考研英語閱讀理解精讀100篇【經(jīng)濟(jì)類】

考研英語閱讀理解精讀100篇unit7

Unit 7
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.

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

注（2）：本文習(xí)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

篇章剖析

本篇文章是一篇說明文，針對印度外匯儲備增加，盧比走強(qiáng)是否會對印度的外匯管制政策產(chǎn)生影響進(jìn)行了分

析。第一段介紹了印度外匯儲備增加，盧比走強(qiáng)的財(cái)政情況，并提出本文主要觀點(diǎn)：印度也許并不會大幅放

開對外匯的管制。第二段介紹了盧比升值的情況。第三段介紹了盧比升值帶來的影響---外匯流入。第四段

介紹了外匯儲備增加的情況以及政府適度放松外匯管制。第五段分析了政府不會大幅放開外匯管制的原因，

并得出自己的結(jié)論：外幣兌換是一條雙行道。

詞匯注釋

silver lining: 一線希望

buoyant: [5bCiEnt] adj. 趨于上升的（價(jià)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. 屬于、關(guān)于或是一筆錢或者股票證券的票面價(jià)值量的

appreciate: [E5pri:Fieit] v. 增值, 漲價(jià)

gusto: [5^QstEu] n. 興致勃勃；熱情

aghast: [E5^B:st] adj. 驚駭?shù)? 嚇呆的

prowess: [5praJIs] n. 卓越的技能；杰出的才能；本領(lǐng)

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

outsourcing: [`aJt9sR:sIN] n. [商]外部采辦,外購

chunky: [5tFQNki] adj. 結(jié)實(shí)的；厚實(shí)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. 緩沖減輕或緩和不利后果的東西

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(qū), 預(yù)兆

prone: [prEun] adj. 傾向于

vindicate: [5vindikeit] v. 證明…正當(dāng)

loom: [lu:m] v. 隱現(xiàn), 迫近

turbulent: [5tE:bjulEnt] adj. 動蕩的；難控制的

aversion: [E5vE:FEn] n. 指轉(zhuǎn)向或轉(zhuǎn)移的行為

難句突破

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(jié)構(gòu)分析：這一句雖然也包含一個(gè)定語從句，但結(jié)構(gòu)并不算太復(fù)雜，容易造成理解困難的是cushion,

labyrinthine這兩個(gè)詞。Cushion原意是“墊子”，這里引申為“緩沖不利后果的東西；保障”，

labyrinthine的意思是“復(fù)雜的；迷宮般的”。

句子譯文：盡管在1993年印度已允許進(jìn)行以貿(mào)易為目的的盧比兌換，但印度目前的外匯控制如迷宮般復(fù)雜。

現(xiàn)在有了這樣的巨額儲備作保障，一些人開始呼吁印度政府進(jìn)一步放開現(xiàn)有外匯控制。

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…h(huán)as left the central bank prone to caution.

結(jié)構(gòu)分析：這個(gè)句子是個(gè)復(fù)雜句，句中有一個(gè)以when引導(dǎo)的，修飾1991的定語從句和一個(gè)省略了that的，修

飾approach的定語從句。

句子譯文：1991年印度用完外匯儲備的經(jīng)歷使中央銀行傾向于謹(jǐn)慎方式—1997-98年的東亞危機(jī)證實(shí)了這種

方式的正確性。

題目分析

1. 答案為D，屬猜詞題。根據(jù)上下文，印度的財(cái)政赤字非常大，但印度的外匯儲備不斷增加，并且連續(xù)三個(gè)

季度的經(jīng)常項(xiàng)目賬戶盈余，顯然，對外部門給巨額財(cái)政赤字帶來了一線希望。四個(gè)選項(xiàng)中，只有A的意義最

符合。

2. 答案為B，屬事實(shí)細(xì)節(jié)題。文章第二段制造品出口商聽到盧比升值消息時(shí)的反應(yīng)是“aghast”，這個(gè)詞的

意思是“吃驚的；嚇呆的”，可見這條消息對他們來說是壞消息。

3. 答案為D，屬事實(shí)細(xì)節(jié)題。文章第三段指出了印度經(jīng)常項(xiàng)目賬戶盈余的幾個(gè)原因：盧比的強(qiáng)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(mào)易赤字的縮小。而貿(mào)易赤字縮小

