VOA标准英语2008年-Chinese Stocks Drop After Central Bank Raises R

By Daniel Schearf
Beijing
10 June 2008

Chinese stocks have dropped nearly eight percent after China's central bank announced it would raise the amount of cash banks must keep on hand to a record high. China has been struggling to rein¹ in excess cash to control inflation, but pressure is growing on Beijing to let its currency appreciate faster. Daniel Schearf reports from Beijing.
　

An investor2 looks at the stock price monitor at a private security company in Shanghai, China, 10 Jun 2008

China's stock market benchmark, the Shanghai Composite Index, plunged³ by 7.73 percent Tuesday after the People's Bank of China said it would raise the reserve ratio by one percent this month.

The reserve ratio is to go up in two stages, half a percent on June 15 and another half on June 25, to a record high 17.5 percent.

The move marks the fifth time this year the bank has raised reserves to discourage excessive lending and investment. The bank last year raised interest rates six times to encourage savings⁴ and make lending more expensive.

Michael Pettis is an associate professor of finance at Peking University. He says the problem is China's currency, the yuan, is undervalued and a gradual appreciation⁵ has not slowed the flow of cash.

"The fact is none of these things are working. No matter what pace they use, hot money seems to be pouring into the country. And, that's very, very destabilizing for stock markets, banking⁶ markets, and everything else in the country," said Pettis.

The excess cash has fed inflation, which neared a 12-year high of 8.5 percent in April. Food prices were up a massive 22 percent.

If inflation continues to rise authorities may have to take more drastic measures, to keep rising prices from stoking public unrest.

Pettis says China may be forced into a one-off revaluation of the yuan, perhaps by as much as 20 percent.

1 rein   

n.疆绳，统治，支配；vt.以僵绳控制，统治

参考例句：

• The horse answered to the slightest pull on the rein.只要缰绳轻轻一拉,马就作出反应。
• He never drew rein for a moment till he reached the river.他一刻不停地一直跑到河边。

2 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。

3 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。

4 savings   

n.存款，储蓄

参考例句：

• I can't afford the vacation,for it would eat up my savings.我度不起假，那样会把我的积蓄用光的。
• By this time he had used up all his savings.到这时，他的存款已全部用完。

5 appreciation   

n.评价；欣赏；感谢；领会，理解；价格上涨

参考例句：

• I would like to express my appreciation and thanks to you all.我想对你们所有人表达我的感激和谢意。
• I'll be sending them a donation in appreciation of their help.我将送给他们一笔捐款以感谢他们的帮助。

6 banking   

n.银行业，银行学，金融业

参考例句：

• John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
• He possesses an extensive knowledge of banking.他具有广博的银行业务知识。