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SECTION 1: LISTENING TEST (30 minutes)
Part A: Spot Dictation
Directions：In this part of the test, you will hear a passage and read the same passage with blanks in it. Fill in each of the blank with the word or words you have heard on the tape. Write your answer in the corresponding space in your ANSWER BOOKLET. Remember you will hear the passage ONLY ONCE.
Renowned US economist John Rutledge who helped frame the fiscal policies of two formal US presidents warned that an abrupt rise in China’s currency could lead to another Asian financial crisis. The founder of Rutledge Capital told the media that if the Yuan rises too fast and too high, it would discourage foreign direct investment in China, while encouraging currency manipulation by markets speculators. Currency change is more difficult for investors, and more exciting for speculators. The Chinese currency has appreciated by more than 5% since July 2005, when the country allow the Yuan to float against the US dollar, with a daily band of 0.3%. The analysts are expecting the currency to rise another 4% by the end of this year. But if the Yuan rose 20% to 30%, as some US politicians are demanding, it would jeopardize the Chinese economy, causing a recession and deflation. Similar advise to allow an abrupt appreciation of a currency led to the Asian financial crises in 1997, and came very close to destroying the Japanese economy. The US economist says that investors want foremost to avoid risks associated with large fluctuations in currency and inflation. They calculate returns on their investment after evaluating risks to benefits such as lower labour cost. A rising Yuan would drive up labour costs for forming investors and would not result in higher wages for workers. Earlier reports said the currency speculators had pumped 200 billion US dollars into China, by the end of last year, with another 17 billion US dollars flowing into the economy in the first 3 months of this year. There is no way to accurately track the flow of this types of investment, and many economists disagree that the amount of speculative cash is so high, instead of further appreciating its currency. China should make the Yuan convertible to the US dollar. If the Yuan were more easily converted into foreign currencies, it would allow Chinese companies to expand overseas, facilitate the purchase of foreign technology and provide management experience, and capital that China needs. It would also shrink for extra reserves and reduce speculative money coming into the country.
解析：經濟類文章，探討了最近人民幣升值以及背后的一些隱患問題；除了涉及到一些經濟類的專用詞匯，整體難度不大；
currency n. 貨幣，通貨；
manipulation n. 操作，控制；
speculator n. 投機商；
speculative cash 投機熱錢；
appreciate v. 增值；
depreciate v. 貶值；
float v. 指（匯率）浮動；
analyst n. 分析家；
fluctuation n. 波動，起伏；
inflation n. 通貨膨脹；
deflation n. 通貨緊縮；
convert v. 兌換；
convertible adj. 可兌換的；
reserves 儲備金；
