Overview of the Banking Industry in China
I.The Role of the Banking Sector in China
1.Although banks share many common features with other profit-seeking businesses, they play a unique role in the economy through mobilizing savings, allocating capital funds to finance productive investment, transmitting monetary policy, providing a payment system and transforming risks.
尽管银行与其他以盈利为目的的企业具有许多共同的特征，但它在国民经济中还发挥着特殊的作用。银行可以动员储蓄，为生产性企业投资调配资金，传递货币政策，提供支付系统，转化风险。
(1)整个第一段是由"连词although……"引导的主从复合句（让步状语从句），意为"虽然；纵使；尽管……但……"。
through介词，后面跟了几个并列的"动名词短语"，有mobilizing…,allocating…,transmitting…,providing…,transforming…。
(2)the banking industry in China
banking：银行业
例：the banking industry in China：中国银行业
the banking sector：银行业
a banking crisis：银行业危机
banking hours：银行营业时间
industry：①产业
例：primary industry第一产业；初级产业（从事初级原材料，如煤炭、木材、农产品等生产的产业）
secondary industry第二产业；次级产业（从事利用初级原材料生产加工制成品的产业）
tertiary(service) industry第三产业；服务行业（不生产原材料，也不生产加工制成品，而仅提供服务的产业，例如银行业、零售业、会计工作等）
②行业
例：advertising industry：广告业
the insurance industry：保险业
③sector：部门；部分
例：All sectors of the economy suffered from the rise in the exchange rate.
所有经济部门都受到汇率上升的影响。
public sector：政府部门；公营部门
private sector：私营部门
（股票市场的）行业；按行业（如银行业）分类上市股票
(3)share common features：具有共同特征
share: have a share:(share in sth)：共有；分享；分担
例：to share losses(expenses)：分担损失（费用）
to share the blame(responsibility)：分担过失（责任）
to share in profits：分享利益
(4)profit-seeking business：以盈利为目的的企业
business: shop; commercial enterprise,etc：商店；工商企业等
(5)economy: ①(instance of) avoidance of waste of money,strength or anything else of value：节约；节俭
例：to introduce economies(economy measures) into the system：实行节约措施
economies of scale：规模经济（通过增加产量来降低成本，提高利润）
②system for the management and use of resources：经济（制度），一个国家的经济状况（一个国家的财政金融状况，一个国家赚钱、用钱的方式）
例：controlled economy：受政府控制的经济
free market economy：自由市场经济（政府对经济不进行任何形式的干预的经济制度）
global economy：全球经济
mixed economy：混合经济（既有国有工业也有私人企业的经济制度）
planned economy：计划经济（政府对所有经济活动进行计划的经济制度）
(6)to mobilize savings：动员储蓄
mobilize: v.collect together for service or use：动员（尤指战胜敌人的动员）
例：to mobilize capital
慕集资金以支持某事
to mobilize resources to defend a takeover bid
求得股东等的支持以阻止公司被收购
(7)allocate capital funds to finance productive investment为生产性企业投资调配资金
allocate (to/for):give,put on one side, as a share or for a purpose：按计划分配；配给
例：to allocate shares：分配股份(将可供股票数目在大批申请购股人之间进行分配)
to allocate capital funds：分配资金；调配资金
We allocate 10% of yearly revenue to advertisement.我们把10%的年收入用于广告。
(8)finance: vt.provide money for (a scheme,etc)：v．提供资金
例：to finance an operation：为一项目提供资金
(9)capital funds：资本金；资金
例：capital assets：资本资产（公司拥有并使用的房地产或机器等）
capital goods：资本品，生产资料（用于制造其他产品的商品，如机器设备等）
capital profit：资本盈余，资本利润（资产变卖所得利润）
(10)monetary policy：货币政策
monetary: a.of money or a currency：货币的；通货的
例：monetary control：货币控制（控制货币供应量）
the government's monetary policy政府的货币政策（与金融有关的政府政策，如货币供应量、银行利率、政府支出与借款）
monetary standard：货币本位（为货币固定比价，如把货币的价值同一定量黄金挂钩、称金本位制）
manetary targets：货币目标（政府在制定第二年预算时所确定的一些数字，如货币供应量、公共部门借款需求等）
monetary unit：货币单位（一国的或国家集团内的标准货币，如人民币的元、英镑、美元、法郎、非洲金融共同体法郎、欧共体货币单位等）
the international monetary system：国际货币体系（国与国之间控制货币和兑换货币的方式）
the International Monetary Fund(IMF)：国际货币基金组织
(11)to transform risks转化风险；转移风险
risk: n.(instance of) possibility or chance of meeting danger,suffering loss,injury,etc：风险（可能的损害或危害）；危险
例：to run a risk：冒风险（很可能遭受损害）
to take a risk：承担风险（做可能使自己损失钱财或遭受伤害的事）
1.First, banks serve as a principal repository of liquid funds for the public.
