阅读一则 第11期

难度系数： Words：568 建议阅读时间：8分钟

At the beginning of July, 2012, a mix of the most thoughtful Chinese and foreign policy makers, academics and market practitioners (市场从业者) gathered in Shanghai for the annual Lujiazui financial forum (论坛). The economic background wasn’t great. The world still hasn’t recovered from the global financial crisis made in the US and swiftly exported to much of the world.

Meanwhile, hopes that China will save the planet look increasingly forlorn (渺茫). Exports, a lagging indicator, came in at a relatively strong 11.4 percent while far weaker imports, a leading indicator, at just over 6 percent, suggest as much.

One of the lessons that China learnt from the global financial crisis is that the west doesn’t have much to teach it when it comes to building a financial system. Yet China is outgrowing the system that served it well up to now. So change is inevitably coming and the Communist Party may not be able to control the process. No matter what the pace or degree of change, it is likely to be a painful process for the beneficiaries(受益人) of today’s system, and also likely to present painful trade?offs (权衡取舍) for those in charge of the process.

Meanwhile, much of the discussion in Shanghai was dedicated to the hottest topics on the reform agenda: the liberalisation(自由化) of interest rates, the gradual dismissing of capital controls and the expanding international use of the RMB.

For example, in recently adjusting interest rates in the hope of sparking more demand for loans in China’s slowing economy, the changes have been asymmetrical(不对称的). For the first time, Beijing cut the interest rates on loans(贷款) more than on deposits(存款) while leaving the banks with some discretion to raise the return on deposits. But such liberalisation is a double?edged sword. The banks have thrived (兴隆) on the large gap between the rates at which they lend and what they pay out on deposits but now that is gap is narrowing. That is extremely inconvenient. Banks will need more capital to help them deal with bad debts from the last round of fiscal stimulus(财政刺激), which is always done through the banks in China.

China continues to move toward capital account liberalisation as well. In the past, much of the demand for RMB from the rest of the world was rooted in the expectation that the currency would appreciate. Now such expectations have vanished but demand remains in part because of a dollar shortage, especially in Asia.

Beijing wishes to control the level of the RMB. In the past, when Beijing relied more heavily on exports to support economic growth, controls kept the RMB from appreciating too much. But times have changed. In trade?weighted terms, the RMB has already appreciated a lot and many hedge fund managers (对冲基金经理) think today the currency is about where it should be.

Now, in a reversal (逆转) of fears of undue appreciation (过度升值), there are whispers in the capital as well as on the sidelines of the forum in Shanghai about a potential flight of capital, whether just out of the banks or, more alarmingly, out of the country altogether. The trigger(启动器) could be benign(良性的), such as a rise in the stock market, which has been in the bottom for years, attracting funds away from the banks. Or it could be something darker, such as riots in the streets. Fears of capital flight are one factor that keeps Beijing from lifting capital controls.

【理解试题】

1. What are the finacial reform pains in the passage?

A. China learnt little from the global financial crisis.

B. Some riots will happen in the streets.

C. China can neither control the reform process nor protect the beneficiaries of today’s system.

D. Fears of capital flight in the capital controls.

2. What’s the meaning of the underlined word in the fifth paragraph?

A. direction. B. liberalisation. C. description. D. deposit.

3. The hottest topics on the reform mentioned in the forum are the following EXCEPT ______.

A. the liberalisation of interest rates

B. the gradual dismantling of capital controls

C. the expanding international use of the RMB

D. the potential flight of capital

4. From the words of some hedge fund managers we can infer that ______.

A. the government will take action to increase the RMB

B. the RMB has appreciated reasonably

C. the RMB will decline sharply in the following weeks

D. the RMB will appreciate sharply in the following weeks

5. According to the passage， the best title is ______.

A. China’s Financial Reform Pains Are Inevitable

B. Who Can Take Charge of the Reform Process

C. Shanghai Lujiazui Financial Forum

D. A Rise in the Stock Market Attracting Funds away from the Banks

【答案分析】

1. C。段意归纳题。文中第三段中“No matter what the pace or degree of change, it is likely to be a painful process for the beneficiaries of today’s system, and also likely to present painful trade?offs for those in charge of the process.”说明了C选项正确。句义：“对目前体系的既得利益者来说，不论改革的速度或程度如何，这可能都将是一个痛苦的过程，也可能令掌控改革进程者面临痛苦的抉择。”

