读新闻练BEC中级阅读.docx
《读新闻练BEC中级阅读.docx》由会员分享，可在线阅读，更多相关《读新闻练BEC中级阅读.docx（49页珍藏版）》请在冰豆网上搜索。
读新闻练BEC中级阅读
读新闻练BEC中级阅读
（1）
降息不是解决信贷市场动荡的办法
亿万富翁基金经理雷伊o戴利奥（Ray Dalio）表示，降息不是解决目前信贷市场动荡问题的方法。
戴利奥是最近数月为美国联邦储备委员会（Federal Reserve）提供建议的专家之一。
Ray Dalio, the billionaire fund manager who was among the experts to advise the US Federal Reserve in recent months, has said interest rate cuts are not the solution to the turmoil in the credit markets.
基金公司Bridgewater Associates创始人和首席财务官戴利奥表示，实际上，长期解决方法将涉及汇率政策--比如中国人民币升值--以解决美国的贸易失衡问题。
Rather, Mr Dalio, founder and chief investment officer of money manager Bridgewater Associates, said the longer-term solution would involve currency policies - such as a revaluation of the Chinese renminbi - to address the US’s trade imbalance.
"我们当前的信贷问题是国际收支问题的另一个方面，"他向英国《金融时报》表示：
"这个世界一直充斥着流动性，资金不断从国外涌入，大量资金不得不迅速投资到位。
"
"Our current credit problems are the flip side of our balance of payments problem," he told the Financial Times. "The world has been awash with liquidity and money has been pouring in from abroad, so lots of money had to get invested fast.
"美元作为全球主要的储备货币，加之主要盈余国家的货币盯住美元，这催生了以美元计价的债务泡沫--即大量不负责任的美元贷款。
此轮抵押贷款危机仅仅是这个问题的表象之一。
"
"The dollar being the world’s dominant reserve currency, coupled with the major surplus countries having their currencies pegged to the dollar, has led to a dollar denominated debt bubble - a lot of irresponsible lending in dollars. The mortgage crisis is just one reflection of this."
戴利奥运呼吁美联储停止降息，并为美国经济增长设立一个"现实的"目标：
每年增长2.2%。
这将是上世纪30年代以来的最低水平，同时也低于美联储2.5%的目标增长率。
Mr Dalio called for the Fed to stop cutting interest rates and to set a "realistic" target rate for US growth of 2.2 per cent a year. That would be the lowest since the 1930s, and below the 2.5 per cent that is the Fed’s target.
戴利奥表示，为了双方的利益，中国需要调高人民币兑美元汇率。
China needed to revalue its currency against the US dollar for the benefit of both countries, said Mr Dalio.
"（人民币）之所以处于目前的水平，是源自于一些历史原因，而它们不再适用，也是不可持续的。
"他表示。
"The [renminbi] is where it is because of historical reasons that no longer apply and are unsustainable," he said.
"之所以说美元兑人民币及其他新兴市场货币贬值既有利于他们，也有利于我们，是因为我们有着相反的担忧--他们担心自己的经济过热和国外资产不断累积，而我们则担心本国的经济走软和我们的海外债务不断累积。
"他表示。
"The reason a dollar devaluation against China’s currency and other emerging market currencies is now good for both them and us is that we have exactly opposite concerns - they are concerned about their economy overheating and their foreign assets building up while we are concerned about our economy weakening and our foreign liabilities building up," he said.
读新闻练BEC中级阅读
（2）
油价推助粮食期货价格飙升
在原油价格飙升至每桶100美元后，农业大宗产品价格昨日升至多年高点，因交易员预计来自日益扩大的全球生物燃料行业的需求将会增加。
Agricultural commodities rose to multi-year highs yesterday following crude oil’s surge to $100 a barrel as traders anticipated higher demand from the expanding global biofuels industry.
在芝加哥，小麦期货价格上涨16美分至每蒲式耳9.31美元，距离其历史高点59美分，而大豆期货价格升至12.38美元，创下34年新高，玉米期货价格距近期创下的11年高位仅咫尺之遥。
In Chicago, wheat jumped 16 cents to $9.31 a bushel, 59 cents below its all-time high, while soyabeans rose to $12.38, a fresh 34-year high, and corn traded within touching distance of its recent 11-year high.
在巴黎，油菜籽价格升至历史高点，上涨1.5%至每吨444.75欧元，而马来西亚棕榈油期货昨日上探每吨961美元的历史高点。
In Paris, rapeseed prices rose to record levels, up 1.5 per cent to €444.75 a tonne, while Malaysian palm oil futures also hit a record $961 a tonne yesterday.
