新东方在线网络课堂 托福 新东方在线 > 托福 > 托福阅读 > 正文

托福阅读练习材料:中美贸易

2018-05-15 11:50:19 来源:网络托福资料下载

  托福阅读复习的过程中,大家需要一些课外材料,来练习我们的阅读速度。新东方在线托福网为大家整理了一些练习材料,供大家复习。更多内容尽在新东方在线托福网!

  美中贸易冲突的根源:美元与人民币之争

  导读:随着特朗普政府考虑以1000亿美元的惩罚性关税来回应中国500亿美元的报复性关税,美中贸易战不断升级,这之下掩盖着更为重要的冲突根源:中国希望有一天将人民币确立为与美元相当的全球储备货币。

  The escalating trade war between the United States and China, with the Trump administration considering $100 billion in punitive tariffs in response to China’s $50 billion in retaliatory tariffs, obscures a more important source of conflict: China’s desire to someday establish the yuan as a global reserve currency, on a par with the dollar.

  The dollar’s status is inextricably linked to international trade. Because the dollar reigns supreme in the trading system, other countries need to accumulate dollars. Most international trade is conducted using the dollar, even if the United States is not a party to the transaction.

  The United States wasn’t always so dominant. After the 1971 decision to end the link between the value of the dollar and gold reserves, the dollar became a currency much like any other. But in 1974, the United States and Saudi Arabia struck an agreement in which the Saudis and the other Gulf states supported the dollar as the primary medium of exchange for oil exports. Thus, oil and other commodities are priced in dollars, so any country that buys oil must build up its dollar reserves to pay for it — mostly by exporting its goods and services so that it can receive dollars as payment.

  Once established as a global reserve currency, the dollar has been kept strong by sustained demand for it, and a strong dollar makes American exports expensive to the rest of the world. American exports decline, imports increase, and a result is the trade deficit. Testifying before Congress in 1960, the economist Robert Triffin observed that the dollar’s global reserve status depends on the willingness of the United States to run trade deficits. This relationship, known as Triffin’s Dilemma, doesn’t always hold true (other countries have had reserve currencies and a trade surplus), but the American trade deficit with China, $375.2 billion last year, offers perhaps the best example of how a strong currency and trade deficits are connected.

  Still, there are enormous benefits to being able to print paper money and have the world treat it as if it were gold. Other countries need American dollars, and they are willing to pay a premium to hold them. Valery Giscard d’Estaing, finance minister of France from 1962 to 1966, called this an “exorbitant privilege.” Once they have amassed those all-important dollars, countries use them to buy United States Treasury bonds. (China alone held $1.2 trillion dollars of United States government debt at the end of 2017.) This enormous global demand for American debt means that the United States can borrow at relatively low interest rates, financing its budget deficits away.

  The “exorbitant privilege” extends to ordinary Americans, who have access to a vast supply of credit and can borrow to buy homes and cars at lower interest rates.

  As the trade war rhetoric escalates, some raise the fear that China could sell off its dollar-denominated assets, which could trigger a rise in interest rates, inflation and possibly devaluation of the dollar. Even the threat of a sudden sell-off can stir up trouble in global currency markets. China could also diversify its cash reserves away from the dollar and acquire yen, euro or sterling instruments, or commodities such as gold. Indeed, China has already been accumulating gold, ranking as one of the world’s largest importers of it.

  China and the United States are too closely economically intertwined via the dollar to make that a credible fear. United States treasuries are still the world’s safe haven of choice. And selling off American debt would cause the yuan to appreciate, which would put China’s exports at a disadvantage.

  Still, China is clearly taking steps to ensure a larger role for its currency. In 2015, the yuan was designated by the International Monetary Fund as one of five elite currencies in the world, along with the dollar, the euro, the pound and the yen. China is putting in place a pilot program with Russia and Angola, in which it can buy oil with yuan instead of with dollars. As the biggest importer of crude oil in the world, China believes it has the purchasing power to push for settlement in yuan. Even Saudi Arabia, a stalwart American ally, is under increasing pressure to accept yuan for its oil trade. If the yuan does become a global reserve currency, China, too, could see its influence and economic power expand even further.

  This is a strategic priority for China, and it is willing to wait. Although it is impossible to predict whether or when the dollar will be dethroned, history offers some clues: The pound sterling reigned supreme before the dollar gradually dislodged it. While the president and his supporters raise doubts about open trade, the dollar’s supremacy is closely tied to it. There is nothing guaranteed about that status, or all the benefits that come with it.

  以上就是为大家整理的“托福阅读练习材料:中美贸易”,更多精彩内容请关注新东方在线托福频道!

本文关键字: 托福阅读材料 托福阅读练习 托福阅读

为你特别匹配的托福超值课程,快速提分先人一步!
  • 【直播课程】托福名师直播公益课(第三季)

    【直播课程】托福名师直播公益课(第三季)

    适合人群:新学期备战托福的筒子们!!!

    课时:10 课程无回放,要按时听课哦~

    查看详情
  • 托福买赠助力100+

    【买赠福利】托福买赠助力100+

    适合人群:托福目标分数100+!!!

    课程特色:推送补充相应知识点,有效提升学习效率。

    查看详情
  • 【21天冲分】 21天直冲托福100+

    【21天冲分】 托福2018年5月临考急训25人班

    适合人群:参加过托福考试或基础段的学习,距离最新考试仅剩1个月时间,急需短期内快速高效冲分的考生。

    特点:全科直播24小时

    查看详情
  • TOEFL5月早练团

    【早练团】TOEFL5月早练团

    课程特色:高能学习的正确打开方式,早练早提分!

    课时:28课时(每天0.5小时,5月共上课28天)

    查看详情
  • 大学生旗舰直达班 (冲110分)

    【知心托福】大学生旗舰直达班 (冲110分)

    适合人群:托福目标分数110分!

    课时:343

    查看详情

课程试听换一换

  • TOEFL 5月早练团-单日“词汇团”+双日...

    ¥28

  • 知心托福 大学生旗舰直达班 (冲110分)

    ¥8280

  • 知心托福 精品直达班(冲110分)

    ¥5880

  • 知心托福 直达班(冲110分)

    ¥4380

  • 知心托福 大学生旗舰直达班 (冲100分)

    ¥7980

  • 【21天冲分】托福 6月临考急训25人班 B班

    ¥6580

  • 知心托福 直达班(冲90分)

    ¥3880

  • 知心托福 直达班(冲100分)

    ¥4080

分享到:

相关推荐

  • 托福名师直播公益课
  • 21天直冲托福100+
  • 托福听力备考全攻略
  • 托福考试指南_托福新生必修课
  • 新东方雅思托福GRE词汇量在线测试

提分历程更多>>

实用 • 工具

托福课程排行榜本周本月

交流 • 下载

托福公开课更多>>

新东方在线知心托福介绍说明【热】 w 04分14秒
1 新东方在线知心托福介绍说明【热】
新东方在线唐悦宁:托福词汇遗忘规律 w 07分34秒
2 新东方在线唐悦宁:托福词汇遗忘规律
新东方在线唐悦宁:词根词缀记忆法 w 04分42秒
3 新东方在线唐悦宁:词根词缀记忆法
新东方在线唐悦宁:托福听力基础预备 w 03分30秒
4 新东方在线唐悦宁:托福听力基础预备
新东方在线李镇江:托福听力场景概述-社会科学-美国历史 w 08分35秒
5 新东方在线李镇江:托福听力场景概述-社会科学-美国历史

推荐阅读