VOA标准英语10月-South Korean Markets, Currency Plunge on Eve of A

South Korea is among the nations taking part in this week's Asia-Europe summit in Beijing. Even as the country's president left for the Chinese capital, the latest set of plunging¹ market numbers lit up trading screens in Seoul. As VOA's Kurt Achin reports, South Korea is being hit especially hard by the global crisis, and hopes are high for a global solution coming out of the Beijing summit.

South Korean President Lee Myung-bak's plane for China took off Thursday, while key market indicators² nosedived.
　

An employee of the Korea Stock Exchange reacts in front of an electronic stock board in Seoul, 23 Oct 2008

The country's main stock index, the KOSPI, hit its lowest point in more than three years Thursday. Trading was halted in the smaller KOSDAQ index after it hit an all-time low.

What most alarms many investors³ here in South Korea, however, is the further erosion in value of the country's currency, the Won, against the U.S. dollar. With trust and confidence between international banks all but nonexistent, global investors are hoarding⁴ dollars and pushing up their value. The Won plunged⁵ Thursday by more than three percent, falling more than 33 percent against the dollar this year.

The crisis is expected to dominate the Asia-Europe Meeting, or ASEM, in Beijing. Prior to his departure for the meeting, President Lee called for a jumpstart in the global economy.

He says countries all across the world should aggressively activate⁶ their economy by boosting government expenditures⁷ and stimulating⁸ domestic demand.

South Korea has been taking its own steps in that direction, by loosening bank lending restrictions⁹ and guaranteeing $150 billion worth of the country's foreign bank debts. It has also been injecting tens of billions of its more than $200 billion stash¹⁰ of foreign reserves into the local economy.

Seoul hopes to coordinate¹¹ tighter economic cooperation with other countries, especially its neighbors, fellow export giants Japan and China.

South Korea is also taking the lead in proposing a new international mechanism¹² for preventing crises like these in the future. Details of the proposal are still being sketched¹³ out, but they involve empowering multinational¹⁴ institutions, or creating a new one, to act in a supervisory role in the global economy. South Korean officials argue organizations like the International Monetary¹⁵ Fund have waned¹⁶ in influence and are unable to perform that role.

The idea has gotten a lukewarm reception internationally, but is getting some traction¹⁷ here in South Korea. Former South Korean Prime Minister and Finance Minister Han Duck-soo told a forum¹⁸ this month, the idea of a new global regulatory body is worth examining.

"While the impact is global, the institutions which are actually making surveillance and monitoring are not global," he said. "That is one of the very important mismatches."

Separately, President Lee will hold summits with a number of world leaders in Beijing, including newly elected Japanese Prime Minister Aso Taro¹⁹. The meeting comes at an important time in multinational efforts to end North Korea's nuclear weapons. Tokyo is refusing to participate in energy assistance to the North called for in a six-nation deal, until Pyongyang provides more cooperation on the issue of Japanese citizens abducted²⁰ by North Korean agents in the 70s and 80s.

1 plunging   

adj.跳进的，突进的v.颠簸( plunge的现在分词 )；暴跌；骤降；突降

参考例句：

• War broke out again, plunging the people into misery and suffering. 战祸复发，生灵涂炭。 来自《现代汉英综合大词典》
• He is plunging into an abyss of despair. 他陷入了绝望的深渊。 来自《简明英汉词典》

2 indicators   

（仪器上显示温度、压力、耗油量等的）指针( indicator的名词复数 )； 指示物； （车辆上的）转弯指示灯； 指示信号

参考例句：

• The economic indicators are better than expected. 经济指标比预期的好。
• It is still difficult to develop indicators for many concepts used in social science. 为社会科学领域的许多概念确立一个指标仍然很难。

3 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

4 hoarding   

n.贮藏；积蓄；临时围墙；囤积v.积蓄并储藏（某物）( hoard的现在分词 )

参考例句：

• After the war, they were shot for hoarding. 战后他们因囤积而被枪决。 来自《简明英汉词典》
• Actually he had two unused ones which he was hoarding up. 其实他还藏了两片没有用呢。 来自英汉文学

