Yuan hits new high on weakened greenback

时间：2007-10-30 07:44:48

（单词翻译:单击）

Oct.30 - China's currency reached a new record high against the US dollar on Monday as the greenback continued to weaken on speculation1 of another interest rate cut by the Federal Reserve.

 

Before trading started on Monday, the People's Bank of China (PBOC) set the yuan at 7.4718 relative to the dollar. The new midpoint marked the fifth consecutive2 session of gains. The yuan can move 0.5 percent up or down the midpoint each day.

 

Monday's gain was largely due to the weakening dollar, which fell as low as $1.4426 to the euro, the weakest since the introduction of the currency in 1999.

 

The American currency slumped3 due to expectations the Fed will reduce the federal funds rate, an overnight lending rate between banks, by at least a quarter-percentage point on October 31 from the current 4.75 percent, prompting investors4 to seek higher-yielding assets overseas.

 

In contrast, the PBOC is widely expected to raise the interest rate for the sixth time this year to prevent the economy from overheating and curb5 inflation.

 

The world's fourth largest economy grew 11.5 percent in the third quarter and the consumer price index jumped 6.2 percent in September for a 4.1 percent rise in the first three quarters, far above the 3 percent official target for this year.

 

Widening trade surplus is also exerting upward pressure on the yuan.

 

In the first nine months, China's trade surplus stood at $185.7 billion, official figures showed. That amount might reach $250 billion by the end of this year, compared with $77.5 billion in 2006, the Ministry6 of Commerce said in a report on Saturday.

 

The yuan has appreciated more than 10 percent against the greenback since the country ended its peg7 to the US dollar in July 2005.

 
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点击收听单词发音收听单词发音  

1 speculation 9vGwe     
n.思索，沉思；猜测；投机
参考例句：
  • Her mind is occupied with speculation.她的头脑忙于思考。
  • There is widespread speculation that he is going to resign.人们普遍推测他要辞职。
2 consecutive DpPz0     
adj.连续的，联贯的，始终一贯的
参考例句：
  • It has rained for four consecutive days.已连续下了四天雨。
  • The policy of our Party is consecutive.我党的政策始终如一。
3 slumped b010f9799fb8ebd413389b9083180d8d     
大幅度下降，暴跌( slump的过去式和过去分词 )； 沉重或突然地落下[倒下]
参考例句：
  • Sales have slumped this year. 今年销售量锐减。
  • The driver was slumped exhausted over the wheel. 司机伏在方向盘上，疲惫得睡着了。
4 investors dffc64354445b947454450e472276b99     
n.投资者，出资者( investor的名词复数 )
参考例句：
  • a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
  • a cash bonanza for investors 投资者的赚钱机会
5 curb LmRyy     
n.场外证券市场，场外交易；vt.制止，抑制
参考例句：
  • I could not curb my anger.我按捺不住我的愤怒。
  • You must curb your daughter when you are in church.你在教堂时必须管住你的女儿。
6 ministry kD5x2     
n.(政府的)部；牧师
参考例句：
  • They sent a deputation to the ministry to complain.他们派了一个代表团到部里投诉。
  • We probed the Air Ministry statements.我们调查了空军部的记录。
7 peg p3Fzi     
n.木栓，木钉；vt.用木钉钉，用短桩固定
参考例句：
  • Hang your overcoat on the peg in the hall.把你的大衣挂在门厅的挂衣钩上。
  • He hit the peg mightily on the top with a mallet.他用木槌猛敲木栓顶。

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