由于粮食和油菜籽是生物燃料的关键原料，油价上涨给农业大宗商品价格带来了巨大的推动力。
2007年，农业大宗商品市场的回报水平为近30年来最高。
标准普尔GSCI农业大宗商品指数去年的涨幅为31%，为1981年以来的最佳水平。
As grains and oil seeds are key feedstuffs for biofuels, the oil price rise has exerted a huge push on agricultural commodities, which enjoyed their best returns for almost 30 years in 2007. The S&P GSCI agricultural commodities index returned 31 per cent last year, its best performance since 1981.人口增长以及对动物饲料的需求也为农产品价格提供了支撑。
Support is also coming from population growth and demand for animal feed. 高盛（Goldman Sachs）大宗商品研究主管杰弗里?
柯里（Jeffrey Currie）表示：
“在食品、饲料和燃料方面对农作物的需求混合在一起，造成了对农产品需求增长趋势的上行变化。
”
“This combination of food, feed and fuel demand for crops has created an upward shift in the trend demand growth for agriculture products,” said Jeffrey Currie, head of commodities research at Goldman Sachs.
他表示，到2010年，全球生物燃料需求可能从2005年的每年100亿加仑增至每年250亿加仑，折合为年率每年增长20%。
He said global biofuel demand could increase from 10bn gallons a year in 2005 to 25bn gallons annually by 2010, an annualised growth rate of 20 per cent.
由于供应方面不尽人意及需求不断上升，许多农产品市场的库存水平降至历史低点，这使得价格很容易受到上行冲击的影响。
As a result of supply disappointments and rising demand, stocks have fallen to historic lows in many agricultural markets, leaving prices very susceptible to upward price shocks.
许多分析师认为，此轮农业大宗商品的上涨才刚刚开始。
Many analysts believe the rally for agricultural commodities is only just beginning.
读新闻练BEC中级阅读（3）
中国理财产品销售量大幅飙升
中国银行业监管机构昨日表示，随着各银行扩大产品种类，2007年最后一个季度中国个人理财产品销售额大幅飙升。
Sales of individual wealth management products in China shot up in the last quarter of 2007 as banks expanded their product offerings, the banking regulator said yesterday.
截至9月底，60家银行业金融机构推出了个人理财服务，如共同基金、保险产品和离岸投资产品。
By the end of September there were 60 banking institutions in China offering individual wealth management services such as mutual funds, insurance products and offshore investments.
2007年前三个季度，各银行此类产品销售总额为6000亿元人民币（合820亿美元）。
Together China’s banks sold Rmb600bn （$82bn） worth of such products in the first three quarters of 2007.
但中国银监会（CBRC）表示，预计2007年全年销售总量将达1万亿元人民币，原因是有更多的理财产品面世，同时客户将资金从生息的定期存款中转出。
But the China Banking Regulatory Commission （CBRC） said it expected that figure had jumped to Rmb1,000bn by the end of the year as more products became available and customers shifted money out of interest-bearing time deposits.
2007年11月份，中国通货膨胀率创下6.9%的11年高点，而一年期存款利率仅为4.14%，中国投资者面临着实际利率为负的局面，他们一直在寻求银行存款的替代品。
With inflation hitting an 11-year high of 6.9 per cent in November and the one-year deposit rate at only 4.14 per cent, Chinese investors are faced with negative real interest rates and have been looking for alternatives to bank deposits.
中国国内银行传统上依赖存贷款利差，目前政府正鼓励它们进行多样化调整。
中国存贷款利率由央行制定，以确保国有银行能够盈利。
The government is actively encouraging Chinese banks to diversify from their traditional reliance on the spread between deposit and loan interest rates, which are set by the central bank to ensure profitability at the state-owned lenders.
去年6月份，银监会为大中型国有银行制定了目标，力争在未来5年至10年，中间收入在总收入中所占比重从目前的17 %左右升至40%-50%。
In June last year the CBRC set a target for large and medium-sized state-owned banks to increase their fee-based income from about 17 per cent of their total now to 40-50 per cent within the next five to 10 years.
多数全球规模最大的银行都在中国设立了业务，而去年，包括渣打银行（Standard Chartered）、瑞银（UBS）和汇丰（HSBC）在内的许多银行，已开始为拥有100万美元以上的客户提供私人银行服务。
Most of the world’s largest banks have set up operations in China and many, including Standard Chartered, UBS and HSBC, began offering private banking services available to clients with $1m or more to invest, last year.
