2017考研英語(yǔ)閱讀同源文章是同學(xué)們不可或缺的資料，因?yàn)檎骖}閱讀的數(shù)量有限，無(wú)法滿足同學(xué)們的日常練習(xí)，因此同源文章作為比較接近真題的文章，適合同學(xué)們?cè)谄綍r(shí)的閱讀訓(xùn)練中使用�！督�(jīng)濟(jì)學(xué)人》作為歷年考研英語(yǔ)的選材來(lái)源，應(yīng)該受到同學(xué)們的重視，的為了方便同學(xué)們的復(fù)習(xí)，我們?yōu)榇蠹覝?zhǔn)備了比較新的《經(jīng)濟(jì)學(xué)人》選文：人民幣“入藍(lán)”。

　　1.PASSING through the Suez Canal became easier earlier thisyear, thanks to an expansion completed in August. Now it is about to become alittle bit more complicated. Transit fees for the canal are denominated inSpecial Drawing Rights, a basket of currencies used by the InternationalMonetary Fund (IMF) as its unit of account. This week the IMF decided toinclude the yuan in the basket from next year, joining the dollar, the euro,the pound and the yen.

　　由于蘇伊士運(yùn)河已于今年八月擴(kuò)建完畢(2015年8月6日新蘇伊士運(yùn)河正式開通，此處應(yīng)指新運(yùn)河)，從今年早些時(shí)候起，渡過(guò)運(yùn)河變得容易了許多�，F(xiàn)在它的結(jié)構(gòu)變得更為復(fù)雜了。該運(yùn)河的過(guò)境費(fèi)是以國(guó)際貨幣基金組織(IMF)的特別提款權(quán)作為計(jì)價(jià)的——它是以一攬子貨幣作為其記賬單位的。本周，IMF決定從明年起接納人民幣“入藍(lán)”，“籃子”里已有的貨幣包括美元、歐元、英鎊和日元。

　　2.If lots of things were priced in SDRs, the IMF’s decisionwould have forced companies around the world to buy yuan-denominated assets assoon as possible, to hedge their exposure. That would have prompted China’scurrency to strengthen dramatically. But few goods or services are priced inSDRs. Instead, admission to the currency club is significant mainly for itssymbolism: the IMF is lending its imprimatur to the yuan as a reservecurrency—a safe, liquid asset in which governments can park theirwealth. Indeed, far from setting off a groundswell of demand for the yuan,the IMF’s decision may pave the way for its depreciation.

　　因?yàn)樵S多事務(wù)都是以特別提款權(quán)作為定價(jià)的，IMF的決定迫使全球許多公司要盡快地購(gòu)買以人民幣計(jì)價(jià)的資產(chǎn)，以此來(lái)對(duì)沖風(fēng)險(xiǎn)。這將促使人民幣大幅升值。但是很少有商品或是服務(wù)是以特別提款權(quán)作為定價(jià)的。相反，加入貨幣俱樂(lè)部更多地具有象征意義：IMF正式批準(zhǔn)人民幣成為一種儲(chǔ)備貨幣——使其成為一種可令各國(guó)政府安心寄放的安全、流動(dòng)的資產(chǎn)。事實(shí)上，IMF的決定可能事與愿違，會(huì)令對(duì)人民幣的需求降溫，使人民幣貶值。

　　3.The reason isthat the People’s Bank of China (PBOC) will now find itself under more pressureto manage the yuan as central banks in most rich economies do theircurrencies—by letting market forces determine their value. In bringing the yuaninto the SDR, the IMF had to determine that it is “freely usable”. Beforecoming to this decision, the IMF asked China to make changes to its currencyregime.

　　原因是中國(guó)人民銀行(PBOC)會(huì)發(fā)現(xiàn)自己將承受更大的壓力來(lái)管控人民幣，如同世界上大多數(shù)富裕經(jīng)濟(jì)體的央行管控它們的貨幣一樣——由市場(chǎng)來(lái)決定貨幣的價(jià)值。人民幣“入藍(lán)”，IMF必須確定它是能“自由使用”的。在做出決定之前，IMF會(huì)要求中國(guó)政府改變其現(xiàn)有是匯率機(jī)制。

　　4.Most importantly, China has now tied the yuan’s exchangerate at the start of daily trading to the previous day’s close; in the past thestarting quote was in effect set at the whim of the PBOC, often creating a biggap with the value at which it last traded. It was the elimination of this gapthat lay behind the yuan’s 2% devaluation in August, a move that rattled globalmarkets. Though the yuan is still far from being a free-floating currency—thecentral bank has intervened since August to prop it up—the cost of suchintervention is now higher. The PBOC must spend real money during the tradingday to guide the yuan to its desired level.

