VOA标准英语2009年-China Now Allowing Some Companies to Settl

Some companies in Hong Kong, Macau and Southeast Asia can now do business in China's currency, in the latest move to internationalize the yuan. A new program allows some importers and exporters to settle trade in China's currency, the yuan, beginning this week.

Kelvin Lau is the regional economist¹ at Standard Chartered Bank Hong Kong. He says the agreement allows businesses in Hong Kong, a Chinese territory, to carry out more business in the yuan, or CNY, and this should help earnings².

"All these will help Hong Kong to complete its business capability³ and to achieve the longer term goal of being China's offshore⁴ CNY financial center," he said.

Lau says this is a step toward making the yuan a reserve currency in Asian banks.
　
Shoppers in Hong Kong buy discount clothes 'Made in China', 7 Jul 2009

It also should cut foreign exchange costs for exporters and importers, who before had to settle trade deals with Chinese companies in foreign currencies, usually dollars.

The People's Bank of China and the Hong Kong Monetary⁵ Authority agreed on the program last week. It permits Hong Kong companies to trade in yuan in five Chinese cities: Shanghai, Guangzhou, Shenzhen, Dongguan and Zhuhai.

The program also allows some companies in the Chinese territory of Macau and in Southeast Asian nations to settle trade in yuan.

The Bank of China in Hong Kong conducted the first cross-border yuan trade settlement with the Bank of China in Shanghai on Monday. The Bank of China is the country's largest foreign exchange bank.

Lau says the program's is likely to have only a marginal effect on business for now.

In 2003, Hong Kong banks were permitted to take yuan-denominated deposits and exchange yuan for Hong Kong dollars. At present, more than 50 billion yuan is deposited in Hong Kong banks.

Because of the global economic crisis, China has complained this year about the U.S. dollar's role as the world's dominant⁶ reserve currency. The dollar has fallen in value against other currencies, reducing the value of China's vast foreign currency reserves, most of which is in dollars.

However, many economists⁷ and foreign exchange experts note that since China closely controls the yuan's exchange rate, and has not made the currency fully⁸ convertible⁹ in international markets, it has limited room to shift away from the dollar.

1 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。

2 earnings   

n.工资收人；利润，利益，所得

参考例句：

• That old man lives on the earnings of his daughter.那个老人靠他女儿的收入维持生活。
• Last year there was a 20% decrease in his earnings.去年他的收入减少了20%。

3 capability   

n.能力；才能；(pl)可发展的能力或特性等

参考例句：

• She has the capability to become a very fine actress.她有潜力成为杰出演员。
• Organizing a whole department is beyond his capability.组织整个部门是他能力以外的事。

4 offshore   

adj.海面的，吹向海面的；adv.向海面

参考例句：

• A big program of oil exploration has begun offshore.一个大规模的石油勘探计划正在近海展开。
• A gentle current carried them slowly offshore.和缓的潮流慢慢地把他们带离了海岸。

5 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。

6 dominant   

adj.支配的，统治的；占优势的；显性的；n.主因，要素，主要的人(或物)；显性基因

参考例句：

• The British were formerly dominant in India.英国人从前统治印度。
• She was a dominant figure in the French film industry.她在法国电影界是个举足轻重的人物。

7 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》

8 fully   

adv.完全地，全部地，彻底地；充分地

参考例句：

• The doctor asked me to breathe in,then to breathe out fully.医生让我先吸气，然后全部呼出。
• They soon became fully integrated into the local community.他们很快就完全融入了当地人的圈子。

9 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。