Chinese premier calls for financial reform push

 　　BEIJING, Jan. 21 (Xinhua) -- Premier¹ Wen Jiabao on Monday called for the government to push forward financial reforms.

　　During a Monday inspection² tour of the People's Bank of China, the country's central bank, Wen said efforts should be made to advance the market-based reform of interest rates and improve the yuan exchange rate formation mechanism³.

　　To gradually make the yuan convertible⁴ under the capital account, the government should also work to expand the use of the yuan in cross-border trade and investment, Wen said.

　　Cross-border capital flow is controlled in China, as its capital account is only partially⁵ convertible, which has acted as a technical barrier for the yuan to become a global reserve currency.

　　The government has been taking steps to ease capital controls, introducing reforms such as more flexible interest rates and the adoption⁶ of a wider floating band for the yuan against the U.S. dollar.

　　Wen also urged government efforts to encourage market-oriented financial innovations, boost the role of financial institutions of all kinds and step up the development of private financial institutions.

　　To regulate underground private financing, the government in March 2012 set up a pilot financial reform zone in the eastern city of Wenzhou to encourage the participation⁷ of private capital in reforms of local financial institutions.

　　While warning of a complicated economic environment, the premier said the government should make its monetary⁸ policy play a key role in sustaining the economy's growth, stabilizing⁹ consumer prices and preventing financial risks.

1 premier   

adj.首要的；n.总理，首相

参考例句：

• The Irish Premier is paying an official visit to Britain.爱尔兰总理正在对英国进行正式访问。
• He requested that the premier grant him an internview.他要求那位总理接见他一次。

2 inspection   

n.检查，审查，检阅

参考例句：

• On random inspection the meat was found to be bad.经抽查，发现肉变质了。
• The soldiers lined up for their daily inspection by their officers.士兵们列队接受军官的日常检阅。

3 mechanism   

n.机械装置；机构，结构

参考例句：

• The bones and muscles are parts of the mechanism of the body.骨骼和肌肉是人体的组成部件。
• The mechanism of the machine is very complicated.这台机器的结构是非常复杂的。

4 convertible   

adj.可改变的，可交换，同意义的；n.有活动摺篷的汽车

参考例句：

• The convertible sofa means that the apartment can sleep four.有了这张折叠沙发，公寓里可以睡下4个人。
• That new white convertible is totally awesome.那辆新的白色折篷汽车简直棒极了。

5 partially   

adv.部分地，从某些方面讲

参考例句：

• The door was partially concealed by the drapes.门有一部分被门帘遮住了。
• The police managed to restore calm and the curfew was partially lifted.警方设法恢复了平静，宵禁部分解除。

6 adoption   

n.采用，采纳，通过；收养

参考例句：

• An adoption agency had sent the boys to two different families.一个收养机构把他们送给两个不同的家庭。
• The adoption of this policy would relieve them of a tremendous burden.采取这一政策会给他们解除一个巨大的负担。

7 participation   

n.参与，参加，分享

参考例句：

• Some of the magic tricks called for audience participation.有些魔术要求有观众的参与。
• The scheme aims to encourage increased participation in sporting activities.这个方案旨在鼓励大众更多地参与体育活动。

8 monetary   

adj.货币的，钱的；通货的；金融的；财政的

参考例句：

• The monetary system of some countries used to be based on gold.过去有些国家的货币制度是金本位制的。
• Education in the wilderness is not a matter of monetary means.荒凉地区的教育不是钱财问题。

9 stabilizing   

n.稳定化处理[退火]v.（使）稳定， （使）稳固( stabilize的现在分词 )

参考例句：

• The disulfide bridges might then be viewed primarily as stabilizing components. 二硫桥可以被看作是初级的稳定因素。 来自辞典例句
• These stabilizing design changes are usually not desirable for steady-state operation. 这些增加稳定性的设计改变通常不太符合稳态工作的要求。 来自辞典例句