2023復(fù)習(xí)正是強(qiáng)化復(fù)習(xí)階段，在考研英語中占了40分，所以考研英語閱讀是英語科目中重要的一項(xiàng)。名師老師曾建議過考研生需要堅(jiān)持每天泛讀10-15分鐘的英文原刊。強(qiáng)烈推薦了雜志《經(jīng)濟(jì)學(xué)人》.雜志中的文章也是考研英語的主要材料來源.希望考研考生認(rèn)真閱讀，快速提高考研英語閱讀水平。 　　China s currency 　　中國貨幣 　　One way no more 　　只有一條路可走 　　Why China s central bank is weakening itscurrency 　　為什么中國的中央銀行正在弱化它的貨幣 　　CHINA S currency has long been a source of controversy, especially among Americanpoliticians outraged by its cheapness. 　　中國的貨幣長久以來就是爭議之源，尤其是因其廉價(jià)而飽受美國政客的指責(zé)。 　　But it is rarely a source of uncertainty. 　　但是它卻不是不穩(wěn)定的源泉。 　　Critics have argued fiercely about what it should be worth. 　　批評(píng)家就其實(shí)際價(jià)值爭論了很久， 　　But as to what it would be worth, China s authorities have left little room for disagreement. 　　但是事關(guān)未來中國貨幣價(jià)值，中國政府不容置喙。在中國歷史上的大多數(shù)時(shí)間，其貨幣緊緊與美元掛鉤。 　　For much of its history it has been pegged tightly to the dollar. More recently it has floatedwithin a narrow band. 　　近來，中國匯率在一個(gè)很小的范圍波動(dòng)。 　　Most people have assumed it would float upwards. 　　大多數(shù)人，認(rèn)為其將會(huì)向上浮動(dòng)。 　　In recent days, however, China s authorities have tested that assumption. 　　而近日，中國官方欣慰證實(shí)了這一猜想， 　　At a two-day meeting ending on February 18th, the central bank decided to weaken theyuan, according to the Wall Street Journal. 　　據(jù)《華爾街日?qǐng)?bào)》消息，為期兩天并于2月18號(hào)結(jié)束的會(huì)議，在其召開之后， 　　It has lowered its benchmark by a smidgen at a time for several days. 　　中央銀行決定貶抑人民幣。它略微降低了其基準(zhǔn)幾天的時(shí)間。 　　The currency has also fallen from the strong side of its band to the weak side. 　　貨幣也已經(jīng)從強(qiáng)勢(shì)的一端，降到弱勢(shì)的一端了。 　　In the space of a few days, it lost about 1% of its value. 　　幾天的時(shí)間，就已經(jīng)貶值了1%。 　　On February 26th China s foreign-exchange regulator said that China s ongoingexchange-rate reforms meant that two-way fluctuations will become the norm. 　　2月26日，中國外匯管理局稱中國正在進(jìn)行匯率改革，這意味著雙向波動(dòng)會(huì)成為規(guī)范 　　For the past year, a different norm has applied: 　　在過去的幾年，一個(gè)不同的標(biāo)準(zhǔn)已被采用： 　　the fluctuations have been mostly one way. 　　波動(dòng)可能只因?yàn)橐环N方式。 　　China enjoys a sizeable current-account surplus and it still attracts more foreign-directinvestment than it provides. 　　中國擁有相當(dāng)數(shù)量的經(jīng)常項(xiàng)目盈余，并且它仍然吸引這比其投資量更多的國外直接投資。 　　Other kinds of capital flows are more volatile. But in the last quarter of 2023, a net $22billion of hot money flowed inwards. 　　其他形式的資本流動(dòng)愈發(fā)不穩(wěn)定。當(dāng)時(shí)2023年第四季度，凈值220億美元的熱錢流入國內(nèi)。 　　Much of this qualifies as a carry trade: speculators have borrowed cheaply in dollars, then lentin yuan, eluding China s capital controls in the hope of benefiting both from higher Chineseinterest rates and the yuan s appreciation. 　　