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.
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，盧比走強是否會對印度的外匯管制政策產生影響進行了分析。第一段介紹了印度外匯儲備增加，盧比走強的財政情況，并提出本文主要觀點：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、關于或是一筆錢或者股票證券的票面價值量的
appreciate: [E5pri:Fieit] v. 增值, 漲價
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
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, 預兆
prone: [prEun] adj. 傾向于
vindicate: [5vindikeit] v. 證明…正當
loom: [lu:m] v. 隱現(xiàn), 迫近
turbulent: [5tE:bjulEnt] adj. 動蕩的；難控制的
aversion: [E5vE:FEn] n. 指轉向或轉移的行為
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…
結構分析：這一句雖然也包含一個定語從句，但結構并不算太復雜，容易造成理解困難的是cushion, labyrinthine這兩個詞。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“復雜的；迷宮般的”。
句子譯文：盡管在1993年印度已允許進行以貿易為目的的盧比兌換，但印度目前的外匯控制如迷宮般復雜?，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.
結構分析：這個句子是個復雜句，句中有一個以when引導的，修飾1991的定語從句和一個省略了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歷使中央銀行傾向于謹慎方式—1997-98年的東亞危機證實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)三個季度的經常項目賬戶盈余，顯然，對外部門給巨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(jié)題。文章第二段制造品出口商聽到盧比升值消息時的反應是“aghast”，這個詞的意思是“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，屬事實細節(jié)題。文章第三段指出了印度經常項目賬戶盈余的幾個原因：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項目賬戶盈余的原因。
4. 答案為C，屬事實細節(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“緩沖不利影響的東西”，顯然現(xiàn)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(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。A項中的答案正好因果顛倒了。
參考譯文
印度財政部長本周發(fā)布了年中報告，報告認為對外部門給該國巨額財政赤字帶來了一線希望?！星榭礉q’和‘令人鼓舞’這些詞被用來形容1/4世紀以來首次連續(xù)三個季度的經常項目賬戶盈余。隨著外匯儲備的膨脹和盧比的增強，一些人認為大幅放開印度外匯管制的時候到了。不過他們也許會失望。
在過去十年中的大部分時候，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，因此它的實際價值是相當穩(wěn)定的。然而，在今年，盧比的實際價值一直在升值（而且，自六月以來，其面值也在上揚）。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。對飽受中國產品價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。一些預測者認為，由于印度信息產業(yè)出口還將持續(xù)繁榮，盧比將繼續(xù)升值。
盧比最近的強勢與印度在軟件業(yè)的實力以及最近興起的將電話中心等項目的業(yè)務流程外包有一定的關系。相當?shù)臒o形收支項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，同時不賣出遠期盧比以便償還美元貸款時能夠套期保值。在此期間由于進口增長緩慢，貿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，達到了660億美元，相當于12個月的進口總額。盡管在1993年印度已允許進行以貿易為目的的盧比兌換，但印度目前的外匯控制如迷宮般復雜?，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一步放開現(xiàn)有外匯控制。最近幾個月來，一些外匯控制已經被適當放松。比如，個人開設外匯銀行賬戶、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出遺產繼承收入，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。然而這個可能性并不大。1991年印度用完外匯儲備的經歷使中央銀行傾向于謹慎方式—1997-98年的東亞危機證實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，進行一些風險轉移是可以理解的。印度的財政赤字—約為GDP的10%且正在擴大—是另一個開放動作緩慢的原因。在穆迪（Moody’s）這個評級機構考慮提升印度外債的等級的同時，另一個評級機構，惠譽（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，這一點印度的出口商們也越來越有感觸。
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.
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，盧比走強是否會對印度的外匯管制政策產生影響進行了分析。第一段介紹了印度外匯儲備增加，盧比走強的財政情況，并提出本文主要觀點：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、關于或是一筆錢或者股票證券的票面價值量的
appreciate: [E5pri:Fieit] v. 增值, 漲價
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
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, 預兆
prone: [prEun] adj. 傾向于
vindicate: [5vindikeit] v. 證明…正當
loom: [lu:m] v. 隱現(xiàn), 迫近
turbulent: [5tE:bjulEnt] adj. 動蕩的；難控制的
aversion: [E5vE:FEn] n. 指轉向或轉移的行為
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…
結構分析：這一句雖然也包含一個定語從句，但結構并不算太復雜，容易造成理解困難的是cushion, labyrinthine這兩個詞。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“復雜的；迷宮般的”。
句子譯文：盡管在1993年印度已允許進行以貿易為目的的盧比兌換，但印度目前的外匯控制如迷宮般復雜?，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.
結構分析：這個句子是個復雜句，句中有一個以when引導的，修飾1991的定語從句和一個省略了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歷使中央銀行傾向于謹慎方式—1997-98年的東亞危機證實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)三個季度的經常項目賬戶盈余，顯然，對外部門給巨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(jié)題。文章第二段制造品出口商聽到盧比升值消息時的反應是“aghast”，這個詞的意思是“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，屬事實細節(jié)題。文章第三段指出了印度經常項目賬戶盈余的幾個原因：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項目賬戶盈余的原因。
4. 答案為C，屬事實細節(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“緩沖不利影響的東西”，顯然現(xiàn)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(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。A項中的答案正好因果顛倒了。
參考譯文
印度財政部長本周發(fā)布了年中報告，報告認為對外部門給該國巨額財政赤字帶來了一線希望?！星榭礉q’和‘令人鼓舞’這些詞被用來形容1/4世紀以來首次連續(xù)三個季度的經常項目賬戶盈余。隨著外匯儲備的膨脹和盧比的增強，一些人認為大幅放開印度外匯管制的時候到了。不過他們也許會失望。
在過去十年中的大部分時候，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，因此它的實際價值是相當穩(wěn)定的。然而，在今年，盧比的實際價值一直在升值（而且，自六月以來，其面值也在上揚）。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。對飽受中國產品價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。一些預測者認為，由于印度信息產業(yè)出口還將持續(xù)繁榮，盧比將繼續(xù)升值。
盧比最近的強勢與印度在軟件業(yè)的實力以及最近興起的將電話中心等項目的業(yè)務流程外包有一定的關系。相當?shù)臒o形收支項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，同時不賣出遠期盧比以便償還美元貸款時能夠套期保值。在此期間由于進口增長緩慢，貿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，達到了660億美元，相當于12個月的進口總額。盡管在1993年印度已允許進行以貿易為目的的盧比兌換，但印度目前的外匯控制如迷宮般復雜?，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一步放開現(xiàn)有外匯控制。最近幾個月來，一些外匯控制已經被適當放松。比如，個人開設外匯銀行賬戶、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出遺產繼承收入，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。然而這個可能性并不大。1991年印度用完外匯儲備的經歷使中央銀行傾向于謹慎方式—1997-98年的東亞危機證實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，進行一些風險轉移是可以理解的。印度的財政赤字—約為GDP的10%且正在擴大—是另一個開放動作緩慢的原因。在穆迪（Moody’s）這個評級機構考慮提升印度外債的等級的同時，另一個評級機構，惠譽（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，這一點印度的出口商們也越來越有感觸。