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（请给出正确答案）
A、personal wealth.
B、spending decisions by individuals and business firms.
C、The economy's location in the business cycle.
D、all of the above.
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On the other side of the coin was the "bear". Instead of buying a stock, then selling it, the bear did the opposite. He sold a stock first, then bought it back at what he hoped would be a lower price. There is hard evidence that "bull" was stock market slang in Europe in the middle 1700's. Such evidence can be found in the works of several 18th century British dramatists. The famous Colley Cibber, for example, describes a man who boasts of the money he has been making on the Lon don Exchange. "Every shilling," he says, "out of stocks, bulls, bears and bubbles!"
Samuel Foote calls one of his characters a "mere bull and bear booby: the patron of lame ducks, brokers and fraudulent (欺骗性的) foot bankrupts!" Still, it is generally believed that "bear" became part of stock market slang long before "bull" did so. The use of "bear" , we are told, comes from a very old and well-known fable. This is the story of a man who sold the skin of a bear even before he caught the animal, just as some speculators sold stocks that they had not yet bought. English financiers of the 17th century made fun of such traders and called them "break skin jobbers". As an English dictionary of the time explained: "To sell a bear is to sell what one has not."
The financial history of the past 200 years, both in America and Europe, tells some wild stories about the bears and bulls and their efforts to influence the stock market. Some of their dishonest deals, trades and speculations have given writers and dramatists much material for their plays, novels and satires.
Happily, in recent times, the bears and the bulls have been brought under control. Laws have been passed to keep dishonest traders from the exchanges. The bears and the bulls in their time have had their fun and their profits. They certainly were a wild breed in their more dramatic and destructive days, bringing ruin to the exchanges and economies of nations.
They make colorful, exciting reading, but they are part of the past. Today, thank God, the bears and bulls have been tamed. They now act like house pets--as seen in the words of a modem American poet, "I play with the bulls and the bears."
Which of the following is the most suitable title for this passage？
A．Bears and Bulls
B．The Domestication of Bears
C．Phrases and Animals
D．Bullfighting
听力原文： Pushing China's foreign exchange reform. ahead by another step, the central bank on Friday carried out its first currency swap deals with local banks. It hopes that this could help bring more flexibility to the market.
The People's Bank of China confirmed that it was carrying out its first foreign exchange swap deal on Friday, but would not give more details. A Beijing-based trader for a major state-owned bank said that the central bank offered one-year currency swaps worth $ 6 billion at 7.85 Chinese yuan per dollar.
In spot dealings, the yuan closed at 8.08 to the dollar on Thursday. Analysts said that it wasn't clear exactly what system the central bank was using in its swaps transactions, but said it could be selling dollars and buying yuan on the spot market, and a year later could reverse the deal at the set rate.
That would have the effect of removing yuan from the money market. At the same time, the central bank could use the swap rate to signal its expectations about how fast it expects the yuan's value to rise, they said.
Tile swap deal didn't seem to have any immediate effect on the spot market.
Late Thursday, China's State Administration for Foreign Exchange announced it would also introduce a new currency trading system allowing bank market members to trade directly with each other. It also invited qualified members to apply to become market makers for yuan spot trading.
A market maker agrees to act as either a buyer or seller in a financial transaction when no other party can be found. Currently, the central bank is China's key market maker in U.S. dollar trading due to tight restrictions on for eign exchange dealings, though regulators earlier announced they were considering letting other banks become market makers.
(33)
A．It is one of the China's foreign exchange reform.
B．It may bring flexibility to the market.
C．It is in the former plan.
D．They want to bring yuan to the spot market.
Part A
Directions: Read the following four texts. Answer the questions below each text by choosing A, B, C or D . Mark your answers on ANSWER SHEET 1.
Every country with a monetary system of its own has to have some kind of market in which dealers in bills, notes, and other forms of short term credit can buy and sell. The "money market" is a set of institutions or arrangements for handling what might be called wholesale transactions in money and short term credit. The need for such facilities arises in much the same way that a similar need does in connection with the distribution of any of the products of a diversified economy to their final users at the retail level. If the retailer is to provide reasonably adequate service to his customers , he must have active contacts with others who specialize in making or handling bulk quantities of whatever is his stock in trade. The money market is made up of specialized facilities of exactly this kind. It exists for the purpose of improving the ability of the retailers of financial services—commercial banks, savings institutions, investment houses, lending agencies, and even governments—to do their jobs. It has little if any contact with the individuals or firms who maintain accounts with these various retailers or purchase their securities or borrow from them.
