-
阅读理解精选
10
0
篇
---
经济类
考研英语阅读理解精读
100
篇
unit1
unit1
Some
of the concerns surrounding Turkey’s application
to join the European Union, to be voted on by the
EU’s Council of Minis
ters on
December 17th, are
economic-
in particular, the country’s
relative poverty. Its
G
DP
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,
matching. Turkey’s inflation
rate has just fallen into single figures for the
first time since 1972, and this week the
countr
y reached agreement
with the IMF on a new
three-
year, $$10 billion economic
programme that will, according to the IMF’s
managing director, Rodrigo Rato,
Turkey... reduce inflation toward
European levels, and enhance the economy’s
resilience
Resilience has not
historically been the country’s
economic strong point. As recently as 2001, GDP
fell by over 7%. It fell by more than
5% in 1994, and by just under 5% in
1999. Indeed, throughout the 1990s growth
oscillated like an electrocardiogram recording
a violent
heart attack. This
irregularity has been one of the main reasons
(along with red tape and corruption) why the
country has failed dismally to
attract
much-needed foreign direct investment. Its stock
of such investment (as a percentage of GDP) is
lower now than it was in the 1980s,
and
annual inflows have scarcely ever reached $$1
billion (whereas Ireland attracted over $$25
billion in 2003, as did Brazil in every year from
1998 to 2000).
One deterrent to foreign investors is
due to disappear on January 1st 2005. On that day,
Turkey
will take away the right of
virtually
every one of its citizens to
call themselves a millionaire. Six noughts will be
removed from the face value of the lira; one
unit of the local
currency
will henceforth be worth what 1m are now-ie,
about ?0.53 ($$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
< br>2002
年真题
text 3
第
4
题（
5
）<
/p>
；
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,
Para
graph 3) most 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 influence 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 membe
rs
，
在第二个并列分句里有一个
wh
ich
引导的非限定性定语从句修饰
Bulgaria and
Romania
，
还有一个
that<
/p>
引导的定语从句，
修饰
accessio
n
talks
。
< br>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<
/p>
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<
/p>
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
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<
/p>
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
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：<
/p>
“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
< br>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
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
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
(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
Economist
；
11/27/2
004, 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<
/p>
2
题（
2
）
，
2002
年真题
text
2
第
2
题（
3
）
，
1998
年真题
text 2
第
2
题（
4
）和
1999
年真题
text 1
第
4
题（
5
）
；
1.
The main reason for
the constant change at the top of McDonald is
________.
[A]
the board’s interference
[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 concern 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 was 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
brought 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
< br>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 Canta
lupo
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，
< br>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
< br>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？斯金纳先生和罗伯茨先生都是
< br>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
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
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
）<
/p>
：本文选自
Economist
；
11/13/2004,
p67-67,
4/9p
；
注（
2
）<
/p>
：本文习题命题模仿
1998
年真题
text 1
第
2
题（
1
）
，
2
002
年真题
text 2
第
2
题（
2
）
，
text 5
第
3
题（
3
）
，
2004
年真题
text 4
第
2
题（
4
< br>）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，<
/p>
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，
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<
/p>
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
w
hich
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
< br>”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“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<
/p>
/
否定性反应”
。
3.
答案为
B
< br>，
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，
“
stagg
ered 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。<
/p>
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
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。
< br>
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<
/p>
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.
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
< br>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<
/p>
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。<
/p>
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< p>
考研英语阅读理解精读
100
< br>篇
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
）
：本文选自
Economist
< br>；
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, gold is s
omething__________.
[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” (Line 1, Par
agraph 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<
/p>
-
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 <
/p>
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。
nothi
ng 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
< br>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
< br>行之间的协议就会被破坏。因此，根据上下文，
“
rip
ped 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，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。
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
< br>450
美元，比年初上涨了
9%
，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
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，导致金价上扬的额外需
< br>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。要偿还这些美元，最不费力的方式就是让美元贬值。
<
/p>
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
2002
< br>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
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
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 are
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
< br>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，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。
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“
glitches
”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<
/p>
NYMEX
把在都柏林的交易所开在伦敦的话，
< br>“
it would stand a better chance
”
。
可见，伦敦是能源交易所更好的业务场所。<
/p>
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”
< br>---
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
< br>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
2
011
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
1000
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（
Eurex
）
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。
< br>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
so
allows them
to
adapt
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
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
；
11/30/2002,
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
< br>3
题（
2
）
，
2004
年真题
text 4<
/p>
第
1
题，
200
1
年真题
text 1
第
2
题（
4
）
，
1999
年真题
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 robot 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。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
< br>;
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. <
/p>
答案为
B
，
属推
理判断题。
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。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
1987
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。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，<
/p>
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.
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
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.
注（
1
）<
/p>
：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 the follow
is NOT a rea
son 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，
< br>但结构并不算太复杂，
容易造成理解困难的是
cushi
on, 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”<
/p>
，
labyrinthine
的意思是“
复杂的；迷宫般的”
。
句子译文：尽
管在
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
experience…has left the centr
al 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：
199
1
年印度用完外汇储备的经历使中央银行倾向于谨慎方式—
19
97-98
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。<
/p>
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
< br>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. <
/p>
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
< br>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”
< 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
< br>，
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%
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<
/p>
个月的进口总额。尽管在
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。
< br>
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
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