General 更新 2023年03月31日


  考研英語經濟類閱讀理解:Currency teaser

  A strong rupee is giving policymakers a new sort of headache

  THE Indian finance ministry's mid-year review, released this week, sees the external sector as a silver lining around the country's huge fiscal deficit. "

  Buoyant" and "encouraging" are the words used to describe three consecutive quarters of current-account surplus--the first in a quarter-century. Add to that swelling foreign-exchange reserves and a stronger rupee, and some are arguing that it is time for drastic liberalisation of India's foreign-exchange regime. They could be disappointed.

  For most of the past decade, the nominal value of the rupee has been allowed to decline gently against the dollar, by about 5% a year, thus staying fairly steady in real terms. This year, however, it has been appreciating in real terms ***and, since June, nominally as well***. It would have done so more sharply had the central bank not been buying dollars with gusto. Exporters of manufactured goods, obsessed with price competition from China, are aghast at the rise--and at the prospect held out by some forecasters that a sustained boom in India's IT exports means it will continue.

  The rupee's recent strength is only partly related to India's prowess in software and the mushrooming of "business-process outsourcing" in such projects as call-centres. The chunky surplus on invisibles owes more to remittances: non-resident Indians, attracted by the stability of the rupee and its higher interest rates, have been moving their offshore deposits back home. Similarly, Indian companies are borrowing more in dollars without selling rupees forward to hedge repayments. The trade deficit, meanwhile, has been shrinking, as imports grow slowly.

  The inflows have boosted foreign-exchange reserves by some $20 billion this year, to $66 billion, or 12 months'-worth of imports. The size of this cushion has triggered some calls for further liberalisation of the labyrinthine foreign-exchange controls that India still maintains, despite the move in 1993 towards rupee convertibility for trade purposes. In recent months, some controls have duly been eased. It is now simpler, for example, for individuals to open foreign-currency bank accounts, and for travellers to get hold of foreign exchange. And non-resident Indians have been allowed to take out money acquired through inheritance, or from rents and dividends.

  Some commentators have taken all this as a harbinger of full capital-account convertibility. That is not on the cards. The experience of 1991, when India ran out of money, has left the central bank prone to caution--an approach it felt was vindicated by the East Asian crisis of 1997-98. With war in Iraq looming and a turbulent oil market, some risk aversion is understandable. India's fiscal deficit--some 10% of GDP and widening--is another reason for moving slowly. Just as one rating agency, Moody's, is considering upgrading India's external debt, another, Fitch, has warned that its local-currency rating is under threat. Nor is it certain that opening the capital account would mean a weaker rupee. It might even attract more capital inflows. As India's exporters are learning, convertibility is a two-way street.

  Economist; 12/7/2002, Vol. 365 Issue 8302, p73, 1/3p

  注***1***:本文選自Economist;12/7/2002, p73, 1/3p;

  注***2***:本文習題命題模仿2002年真題text 2第2題***1***,text 5第3題***2***,1995年真題text 2第4題***3***,2000年真題text 4第3題***4***和1998年真題text 2第4題***5***;

  1.The expression “silver lining” ***Line 2, Paragraph 1*** most probably means______.

  [A] a side effect

  [B] a favorable aspect

  [C] a decorative line

  [D] a comforting prospect

  2.According to the text, the appreciation of the rupee in real terms__________.

  [A] will lower its nominal value

  [B] is bad news to exporters of manufactured goods

  [C] means a sharper decline of its nominal value against the dollar

  [D] will give impetus to the development of India’s IT industry

  3.The current account surplus owes to the following EXCEPT_________.

  [A] the strength of the rupee

  [B] the remittances of non-resident Indians

  [C] the hedging activity of Indian companies

  [D] the growing imports

  4.Which of the following is true according to the text?

  [A] India’s foreign exchange reserves increased more than three times this year.

  [B] Individuals are now allowed to trade foreign currency freely.

  [C] India now can tackle adverse events in the foreign exchange market better

  [D] India’s foreign exchange controls are seen as a hamper to its economic development.

  5.Which of the follow is NOT a reason for India’s slow response to calls for liberalization

  of its foreign exchange?

  [A] Its increasing foreign reserve.

  [B] Its past experience.

  [C] Uncertainty of the oil market.

  [D] Its growing fiscal deficit.