第一，银行是社会流动资金的集散地。
(1)serve: v.be satisfactory for a need or purpose：利于，合适；可作……用（与as或for连用）
例：A worm will serve as bait.蛹可作饵用。
This room will serve for the office.这个房间可作办公室用。
(2)the public:members of the community in general：公众；民众（此处引伸为"整个社会"）
(3)principal repository：主要集散地；枢纽
principal: a.highest in order of importance：最重要的
repository:place where things are or may be stored：n．仓库，储藏所（此处引伸为"集散地，集散中心"）
(4)liquid funds：流动资金
liquid: a.easily sold or changed into cash：易变现的，含有大量现金的，流动的
例：liquid assets：流动资产（指现金或易变现票据）
to go liquid：将（尽可能多的）资产转换成现金
liquid market：流动市场，交易旺盛的市场（某种证券的市场，这个市场有足够的股票可供出售而不扭曲价格。其反义词是thin market：交易清淡的市场）
2.The safety and availability of such funds for transactions and other purposes are essential to the stability and efficiency of the financial system.
银行吸纳的资金可用于储户的日常交易或其他目的，这种资金的安全性和可获得性，对保证金融体系的稳定和效率至关重要。
(1)be essential to：对……至关重要
essential: a.necessary;indispensable;most important
(2)stability: n.quality of being stable:稳定性；安定
(3)efficiency: n.state or quality of being efficient:效力；效率
efficient: a.producing a desired or satisfactory result:有效力的；有效率的
(4)the financial system：金融体系
①financial: a.of finance：金融的；财务的
例：financial institutions：金融机构（从事证券投资业务的机构，比如银行同业协会、养老基金或保险公司）
financial intermediary：金融中介（从事吸收存款、发放贷款业务的金融机构，包括银行、租赁公司及各种类型的金融机构）
financial instrument：金融工具（在股票市场或其他金融市场进行的任何形式的投资，如购买股票、政府债券、大额存单、汇票等）
②system:group of things or parts working together in a regular relation：系统，体制；制度
例：a payment system：支付体系，支付系统
the whole financial system：整个金融系统
banking system：银行体系
information system：信息系统
monetary(money) system：货币制度
Paragraph 3
3.Second, by channeling savings to productive investments, banks play a key role in facilitating efficient allocation of scarce financial resources.
第二，银行通过将储蓄引导到生产性投资领域，在有效配置有限的金融资源方面起着关键的作用。
(1)channel……(to): v.cause to go through a channel:使经过某种路线前进；引导
channel: n.any way by which news,ideas,etc may travel:（消息，意见等传播的）途径；路线；方法
(2)savings: n.money saved up:（复）储金；储蓄
例：keep one's savings in a bank:把储蓄的钱存在银行
savings account:储蓄账户
(3)productive investments:生产性投资（领域）
(4)to play a unique role (in)：发挥着特殊作用
to play a key role (in)：起着关键作用
(5)to facilitate efficient allocation of：有效配置……
facilitate: vt.make easy;lessen the difficulty of：使容易；使便利
(6)scarce financial resources：有限的（稀缺的）金融资源
scarce: a.not available in sufficient quantity; not equal to the demand：缺乏的；稀罕的
Paragraph 4
4.Third, banks serve to transmit the impulses of monetary policy to the whole financial system and ultimately to the real economy.
