大学四级-202及答案解析.doc
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1、大学四级-202 及答案解析(总分:713.00,做题时间:90 分钟)一、Part Writing(总题数:1,分数:106.00)1.大学毕业,毕业生是先就业还是先择业 2. 不同的人有不同的看法 3. 你的看法 On Job-hunting_ _ _ _ (分数:106.00)_二、Part Reading Compr(总题数:1,分数:70.00)Dollar Down, Emerging Stock Markets SurgeStock markets in major emerging countries such as China and Brazil have been on
2、fire this year, attracting a wave of investment from the United States and rest of the world as well as driving down the value of the U. S. dollar. The dollar“s decline-it hit a 14-month low against major currencies Thursday-is adding to sizzling returns for investors in emerging markets and has hel
3、ped spur American exports. But it also has raised worries among international finance officials and American consumers who have seen their currency rapidly lose purchasing power and prestige in recent months. Stock indexes in many of the emerging economies from South Africa and Russia to South Korea
4、 are on track to gain from 50 percent to 100 percent or more this year, compared with the 10 percent to 20 percent returns expected in U. S. markets. Investors in foreign markets are benefiting from the rise of foreign currencies against the dollar, which can double their returns. That makes it an i
5、rresistible trade even for American investors, who have been pouring $ 30 billion a month into foreign markets. The worldwide investment binge in emerging markets-and some developed countries such as Australia and Canada that benefit greatly from trading with them-has emerged as a key reason behind
6、the rapid decline of the dollar this year. The dollar“s decline, in turn, has been feeding inflation fears and talk about finding a way to end the dollar“s status as the world“s principle reserve currency. Laza Kekic, analyst at the Economist Intelligence Unit, a London-based research and advisory f
7、irm, said big emerging countries such as Brazil and China are being rewarded for their good economic management in recent years that included using some of the burgeoning revenues from their exports to the developed world to pile up huge reserve funds that helped them to weather the global economic
8、crisis in the past year. That contrasts with the big debts and paltry savings and reserves in the United States and some other developed countries-a trend that not only fueled the debt crisis but continues to hold growth hack in those countries as consumers, banks and businesses struggle to cope wit
9、h a legacy of debt and default. “The emerging markets have held up better because their overall economic performance has been much better than that of the developed world, which has experienced its worst recession since the Second World War,“ Mr. Kekic said. While much media attention has focused on
10、 India and China, which never stopped growing even while the developed world was in deep recession, other emerging markets such as South Korea and South Africa also weathered the global recession very well, showing for the first time they could “decouple“ from the developed world, he said. As a resu
11、lt of their superior economic performance, emerging markets for the first time in years are expected to attract more direct investment from the outside world in businesses and properties than the United States and other developed countries in 2009, he said. The United States in past years attracted
12、the most foreign investment. While the rise of developing countries need not be a detriment to the United States, it is hurting the U. S. currency in a way not seen before. Investors worldwide are dumping their dollars to buy into foreign markets, driving down the value of the currency. Worsening th
13、e trend, big investors including New York hedge funds are employing a technique that enhances their returns by first borrowing money in the United States, where short-term interest rates are close to zero, and then investing that money in emerging markets. The tactic, called the “dollar carry trade,
14、“ enables traders to leverage their investments several times over and take advantage of the diverging currencies, further multiplying their returns. To complement this leveraging strategy, some hedge funds are profiting by “shorting“ the dollar, or betting that it will decline. All of this leads to
15、 even more intensive dollar selling. The emerging market countries have become a powerful force propelling the dollar“s decline as they have been dumping large shares of the dollars they receive from investors and exporters and exchanging them for Euros and other currencies in a drive to diversify t
16、heir reserve holdings. While these investment strategies have yielded triple-digit returns for many investors, they are widely acknowledged to be risky, as emerging markets remain highly volatile and the global economic recovery remains far from certain. “The spectacular rally in emerging markets lo
17、oks like another bubble in the making,“ said Robert P. Smith, a former emerging market trader and author of a book on global investment. As with past bubbles in housing and credit, many analysts suspect a bubble in world stock markets- including U.S. markets-is being fueled by a revival of leveragin
18、g strategies on Wall Street, easy money and extremely low interest rates engineered by the Federal Reserve and other central banks. Hedge funds and other leveraged investors are counting on the Fed maintaining short-term rates near zero for at least another year- a safe bet as Fed Chairman Ben S. Be
19、rnanke on Thursday repeated the central bank“s intent of keeping rates low for “an extended period“ until it becomes clear the economy is in a self-sustaining recovery. “Excess liquidity is buoying risky assets indiscriminately, while punishing the dollar,“ said David Woo, currency analyst at Barcla
20、ys Capital. He expects the boon for stock markets and the downturn for the dollar to continue until the Fed signals that it is ready to start withdrawing liquidity from financial markets, probably early next year. Mr. Smith said he is skeptical of the “decoupling“ theory feeding the emerging market
21、frenzy. He questions how countries such as China and South Korea, whose economies in the past have relied heavily on exports to the U.S. and other developed countries, can keep growing robustly while Western consumers remain in the doldrums. “We may discover in a few months that the rich valuations
22、at which we now buy emerging market shares are unsupported by the risk adjusted prospects for earnings, and experience sharp losses,“ Mr. Smith said.(分数:70.00)(1).What caused the value of U. S. dollars to decline this year according to the passage?(分数:7.00)A.The fast development of stock market in t
23、he United States,B.Some emerging counties“ vigorously developing stock markets.C.The abundant investment that China and Brazil put in the United States.D.It is not mentioned in the text.(2).Both of the sizzling returns for investors in emerging markets and spurring American exports are somewhat bene
24、fiting from -|_|-.(分数:7.00)A.major emerging countriesB.investors in foreign marketsC.the worldwide investmentD.the US dollar“s declining(3).The information given in paragraph 3 and paragraph 4 shows that -|_|-.(分数:7.00)A.quite a few countries and districts would benefit more than the United States f
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