资源描述：
《2011年3月高口》由会员上传分享，免费在线阅读，更多相关内容在教育资源-天天文库。
1、SECTION1:LISTENINGTEST(30minutes) PartA:SpotDictationDirections：Inthispartofthetest,youwillhearapassageandreadthesamepassagewithblanksinit.Fillineachoftheblankwiththewordorwordsyouhaveheardonthetape.WriteyouranswerinthecorrespondingspaceinyourANSWERBOOKLET.Rememberyouwillhear
2、thepassageONLYONCE. RenownedUSeconomistJohnRutledgewhohelpedframethefiscalpoliciesoftwoformalUSpresidentswarnedthatanabruptriseinChina’scurrencycouldleadtoanotherAsianfinancialcrisis.ThefounderofRutledgeCapitaltoldthemediathatiftheYuanrisestoofastandtoohigh,itwoulddiscouragef
3、oreigndirectinvestmentinChina,whileencouragingcurrencymanipulationbymarketsspeculators.Currencychangeismoredifficultforinvestors,andmoreexcitingforspeculators.TheChinesecurrencyhasappreciatedbymorethan5%sinceJuly2005,whenthecountryallowtheYuantofloatagainsttheUSdollar,withada
4、ilybandof0.3%.Theanalystsareexpectingthecurrencytoriseanother4%bytheendofthisyear.ButiftheYuanrose20%to30%,assomeUSpoliticiansaredemanding,itwouldjeopardizetheChineseeconomy,causingarecessionanddeflation.SimilaradvisetoallowanabruptappreciationofacurrencyledtotheAsianfinancia
5、lcrisesin1997,andcameveryclosetodestroyingtheJapaneseeconomy.TheUSeconomistsaysthatinvestorswantforemosttoavoidrisksassociatedwithlargefluctuationsincurrencyandinflation.Theycalculatereturnsontheirinvestmentafterevaluatingriskstobenefitssuchaslowerlabourcost.ArisingYuanwouldd
6、riveuplabourcostsforforminginvestorsandwouldnotresultinhigherwagesforworkers.Earlierreportssaidthecurrencyspeculatorshadpumped200billionUSdollarsintoChina,bytheendoflastyear,withanother17billionUSdollarsflowingintotheeconomyinthefirst3monthsofthisyear.Thereisnowaytoaccurately
7、tracktheflowofthistypesofinvestment,andmanyeconomistsdisagreethattheamountofspeculativecashissohigh,insteadoffurtherappreciatingitscurrency.ChinashouldmaketheYuanconvertibletotheUSdollar.IftheYuanweremoreeasilyconvertedintoforeigncurrencies,itwouldallowChinesecompaniestoexpan
8、doverseas,facilitatethepurchaseofforeigntechnologyandprovidemanageme