The elemental functions of a money market must be performed in any kind of modern economy , even one that is largely planned or socialist, but the arrangements in socialist countries do not ordinarily take the form. of a market. Money markets exist in countries that use market processes rather than planned allocations to distribute most of their primary resources among alternative uses. The general distinguishing feature of a money market is that it relies upon open competition among those who are bulk suppliers of funds at any particular time and among those seeking bulk funds, to work out the best practicable distribution of the existing total volume of such funds.
In their market transactions, those with bulk supplies of funds or demands for them, rely on groups of intermediaries who act as brokers or dealers. The characteristics of these middlemen, the services they perform, and their relationship to other parts of the financial vary widely from country to country. In many countries there is no single meeting place where the middlemen get together, yet in most countries the contacts among all participants are sufficiently open and free to assure each supplier or user of funds that he will get or pay a price that fairly reflects all of the influences (including his own) that are currently affecting the whole supply and the whole demand. In nearly all cases, moreover, the unifying force of competition is reflected at any given moment in a common price (that is, rate of interest) for similar transactions. Continuous fluctuations in the money market rates of interest result from changes in the pressure of available supplies of funds upon the market and in the pull of current demands upon the market.
The first paragraph is mainly about
A．the definition of money market.
B．the constitution of a money market.
C．the basic functions of a money market.
D．the general feature of a money market.
It is difficult to restore investor confidence and financial market credibility.
A．Y
B．N
C．NG
But others counter that the central bank doesn't need to intervene. They argue the Fed should wait to see real data before acting. "The fundamentals are better than the stock market reflects", says Peter Kretzmer, an economist at Nations-Bane Montgomery Security. Indeed, President Clinton tried to do his part to calm the market during his trip to Moscow, citing the strong job market and balanced budget. "We believe our fundamental economic policy is sound," he said. His comments echoed statements by Peter Rubin in Washington.
Some numbers do continue to reflect a strong economy. On Sep. 1, the Conference Board released its index of leading indicators. The index rose 0. 4 percent, prompting the business organization to predict that the nation's output should increase at a moderate pace for the rest of 1998. The group sees little risk of recession in the near term.
But what has changed is the global economy. Japan and the rest of Asia are in recession. The woes are spreading to Latin America.
"I'm now convinced we are going to have a global economic recession," says Sung Won Sohn, chief economist at Norwest Corp, a Minneapolis-based bank. But, he added, it's not certain the US will slide into a period of negative growth. He rates the risk of recession at only 10 to 15 percent. "We will be responding to the world economic situation rather than leading it," he says. Still, Fed watchers don't think the central bank will act to try to save the world. "It's inconceivable the Fed could make much difference in Asia, Russia, or Latin America," says Lyle Gramley, a former Fed governor.
After the last stock market crash, in 1987, the Federal Reserve acted quickly to provide liquidity to the markets and to lower interest rates. But the economy is in better shape this time. The banking sector is stronger and the financial markets have been able to respond to the enormous trading volume. "It is not the Fed's job to manage the stock market," says Mr. Kretzmer. But the Fed will keep a close watch on Wall Street. If the market were to shave another 1,500 points off the Dow by the end of September, "then the Fed would think a- bout lowering interest rates," says Mr. Gramley. In his view, the Fed's main concern will be the impact of a sliding market on consumer confidence. Since 40 percent of the nation has investments in the stock market, any prolonged slide might make individuals feel less wealthy.
They would cut back on vacations and "splurge" purchases. He expects the central bank to watch the next consumer confidence surveys and housing statistics closely.
What did President Clinton try to do during his trip to Moscow？
A．To pacify the market.
B．To make a speech on American economy.
C．To intervene.
D．To cooperate with Russian to pursue sustainable development.
A.selfishness
B.conflicts with personal values
C.cultural differences
D.profit pressures
Which of the following financial instruments will NOT be traded on a money market？
A.Commercial paper
B.Convertible loan notes
C.Treasury bills
D.Certificates of deposit
A.governments
B.corporation CEOs
C.financial markets
D.investment bankers
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