(单词翻译:单击)
听力文本
China's stock markets have lost nearly $3 trillion from their peak in June. As a result, the government has introduced new measures hoping to stop weeks of declining prices.
In an effort to avoid further losses, hundreds of companies listed on China's stock exchanges filed papers to suspend trading. By Thursday, the stocks of more than 1,400 mainland companies had been suspended. That is about 40 percent of the market.
China's Securities Regulatory Commission blamed the losses partly on a "panic sentiment" and "irrational selling." Chinese state media have blamed short-sellers, traders who profit from falling prices, people spreading rumors and foreign investors. The government then put in place a number of measures to calm the stock markets.
The government agency that oversees the country's biggest state-run companies has told them not to sell shares. Instead, it told them to buy more to keep the market stable.
The country's central bank promised to "offer (an) abundant liquidity supply for security brokers." That means it would make loans to stock traders, called brokers, to make sure they have enough money to carry out trades.
Chinese officials also have lent $42 billion to brokerages to buy shares. And the government moved to permit insurance companies to invest larger amounts of money in stocks.
How Chinese stocks rose in 2014
China's stock markets rose in late 2014 after the central bank cut interest rates for the first time in more than two years. A new trading link between the Shanghai and Hong Kong stock exchanges added to increased market activity. Higher "margin trading," in which investors do not have to deposit the full cost of their stock trades in order to buy the shares, also fueled gains.
In the twelve months before June 12 of this year, the total value of stocks traded on the Chinese market increased by more than 150 percent.
But as the market peaked in early June, the government tightened rules on margin trading. Investors then began to sell their holdings to protect their profits.
Treasury Secretary Urges Market Reforms to Continue
U.S. Treasury Secretary Jack Lew spoke about China's answer to its stock market problems at the Brookings Institution in Washington last week.
He said China's markets are not fully integrated into the world financial system. Mr. Lew says Chinese officials have a strong commitment to market reforms where they have clearly set out a plan. He said the speed at which the reforms are put in place remains a question.
"The question isn't their commitment to the goal. The question is the pace at which they implement it and do they do it fast enough for it to be effective. I hope this is not something that slows down the pace of reform...They've got a set of policies that they've outlined which, if they implement them, I think will make China's economy much stronger in the future."
Mr. Lew said China is moving from a centralized, industrial economy to a more market-based economy powered by consumer spending. This, he said, would lead to slower more sustainable growth and improve the lives of the Chinese people while lifting the world economy. He warned of slowing the reform process.
"If the reaction is to put the brakes on reforms, that will slow that process."
Markets recover slightly
Investors welcomed the government actions to stop the decline. On Friday, Chinese stock markets regained some of the losses from the past few weeks.
However, stocks from many Chinese companies are still suspended from trading. Other investors believe prices may fall again once the suspended shares resume trading.
In a report on Friday, Bank of America wrote that the stock market crash would hit the Chinese economy in time and "will likely hurt consumption down the road."
I'm Mario Ritter.
词汇解析
1.sentiment n. 感情，情绪；情操；观点；多愁善感
Public sentiment rapidly turned anti-American.
公众的情绪迅速转向反美。
2.short seller 卖空者
A short seller will go broke long before the value ship comes in.
早在价值实现之前，卖空者就会破产。
3.liquidity n. 流动性；流动资产；[金融] 偿债能力
The company maintains a high degree of liquidity.
这个公司保持着很强的资产折现力。
4.brokerage n. 佣金；回扣；中间人业务
John works for a brokerage house now.
约翰现在一家经纪行工作。
内容解析
1.He said the speed at which the reforms are put in place remains a question.
put in place 到位；落实到位；正在实施
They put in place the tools of my new business.
他们把我干这一新行当所需要的用具安放得井井有条。
They're offended by the elaborate security measures the police have put in place.
他们被警方部署的繁复安全措施惹怒了。
2."If the reaction is to put the brakes on reforms, that will slow that process."
put the brake on 对…加以延缓，缩减，限制，使用刹车
New legislation will put the brakes on spending.
新的法规将会限制开支。
Any of these factors could put the brakes on recovery.
这些因素中的任何一个都可能为经济复苏踩下刹车.
参考译文
6月份，中国股市已从顶峰期跌去了近3万亿美元，因此，政府引入新措施来阻止数周来股价的下跌。
为了避免更大的损失，在中国证券交易所上市的数百家公司提交文件申请暂停交易，截止周四，大陆1400多家公司的股票暂停交易，这些公司占到上市公司数量的40%。
中国证监会将这一损失部分归咎于“恐慌情绪”和“非理性抛售”，中国国家媒体指责那些从股价下跌中获利的卖空者、散布谣言者和外国投资者，于是政府推出多项措施来平息股市。
负责监督该国最大国有企业的国家机构指示他们不要减持，相反，要求这些国有企业增持股票以维持市场稳定。
中国官方承诺“向券商提供足够的流动性”，这意味着央行会向券商提供贷款以确保他们有足够的资金来进行交易。
中国官方还借贷420亿美元给券商用于购买股票，政府还允许保险公司向股市大量投资。
2014年底，中国央行进行两年多来首次降息，中国股市由此开始上涨。上海和香港证券交易所之间建立的新交易联系增加了市场活跃度，保证金交易使得投资者无需存入股票交易的全额资金，这也助长了这一势头。
在今年6月12日之前的12个月里，中国股票总市值增加了150%。
但随着6月初股市达到顶峰，政府也收紧了保证金交易的规定，投资者开始抛售股票以保护收益。
美国财长杰克·卢上周在华盛顿布鲁克林研究所谈到中国对其股市问题的应对。
他说中国股市并未充分融入全球金融体系，卢说中国官方做出市场改革的有力承诺，并明确制定了计划。他说改革的速度仍是个问题。
“问题并不在于他们对目标的承诺，问题在于实施该目标的速度，是否足够快速使其奏效。我希望这不会使得改革步伐放缓，他们已经制定了一系列政策，如果能够付诸实施，我想中国经济未来将会更强劲。”
卢说中国正从集中的工业化经济转向由消费驱动的更加市场化的经济，他说将在提升全球经济的同时，促成中国更缓慢但持续性的发展，同时改善中国人民的生活。
“如果其应对措施是在改革上刹车，那么这将放慢这一进程。”
投资者对政府救市表示欢迎，周五，中国股市从过去几周的损失中有所恢复。
然而，很多中国公司的股票仍无法进行交易，其他投资者认为一旦这些停牌股票复牌，那么股价还会再次下跌。
美国银行在周五的报告中写道，股市大跌迟早会影响中国经济，并“将可能影响未来的消费”。
我是马里奥·利特。
译文为可可英语翻译，未经授权请勿转载！
