖形式以及机器人交易员，
看看是否可能在电子交易中
使用。
今天的
金融拍卖和网上市场如果能更多地模仿它们的英国
和荷兰先祖生意也许就会更好。
但这种多种类混合体
该叫什么呢
？
叫“克利夫悬疑”如何
考研英语阅读理解精读
100
篇
unit7
Unit 7
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.
and
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
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.
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
）
< br>，
text 5
第
3
题（
2
）
，
1995
年真题
text 2
第
4
题（
3
）
，
2000
年真题
< br>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
th
e 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
篇章剖析
本篇文章是一篇说明文，
针对印度外汇储备增加，
卢比走强是否会对印度的外汇管制政策产生影响进行
了分析。第一段介绍了印度外汇储备
增加，卢比走强的财政情况，并提出本文主要观点：印度也许并不
会大幅放开对外汇的管
制。
第二段介绍了卢比升值的情况。
第三段介绍了卢比升值带来
的影响
---
外汇流
入。
第四段介绍了外汇储备增加的情况以及政府适度放松外汇管制。
第五段分析了
政府不会大幅放开外
汇管制的原因，并得出自己的结论：外币兑换是一条双行道。
词汇注释
silver lining:
一线希望
buoyant:
[
???????
] adj.
趋于上升的（价格）
rupee:
[
???????
] n.
卢比（印度、巴基斯坦等国的货币）
liberalization:
[
?????????????????
] n.
自由化
;
放宽限制
nominal:
[
???????
] adj.
属于、关于或是一笔钱或者股票证券的票面价值量的
appreciate:
[
???????????
] v.
增值
,
涨价
gusto: [
???????
]
n.
兴致勃勃；热情
aghast: [
???????
]
adj.
惊骇的
,
吓呆的
prowess:
[
???????
] n.
卓越的技能；杰出的才能；本领
mushrooming:
[
?????????
] n.
迅速增长
,
激烈增殖
outsourcing:
[
???????????
] n. [
商
]
外部采办
,
外购
chunky:
[
???????
] adj.
结实的；厚实的
remittance:
[
?????????
] n.
汇款
,
汇寄之款
,
汇款额
offshore:
[
?????????
] adj.
海外的，国外的
hedge:
[
????
] n.
保值措施，套期保值
cushion: [
??????
]
n.
缓冲减轻或缓和不利后果的东西
labyrinthine:
[
?????????????
] adj.
迷宫
(
似
)
< br>的
,
曲折的
convertibility:
[
????????????????
] n.
可兑换性
dividend:
[
?????????
] n.
股息
,
红利
harbinger:
[
??????????
] n.
先驱
,
预兆
prone: [
?????
]
adj.
倾向于
vindicate:
[
??????????
] v.
证明…正当
loom:
[
????
] v.
隐现
,
迫近
turbulent:
[
???????????
] adj.
动荡的；难控制的
aversion:
[
????????
] n.
指转向或转移的行为
难句突破
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”<
/p>
。
句子译文：尽管在
< br>1993
年印度已允许进行以贸易为目的的卢比兑换，但印度目前的外汇控制如迷
宫般
复杂。现在有了这样的巨额储备作保障，一些人开始呼吁印度政府进一步放开现有外
汇控制。
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
experien
ce…has left the central bank
prone to caution.