第三，银行将货币政策的变化趋势传导到整个金融系统并最终至实体经济部门。
(1)transmit (to): v.pass or hand on;send on:传送；传递
(2)the impulse of monetary policy：货币政策态势（传导机制，调节机制）
impulse: n.tendency to act without reflection：不假思索而行事的顷向
sudden inclination to act without thought about the consequences：冲动
(3)the real economy：实体经济部门
real: a.existing in fact：真实的；
（价格等）实际的（按照通货膨胀率重新调整过的）
例：real income(real wages)：实际收入（实际工资）（扣除所得税并排除通货膨胀因素后的可支配收入）
real interest rate：实际利率（考虑通货膨胀后的利率）
real value：实际价值（通过指数化等方法保持不变的投资价值）
1.Fourth, the banking sector provides the indispensable national payments mechanism for the development of modern financial and business systems.
第四，银行部门为现代财政和企业体制的发展提供必要的国家支付体系。
(1)the indispensable national payment mechanism：必要的国家支付体系
indispensable：a．不可缺少的；绝对必要的
mechanism: n.way in which sth works or is constructed：机制；结构
例：competitive mechanism：竞争机制
exchange rate mechanism：汇率机制
market mechanism：市场机制
price mechanism：价格机制
mechanism of exchange：交易机构
mechanism of government：政府机构
(2)modern financial and business systems：现代财务制度和工商企业体系
Paragragh 6
2.Fifth, the banking system as a whole reduces risks through aggregation and enables them to be carried by those more willing to bear them.
整个银行体系采用集中风险的手段来降低风险，使那些更原意承担风险的人去承担风险。
(1)aggregation: n.聚集；汇集（风险）
aggregate: v.bring or come together in a mass聚集；汇聚
them:此处指"风险"
carry them (risks):负担（具有）风险
carry: v. involve;entail:具有；使负担
例：The loan carries 3.5% interest.该贷款负担百分之三点五的利息。
(2)(those persons) (who are) more willing to bear them:更原意承担风险的（那些人）
由(who are) willing to bear them定语从句（简化为分词短语）修饰前面的those (persons)。
bear: v.endure承担；忍受
Paragragh 7
3.Following five decades of evolution, particularly more than two decades of reform and opening to the outside world, China's banking sector has entered a stage of vigorous development.
中国银行业经过50年的发展，特别是经过20多年的改革开放，已经进入了一个蓬勃发展的阶段。
(1)decade: n.period of ten years:十年的期间
(2)evolution: n.process of opening out or developing:发育；发展
(3)reform and opening to the outside world:改革开放
4、The past few years have seen marked acceleration of China's banking reform, particularly significant strengthening of the central bank's capacity for supervision and microeconomic management.
在过去的几年中，中国银行业的改革速度显著加快，特别是强化了中央银行的监管职能和对宏观经济的管理职能。
(1)strenghen: v.make or become strong(er)加强；强化
(2)capacity: n.ability能力；职能
(3)supervision: n.监督；管理
supervise: v.watch and direct监督；管理；指导
(4)microeconomic management:宏观经济管理
(5)openness: n.open+ness
Paragragh 8
5. The evolution of the Chinese banking system can be broadly divided into three phases.
现代中国银行业体制的发展演变大体上分为三个阶段。
(1)phase: n.stage of development:阶段；时期
6.The establishment of the People's Bank of China (PBC) in December 1984 marked the beginning of the first phase, which was characterized by a mono-bank engaged in both policy and commercial banking operations.