許多被認(rèn)為是一種套息交易:投機(jī)者廉價(jià)借入美元,然后借給人民幣,避過了中國的資本管制,以期從更高的中國利率和人民幣升值中獲利。 　　All of this has put upward pressure on the currency, fulfilling the carry-traders designs andinspiring others to emulate them. 　　套息交易者計(jì)劃的實(shí)行以及激勵(lì)別人效仿其行為，所有的這些都增加了貨幣升值的壓力， 　　Despite the central bank s heavy purchases of foreign exchange, the yuan rose by 2.8%against the dollar in the year to January, even as the currencies of other emerging marketsplummeted. 　　盡管央行大量購進(jìn)美元，截至今年1月，即使是在其他新興市場猛跌的情況下，人民幣相對(duì)于美元升值了2.8%。 　　The resulting loss of competitiveness is best illustrated by an index calculated by theHong Kong Monetary Authority, which compares China s currency with those of otheremerging economies that compete with it in third markets. 　　由香港金融管理局的通過比較中國與其他新興經(jīng)濟(jì)體的貨幣在第三市場的競爭計(jì)算出來的指數(shù)，最好地說明了人民幣升值導(dǎo)致競爭力下降的情況。 　　This index shows the yuan rising by over 13% in the year to January and by almost 2.6% inJanuary alone. 　　這個(gè)指數(shù)顯示了人民幣截至到今年一月份上漲了13%，光一月份就上漲了幾乎2.6%。 　　China s authorities did not say they had stepped in to sap the yuan. 　　中國政府未曾說過其介入貶抑人民幣。 　　But their intervention left fingerprints all over the money markets. 　　但是它們干涉的痕跡遍布整個(gè)貨幣市場。 　　In buying dollars to weaken the currency, the monetary authorities put additional yuaninto circulation. 　　通過購買美元來使本幣貶值，金融當(dāng)局投放額外的人民幣用于流通。 　　The central bank withdrew a fraction of this extra money by selling securities to the banks. 　　中央銀行通過向銀行發(fā)售有價(jià)證券來收回一小部分額外的錢。 　　But the banks were still left with extra yuan, which they tried to lend to each other. 　　但是銀行手頭仍然有很多多出來的錢，他們?cè)噲D將之借給對(duì)方， 　　This pushed down interbank interest rates, despite the central bank s withdrawals. 　　這降低了銀行內(nèi)部利率。 　　As Yao Wei of Societe Generale points out, No factors other than foreign-exchangeintervention seems able to explain that. 　　法國興業(yè)銀行的Yao Wei 指出似乎除了外匯干預(yù)，沒有更好的原因能解釋這一現(xiàn)象了。 　　Will the yuan s slide persist? 　　人民幣會(huì)持續(xù)貶值嗎? 　　In its statement, the foreign-exchange regulator pointed out that export earnings andforeign-direct investment remain strong. 　　外匯管理局在其陳述中指出：對(duì)外貿(mào)易順差以及國外直接投資勢(shì)頭依舊強(qiáng)勁。 　　These fundamentals both suggest the yuan should rise again. 　　這兩個(gè)基礎(chǔ)因素顯示了人民幣應(yīng)該再次升值。 　　But by wrongfooting the speculators, the authorities hope that the expectation ofappreciation will not remain a cause of that appreciation. 　　但是通過打亂投機(jī)者的步伐，當(dāng)局期望對(duì)升值的預(yù)期不會(huì)繼續(xù)成為導(dǎo)致升值的因素。 　　At the meeting in which it decided to cheapen its currency, the central bank also decided toenlarge the yuan s trading band later this year, according to a statement cited bytheJournal. 　　根據(jù)《華爾街日?qǐng)?bào)》上的描述，在做出貶抑人民幣決定的會(huì)議上，中央銀行也決定擴(kuò)大人民幣交易的范圍。 　　