2020年商务英语中级翻译模拟试题（6）
发布时间：2020-08-01
在商务英语考试备考过程中，好的习题能够达到事半功倍的效果。下面是51题库考试学习网带来的历年真题练习内容，供大家学习。
A quick fix
Nov 1st 2008
From The Economist print edition
The IMF\'s new scheme to help emerging
economies weather financial trumoil
Reuters
“EXCEPTIONAL times call for an exceptional
response” said Dominique Strauss-Kahn, the IMF\'s boss, of a new short-term
lending facility for emerging economies facing temporary liquidity problems in
capital markets. Under the “short-term liquidity facility” (SLF), approved on
Wednesday October 29th, qualifying countries will be eligible for a loan at
short notice of up to 500% of their IMF quota, the maximum amount a country is
obliged to provide to the IMF. The three-month loans will come with a minimum
of conditions relating to economic policy; they are also intended to be made
available with a rapidity not usually associated with the organisation.
All this is music to the ears of those,
including many within the IMF, who have been arguing that the Fund needs to
match its lending to changing global circumstances. The new facility goes some
way towards adressing an obvious shortcoming in the IMF’s arsenal of lending
instruments. Until now, the Fund had nothing it could deploy aimed at countries
facing a temporary shortage of liquidity in spite of sound macroeconomic
fundamentals. Yet this situation had become much more likely, even without a
paralysing credit crisis, because of increasing global financial
interdependence.
A country lacking short-term liquidity
would be loth to approach the IMF for a loan under the “stand-by arrangement”
(SBA), the mainstay of the IMF’s crisis lending. The SBA carries a stigma,
because requesting such a loan is assumed to reflect badly on the recipient’s
economic management. But the new loan facility will only be available those
countries that the IMF deem to be in sound macroeconomic health. If anything,
qualification should serve to reassure outsiders that the country’s policies
are essentially sound, and that the difficulties it faces are temporary and a
result of factors beyond its control. By this method, the IMF has also
precluded the need for the type of onerous conditions which usually accompany
loans under the SBA.
The second feature of the SBA that makes it
less well suited to dealing with temporary liquidity crises is that funding is
usually released in phased tranches. In a liquidity crisis brought on by a collapse
in confidence a large loan, quickly administered, is the best method for
restoring confidence in a short period of time—exactly how the new loans should
work.
Most will cheer the IMF for introducing
flexible loanmaking without onerous conditionality but concerns remain. Some
economists fear that the funds available for the IMF to dole out, which in
September stood at $255 billion, may not be enough if several emerging markets
come under stress at the same time. Deutsche Bank estimates that a single large
emerging market may face a financing gap of up to $90 billion, depending on
roll-over rates for credit lines, liquidation of foreign positions in bond and
equity markets, and domestic capital flight.
Under these circumstances, the IMF’s
pockets, which seemed enviously deep just a short while ago, might not be deep
enough. Simon Johnson, a former IMF chief economist, reckons that it may need
upto $1 trillion. The IMF acknowledges the problem and says it is prepared to
“work with others to generate additional resources to make sure that countries
have the money they need to restore confidence and maintain stability”.
Just as important, it remains to be seen
how difficult it will be to qualify for a loan under the SLF. It is unclear how
strictly the IMF will set the criteria for certifying that a country’s economic
management is sound. As a result there may be a number of vulnerable countries
that do not qualify for the scheme. As with any programme of this kind, the
devil is in the details. The question, then is whether the IMF’s new facility
is as good in practice as it seems to be in theory.
