VOA慢速英语2015--津巴布韦将采用中国人民币作为其法定货币

AS IT IS 2016-01-04 Zimbabwe Switches to Yuan as Reserve Currency 津巴布韦将采用中国人民币作为其法定货币

Zimbabwe announced last week that it would shift to the Chinese yuan as its reserve currency.

A reserve currency is a foreign currency held in large quantities by governments and financial institutions to pay international debts.

“Reserve currency is held in order to support the value of national currencies,” writes Justin Kuepper, international investing expert, on the website International Invest.

Patrick Chinamasa is Zimbabwe’s Minister of Finance and Economic Development. He said China agreed to cancel about $40 million of Zimbabwe’s debts this year. 

He also said the move was a sign of the friendship between China and Zimbabwe, a poor country in southern Africa.

It is also a sign of the growing economic ties between China and Zimbabwe. China is Zimbabwe’s largest foreign investor¹, with interests ranging from construction and energy to telecommunications.

China has also become the largest exporter of Zimbabwean products – mainly tobacco and minerals, such as gold and diamonds.

Local economists³ said Zimbabwe is flooded with foreign currencies since the inflated⁵ Zimbabwean dollar collapsed⁷ in 2009.

In 2014, the nation’s central bank permitted traders to use the U.S. dollar, the South African rand, Botswana’s pula, the British pound, the euro, the Australian dollar, the Indian rupee, the Japanese yen⁸ and the Chinese yuan.

Business consultant⁹ Phillip Chiconi says this announcement is unlikely to change things for the businessmen with whom he works.

“I don’t think it will make much difference to anyone, as we’re already using foreign currencies,” he said.

Zimbabwe has allowed the yuan as a legal currency for two years. But Chiconi said he has not seen it used. Instead, most traders prefer the stability of the U.S. dollar, which is being used as the country’s major currency.

Zimbabwe suffered economic collapse⁶ after years of government mismanagement. That caused the Zimbabwean dollar to inflate⁴ above 230 million percent.

Although the central bank printed a 100-trillion-dollar bill, it didn’t buy much. A loaf of bread cost $300 billion. The currency was done away with in 2009.

The market has stabilized¹⁰ by the U.S. dollar. But Zimbabwe’s cost of living is still about 60 percent higher than that of neighboring South Africa.

BancABC chief economist² James Wade¹¹ says the yuan increases Zimbabwe’s options.

“It’s not like we’re forcing people to use the Chinese yuan,” he said. “… we are expanding options that they can use.”

And, he notes, the context matters. China’s president made a state visit to Zimbabwe this month, and signed many economic agreements. This included a billion-dollar loan for a thermal¹² power plant.

If this action brings in more Chinese investment and more development, Zimbabweans will profit, no matter what currency they use.    

Words in This Story

construction – n. the act or process of building something (such as a house or road)

telecommunications – n. the technology of sending and receiving signals, images, etc., over long distances by telephone, television, satellite, etc.

inflate – v. to increase prices, costs, etc., in a way that is not normal or expected

collapse – v. to fail or stop working suddenly : to break down completely

stability – n.  the quality or state of something that is not easily changed or likely to change

loaf – n. an amount of bread that has been baked in a long, round, or square shape

option – n.  the opportunity or ability to choose something or to choose between two or more things

context – n.  the situation in which something happens : the group of conditions that exist where and when something happens

thermal – adj. of, relating to, or caused by heat

1 investor   

n.投资者，投资人

参考例句：

• My nephew is a cautious investor.我侄子是个小心谨慎的投资者。
• The investor believes that his investment will pay off handsomely soon.这个投资者相信他的投资不久会有相当大的收益。

2 economist   

n.经济学家，经济专家，节俭的人

参考例句：

• He cast a professional economist's eyes on the problem.他以经济学行家的眼光审视这个问题。
• He's an economist who thinks he knows all the answers.他是个经济学家，自以为什么都懂。

3 economists   

n.经济学家，经济专家( economist的名词复数 )

参考例句：

• The sudden rise in share prices has confounded economists. 股价的突然上涨使经济学家大惑不解。
• Foreign bankers and economists cautiously welcomed the minister's initiative. 外国银行家和经济学家对部长的倡议反应谨慎。 来自《简明英汉词典》

4 inflate   

vt.使膨胀，使骄傲，抬高（物价）

参考例句：

• The buyers bid against each other and often inflate the prices they pay.买主们竞相投标，往往人为地提高价钱。
• Stuart jumped into the sea and inflated the liferaft.斯图尔特跳到海里给救生艇充气。

5 inflated   

adj.（价格）飞涨的；（通货）膨胀的；言过其实的；充了气的v.使充气（于轮胎、气球等）( inflate的过去式和过去分词 )；（使）膨胀；（使）通货膨胀；物价上涨

参考例句：

• He has an inflated sense of his own importance. 他自视过高。
• They all seem to take an inflated view of their collective identity. 他们对自己的集体身份似乎都持有一种夸大的看法。 来自《简明英汉词典》

6 collapse   

vi.累倒；昏倒；倒塌；塌陷

参考例句：

• The country's economy is on the verge of collapse.国家的经济已到了崩溃的边缘。
• The engineer made a complete diagnosis of the bridge's collapse.工程师对桥的倒塌做了一次彻底的调查分析。

7 collapsed   

adj.倒塌的

参考例句：

• Jack collapsed in agony on the floor. 杰克十分痛苦地瘫倒在地板上。
• The roof collapsed under the weight of snow. 房顶在雪的重压下突然坍塌下来。

8 yen   

n. 日元；热望

参考例句：

• He wanted to convert his dollars into Japanese yen.他想将美元换成日币。
• He has a yen to be alone in a boat.他渴望独自呆在一条船上。

9 consultant   

n.顾问；会诊医师，专科医生

参考例句：

• He is a consultant on law affairs to the mayor.他是市长的一个法律顾问。
• Originally,Gar had agreed to come up as a consultant.原来，加尔只答应来充当我们的顾问。

10 stabilized   

v.（使）稳定， （使）稳固( stabilize的过去式和过去分词 )

参考例句：

• The patient's condition stabilized. 患者的病情稳定下来。
• His blood pressure has stabilized. 他的血压已经稳定下来了。 来自《现代英汉综合大词典》

11 wade   

v.跋涉，涉水；n.跋涉

参考例句：

• We had to wade through the river to the opposite bank.我们只好涉水过河到对岸。
• We cannot but wade across the river.我们只好趟水过去。

12 thermal   

adj.热的，由热造成的；保暖的

参考例句：

• They will build another thermal power station.他们要另外建一座热能发电站。
• Volcanic activity has created thermal springs and boiling mud pools.火山活动产生了温泉和沸腾的泥浆池。