A more flexible yuan would give the central bank a freer hand in setting monetary policy,even as it gradually permits larger cross-border flows of capital. 　　一個(gè)更加有彈性的人民幣將會(huì)給中央銀行在制定貨幣政策時(shí)帶來更大的便利，甚至它會(huì)逐漸允許更大規(guī)模的跨境資本流動(dòng)。 　　Despite its cruelty to carry traders, the central bank seems to be keen to open the door toforeign capital a little wider, as long as foreigners do not try to barge their way in. That willmake China s currency a source of less controversy but a good deal more uncertainty. 　　盡管其對(duì)于套息交易者十分嚴(yán)厲，但是只要外國人不試圖用粗魯?shù)姆绞疥J入中國市場，中央銀行似乎樂意對(duì)國外資本適度放寬限制。這將減少中國通貨的爭議性，但是卻增加了不穩(wěn)定性。 　　詞語解釋 　　1.a source of 來源 　　Sex outstrips even excretion as a source ofeuphemism. 　　性問題以及與其相關(guān)的東西都成為了委婉語的來源。 　　Eventually, fragmenting politics may become asource of hope. 　　最終，政治分崩離析或許會(huì)成為希望的源泉。 　　2.decide to 決定 　　Why did you decide to talk about it? 　　那你為什么還決定把這件事說出來? 　　When you decide to improve your life, you really do. 　　當(dāng)你決定去改變你的生活，你真的做了。 　　3.fall from 落下;跌落;降落 　　Could a hamster survive a fall from an aeroplane? 　　倉鼠從飛機(jī)上掉下來還能活嗎? 　　Last month, the ice cream giant ben jerry s seemingly took a fall from grace. 　　就在上月，冰激凌巨頭本杰瑞好像從華美的舞臺(tái)上摔了一跤。 　　4.inspire to 啟發(fā) 　　To speak up and out against sinful living to inspire to righteous living. 　　大聲并大膽地向犯罪生活唱反調(diào)，并激發(fā)公義正直的生活。

　　Hang out with people who inspire you to take action. 　　經(jīng)常與那些能夠激勵(lì)你采取行動(dòng)的人在一起。

　　2023復(fù)習(xí)正是強(qiáng)化復(fù)習(xí)階段，在考研英語中占了40分，所以考研英語閱讀是英語科目中重要的一項(xiàng)。名師老師曾建議過考研生需要堅(jiān)持每天泛讀10-15分鐘的英文原刊。強(qiáng)烈推薦了雜志《經(jīng)濟(jì)學(xué)人》.雜志中的文章也是考研英語的主要材料來源.希望考研考生認(rèn)真閱讀，快速提高考研英語閱讀水平。 　　China s currency 　　中國貨幣 　　One way no more 　　只有一條路可走 　　Why China s central bank is weakening itscurrency 　　為什么中國的中央銀行正在弱化它的貨幣 　　CHINA S currency has long been a source of controversy, especially among Americanpoliticians outraged by its cheapness. 　　中國的貨幣長久以來就是爭議之源，尤其是因其廉價(jià)而飽受美國政客的指責(zé)。 　　But it is rarely a source of uncertainty. 　　但是它卻不是不穩(wěn)定的源泉。 　　Critics have argued fiercely about what it should be worth. 　　批評(píng)家就其實(shí)際價(jià)值爭論了很久， 　　But as to what it would be worth, China s authorities have left little room for disagreement. 　　但是事關(guān)未來中國貨幣價(jià)值，中國政府不容置喙。在中國歷史上的大多數(shù)時(shí)間，其貨幣緊緊與美元掛鉤。 　　For much of its history it has been pegged tightly to the dollar. More recently it has floatedwithin a narrow band. 　　近來，中國匯率在一個(gè)很小的范圍波動(dòng)。 　　Most people have assumed it would float upwards. 　　大多數(shù)人，認(rèn)為其將會(huì)向上浮動(dòng)。 　　In recent days, however, China s authorities have tested that assumption. 　　而近日，中國官方欣慰證實(shí)了這一猜想， 　　At a two-day meeting ending on February 18th, the central bank decided to weaken theyuan, according to the Wall Street Journal. 　　