5 plunged   

v.颠簸( plunge的过去式和过去分词 )；暴跌；骤降；突降

参考例句：

• The train derailed and plunged into the river. 火车脱轨栽进了河里。
• She lost her balance and plunged 100 feet to her death. 她没有站稳，从100英尺的高处跌下摔死了。

6 activate   

vt.使活动起来，使开始起作用

参考例句：

• We must activate the youth to study.我们要激励青年去学习。
• These push buttons can activate the elevator.这些按钮能启动电梯。

7 expenditures   

n.花费( expenditure的名词复数 )；使用；（尤指金钱的）支出额；（精力、时间、材料等的）耗费

参考例句：

• We have overspent.We'll have to let up our expenditures next month. 我们已经超支了，下个月一定得节约开支。 来自《简明英汉词典》
• The pension includes an allowance of fifty pounds for traffic expenditures. 年金中包括50镑交通费补贴。 来自《简明英汉词典》

8 stimulating   

adj.有启发性的，能激发人思考的

参考例句：

• shower gel containing plant extracts that have a stimulating effect on the skin 含有对皮肤有益的植物精华的沐浴凝胶
• This is a drug for stimulating nerves. 这是一种兴奋剂。

9 restrictions   

约束( restriction的名词复数 )； 管制； 制约因素； 带限制性的条件（或规则）

参考例句：

• I found the restrictions irksome. 我对那些限制感到很烦。
• a snaggle of restrictions 杂乱无章的种种限制

10 stash   

v.藏或贮存于一秘密处所；n.隐藏处

参考例句：

• Stash away both what you lost and gained,for life continues on.将得失深藏心底吧，为了那未来的生活。
• That's supposed to be in our private stash.这是我的私人珍藏。

11 coordinate   

adj.同等的，协调的；n.同等者；vt.协作，协调

参考例句：

• You must coordinate what you said with what you did.你必须使你的言行一致。
• Maybe we can coordinate the relation of them.或许我们可以调和他们之间的关系。

12 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。

13 sketched   

v.草拟（sketch的过去式与过去分词形式）

参考例句：

• The historical article sketched the major events of the decade. 这篇有关历史的文章概述了这十年中的重大事件。 来自《简明英汉词典》
• He sketched the situation in a few vivid words. 他用几句生动的语言简述了局势。 来自《现代汉英综合大词典》

14 multinational   

adj.多国的，多种国籍的；n.多国籍公司，跨国公司

参考例句：

• The firm was taken over by a multinational consulting firm.这家公司被一个跨国咨询公司收购。
• He analyzed the relationship between multinational corporations and under-developed countries.他分析了跨国公司和不发达国家之间的关系。

15 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。

16 waned   

v.衰落( wane的过去式和过去分词 )；（月）亏；变小；变暗淡

参考例句：

• However,my enthusiasm waned.The time I spent at exercises gradually diminished. 然而，我的热情减退了。我在做操上花的时间逐渐减少了。 来自《用法词典》
• The bicycle craze has waned. 自行车热已冷下去了。 来自《现代汉英综合大词典》

17 traction   

n.牵引；附着摩擦力

参考例句：

• I'll show you how the traction is applied.我会让你看如何做这种牵引。
• She's injured her back and is in traction for a month.她背部受伤，正在作一个月的牵引治疗。

18 forum   

n.论坛，讨论会

参考例句：

• They're holding a forum on new ways of teaching history.他们正在举行历史教学讨论会。
• The organisation would provide a forum where problems could be discussed.这个组织将提供一个可以讨论问题的平台。

19 taro   

n.芋，芋头

参考例句：

• Main grain crop has taro,corn,banana to wait.主要粮食作物有芋头、玉米、芭蕉等。
• You celebrate your birthday with taro,red bean and butter.用红豆、芋头和黄油给自己过生日。

20 abducted   

劫持，诱拐( abduct的过去式和过去分词 )； 使（肢体等）外展

参考例句：

• Detectives have not ruled out the possibility that she was abducted. 侦探尚未排除她被绑架的可能性。
• The kid was abducted at the gate of kindergarten. 那小孩在幼儿园大门口被绑架走了。