　　比較重要的是，中國(guó)現(xiàn)行的每日匯率其開盤價(jià)是與前一交易日的收盤價(jià)相掛鉤的。而之前的開拍價(jià)事實(shí)上是由中國(guó)央行任意確定的，往往會(huì)與比較終交易價(jià)產(chǎn)生較大差價(jià)。為了消除這一差價(jià)，八月時(shí)人民幣貶值2%,此舉曾令全球市場(chǎng)驚愕不已。然而人民幣離成為自由浮動(dòng)貨幣為時(shí)尚早——自八月以來(lái)中國(guó)央行開始進(jìn)行干預(yù)支持，目前這種干預(yù)成本變得更高了。中國(guó)央行必須把錢花在刀刃上，用以指導(dǎo)人民幣的交易價(jià)維持在其期許值以內(nèi)。

　　5.Inclusion in theSDR will only deepen the expectations that China will let market forces decidethe yuan’s exchange rate. The point of the SDR is to weave disparate currenciestogether into a single, diversified unit; some have suggested, for example,that commodities be quoted in SDRs to reduce the volatility of pricing them indollars. But if China maintains its de facto peg to the dollar, the result ofadding the yuan to the SDR will be to boost the dollar’s weight in the basket,defeating the point.

　　納入特別提款權(quán)只會(huì)加深中國(guó)想讓市場(chǎng)來(lái)決定人民幣匯率的期許。特別提款權(quán)將不同的貨幣交織成為一種單一、多元的計(jì)價(jià)單位;比如說(shuō)，有人建議將商品引入特別提款權(quán)以減少因美元波動(dòng)而影響其價(jià)格。但如果中國(guó)要是繼續(xù)緊盯美元不放，那么人民幣“入藍(lán)”將會(huì)令美元幣值暴增，一家獨(dú)大，打破“籃子”里原有的平衡。

　　6.What would happen if China really did give the market the last word on theyuan? For some time it has been under downward pressure. The simplest yardstickis the decline in China’s foreign-exchange reserves, from a peak of nearly $4trillion last year to just over $3.5 trillion now—a reflection, in part, of thePBOC’s selling of dollars to support the yuan. Were it not for tighter capitalcontrols since the summer, outflows might have been even bigger.

　　如果中國(guó)真的給了人民幣踏入市場(chǎng)前的臨行忠告，那么將會(huì)發(fā)生什么呢?人民幣將會(huì)有一段時(shí)間的下行壓力。比較簡(jiǎn)單的衡量標(biāo)準(zhǔn)就是中國(guó)的外匯儲(chǔ)備在下降，從去年頂峰時(shí)的4兆美元到如今的勉強(qiáng)3.5兆美元——這就是反應(yīng)。某種程度上，中國(guó)央行在拋售美元來(lái)支撐人民幣。若不是今夏以來(lái)更為嚴(yán)格的資金管控，恐怕外流的外匯會(huì)更多。

　　7.And the yuandoes look overvalued. Despite China’s slowing economy, its continued link tothe surging dollar has put it near an all-time high in trade-weighted terms, upby more than 13% in the past 18 months (see chart). With the Federal Reservegearing up to start raising interest rates at the same time as China isloosening its monetary policy, the yuan looks likely to come under moredownward pressure, at least against the dollar.

　　人民幣被高估了。盡管中國(guó)經(jīng)濟(jì)放緩，但人民幣繼續(xù)與飆升的美元相掛鉤，使其接近了貿(mào)易加權(quán)計(jì)算的歷史高位，在過(guò)去的18個(gè)月里，同比增長(zhǎng)超過(guò)13%(見(jiàn)本文圖表)。在美聯(lián)儲(chǔ)加緊啟動(dòng)提高利率的同時(shí)，中國(guó)放松了其貨幣政策，人民幣兌美元可能至少會(huì)承受更多的下行壓力。

　　8.It would be foolhardy to predict that China will suddenlygive the market free rein. That would go against its deep-seated preference forgradual reform. But while basking in the glow of its SDR status, China mustalso be aware of the responsibility to minimise intervention that comes withit. A weaker yuan may well be the result.

　　中國(guó)會(huì)突然給市場(chǎng)以自由發(fā)揮的空間可能是魯莽的預(yù)測(cè)。那將會(huì)違背中國(guó)進(jìn)行漸進(jìn)式深入改革的“心頭好”。沉浸于特別提款權(quán)的榮光中，中國(guó)必須意識(shí)到對(duì)人民幣干預(yù)比較小化的責(zé)任也隨之而來(lái)了。其結(jié)果可能會(huì)出現(xiàn)一個(gè)勢(shì)弱的人民幣(人民幣貶值)。

　　當(dāng)然同學(xué)們?cè)趶?fù)習(xí)考研英語(yǔ)閱讀同源文章時(shí)，應(yīng)當(dāng)不僅限于對(duì)原文內(nèi)容的理解，而是要在其中找到陌生的句法單詞并進(jìn)行擴(kuò)展，學(xué)會(huì)應(yīng)用，這也會(huì)在寫作中大有裨益。