  答案:D B D C A




  silver lining: 一線希望

  buoyant: [5bCiEnt] adj. 趨於上升的***價格***

  rupee: [5ru:pi:] n. 盧比***印度、巴基斯坦等國的貨幣***

  liberalization: [7libErElai5zeiFEn] n. 自由化; 放寬限制

  nominal: [5nCminl] adj. 屬於、關於或是一筆錢或者股票證券的票面價值量的

  appreciate: [] v. 增值, 漲價

  gusto: [5^QstEu] n. 興致勃勃;熱情

  aghast: [E5^B:st] adj. 驚駭的, 嚇呆的

  prowess: [5praJIs] n. 卓越的技能;傑出的才能;本領

  mushrooming: [5mQFrumiN] n. 迅速增長, 激烈增殖

  outsourcing: [`] n. [商]外部採辦,外購

  chunky: [5tFQNki] adj. 結實的;厚實的

  remittance: [ri5mitEns] n. 匯款, 匯寄之款, 匯款額

  offshore: [5C***:***fFC:] adj. 海外的,國外的

  hedge: [hedV] n. 保值措施,套期保值

  cushion: [5kuFEn] n. 緩衝減輕或緩和不利後果的東西

  labyrinthine: [9lAbE`rInWaIn] adj. 迷宮***似***的, 曲折的

  convertibility: [kEn9v\:tE`bIlEtI] n. 可兌換性

  dividend: [5dividend] n. 股息, 紅利

  harbinger: [5hB:bindVE] n. 先驅, 預兆

  prone: [prEun] adj. 傾向於

  vindicate: [5vindikeit] v. 證明…正當

  loom: [lu:m] v. 隱現, 迫近

  turbulent: [5tE:bjulEnt] adj. 動盪的;難控制的

  aversion: [] n. 指轉向或轉移的行為


  1. The size of this cushion has triggered some calls for further liberalisation of the labyrinthine foreign-exchange controls that India still maintains, despite the move in 1993 towards rupee convertibility for trade purposes.

  主體句式:The size of this cushion has triggered some calls…

  結構分析:這一句雖然也包含一個定語從句,但結構並不算太複雜,容易造成理解困難的是cushion, labyrinthine這兩個詞。Cushion原意是“墊子”,這裡引申為“緩衝不利後果的東西;保障”,labyrinthine的意思是“複雜的;迷宮般的”。


  2. The experience of 1991, when India ran out of money, has left the central bank prone to caution--an approach it felt was vindicated by the East Asian crisis of 1997-98.

  主體句式:The experience…has left the central bank prone to caution.




  1. 答案為D,屬猜詞題。根據上下文,印度的財政赤字非常大,但印度的外匯儲備不斷增加,並且連續三個季度的經常專案賬戶盈餘,顯然,對外部門給鉅額財政赤字帶來了一線希望。四個選項中,只有A的意義最符合。

  2. 答案為B,屬事實細節題。文章第二段制造品出口商聽到盧比升值訊息時的反應是“aghast”,這個詞的意思是“吃驚的;嚇呆的”,可見這條訊息對他們來說是壞訊息。

  3. 答案為D,屬事實細節題。文章第三段指出了印度經常專案賬戶盈餘的幾個原因:盧比的強勢,海外印度人的匯款,印度公司為了套期保值而借入美元卻不賣出盧比的行為,以及貿易赤字的縮小。而貿易赤字縮小的原因是進口增長緩慢。所以進口的不斷增長不是導致經常專案賬戶盈餘的原因。

  4. 答案為C,屬事實細節題。根據文章第四段第二行,印度外匯儲備的大幅增加到660億美元,因此一些人認為印度已經有了一個可以放心開放外匯控制的cushion。這個詞的意思是“緩衝不利影響的東西”,顯然現在的印度能夠更從容地應付外匯市場的不利情況。

  5. 答案為A,屬事實細節題。根據上下文,人們呼籲印度放寬外匯控制的原因是印度的外匯儲備不斷增加,盧比也不斷走強。A項中的答案正好因果顛倒了。







  考研英語經濟類閱讀理解:Fiat redux

  Fiat's agony spreads to workers as 8,100 jobs go

  THE giant Mirafiori plant in Turin is the heart of Fiat Auto, the troubled car division of the Fiat group. As the early shift trooped home at 2pm on Octob

  er 9th, the mood was pessimistic. The workers knew that the bosses were meeting union leaders later that afternoon in Rome to announce 8,100 job cuts across the group's car factories. This is on top of 3,000 job losses announced earlier this year. Workers expect one-third of Mirafiori's 12,000 employees to be gone by next July. Fiat says that all but 500 of the total are temporary lay-offs, to last about a year. But the morose workers passing through Mirafiori's gates doubt that the jobs will ever come back, whatever the firm says about new models and future investment.

  Fiat Auto will lose around €1 billion ***$987m*** this year, wiping out profits in other parts of the group, which makes everything from lorries and tractors to robots. Fiat's bosses have been in denial for years about the company's massive over-capacity, the cause of growing losses as sales slumped. Five years ago Fiat Auto made 2.6m cars a year and profits of €758m. Since then it has recorded a loss in every year bar one. This year it will produce barely 1.9m cars. Its banks forced a restructuring in May, and the chief executive of its Fiat group parent had to resign a few weeks later.

