Renminbi passes HK dollar

时间：2007-01-12 07:02:15

（单词翻译:单击）

Jan.12 - The yuan has risen past the Hong Kong dollar for the first time in 13 years, underlining the mainland's economic ascent1 and fueling debate over whether to scrap2 the special administrative3 region's exchange rate link to the US dollar.

 

The yuan climbed to 1.0002 per Hong Kong dollar and advanced 0.16 percent to 7.7950 to the US currency at 4 pm in Shanghai, the biggest gain in six weeks, according to data compiled by Bloomberg.

 

Gains in the yuan may add to pressure on Hong Kong to adjust a 23-year-old currency peg4 to the US dollar to reflect growing economic ties with the mainland. The Hong Kong Monetary5 Authority (HKMA) says any change would rock investor6 confidence and has spent the past three years stopping currency appreciation7.

 

"Breaking 7.8 is psychologically impressive, but it's just a passing point," said C. H. Kwan, a Tokyo-based senior fellow at Nomura Institute of Capital Markets Research, a unit of Japan's biggest brokerage. "The Hong Kong dollar is likely to remain pegged8 to the US dollar at a central rate of 7.8 in coming years."

 

As the HKMA held the Hong Kong dollar steady, the yuan, or renminbi, has advanced 5.8 percent since a decade-long US dollar link of 8.3 was scrapped9 in July 2005.

 

HKMA Chief Joseph Yam, who wasn't immediately available for comment yesterday, said on August 25 that the yuan reaching 7.8 was a "psychological level" that wouldn't play a role in setting Hong Kong's currency policy.

 

"The Hong Kong dollar market has remained stable after the renminbi exchange rate breached10 the 7.8 level," said an HKMA spokesman, who asked not to be identified. "The government has no intention to change the linked exchange rate system, which continues to serve Hong Kong well."

 

China's trade surplus swelled11 74 percent to a record $177.5 billion last year as exports surged. US Treasury12 Secretary Henry Paulson and Federal Reserve Chairman Ben S. Bernanke, visiting Beijing last month, urged China to relax controls on its currency to ease the imbalance.

 

"This reinforces the story that China's still got huge surpluses and needs to deal with them," said Thio Chin Loo, senior currency strategist at BNP Paribas SA in Singapore. "The pressure for more gains isn't going to go away."

 

The mainland's stock market surpassed $1 trillion in value after major benchmarks more than doubled last year, making it the world's 10th-largest equity13 market, Bloomberg data show. Hong Kong's market value is $2.1 trillion.

 

The mainland will let companies sell yuan-denominated bonds in Hong Kong, the People's Bank of China said late on Wednesday, in a move aimed at increasing the use of the currency.

 

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点击收听单词发音收听单词发音  

1 ascent TvFzD     
n.(声望或地位)提高；上升，升高；登高
参考例句：
  • His rapid ascent in the social scale was surprising.他的社会地位提高之迅速令人吃惊。
  • Burke pushed the button and the elevator began its slow ascent.伯克按动电钮，电梯开始缓慢上升。
2 scrap JDFzf     
n.碎片；废料；v.废弃，报废
参考例句：
  • A man comes round regularly collecting scrap.有个男人定时来收废品。
  • Sell that car for scrap.把那辆汽车当残品卖了吧。
3 administrative fzDzkc     
adj.行政的，管理的
参考例句：
  • The administrative burden must be lifted from local government.必须解除地方政府的行政负担。
  • He regarded all these administrative details as beneath his notice.他认为行政管理上的这些琐事都不值一顾。
4 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。
5 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。
6 investor aq4zNm     
n.投资者，投资人
参考例句：
  • My nephew is a cautious investor.我侄子是个小心谨慎的投资者。
  • The investor believes that his investment will pay off handsomely soon.这个投资者相信他的投资不久会有相当大的收益。
7 appreciation Pv9zs     
n.评价；欣赏；感谢；领会，理解；价格上涨
参考例句：
  • I would like to express my appreciation and thanks to you all.我想对你们所有人表达我的感激和谢意。
  • I'll be sending them a donation in appreciation of their help.我将送给他们一笔捐款以感谢他们的帮助。
8 pegged eb18fad4b804ac8ec6deaf528b06e18b     
v.用夹子或钉子固定( peg的过去式和过去分词 )；使固定在某水平
参考例句：
  • They pegged their tent down. 他们钉好了账篷。 来自《简明英汉词典》
  • She pegged down the stairs. 她急忙下楼。 来自《现代英汉综合大词典》
9 scrapped c056f581043fe275b02d9e1269f11d62     
废弃(scrap的过去式与过去分词)； 打架
参考例句：
  • This machine is so old that it will soon have to be scrapped. 这架机器太旧，快报废了。
  • It had been thought that passport controls would be scrapped. 人们曾认为会放开护照管制。
10 breached e3498bf16767cf8f9f8dc58f7275a5a5     
攻破( breach的现在分词 )； 破坏，违反
参考例句：
  • These commitments have already been breached. 这些承诺已遭背弃。
  • Our tanks have breached the enemy defences. 我方坦克车突破了敌人的防线。
11 swelled bd4016b2ddc016008c1fc5827f252c73     
增强( swell的过去式和过去分词 )； 肿胀； （使）凸出； 充满（激情）
参考例句：
  • The infection swelled his hand. 由于感染，他的手肿了起来。
  • After the heavy rain the river swelled. 大雨过后，河水猛涨。
12 treasury 7GeyP     
n.宝库；国库，金库；文库
参考例句：
  • The Treasury was opposed in principle to the proposals.财政部原则上反对这些提案。
  • This book is a treasury of useful information.这本书是有价值的信息宝库。
13 equity ji8zp     
n.公正，公平，（无固定利息的）股票
参考例句：
  • They shared the work of the house with equity.他们公平地分担家务。
  • To capture his equity,Murphy must either sell or refinance.要获得资产净值，墨菲必须出售或者重新融资。

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