(单词翻译:单击)
听力文本
Stock price indexes in China had their sharpest one-day drop in eight years on Monday. Stock indexes also decreased around the world but to a lesser extent.
The Shanghai Composite index lost 8.5 percent. Another index of the largest listed companies in Shanghai and Shenzhen, in southern China, fell by 8.6 percent.
Experts say Monday's price drop came from investors trying to secure profits following recent Chinese government efforts to support prices. In early July, China's central bank made billions of dollars available to brokerages. The money was for the purchase of shares in companies to prevent their prices from falling too far. At that time, more than 1,400 companies requested that trading in their stocks be stopped to avoid further losses. That number is now smaller.
Other experts say investors reacted to reports that the International Monetary Fund wanted China to reduce its market intervention. Also, Chinese industrial companies reported earnings that were worse than expected and pork prices rose.
Raymond Yeung is a China economist at the Australia and New Zealand Banking Group. He says the main reason for the sharp drop is that Chinese stock markets are not done de-leveraging. De-leveraging means to reduce the amount of money borrowed to pay for investments.
"Because of the high leverage exposure of the Chinese markets, anything that triggers a decline in such a short time will see some negative spiral effects in such highly leveraged markets," Yeung says.
Many investors borrowed money to buy stocks as China's mainland stock markets rose by about 150 percent over the past year. Borrowing in this way is known as margin lending. But as markets have fallen, many investors could struggle to pay back the loans.
Raymond Yeung says he expects Chinese stock regulators to continue restricting such practices.
China has taken a number of measures to try to make sure the markets do not fall. These include requiring anyone with five percent of shares in a company to hold them for six months.
Lu Suiqi is an associate professor of economics at Peking University. He says regulators will not be able to keep the markets from falling, and they should not try to do so. Mr. Lu says Chinese stocks remain too costly.
"The government's rescue measures could curb the slides in a short term, but are powerless in reversing the long-term trend," he says.
I'm Mario Ritter.
词汇解析
1.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。
2.de-leverage 去杠杆化
Commercial investment by Chinese firms would help western firms weather the global credit crunch while the western firms de-leverage.
当西方企业纷纷去杠杆化时，中国企业的商业投资将帮助西方企业度过全球信用危机。
3.spiral n. 螺旋；旋涡；螺旋形之物 adj. 螺旋形的；盘旋的 vt. 使成螺旋形；使作螺旋形上升 vi. 盘旋；成螺旋形；螺旋形上升
Vines spiralled upward toward the roof.
藤蔓螺旋式向上朝屋顶生长。
4.slide n. 滑动；幻灯片；滑梯；雪崩 vi. 滑动；滑落；不知不觉陷入 vt.滑动；使滑动；悄悄地迅速放置
The dollar continued to slide.
美元继续下跌。
内容解析
1.But as markets have fallen, many investors could struggle to pay back the loans.
pay back 偿还；报复
He burst into tears, begging her to forgive him and swearing to pay back everything he had stolen.
他突然哭了起来，求她原谅他并发誓要偿还他偷的所有东西。
Some day I'll pay you back for this!
总有一天我会为此报复你的！
2."The government's rescue measures could curb the slides in a short term, but are powerless in reversing the long-term trend," he says.
in a(the) short term 短期内
In the short term, chemical sprays are clearly an effective way to control pests.
从短期来看，喷洒化学药品显然能有效控制虫害。
In the short term, the medicine may not be very effective.
从眼前来看，这药可能疗效不是很大。
参考译文
周一，中国股指出现8年来最大程度的单日跌幅，全球股票指数都在下跌，但跌幅较低。
上证综合指数下跌了8.5%，在上海和深圳上市的大型公司指数下跌了8.6%。
专家表示，周一的股价下跌是因为投资者试图保持中国政府救市以来的收益，7月初，中国央行向券商提供了数十亿美元，这些资金用于购买公司股份以防股价下跌太多。当时有1400多家公司申请停牌以避免进一步损失，目前这一数字已经缩小。
其他专家称投资者对有关国际货币基金组织希望中国减少市场干预的报告做出了应对，同时，中国各行业公司报道收益少于预期，同时猪肉价格上涨。
雷蒙德·杨是澳新银行的中国经济学家，他说大跌的主要原因是中国股市没有实现去杠杆化，去杠杆化意味着减少用于投资的借款资金。
“因为中国股市的高杠杆风险，在短期内任何引起下跌的因素都会导致这种高杠杆市场出现一些负面螺旋影响。”
去年，在中国大陆股市上涨大约150%时，很多投资者借钱购买股票。这种借贷方式被称作孖展贷款，但在股市下跌时，很多投资者可能很难偿还贷款。
雷蒙德·杨说他希望中国监管机构能继续限制此类做法。
中国已采取很多措施以确保股市不再下跌，其中包括要求持有公司5%股份的股东要持有股票6个月。
Lu Suiqi是清华大学经济学助理教授，他说监管机构无法阻止股市下跌，它们也不应该这么做，他说中国股价仍然过高。
“政府的救市措施能在短期内遏制下跌，但无法扭转长期趋势。”
我是马里奥·利特。
译文为可可英语翻译，未经授权请勿转载！