  The pain is bad enough in northern Italy, where unemployment is barely 4%, but it will be felt more elsewhere. The Termini Imerese plant in Sicily is to lay off 1,800 workers. Unions say that cuts among suppliers could double the number of people hit. The local official jobless rate is already 18% ***though this ignores a lively "informal" economy***. This is posing a nasty problem for the government of Silvio Berlusconi, which polled strongly in Sicily but is not inclined to aid troubled firms.

  Fiat's belated willingness to take tough steps to align capacity with demand is down to the group's new boss, Gabriele Galateri, chosen in June to rescue the firm, which is 30% owned by Agnelli family interests. His aim is to restore credibility, arrest the alarming plunge in the company's share price and persuade the banks that he is sorting out the Fiat Auto mess, so as to win their support for a further recapitalisation.

  Closely watching this Italian drama are bosses of General Motors, owners of 20% of Fiat Auto. The Italians have an option to sell the remaining shares to GM from January 2004. GM, which has its own problems in Europe, is desperate for Fiat Auto to sort itself out before it can be forced to take over. Although the Agnelli family patriarch, the ailing 81-year-old Gianni Agnelli, is opposed to such a sale, most analysts expect that Italy's proudest manufacturing company will end up in American hands.


  Economist; 10/12/2002, Vol. 365 Issue 8294, p59-59, 3/5p, 1c

  注***1***:本文選自Economist;10/12/2002, p59-59, 3/5p, 1c;

  注***2***:本文習題命題模仿1999年真題text 4第3題***1***,2004年真題text 4第2題***2***,2002年真題text 5第3題***3***和text 3第4題***5***,和1998年真題text 2第4題***4***;

  1.The workers in Fiat’s plant were pessimistic because_________.

  [A] the car division of the Fiat group was in trouble

  [B] new models and future investment promised no hope of getting their jobs back

  [C] there will be heavy job losses in the giant Mirafiori plant

  [D] they were facing the threat of losing their jobs

  2.We learn from the second paragraph that___________.

  [A] the market demand for Fiat cars now is far lower than it was five years ago

  [B] Fiat Auto is the only part of the group that is running at a loss

  [C] Fiat Auto is selling cars more than they can produce

  [D] the cause of Fiat’s trouble is the sluggish Italian economy

  3.According to the text, Fiat’s job cuts _____________.

  [A] trigger a wave of job cuts in other companies

  [B] become a headache of Italian government

  [C] double the number of jobless people in northern Italy

  [D] force Italian government to aid it

  4.Which of the following is NOT a measure Fiat Auto took to combat growing losses?

  [A] Preventing share price from falling

  [B] Laying off workers

  [C] Reducing production

  [D] Replacement of the boss

  5.We can draw a conclusion from the last paragraph that___________.

  [A] Fiat Auto can hardly solve its own problems

  [B] GE will be happy to buy the remaining shares of Fiat Auto

  [C] the Agnelli family has a final say to whether Fiat Auto should be sold out

  [D] Americans are better at running car campanies

  答案:D A B A A




  morose: [mE5rEJs] adj. 壞脾氣的;憂鬱的

  slump: [slQmp] n. ***物價***暴跌, 跌落

  belated: [bI5leItId] adj. 來得太遲的

  recapitalisation: 重新投資

  patriarch:[5peitrB:k] n. 家長, 族長, 創辦人

  ailing: [5eIlIN] adj. 生病的


  Fiat's belated willingness to take tough steps to align capacity with demand is down to the group's new boss, Gabriele Galateri, chosen in June to rescue the firm, which is 30% owned by Agnelli family interests.

  主體句式:Fiat’s belated willingness ..is down to the group’s new boss.




  1. 答案為D,屬事實細節題。根據文章第一段第提到,工廠老闆將和工會領導就裁員的問題進行會晤,並宣佈大批裁員,這是一年之內的第二次大規模裁員。雖然公司許諾大多數人只是暫時被解僱,但工人們懷疑工作是否還會回來。可見,令他們悲觀的是自己將被解僱。

  2. 答案為A,屬事實細節題。文章第二段提到菲亞特汽車公司五年前生產260萬輛汽車仍然能夠盈利,而現在只生產190萬輛汽車但仍然面臨虧損的局面,可見菲亞特汽車的市場需求比以前下降很多。

  3. 答案為B,屬事實細節題。根據文章第三段,菲亞特裁員將會使地方失業率上升,讓不想援助困難公司的貝盧斯科尼政府犯難***pose a nasty problem***。可見菲亞特裁員成了令義大利政府頭痛的事情。

  4. 答案為A,屬事實細節題。文中談到菲亞特汽車公司的問題時,也談到了相應的措施***儘管沒有直接說明***,比如裁員,換總裁,減少產量等。防止股價下跌是新任總裁制定的目標。這和措施不能混為一談。

  5. 答案為A,屬推理判斷題。根據文章最後一段,GE希望菲亞特自己把問題解決好,免得由GE接管。然而大多數分析人士認為菲亞特公司最終將落入美國人的手裡,也就是說菲亞特的問題已經不是自己能夠獨立解決的了。