“非常时刻需要非常的应对措施”——国际货币基金组织(IMF)的老板说道，该应对是指为暂时面对资本市场流动性问题的新兴经济体提供一个新的短期贷款工具。10月29日的周三批准的“短期流动性贷款工具”(SLF)使得有资格的国家可以在短期内能够筹到高达他们IMF配额5倍的贷款，这也是一个国家被要求提供给IMF的最大数额。该项为期三个月的贷款将仅有最少的与经济政策有关的附带条款;它们的拨付也将快于该组织以往的惯例。
这些措施与对于包括IMF组织内部在内的很多希望该基金根据全球变化来配比其贷款的人想法不谋而合。新的工具某种程度上克服了IMF借款工具武器库的一个明显弱点。该基金直到现在才可以将目标集中在那些有着良好的宏观经济基本面但面对短暂的流动性缺乏的国家。但是由于全球金融不断加强的相互依赖使得就算没有瘫痪性的信用危机，这种情况发生的可能性也更大了。
一个缺乏短期流动性的国家可能不愿意找到IMF要求根据“备用信贷协议”(SBA)——IMF危机贷款的中流砥柱——贷款给它。备用信贷协议(SBA)带有个一个耻辱的烙印，因为要求这样一种贷款会被认为反映了贷款接受国经济管理的不善。但新的贷款工具只会拨付给那些IMF认为处在良好经济健康状况中的国家。如果说还有什么区别的话，就是能够贷到这样的款能够起到安抚外界的人的作用，表明该国家的政策本质上是良好的，而且该国家面对的困难是暂时的、是超出其控制的因素造成的。IMF也通过该方法排除了通常在SBA协议下附带很多条款的必要。
SBA协议的另外一个使得其不那么适合处理暂时流动性危机的特点是资金是分阶段拨付的。在信心崩溃导致的流动性危机中，快速审批通过的大额贷款才是短期内重振信心的最佳方法——新的贷款正是如此。
大部分人对IMF引入如此具有灵活性的贷款而不附带很多条件表示高兴，但对此的疑虑仍然存在。一些经济学家担心如果一些新兴市场在同一时间里也面临压力时，IMF少量发放资金(九月份数额为2,550亿美金)只是杯水车薪而已。德意志银行估计某一个大的新兴市场可能面对的是高达900亿美金的融资鸿沟，这取决于贷款最高限额的滚动利率，债券和资本市场中外国头寸的流动性和国内资本的流动。
在这些种情况下，IMF的腰包虽然之前看来还深得令人羡慕，但可能也不够深了。IMF的前首席经济学家认为IMF可能需要高达10,000亿美金才行。IMF表示知晓了这个问题并且说它已经准备”与其他组织一道来生成更多的资源保证国家有他们需要的资金来重振信心保持稳定”。
如其重要性一样，有资格获得短期流动性贷款工具(SLF)的困难程度也有目共睹。IMF如何设定标准证明一个国家的经济管理是良好的仍然不清楚。所以可能存在许多得不到贷款但已岌岌可危的国家。正如任何其他此类项目一样，魔鬼存在于细节之中。那么问题就是IMF的新工具在实际应用中是否如其理论看上去的那样好。
以上就是51题库考试学习网今日为大家分享的真题练习，小伙伴们赶紧学习起来！
下面小编为大家准备了 商务英语考试 的相关考题，供大家学习参考。
You can go to every part of America from this city.
B
— You are the manager of the marketing department in your company. A new assistant manager has recently been appointed and will start work soon.
— Write an email to all staff in the department:
— explaining the need for the appointment
— saying when the assistant manager will start work
— describing the experience the assistant manager has.
— Write 40 - 50 words.
From: Candace Woodward
To: All marketing staff
Subject: New assistant manager
To support our strategy of growing sales in our Asian and African markets, a new position of assistant manager has been created. Paul Fisher has been appointed, and will start on 1st September Paul has worked for several years in marketing toys, concentrating on the Far East.
Financial Planning: the factors involved in deciding on appropriate pricing strategies
Suggested answers: a．In any single market three basic factors determine the boundaries of the pricing decision. The price floor, or minimum price, is bounded by product cost. The price ceiling, or maximum price, is bounded by competitive prices for comparable products and ability of customers to pay. Between the floor and ceiling for every product there is an optimum price, which is a function of the demand for the product and the cost of supplying the product. The international executive must develop a pricing system and pricing policies that 'address these fundamental factors in each of the national markets in which his company operates. b．In addition to developing a pricing system, the system must also be consistent with a number of uniquely international constraints. In addition to the diversity of national markets in all three basic dimensions—cost, competition, and demand—the international executive is also confronted by conflicting governmental tax policies and claims as well as government controls such as dumping legislation, resale price maintenance legislation, price ceilings and general review of price levels. Other factors affecting the international pricing decisions are the often surprisingly high international transportation costs, middlemen in elongated international channels of distribution, and multinational accounts demanding equal price treatment regardless of location. c．Pricing decisions have a major impact on a number of societal groups: consumers, customers, employees, stockholders, the public interest, and, of course, the competition. These interest groups are affected by pricing decisions, which in turn constrain the international executive. A widespread effect of international business is to lower prices. Within the corporation there are many interest groups and frequently conflicting price objectives. The divisional vice-president is concerned about profitability at the divisional level. Regional executives are concerned about profitability at the country level. d．The direction of international marketing seeks competitive prices in world markets.. The controller and financial vice-president are concerned about profits. The manufacturing vice-president seeks long runs for maximum manufacturing efficiency. The tax manager is concerned about compliance with government transfer pricing legislation, and company counsel is concerned about the antitrust implications of international pricing practices. With such a large number of divergent and often conflicting interests combined with the limitations of our existing measures of demand, it is premature to expect that we should be able to determine“optimal”prices in international marketing. A more feasible objective for the international executive is to formulate international pricing strategy and policy that will contribute rather than detract from company sales and profit objectives worldwide. 解析：constrain强迫，强制，束缚。optimum price最适当价格。 dumping倾销。antitrust反托拉斯。divergent分歧的，分开的。detract from贬低，减损。premature早熟的，仓促的。
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