这个阶段以中国人民银行由既从事政策性银行业务，又从事商业性银行业务的单一银行（制度）为特征。
本句为由which引导的非限制性定语从句，对主句作补充说明。
(1)be characterized by …:以……为特征
(2)mono-bank (system):单一银行（制度）
mono-:（字首）表示"单一"之意。
(3)由engaged in …过去分词短语修饰前面的a mono-bank (system)。
6.It is dictated by highly centralized planned economic system.
这种体制是由高度集中的计划经济体制决定的。
(1)highly centralized planned economic system:高度集中的计划经济体制
(2)dictate: v.口授命令；支配
1.The second phase begin in 1984 when the State Council decided to make the PBC function as a central bank.
第二阶段始于1984年，是国务院决定由中国人民银行行使中央银行的职能。
此句为由when关系副词引导的定语从句，修饰前面的时间先行词1984年。
(1)to make the PBC function as a central bank:使中国人民银行行使中央银行职能
(2)make: v.cause to be or become:使；使成为
(3)function (as…):operate;act:尽职责；起作用
(4)PBC(People's Bank of China):the central bank of our country中国人民银行，即我国的中央银行
2.The decision,which was made in response to the increased role of market forces in the economy,promoted diversification of financial institutions with the establishment of the four specialized banks,now known as wholly state-owned commercial banks.
该决定是针对当时市场经济活动在整个国民经济生活中的作用明显提高的情况作出的，它促进了金融机构多元化的发展，先后组建了四大专业银行，即现在人们所说的四家国有独资商业银行。
(1)which引导非限制性定语从句。
(2)in response to:对……作出反应；对……作出回答
(3)market forces:市场因素；市场经济活动
force: n.thing that makes great changes:引起重大改变的事物；因素；力
例：economic forces:经济因素
monetary forces:货币因素
(4)diversification: n.多种经营；多元化
diversify: v.make diverse;give variety to:使不同；使变化
diversification of export:出口多样化
diversification of risk:风险分散
(5)specialized bank:专业银行
(6)wholly state-owned commercial bank:国有独资商业银行
Paragragh 10
3.The third phase began in 1993 when the State Council issued the Decision on Financial Reform, recognizing the urgent need for developing new financial markets, institutions and instruments.
第三阶段始于1984年，那一年国务院颁发了《关于金融体制改革的决定》，强调了建立和发展新的金融市场、金融机构以及金融工具的重要性和紧迫性。
(1)Decision on Financial Reform:《关于金融体制改革的决定》
4.The government introduced a comprehensive package of measures aimed at restoring financial order as well as addressing the inflationary pressure and signs of overheating,particularly in the real estate sector and the stock markets.
政府采取了一系列措施以整顿金融秩序，应对通货膨胀的压力及经济过热现象，尤其是房地产和股票市场的过热现象。
(1)introduce(into;to):bring sth into use or into operation for the first time:采用；引进；提倡
例：introduce new ideas into a business:引进新观念于一事业
(2)package:detailed plan:详细的计划
comprehensive: a.that comprehend much:包罗广泛的；综合性的
例：a complete package:整批
a comprehensive package of:一篮子；一系列
(3)aim at:have as a plan or intention:计划；打算；以……为目标
(4)restore:make welll or normal again;bring back (to a former condition):使恢复健康或正常；使恢复（以前的情况）
例：Law and order were quickly restored after the attempted violence.那次暴乱之后，法律与秩序迅速恢复了。
(5)address:引导；指引
(6) inflationary pressure:通货膨胀压力
(7)(economic) overheating:经济过热
(8)real estate:(legal)immovable property consisting of land,any natural resources,and buildings:（法律）房地产；不动产
(9)stock market:股票市场
1.During this period a number of important structural measures have been taken with particular significance for the banking sector.
在这一阶段中，政府对银行部门进行了一系列具有重要意义的结构性调整。
(1)(take) structural measures:（进行）结构性调整；采取结构性调整措施
2.The first was the unification of the renminbi(RMB) exchange rates and foreign exchange markets in January 1994.
