Stocks take a beating amid tightening worries

时间：2007-12-18 05:49:09

（单词翻译:单击）

Dec.18 - Concerns over further monetary1 tightening2 led Chinese investors3 to continue unloading financial and property shares on Monday, pushing down major stock indices.

 

The benchmark Shanghai Composite Index tumbled 2.62 percent to close at 4,876.76 points, marking a loss of more than 25 percent since peaking in mid-October.

 

In developed markets, a decrease of 20 percent or more within a 12-month period can be called a bearish4 market. However, Chinese analysts5 said as China is an emerging market, it should be held to different standards.

 

Others indicators6 all fell. The smaller Shenzhen Composite Index fell 0.94 percent to 1,319.20, while the CSI 300 Index of major companies on the two bourses dropped 2.42 percent to 4,857.28.

 

Analysts blamed the decline on investors' worries about further curbs7 on bank credit and other monetary tightening measures. The country's top leaders have made curbing8 inflation and preventing the economy from overheating priorities for next year.

 

Inflation hit an 11-year high of 6.9 percent in November, far above the central bank's target of three percent. In the first three quarters, the world's fourth largest economy grew 11.5 percent and is on track to post its fifth consecutive9 year of double-digit growth.

 

To keep the rising living costs in check and prevent the economy from overheating, the top leaders pledged earlier this month to shift to a "tight" monetary policy from a decade-old "prudent10" one.

 

Following the policy change, the central bank announced a one percent hike in the bank reserve requirement ratio. That compared with the 0.5 percent increase in the previous nine rises so far this year, indicating the potential strength of future tightening measures.

 

The central bank has also demanded commercial banks to cap their outstanding loans before the end of the year. These measures will create a dent11 in the profitability of the banks, analysts said. Property firms, a heavy borrower, will also find it harder to get financing from the bank, in the face of tighter credit, they said.

 

Amid those concerns, banking12 shares plummeted13. The Industrial and Commercial Bank of China tumbled 4.01 percent to close at 7.67 yuan per share, followed by a 3.97 percent decrease in China Construction Bank to 9.43 yuan.

 

The gloomy sentiment also hurt insurance shares, with China Life dropping 6.92 percent and China Ping An falling 6.74 percent.

 

Property shares were hit hard as well. China Vanke, the country's biggest publicly traded property developer plummeted 9.52 percent to 27.1 yuan, compared with a 7.59 percent decline in China Merchants Property to 51.1 yuan.

 

Slumps14 in the global market were also a factor that contributed to the sell-off. On Friday, the Dow Jones Industrial Average fell 1.32 percent on inflation concerns, which reduced the odds15 for further rate cuts by the Federal Reserve.

 

That prompted a 3.51 percent fall in the Hang Seng Index in Hong Kong and a 0.14 percent drop in the Nikkei index in Tokyo.

 
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点击收听单词发音收听单词发音  

1 monetary pEkxb     
adj.货币的，钱的；通货的；金融的；财政的
参考例句：
  • The monetary system of some countries used to be based on gold.过去有些国家的货币制度是金本位制的。
  • Education in the wilderness is not a matter of monetary means.荒凉地区的教育不是钱财问题。
2 tightening 19aa014b47fbdfbc013e5abf18b64642     
上紧，固定，紧密
参考例句：
  • Make sure the washer is firmly seated before tightening the pipe. 旋紧水管之前，检查一下洗衣机是否已牢牢地固定在底座上了。
  • It needs tightening up a little. 它还需要再收紧些。
3 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
4 bearish xyYzHZ     
adj.(行情)看跌的，卖空的
参考例句：
  • It is foolish not to invest in stocks,so I will show her how to be bearish without them too,if she chooses.不投资股票是愚蠢的，因此如果她选择股票，我会向她展示怎样在没有长期潜力的情况下进行卖空。
  • I think a bearish market must be a good time for bargain-hunters to invest.我觉得熊市对于想买低的人可是个投资的大好机会。
5 analysts 167ff30c5034ca70abe2d60a6e760448     
分析家，化验员( analyst的名词复数 )
参考例句：
  • City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
  • I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。
6 indicators f46872fc1b5f08e9d32bd107be1df829     
（仪器上显示温度、压力、耗油量等的）指针( indicator的名词复数 )； 指示物； （车辆上的）转弯指示灯； 指示信号
参考例句：
  • The economic indicators are better than expected. 经济指标比预期的好。
  • It is still difficult to develop indicators for many concepts used in social science. 为社会科学领域的许多概念确立一个指标仍然很难。
7 curbs 33e58ba55cb8445083b74c118601eb9a     
v.限制，克制，抑制( curb的第三人称单数 )
参考例句：
  • In executing his functions he is not bound by any legal curbs on his power. 在他履行职务时，他的权力是不受任何法律约束的。 来自辞典例句
  • Curbs on air travel were being worked out and would shortly be announced. 限制航空旅行的有关规定正在拟定中，不久即将公布。 来自辞典例句
8 curbing 8c36e8e7e184a75aca623e404655efad     
n.边石，边石的材料v.限制，克制，抑制( curb的现在分词 )
参考例句：
  • Progress has been made in curbing inflation. 在控制通货膨胀方面已取得了进展。
  • A range of policies have been introduced aimed at curbing inflation. 为了抑制通货膨胀实施了一系列的政策。
9 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。
10 prudent M0Yzg     
adj.谨慎的，有远见的，精打细算的
参考例句：
  • A prudent traveller never disparages his own country.聪明的旅行者从不贬低自己的国家。
  • You must school yourself to be modest and prudent.你要学会谦虚谨慎。
11 dent Bmcz9     
n.凹痕，凹坑；初步进展
参考例句：
  • I don't know how it came about but I've got a dent in the rear of my car.我不知道是怎么回事，但我的汽车后部有了一个凹痕。
  • That dent is not big enough to be worth hammering out.那个凹陷不大，用不着把它锤平。
12 banking aySz20     
n.银行业，银行学，金融业
参考例句：
  • John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
  • He possesses an extensive knowledge of banking.他具有广博的银行业务知识。
13 plummeted 404bf193ceb01b9d9a620431e6efc540     
v.垂直落下，骤然跌落( plummet的过去式和过去分词 )
参考例句：
  • Share prices plummeted to an all-time low. 股票价格暴跌到历史最低点。
  • A plane plummeted to earth. 一架飞机一头栽向地面。 来自《简明英汉词典》
14 slumps 1082c8057156c49f6f76483bf4a8f755     
萧条期( slump的名词复数 )； （个人、球队等的）低潮状态； （销售量、价格、价值等的）骤降； 猛跌
参考例句：
  • Deflation could emerge from simultaneous slumps in the world's three major economies. 如果世界经济三大主体同时衰退，通货紧缩就会出现。
  • This is the cycle of economic booms and slumps. 这是经济繁荣和经济萧条的周期变化。
15 odds n5czT     
n.让步，机率，可能性，比率；胜败优劣之别
参考例句：
  • The odds are 5 to 1 that she will win.她获胜的机会是五比一。
  • Do you know the odds of winning the lottery once?你知道赢得一次彩票的几率多大吗？

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