China joins Asian bloc to create a forex safety net

时间：2007-05-08 07:21:57

（单词翻译:单击）

BEIJING, May 7 - Finance ministers from 13 Asian nations have agreed to pool part of their 2.7 trillion U.S. dollars of foreign-exchange reserves.

 

The move is aimed at preventing a repeat of the crisis that depleted1 the region's holdings 10 years ago, Bloomberg News reported.

 

"We unanimously agreed in principle that a self-managed reserve pooling arrangement" is appropriate, China's Jin Renqing, Japan's Koji Omi, South Korea's Kwon Okyu and finance ministers from Southeast Asia said in a statement in Kyoto, Japan, on Saturday.

 

Countries in the region face the challenge of "greater financial market volatilities."

 

Asian governments want to avoid having to rely on institutions like the International Monetary2 Fund, which forced them to adopt harsh economic policies in return for bailouts during the 1997-98 financial crisis.

 

The ministers haven't decided3 how the plan will work, how much money will be involved, or set a date, saying it needs more study.

 

This is "just the latest of a number of regional initiatives which have promised great things but then fizzled out," said Mark Williams, an economist4 at London-based Capital Economics. It's hard to argue the move is "anything more than a symbolic5 step."

 

A year ago, ministers from the same countries said in Hyderabad, India, they'd study the creation of an index of the region's currencies as a precursor6 to forming a single currency at some stage.

 

The ministers meet each year on the sidelines of the Asian Development Bank annual gathering7.

 

"A relatively8 modest proposal for a currency index comprising a weighted basket of regional currencies has been bogged9 down in wrangling," said Williams. Officials from the ADB now agree the proposal of a single currency is "many decades from being viable10."

 

The finance ministers on Saturday agreed to expand on an arrangement established in 2000 in Chiang Mai, Thailand, whereby pairs of nations would lend each other money at favorable terms if help is needed to support their exchange rates.

 
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1 depleted 31d93165da679292f22e5e2e5aa49a03     
adj. 枯竭的, 废弃的 动词deplete的过去式和过去分词
参考例句：
  • Food supplies were severely depleted. 食物供应已严重不足。
  • Both teams were severely depleted by injuries. 两个队都因队员受伤而实力大减。
2 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。
3 decided lvqzZd     
adj.决定了的，坚决的；明显的，明确的
参考例句：
  • This gave them a decided advantage over their opponents.这使他们比对手具有明显的优势。
  • There is a decided difference between British and Chinese way of greeting.英国人和中国人打招呼的方式有很明显的区别。
4 economist AuhzVs     
n.经济学家，经济专家，节俭的人
参考例句：
  • He cast a professional economist's eyes on the problem.他以经济学行家的眼光审视这个问题。
  • He's an economist who thinks he knows all the answers.他是个经济学家，自以为什么都懂。
5 symbolic ErgwS     
adj.象征性的，符号的，象征主义的
参考例句：
  • It is symbolic of the fighting spirit of modern womanhood.它象征着现代妇女的战斗精神。
  • The Christian ceremony of baptism is a symbolic act.基督教的洗礼仪式是一种象征性的做法。
6 precursor rPOx1     
n.先驱者；前辈；前任；预兆；先兆
参考例句：
  • Error is often the precursor of what is correct.错误常常是正确的先导。
  • He said that the deal should not be seen as a precursor to a merger.他说该笔交易不应该被看作是合并的前兆。
7 gathering ChmxZ     
n.集会，聚会，聚集
参考例句：
  • He called on Mr. White to speak at the gathering.他请怀特先生在集会上讲话。
  • He is on the wing gathering material for his novels.他正忙于为他的小说收集资料。
8 relatively bkqzS3     
adv.比较...地，相对地
参考例句：
  • The rabbit is a relatively recent introduction in Australia.兔子是相对较新引入澳大利亚的物种。
  • The operation was relatively painless.手术相对来说不痛。
9 bogged BxPzmV     
adj.陷于泥沼的v.（使）陷入泥沼， （使）陷入困境( bog的过去式和过去分词 )；妨碍，阻碍
参考例句：
  • The professor bogged down in the middle of his speech. 教授的演讲只说了一半便讲不下去了。 来自《现代英汉综合大词典》
  • The tractor is bogged down in the mud. 拖拉机陷入了泥沼。 来自《简明英汉词典》
10 viable mi2wZ     
adj.可行的，切实可行的，能活下去的
参考例句：
  • The scheme is economically viable.这个计划从经济效益来看是可行的。
  • The economy of the country is not viable.这个国家经济是难以维持的。

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