其中包括：第一，1994年1月实行了人民币汇率并轨。
(1)unification of Renminbi exchange rates:人民币汇率并轨
exchange rates:汇率
unification: n.being unified:统一；单一化
unify: v.form into one;unite:使合一；统一
3.Second, the passage of central banking and commercial banking laws in 1995 has provided legal basis for the banking system in China.
第二，1995年通过中央银行法和商业银行法为中国的银行体制改革提供了法律依据。
(1)provide legal basis for…:为……提供法律依据
4.Third, the acceptance of the obligations of Article VIII of the Artiles of Agreement of the International Monetary Fund in December 1996, namely commitment to RMB current account convertibility, has officially removed the remaining restrictions on international payments for trade and service transactions.
第三，1962年12月，我国接受国际货币基金协定第八条义务，承诺人民币在经常账户下可兑换，消除了官方对国际商品和服务贸易的外汇支付限制。
(1)Article VIII of the Artiles of Agreement of the International Monetary Fund:国际货币基金组织协定第八条款
(2)RMB current account convertibility:人民币在经常项目下可兑换（第八条款的一项内容）
5.Fourth, the establishment of a unified inter-bank money market in 1996 has facilitated better liquidity adjustment for financial institutions.
第四，1996年建立了统一的银行间拆借市场，为金融机构调整流动性创造了更好的条件。
(1)interbank money market:银行同业拆借市场
inter-:among;between:在……之中；在……中间
money market:货币市场
(2)liquidity adjustment:流动性调整
6.Fifth, the gradual shift from direct to indirect monetary policy instruments has greatly improved transimission of monetary policy and effectiveness of macroeconomic management.
第五，货币政策工具由直接到间接的逐渐改变，极大地改善了货币政策的传导效果和宏观经济管理效率。
(1)direct or indirect monetary policy instruments:直接或间接的货币政策工具
(2)transmission:传递；传导（效果；机制）
(3)effectiveness of microeconomic management:宏观经济管理效率
7.Sixth, the segregation of banking business from securities and insurance business has contributed to the stability of the financial system in a transition period characterized by massive instiutional changes,inadequate regulatory resources and insufficient self-discipline.
第六，在体制大幅调整，监管能力不足以及行业自律意识不强的转型时期，实现了银行与证券业、保险业的分业经营，保证了整个金融体制的稳定。
(1)segregation: n.隔离；分开
segregate: vt.put apart from the rest;isolaate:隔离；分开
例：a policy of social segregation:种族隔离政策
(2)securities: (pl.)n.（复数）证券、股票和债券的投资（表明某人拥有股票或债券的证明）
例：gilt-edged securities:金边债券，优等债券（对英国政府债券的投资）
listed securities:上市证券（可在证券交易所买卖的股票或在官方证券交易所挂牌的证券）
securities broker:证券经纪人或交易商（以买卖证券为业的人）
(3)insurance: n.保险（投保人定期向保险公司支付小额资金，保险公司在投保人遭受损失、损害和伤害或死亡时给予补偿的协议）
例：life insurance:人寿保险
endowment insurance:养老保险（一种人寿保险，到期投保人可得到所保的金额，倘若投保人在到期前死亡，其继承人可得到所保的金额）
general insurance:普通保险（涉及被盗、损失、损害等的保险，人寿险除外）
(4)contribute (to): v.have a share in;help to bring about:有助于；促成
(5)a transition period:过度时期；转型时期
transition: n.changing,change,from one condition or set of circumstances to another:转移；过度
(6)massive institutional change:大幅度的体制调整（变化）
massive: a.large,heavy and solid:大而重的；巨大的
institution: n.long-established law,customs, or group:由来已久的法律，风俗习惯或团体；体制
institutional: a.法律的；体制的
(7)inadequate regulatory resources:管理手段缺乏；监管能力不足
inadequate: a.not adequate;insufficient:不适当的；不充分的
regulate: vt.control systematically;cause to obey a rule or standard:有系统地管理；节制；使遵守规则或合标准
regulatory: a.管理的，控制的，调整的
例：regulatory power:管理权（实施政府法规的权力）
resource: n.sth which helps in dong sth,that can be turned to for support,help consolation:有助于做某事的办法；解决困难或获得成功之方法
(8)insufficient self-disicipline:自我约束不够；自律（意识）不强；
insufficient: a.not sufficient:不充足的；不够的
self-:(prefix):（前缀）表示"自我，自身．．．"
例：self-employed: a.非受雇佣的；个体经营的
self-financing: n.自筹资金（公司从自有资金来源中筹集开发成本、购买固定资产的费用）
self-disicipline:自律；自我约束
1.In addition, three policy banks (the State Development Bank, the Agricultual Development Bank of China and the Export and Import Bank of China) were established in 1994 to facilitate the separation of policy banking from commercial banking operations.
