VOA标准英语10月-South Korea Seeks Regional Fund to Shield Against

South Korea is taking the lead in creating a prospective¹ pool of money with its cash-rich neighbors to prevent the worst effects of the American economic situation from spilling over in the region. Meanwhile, top financial officials are telling South Korean banks to do what it to obtain U.S. dollars and make them available as loans. As VOA Seoul Correspondent Kurt Achin reports, South Korea is pumping billions of dollars into the local economy, as the American credit crisis deepens.
　

Lee Myung-bak (File)

South Korean President Lee Myung-bak is proposing a joint² fund of about $80 billion between South Korea, Japan and China, to shield the region from the American credit problems. Lee administration officials are expected to push for the plan on the sidelines of an International Monetary³ Fund meeting, next week. Mr. Lee is scheduled to discuss it in a three-way Beijing summit, later this month.

South Korea's Finance Minister, Kang Man-soo warned a gathering⁴ of bankers Monday in Seoul, it may take a long time for President Bush's signing of the financial bailout law, last week, to have positive effects. In the meantime, he is telling banks to get proactive about turning their overseas holdings into dollars that can be lent to South Korean businesses.

He is telling the business community not to rely on the government, alone. He says banks need to work their way out of the problem. He advises then to raise dollars by selling foreign assets, as soon as they can.

As in other countries, South Korea is experiencing a shortage of U.S. dollars. Its economy, the world's 13th largest, is heavily dependent on exports of goods and imports of oil, both of which are chiefly sold in dollars. Markets for even the most conservative short-term loans are constricting⁵ in the United States. Many financial institutions are hoarding⁶ dollars, in case of more trouble, and that is making it hard for companies to borrow cash for basic needs, like purchasing raw materials and expanding their business.

Jun Gwang-woo, chairman of South Korea's Financial Services Commission, urges South Korean banks not to follow suit.

He says banks should be ready to provide promising⁷ small and medium-sized enterprises with strong support, because they face a shortage of cash.

South Korea is arranging to help small and medium businesses with $5 billion, through various trade deals. It is also injecting ten-billion dollars into the financial system, to make it easier for banks to lend.

As an export giant, South Korea holds one of the world's largest dollar reserves, about $239 billion. These reserves have declined for six consecutive⁸ months, raising some preliminary alarm bells among investors⁹ and leaders here. South Korea's currency, the won, has fallen to its weakest level against the dollar in six years, amid fears of worsening exports.

1 prospective   

adj.预期的，未来的，前瞻性的

参考例句：

• The story should act as a warning to other prospective buyers.这篇报道应该对其他潜在的购买者起到警示作用。
• They have all these great activities for prospective freshmen.这会举办各种各样的活动来招待未来的新人。

2 joint   

adj.联合的，共同的；n.关节，接合处；v.连接，贴合

参考例句：

• I had a bad fall,which put my shoulder out of joint.我重重地摔了一跤，肩膀脫臼了。
• We wrote a letter in joint names.我们联名写了封信。

3 monetary   

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。

4 gathering   

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。

5 constricting   

压缩，压紧，使收缩( constrict的现在分词 )

参考例句：

• Objective To discuss the clinical characteristics and treatment of congenital constricting band syndrome(CCBS) and amputations. 目的探讨先天性束带症与先天性截肢的临床特点及治疗方法。

6 hoarding   

n.贮藏；积蓄；临时围墙；囤积v.积蓄并储藏（某物）( hoard的现在分词 )

参考例句：

• After the war, they were shot for hoarding. 战后他们因囤积而被枪决。 来自《简明英汉词典》
• Actually he had two unused ones which he was hoarding up. 其实他还藏了两片没有用呢。 来自英汉文学

7 promising   

adj.有希望的，有前途的

参考例句：

• The results of the experiments are very promising.实验的结果充满了希望。
• We're trying to bring along one or two promising young swimmers.我们正设法培养出一两名有前途的年轻游泳选手。

8 consecutive   

adj.连续的，联贯的，始终一贯的

参考例句：

• It has rained for four consecutive days.已连续下了四天雨。
• The policy of our Party is consecutive.我党的政策始终如一。

9 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会