结构分析：这个句子
是个复杂句，句中有一个以
when
引导的，修饰
1991
的定语从句和一个省略了
that
的，修饰
approach
的定语从句。
句子译文：
1991
年印度用完外汇储备的经历使中央银行倾向于谨慎方式—
1997-98
年的东亚危机证实了
这种方式的正确性。
题目分析
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
cushio
n
。这个词的意思是“缓冲不利影响的东
西”
< br>，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。
参考译文
印度财政部长本周发布了年
中报告，报告认为对外部门给该国巨额财政赤字带来了一线希望。
‘行
< br>情看涨’和‘令人鼓舞’这些词被用来形容
1/4
世纪以
来首次连续三个季度的经常项目账户盈余。随着
外汇储备的膨胀和卢比的增强，一些人认
为大幅放开印度外汇管制的时候到了。不过他们也许会失望。
在过去十年中的大部分时候，卢比的面值被允许以每年约
5%<
/p>
的幅度相对于美元温和地贬值，因此
它的实际价值是相当稳定的。
然而，在今年，卢比的实际价值一直在升值（而且，自六月以来，其面值
也在上扬）
。如果不是中央银行一直在积极买入美元，卢比的升值幅度会更高。对饱受中国产品价格竞<
/p>
争困扰的制造品出口商来说，卢比升值的消息令人心惊肉跳。一些预测者认为，由于印度信
息产业出口
还将持续繁荣，卢比将继续升值。
卢比最近的强势与印度在软件业的实力以及最近兴起的将电话
中心等项目的业务流程外包有一定
的关系。相当的无形收支项目盈余主要来自汇款：受卢
比的稳定性和高利率的吸引，那些旅居他乡的印
度人一直在将他们的海外存款汇回家乡。
与此类似，印度公司也贷入更多美元，同时不卖出远期卢比以
便偿还美元贷款时能够套期
保值。在此期间由于进口增长缓慢，贸易赤字也在不断减少。
外汇的流入使得外汇贮备在今年快速增长了大约
200
亿美元，达到了
660
亿美元，相当于
12
个月
的进口总额。尽管在
< br>1993
年印度已允许进行以贸易为目的的卢比兑换，但印度目前的外汇控制如迷
宫
般复杂。现在有了这样的巨额储备作保障，一些人开始呼吁印度政府进一步放开现有外
汇控制。最近几
个月来，一些外汇控制已经被适当放松。比如，个人开设外汇银行账户、
旅游者持有外汇都比以前要简
单很多。此外旅居国外的印度人也可转出遗产继承收入，或
租金、利息收入。
一些评论员将上
述情况视为资本账户可完全兑换的先兆。然而这个可能性并不大。
1991
年印度用
完外汇储备的经历使中央银行倾向于谨慎方式—
1997-98
年的东亚危机证实了这种方式的正确性。随着
伊拉克战争的临近，以及石油市场的波动，进行一些风险转移是可以理解的。印度的财政赤字—约为
GDP
的
10%
且正在扩
大—是另一个开放动作缓慢的原因。在穆迪（
Moody’s
）
这个评级机构考虑提升印
度外债的等级的同时，另一个评级机构，惠誉（
Fitch
）则警告说它的本地货币评级处境堪忧。放开资本
< br>账户并不一定意味着削弱卢比，说不定它还会吸引更多的资本流入。外币兑换是一条双行道，这一点印
度的出口商们也越来越有感触。
考研英语
阅读理解精读
100
篇
unit8
Unit 8
The giant
Mirafiori plant in Turin is the heart of Fiat
Auto, the troubled car division of the Fiat group.
As
the
early
shift
trooped
home
at
2pm
on
October
9th,
the
mood
was
pessimistic.
The
workers
knew
that
the
bosses were meeting
union leaders later that afternoon in Rome to
announce 8,100 job cuts across the group's
car
factories.
This
is
on
top
of
3,000
job
losses
announced
earlier
this
year.
Workers
expect
one-third
of
Mirafiori's
12,000
employees
to
be
gone
by
next
July.
Fiat
says
that
all
but
500
of
the
total
are
temporary
lay-offs, to last
about a year. But the morose workers passing
through Mirafiori's gates doubt that the jobs will
ever come back, whatever the firm says
about new models and future investment.
Fiat
Auto
will
lose
around
?1
billion
($$987m)
this
year,
wiping
out
profits
in
other
parts
of
the group,
which makes
everything from lorries and tractors to robots.
Fiat's bosses have been in denial for years about
the company's massive over-capacity,
the cause of growing losses as sales slumped. Five
years ago Fiat Auto