2. B。词义推测题。第五段画线词的后一句话“But such liberalisation is a double?edged sword.”中的liberalisation就是discretion的同义词，是对它的解释。选项中“direction指导；description描述；deposit存款”均与语境不符。

3. D。事实细节题。文中第四段“...the hottest topics on the reform agenda: the liberalisation of interest rates, the gradual dismissing of capital controls and the expanding international use of the RMB.”可知答案选D。

4. B。细节推断题。文中第七段“In trade?weighted terms, the RMB has already appreciated a lot and many hedge fund managers think today the currency is about where it should be.” 句义：“人民币贸易加权汇率的升值幅度已经较大，许多对冲基金经理认为，目前人民币币值基本处于合理水平。”由此可知答案选B。

5. A。主旨归纳题。综合全文可知A选项是最佳答案。

【词汇讲解】

1. inevitable adj. 不可避免的

例如：Their defeat was inevitable. 他们被击败是不可避免的。

2. be obsessed with 疯狂地迷恋，沉迷

例如：I’m obsessed with your smile. 我迷恋你的微笑。

3. be dedicated to 致力于

例如：Should our best minds be dedicated to solving our biggest problems? 我们最优秀的头脑是否应当致力于解决人类面临的最大问题？

They are devoted to their work. 他们致力于工作。

4. in the hope of 怀着……的希望。

例如：We went there in the hope of a great dream. 我们怀着一个伟大的梦想去了那里。

5. keep ... from doing sth. 阻止……做……

例如：He kept the children from going out in the rain. 他阻止孩子们去外面雨地。

【长句分析】

1. The world still hasn’t recovered from the global financial crisis made in the US and swiftly exported to much of the world. 世界经济仍未从全球金融危机中恢复。这场危机发端于美国，随后迅速波及世界大多数国家。

简单句。句中“made in the US and swiftly exported to much of the world”是过去分词结构做the global financial crisis的定语。

2. Exports, a lagging indicator, came in at a relatively strong 11.4 per cent while far weaker imports, a leading indicator, at just over 6 per cent, suggest as much. 经济运行的滞后指标——出口增长强劲，增长率达到11.4%；而经济运行的先行指标——进口则表现得疲软得多，增长率仅略高于6%。

主从复合句。状语从句while引导和主句形成对比。从句中far weaker imports是主语，suggest是谓语，as much副词做状语，意思是“同样多的”。

3. One of the lessons that China learnt from the global financial crisis is that the west doesn’t have much to teach it when it comes to building a financial system. 中国在全球金融危机中学到的一点是，西方金融体系建设经验的借鉴价值不高。

复合句。主语中有that引出的定语从句，谓语动词is后的表语从句由that引导，其中带有when引导的时间状语从句。“when it comes to...”意思是“当话题转到……”，其中to为介词。

例如：When it comes to cooking, Jenny knows what’s what. 谈到烹饪，珍妮是行家。

4. No matter what the pace or degree of change, it is likely to be a painful process for the beneficiaries of today’s system, and also likely to present painful trade?offs for those in charge of the process. 对目前体系的既得利益者来说，不论改革的速度或程度如何，这可能都将是一个痛苦的过程，也可能令掌控改革进程者面临痛苦的抉择。

主从复合句。no matter what引导让步状语从句，主句使用句型：it is likely to do sth.。likely常见句型有：

It’s probable / possible / likely that ... ; sb./ sth be likely to do sth. ... ; think (feel, consider) it likely...

用于习语：as likely as not (很可能)；not likely (决不可能)等。

例如：I’m hardly likely to finish it within a week. 我几乎不可能在一周内把它干完。

He is likely to get it. 他似乎有可能实现这一目标。

It is likely that he will succeed. 很可能他会成功。

I think it likely that we will ultimately get a certain amount of money. 我觉得我们很可能最终将得到一笔钱。

【注意】下面的句型是错误的：

it is likely for sb. to do sth.; think it likely for sb. to do sth.