據(jù)《華爾街日?qǐng)?bào)》消息，為期兩天并于2月18號(hào)結(jié)束的會(huì)議，在其召開之后， 　　It has lowered its benchmark by a smidgen at a time for several days. 　　中央銀行決定貶抑人民幣。它略微降低了其基準(zhǔn)幾天的時(shí)間。 　　The currency has also fallen from the strong side of its band to the weak side. 　　貨幣也已經(jīng)從強(qiáng)勢(shì)的一端，降到弱勢(shì)的一端了。 　　In the space of a few days, it lost about 1% of its value. 　　幾天的時(shí)間，就已經(jīng)貶值了1%。 　　On February 26th China s foreign-exchange regulator said that China s ongoingexchange-rate reforms meant that two-way fluctuations will become the norm. 　　2月26日，中國外匯管理局稱中國正在進(jìn)行匯率改革，這意味著雙向波動(dòng)會(huì)成為規(guī)范 　　For the past year, a different norm has applied: 　　在過去的幾年，一個(gè)不同的標(biāo)準(zhǔn)已被采用： 　　the fluctuations have been mostly one way. 　　波動(dòng)可能只因?yàn)橐环N方式。 　　China enjoys a sizeable current-account surplus and it still attracts more foreign-directinvestment than it provides. 　　中國擁有相當(dāng)數(shù)量的經(jīng)常項(xiàng)目盈余，并且它仍然吸引這比其投資量更多的國外直接投資。 　　Other kinds of capital flows are more volatile. But in the last quarter of 2023, a net $22billion of hot money flowed inwards. 　　其他形式的資本流動(dòng)愈發(fā)不穩(wěn)定。當(dāng)時(shí)2023年第四季度，凈值220億美元的熱錢流入國內(nèi)。 　　Much of this qualifies as a carry trade: speculators have borrowed cheaply in dollars, then lentin yuan, eluding China s capital controls in the hope of benefiting both from higher Chineseinterest rates and the yuan s appreciation. 　　許多被認(rèn)為是一種套息交易:投機(jī)者廉價(jià)借入美元,然后借給人民幣,避過了中國的資本管制,以期從更高的中國利率和人民幣升值中獲利。 　　All of this has put upward pressure on the currency, fulfilling the carry-traders designs andinspiring others to emulate them. 　　套息交易者計(jì)劃的實(shí)行以及激勵(lì)別人效仿其行為，所有的這些都增加了貨幣升值的壓力， 　　Despite the central bank s heavy purchases of foreign exchange, the yuan rose by 2.8%against the dollar in the year to January, even as the currencies of other emerging marketsplummeted. 　　盡管央行大量購進(jìn)美元，截至今年1月，即使是在其他新興市場猛跌的情況下，人民幣相對(duì)于美元升值了2.8%。 　　The resulting loss of competitiveness is best illustrated by an index calculated by theHong Kong Monetary Authority, which compares China s currency with those of otheremerging economies that compete with it in third markets. 　　由香港金融管理局的通過比較中國與其他新興經(jīng)濟(jì)體的貨幣在第三市場的競爭計(jì)算出來的指數(shù)，最好地說明了人民幣升值導(dǎo)致競爭力下降的情況。 　　This index shows the yuan rising by over 13% in the year to January and by almost 2.6% inJanuary alone. 　　這個(gè)指數(shù)顯示了人民幣截至到今年一月份上漲了13%，光一月份就上漲了幾乎2.6%。 　　China s authorities did not say they had stepped in to sap the yuan. 　　中國政府未曾說過其介入貶抑人民幣。 　　But their intervention left fingerprints all over the money markets. 　　但是它們干涉的痕跡遍布整個(gè)貨幣市場。 　　In buying dollars to weaken the currency, the monetary authorities put additional yuaninto circulation. 　　通過購買美元來使本幣貶值，金融當(dāng)局投放額外的人民幣用于流通。 　　The central bank withdrew a fraction of this extra money by selling securities to the banks. 　　