的原因是進(jìn)口增長緩慢。所以進(jìn)口的不斷增長不是導(dǎo)致經(jīng)常項(xiàng)目賬戶盈余的原因。

4. 答案為C，屬事實(shí)細(xì)節(jié)題。根據(jù)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(rèn)為印度已經(jīng)有了一個(gè)可以放心開放外匯控制的cushion。這個(gè)詞的意思是“緩沖不利影響的東西”，顯然

現(xiàn)在的印度能夠更從容地應(yīng)付外匯市場的不利情況。

5. 答案為A，屬事實(shí)細(xì)節(jié)題。根據(jù)上下文，人們呼吁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(qiáng)。A項(xiàng)中的答案正好因果顛倒了。

參考譯文

印度財(cái)政部長本周發(fā)布了年中報(bào)告，報(bào)告認(rèn)為對外部門給該國巨額財(cái)政赤字帶來了一線希望�！�行情看漲’

和‘令人鼓舞’這些詞被用來形容1/4世紀(jì)以來首次連續(xù)三個(gè)季度的經(jīng)常項(xiàng)目賬戶盈余。隨著外匯儲備的膨

脹和盧比的增強(qiáng)，一些人認(rèn)為大幅放開印度外匯管制的時(shí)候到了。不過他們也許會失望。

 在過去十年中的大部分時(shí)候，盧比的面值被允許以每年約5%的幅度相對于美元溫和地貶值，因此它的實(shí)際價(jià)

值是相當(dāng)穩(wěn)定的。然而，在今年，盧比的實(shí)際價(jià)值一直在升值（而且，自六月以來，其面值也在上揚(yáng)）。如

果不是中央銀行一直在積極買入美元，盧比的升值幅度會更高。對飽受中國產(chǎn)品價(jià)格競爭困擾的制造品出口

商來說，盧比升值的消息令人心驚肉跳。一些預(yù)測者認(rèn)為，由于印度信息產(chǎn)業(yè)出口還將持續(xù)繁榮，盧比將繼

續(xù)升值。 

盧比最近的強(qiáng)勢與印度在軟件業(yè)的實(shí)力以及最近興起的將電話中心等項(xiàng)目的業(yè)務(wù)流程外包有一定的關(guān)系。相

當(dāng)?shù)臒o形收支項(xiàng)目盈余主要來自匯款：受盧比的穩(wěn)定性和高利率的吸引，那些旅居他鄉(xiāng)的印度人一直在將他

們的海外存款匯回家鄉(xiāng)。與此類似，印度公司也貸入更多美元，同時(shí)不賣出遠(yuǎn)期盧比以便償還美元貸款時(shí)能

夠套期保值。在此期間由于進(jìn)口增長緩慢，貿(mào)易赤字也在不斷減少。

 外匯的流入使得外匯貯備在今年快速增長了大約200億美元，達(dá)到了660億美元，相當(dāng)于12個(gè)月的進(jìn)口總額。

盡管在1993年印度已允許進(jìn)行以貿(mào)易為目的的盧比兌換，但印度目前的外匯控制如迷宮般復(fù)雜�，F(xiàn)在有了這

樣的巨額儲備作保障，一些人開始呼吁印度政府進(jìn)一步放開現(xiàn)有外匯控制。最近幾個(gè)月來，一些外匯控制已

經(jīng)被適當(dāng)放松。比如，個(gè)人開設(shè)外匯銀行賬戶、旅游者持有外匯都比以前要簡單很多。此外旅居國外的印度

人也可轉(zhuǎn)出遺產(chǎn)繼承收入，或租金、利息收入。

一些評論員將上述情況視為資本賬戶可完全兌換的先兆。然而這個(gè)可能性并不大。1991年印度用完外匯儲備

的經(jīng)歷使中央銀行傾向于謹(jǐn)慎方式—1997-98年的東亞危機(jī)證實(shí)了這種方式的正確性。隨著伊拉克戰(zhàn)爭的臨

近，以及石油市場的波動，進(jìn)行一些風(fēng)險(xiǎn)轉(zhuǎn)移是可以理解的。印度的財(cái)政赤字—約為GDP的10%且正在擴(kuò)大—

是另一個(gè)開放動作緩慢的原因。在穆迪（Moody’s）這個(gè)評級機(jī)構(gòu)考慮提升印度外債的等級的同時(shí)，另一個(gè)

評級機(jī)構(gòu)，惠譽(yù)（Fitch）則警告說它的本地貨幣評級處境堪憂。放開資本賬戶并不一定意味著削弱盧比，

說不定它還會吸引更多的資本流入。外幣兌換是一條雙行道，這一點(diǎn)印度的出口商們也越來越有感觸。

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