德意志银行（Deutsche Bank）昨日宣布，已在北京注册理财业务，从而可以提供包括人民币存款和贷款在内的更多服务。
Deutsche Bank yesterday announced it had incorporated locally in Beijing, allowing it to offer more services, including renminbi deposit and lending services.
中国银监会昨日警告称，伴随着理财服务的增长，瞄准无知个人的欺诈案件数量也有所上升，此类案件的社会影响恶劣。
The CBRC warned yesterday that the growth in wealth management services had been accompanied by a rise in the number of scams aimed at swindling ignorant individuals and that such cases have a profound effect on society at large.
读新闻练BEC中级阅读（4）
“中国、印度和俄罗斯污染最严重”
一项全球污染研究昨日发现，中国、印度和俄罗斯名列全球污染最严重地区之首。
China, India and Russia top the list of the world’s most polluted places, a study of global pollution yesterday found.
在全球十大污染最严重的地区中，上述三个国家各占两个，而另外四个地区分别位于秘鲁、乌克兰、赞比亚和阿塞拜疆。
The three countries are each home to two of the world’s top 10 polluted sites, while the others are in Peru, Ukraine, Zambia and Azerbaijan.
临汾和天津分别因空气质量糟糕和金属工业，成为中国污染最严重的城市。
Sukinda和Vapi由于采矿业和一般工业，名列印度污染最严重地区榜首。
金属冶炼中心诺里尔斯克和武器制造基地捷尔任斯克，是俄罗斯污染最严重的地区。
Linfen and Tianjin are the worst polluted places in China because of poor air quality and the metal industry respectively. Sukinda and Vapi are the worst in India, the former because of mining and the latter from general industry. Norilsk, where metals are extracted, and Dzerzhinsk, home to weapons manufacture, are Russia’s most polluted locations.
铁匠研究所（Blacksmith Institute）发布了有关全球30个污染最严重地区的报告。
该组织表示，不太可能将十大污染地区进行排序，因为每个地区的污染形式不同，而且在其地理和人口方面也存在很大差别。
The Blacksmith Institute, which produced the report on the “dirty 30” most polluted places on the planet, said it was not possible to rank the top 10 in order because of the different forms of pollution in each place and because they differed widely in their geography and population.
铁匠研究所全球业务主管大卫?
汉拉汉（David Hanrahan）表示：
“这30个污染城市都对人类健康造成很大毒害。
”“All sites in the dirty 30 are very toxic and dangerous to human health,” said David Hanrahan, director of global operations at Blacksmith.
该研究所所长理查德?
富勒（Richard Fuller）称：
“事实上，这些污染地区的儿童正罹患疾病，（有些人）生命垂危，而目前还没有解决这些问题的先进科学。
”
Richard Fuller, director of the institute, said:
“The fact of the matter is that children are sick and dying in these polluted places and it’s not rocket science to fix them.”
报告发现，在30个污染最严重地区中，采矿业是污染最主要的原因，而金属冶炼、石化及其它工业也是污染的原因。
Mining was found to be the most frequent cause of pollution in the dirty 30 but metals extraction, petrochemicals and other industries were also to blame.空气污染最严重地区分别是中国的临汾、兰州和乌鲁木齐，俄罗斯的马格尼托哥尔斯克，以及墨西哥城。
The worst places for air pollution were Linfen, Lanzhou and Urumqi in China, Magnitogorsk in Russia and Mexico City.
肯尼亚的丹罗拉垃圾场也榜上有名，成为城市垃圾污染最严重的地区The Dandora dump in Kenya made it on to the list for being the worst site polluted by urban waste.
乌克兰切尔诺贝利的核污染残留物使该地区进入十大污染城市之列，吉尔吉斯斯坦的梅鲁苏地区也因其核场所而上榜。
Chernobyl’s legacy of nuclear contamination put the region in the top 10, and Mailuu-Suu in Kyrgyzstan was also judged one of the worst polluted for its nuclear site.
读新闻练BEC中级阅读（5）
中国航空货运业“僧多粥少”
中国制造业的显著增长，促使航空货运公司争相发展其在华业务。
然而，这可能成为一个业务规模扩张过大、速度过快的案例。
China’s spectacular manufacturing growth has left air freight car
升级会员 