中央銀行通過向銀行發(fā)售有價(jià)證券來收回一小部分額外的錢。 　　But the banks were still left with extra yuan, which they tried to lend to each other. 　　但是銀行手頭仍然有很多多出來的錢，他們?cè)噲D將之借給對(duì)方， 　　This pushed down interbank interest rates, despite the central bank s withdrawals. 　　這降低了銀行內(nèi)部利率。 　　As Yao Wei of Societe Generale points out, No factors other than foreign-exchangeintervention seems able to explain that. 　　法國興業(yè)銀行的Yao Wei 指出似乎除了外匯干預(yù)，沒有更好的原因能解釋這一現(xiàn)象了。 　　Will the yuan s slide persist? 　　人民幣會(huì)持續(xù)貶值嗎? 　　In its statement, the foreign-exchange regulator pointed out that export earnings andforeign-direct investment remain strong. 　　外匯管理局在其陳述中指出：對(duì)外貿(mào)易順差以及國外直接投資勢(shì)頭依舊強(qiáng)勁。 　　These fundamentals both suggest the yuan should rise again. 　　這兩個(gè)基礎(chǔ)因素顯示了人民幣應(yīng)該再次升值。 　　But by wrongfooting the speculators, the authorities hope that the expectation ofappreciation will not remain a cause of that appreciation. 　　但是通過打亂投機(jī)者的步伐，當(dāng)局期望對(duì)升值的預(yù)期不會(huì)繼續(xù)成為導(dǎo)致升值的因素。 　　At the meeting in which it decided to cheapen its currency, the central bank also decided toenlarge the yuan s trading band later this year, according to a statement cited bytheJournal. 　　根據(jù)《華爾街日?qǐng)?bào)》上的描述，在做出貶抑人民幣決定的會(huì)議上，中央銀行也決定擴(kuò)大人民幣交易的范圍。 　　A more flexible yuan would give the central bank a freer hand in setting monetary policy,even as it gradually permits larger cross-border flows of capital. 　　一個(gè)更加有彈性的人民幣將會(huì)給中央銀行在制定貨幣政策時(shí)帶來更大的便利，甚至它會(huì)逐漸允許更大規(guī)模的跨境資本流動(dòng)。 　　Despite its cruelty to carry traders, the central bank seems to be keen to open the door toforeign capital a little wider, as long as foreigners do not try to barge their way in. That willmake China s currency a source of less controversy but a good deal more uncertainty. 　　盡管其對(duì)于套息交易者十分嚴(yán)厲，但是只要外國人不試圖用粗魯?shù)姆绞疥J入中國市場，中央銀行似乎樂意對(duì)國外資本適度放寬限制。這將減少中國通貨的爭議性，但是卻增加了不穩(wěn)定性。 　　詞語解釋 　　1.a source of 來源 　　Sex outstrips even excretion as a source ofeuphemism. 　　性問題以及與其相關(guān)的東西都成為了委婉語的來源。 　　Eventually, fragmenting politics may become asource of hope. 　　最終，政治分崩離析或許會(huì)成為希望的源泉。 　　2.decide to 決定 　　Why did you decide to talk about it? 　　那你為什么還決定把這件事說出來? 　　When you decide to improve your life, you really do. 　　當(dāng)你決定去改變你的生活，你真的做了。 　　3.fall from 落下;跌落;降落 　　Could a hamster survive a fall from an aeroplane? 　　倉鼠從飛機(jī)上掉下來還能活嗎? 　　Last month, the ice cream giant ben jerry s seemingly took a fall from grace. 　　就在上月，冰激凌巨頭本杰瑞好像從華美的舞臺(tái)上摔了一跤。 　　4.inspire to 啟發(fā) 　　To speak up and out against sinful living to inspire to righteous living. 　　大聲并大膽地向犯罪生活唱反調(diào)，并激發(fā)公義正直的生活。

　　Hang out with people who inspire you to take action. 　　經(jīng)常與那些能夠激勵(lì)你采取行動(dòng)的人在一起。