【语法点拨】

1. For the first time, Beijing cut the interest rates on loans(贷款) more than on deposits(存款) while leaving the banks with some discretion to raise the return on deposits. 贷款基准利率的下调幅度首次超过存款基准利率，同时，银行首次获得了一定范围内的利率自由浮动权限。

句中while leaving the banks with some discretion to raise the return on deposits是省略形式。从句的主语和主句主语是同一个人或物时，就可以把从句的主语和be动词一起省略，只保留连词和分词结构。

例如：If we are united, we stand; if we are divided, we fall. 变为：United, we stand; divided, we fall. 团结则存，分裂则亡。

2. The trigger could be benign, such as a rise in the stock market, which has been in the bottom for years, attracting funds away from the banks. 触发资本外逃的导火索可能是好事，比如持续多年低迷的股市止跌回升，这会吸引资金从银行系统中流出。

句中的现在分词短语attracting funds away from the banks做主句的方式状语。

综合以上两个句子中的现在分词结构，将其在句中作状语情况总结如下：

一、 做时间状语有三种情况：

1. 分词动作紧跟谓语动作发生，逻辑主语为句中的主语。常用的动词：hear, see, arrive, return, get to, look, open, close, leave, turn around, walk等短暂动作，可用on + 动名词表示，译作“一……就……”。

例如：Hearing their teacher’s voice, the pupils stopped talking at once. = On hearing their teacher’s voice, ... = When they heard their teacher’s voice, ... 一听到教师的声音，学生们立即停止讲话。

2. 谓语动作发生在分词动作过程中，用when /while+现在分词，分词的逻辑主语为句中的主语，可用in+动名词代替。

例如：Don’t be careless when /while having an exam. = Don’t be careless in having an exam. = Don’t be careless when / while you are having an exam. 考试时不要粗心。

注：此结构中，不能用其他连接词替换when或while。

3. 谓语动作在分词的动作之后发生，要用having done的形式。分词的逻辑主语应是句中的主语，可用after+动名词表示。

例如：Having finished his homework the boy was allowed to watch TV play. 完成作业后，男孩被允许看电视。

二、 做原因状语

1. 分词短语的动作与谓语动作同时或几乎同时发生，这样的原因状语可以换成because, as引导的原因状语，该从句谓语动词用一般过去时。

例如：Not knowing how to work out the difficult physics problem, he asked the teacher for help. = Because he didn’t know how to work out the difficult physics problem, he asked the teacher for help. 因为不知道如何解这道物理难题，他求助老师。

2. 分词动作发生在谓语动作之前，可以用现在分词的完成式做原因状语。组成从句的谓语动词须用完成时。

例如：Having lived with the girl for 5 years, we all know her very well. = Because we have lived with the girl for 5 years, we all know her very well. 因为与那个女孩一起生活了五年，我们都非常了解她。

三、 做条件状语

分词短语做条件状语时相当于一个条件状语从句。

例如：Working hard, you’ll succeed. = If you work hard, you’ll succeed. 如果你努力工作，你会成功。

Turning to the left, you will find the path leading to the park. = If you turn to the left, you will find the path leading to the park. 如果转向左边，你将找到通向公园的小道。

四、 做让步状语

分词短语在句中做让步状语时，有时分词前可以带有连接词although, whether, even if, even though。逻辑主语是句中的主语，变成状语从句时，需用主动语态。

例如：Weighing almost one hundred jin the stone was moved by him alone. = Although the stone weighted almost one hundred jin, it was moved by him alone. 虽然那块石头重将近一百斤，他一个人就把它挪动了。

五、 做结果状语

分词短语在句中可以做结果状语，逻辑主语是句中的主语，通常位于句末，中间有逗号。有时为了加强语气，就在分词前加thus。

例如：Their car was caught in a traffic jam, thus causing the delay. = Their car was caught in a traffic jam, thus it caused the delay. 他们的车遇上交通阻塞，因而耽误了。

六、 表示方式或伴随情况

分词短语表示方式或伴随是用来说明动作发生的背景或情况。分词动作与谓语动作同时发生，它的逻辑主语就是句中的主语，谓语动词作为主要动作，而现在分词表示一个陪衬动作，它没有相应的状语从句可以转换，但可以用并列句来转换。

例如：The children ran out of the room, laughing and talking merrily. = The children laughed and talked merrily, and they ran out of the room. 那些孩子们跑出房间，愉快地笑着、说着。