2013年对外815专业英语复习.docVIP

Financial stability in South Korea韩国金融稳定The won that got away走运的韩元Things are not as bad as the currency markets indicate情况并不像货币市场表现出来的那么糟糕IN MANY respects South Korea looks like a developed economy—if that is not too dirty an expression these days. But its currency, the won, still behaves as if it is part of an old-fashioned emerging market. According to the Korea Institute of Finance, only the Brazilian real and the South African rand exhibited more volatility during the 2008 crisis.韩国从多方面来看都算是个发达国家，如果这年头这种措辞不算过分的话。但韩国的货币——韩元却仿佛仍是传统新兴市场的一员。据韩国金融研究所称，在2008金融危机期间，只有巴西雷亚尔和南非兰特的表现比韩元更加活跃。The currency is gyrating again, thanks to grim news from Europe and America. The won lost almost 10% of its value against the dollar in the past month see chart , although it has since rebounded slightly. At a recent conference held by The Economist in Seoul, one banker labelled it the “VIX currency” in honour of the market gauge that measures volatility.托欧美货币市场不振的洪福，韩元的优势又回来了。上个月韩元对美元的汇率贬值了近10%（见图表），虽然在那之后曾出现微小反弹。有位银行家在《经济学人》于首尔召开的近期会议上把韩元标榜为“波动率指数货币”，以表达把韩元看做测量市场波动标尺的敬意。As one of the world’s most export-oriented economies, South Korea is sensitive to global growth. In good times it can be a magnet for speculative capital, which is why foreign investment has poured into the bond market in recent years. According to Tim Condon of ING, the windfall has produced the highest level of foreign debt relative to reserves in Asia. In bad times speculators can tap those gains to cover losses elsewhere. That does not just hit the currency: the KOSPI stockmarket index lost 11% over three trading sessions last month.韩国作为世界上最依赖出口的经济体之一，对全球经济增长速度十分敏感。经济景气时，它能吸引大量投机资本，这就是为什么外商投资近年来纷纷涌进债券市场的原因。荷兰国际集团的Tim Condon表示，债券市场的意外利润造就了亚洲最高的外债与外汇储备比例。 不景气的时候，投机者可以用炒韩元所得来弥补别处的损失。这么做不仅仅对韩元本身有害：韩国综合股价指数在上个月的三个交易时段中损失达11%。The won’s tendency to weaken when the chips are down is a blessing for the carmakers and shipbuilders who made South Korea what it is today. The Japanese, whose currency tends t