VOA标准英语2009年-Reports: North Korea Revalues Currency

 

N. Korea has sharply raised the value of its currency, causing confusion, and a sudden spike¹ in demand in for Chinese yuan and US dollars

Kurt Achin | Seoul 01 December 2009

North Korean banknotes are displayed at a souvenir shop in the Imjingak Pavilion near the border village of the Panmunjom, South Korea, 01 Dec 2009

North Korea has apparently² revalued its currency, in a move that may be aimed at tightening³ domestic market activity. 

South Korean media quoted unnamed North Korean sources Tuesday as saying the North has sharply raised the value of its currency.  If accurate, this would be the first North Korean currency reform in 17 years.

China's state news agency Xinhua also reported the revaluation, saying embassies in Pyongyang had been informed about it.

According to the reports, Pyongyang announced that old North Korean won notes are to be exchanged for new notes at the rate of 100 to one.  Citizens will reportedly be ordered to trade in old 1,000-won bills for new 10-won notes this week.

The reports say the announcement has caused confusion, and created a sudden spike in demand in North Korea for Chinese yuan and U.S. dollars, an apparent flight to stable currencies. 

South Korean Unification Ministry⁴ Spokesman Chun Hae-sung downplayed the reports, saying his ministry has seen no announcements from Pyongyang.

He says in the past, North Korean media announced such directives on the same day they came from the officials who issued them.

Cho Bong-hyeon is a researcher specializing in the North's economy at the Industrial Bank of Korea.  He says a revaluation could be aimed at tightening control over the economy.

He describes the reform as a strategic card, which North Korea is playing to punish wealthier North Koreans while pumping money into government.

North Korea has experienced severe shortages of food, medicine, and other basic needs for two decades, due to the government's economic mismanagement and isolation⁵.  North Korea scholars say a black market now flourishes, mainly across the border with China.  A number of North Koreans are believed to cross into China regularly to trade and work.  This week's currency reform may be aimed at flushing out earnings⁶ from such activities.

Cho says the reform also is likely to stunt⁷ domestic markets that have emerged in North Korea since Pyongyang introduced limited reforms in 2002.

He says North Korean wholesalers and other business people will need to re-price products, but have no guidelines for how to do it.  As a result, says Cho, they are likely to hoard⁸ their inventories⁹ for at least the time being, which will chill market activity.

Cho also points out that the currency reform is unlikely to keep pace with North Korea's rapidly rising consumer prices, meaning impoverished¹⁰ citizens may find it even harder to purchase basic goods.

 

1 spike   

n.长钉，钉鞋；v.以大钉钉牢，使...失效

参考例句：

• The spike pierced the receipts and held them in order.那个钉子穿过那些收据并使之按顺序排列。
• They'll do anything to spike the guns of the opposition.他们会使出各种手段来挫败对手。

2 apparently   

adv.显然地；表面上，似乎

参考例句：

• An apparently blind alley leads suddenly into an open space.山穷水尽，豁然开朗。
• He was apparently much surprised at the news.他对那个消息显然感到十分惊异。

3 tightening   

上紧，固定，紧密

参考例句：

• Make sure the washer is firmly seated before tightening the pipe. 旋紧水管之前，检查一下洗衣机是否已牢牢地固定在底座上了。
• It needs tightening up a little. 它还需要再收紧些。

4 ministry   

n.(政府的)部；牧师

参考例句：

• They sent a deputation to the ministry to complain.他们派了一个代表团到部里投诉。
• We probed the Air Ministry statements.我们调查了空军部的记录。

5 isolation   

n.隔离，孤立，分解，分离

参考例句：

• The millionaire lived in complete isolation from the outside world.这位富翁过着与世隔绝的生活。
• He retired and lived in relative isolation.他退休后，生活比较孤寂。

6 earnings   

n.工资收人；利润，利益，所得

参考例句：

• That old man lives on the earnings of his daughter.那个老人靠他女儿的收入维持生活。
• Last year there was a 20% decrease in his earnings.去年他的收入减少了20%。

7 stunt   

n.惊人表演，绝技，特技；vt.阻碍...发育，妨碍...生长

参考例句：

• Lack of the right food may stunt growth.缺乏适当的食物会阻碍发育。
• Right up there is where the big stunt is taking place.那边将会有惊人的表演。

8 hoard   

n./v.窖藏，贮存，囤积

参考例句：

• They have a hoard of food in the basement.地下室里有他们贮藏的食物。
• How many curios do you hoard in your study?你在你书房里聚藏了多少古玩？

9 inventories   

n.总结( inventory的名词复数 )；细账；存货清单（或财产目录）的编制

参考例句：

• In other cases, such as inventories, inputs and outputs are both continuous. 在另一些情况下，比如存货，其投入和产出都是持续不断的。
• The store must clear its winter inventories by April 1st. 该店必须在4月1日前售清冬季存货。

10 impoverished   

adj.穷困的，无力的，用尽了的v.使（某人）贫穷( impoverish的过去式和过去分词 )；使（某物）贫瘠或恶化

参考例句：

• the impoverished areas of the city 这个城市的贫民区
• They were impoverished by a prolonged spell of unemployment. 他们因长期失业而一贫如洗。 来自《简明英汉词典》