此外，1994年国家成立了三家政策性银行（国家开发银行、中国农业发展银行和中国进出口银行），从而促使了政策性银行业务与商业银行业务的分离。
(1)three policy bank:三家政策性银行
the State Development Bank:国家开发银行
the Agricultural Development Bank of China:中国农业发展银行
the Export and Import Bank of China:中国进出口银行
2.These policy-banking institutions have embarked on a track of steady development.
这些政策性金融机构已经步入稳定发展的轨道。
(1)embark on a track of steady development:进入稳定发展的轨道
embark (on;upon):start;take part in:开始；从事
例：embark upon a new business undertaking:从事一项新的商业
track: n.course;line taken by sth:进程；路经
3.They are playing an important role in financing major infrastructural projects and promoting agricultural development and international trade.
它们在国家重大基础建设项目融资、促进农业发展和国际贸易等方面，发挥着重要的作用。
(1)to finance major infrastructural projects:对重大基础建设项目融资
finance: v.provide money for (a scheme, project, etc):供（计划、项目等）以经费
infrastructure: n.the parts of a system that compose the shole:形成整体的一个系统之各部分；基础；基本设施
infrastructural: a.of infrastructure: 基础的；基本设施的
(2)promote: v.help to organize and start;help the progress of:提倡；促进
Paragragh 13(P2,倒数第1段)
4.Through years of reform efforts, China has developed a banking system consisting mainly of the wholly state-owned commercial banks and joint-equity commercial banks under the supervision of the central bank, the People's Bank of China.
经过多年的改革努力，中国已建立起了一个在中央银行——中国人民银行监管下的以国有独资商业银行与股份制商业银行为主体的银行体系。
(1)the wholly state-owned commercial banks:国有独资商业银行
joint-equity commercial banks:股份制商业银行
5.As of the end of 2000,China's banking system had three policy banks, four wholly state-owned commercial banks and more than 100 joint-equity commercial banks.
到2000年底，中国的银行体系拥有三家政策性银行，四家国有独资商业银行，以及100多家股份制商业银行。
(1)as of:till:截止
5.The non-bank financial sector mainly consisted of trust and investment companies, securities firms, finance companies and insurance firms as well as many urban and rural credit cooperatiives.
非银行金融机构主要包括投资公司、证券公司、财务公司、保险公司以及众多城乡信用合作社。
(1)non-bank financial sector:非银行金融机构
(2)trust and investment company:信托投资公司
(3)securities firm:证券公司
(4)finance company:财务公司
(5)insurance firm:保险公司
(6)urban and rural credit cooperatives:城乡信用合作社
1.The stabilization and adhustment efforts that began in 1993 brought the economy to a soft landing.
1993年政府开始实施稳定和调整政策，实现了我国经济的软着陆。
(1)bring the economy to a soft landing:实现经济的软着陆
economy: n.system for the management and use of resources:经济（制度）
例：domestic economy:家庭经济；家政
national economy:国家经济
a soft landing:软着陆
2.Inflation measured by retail price index declined from the peak of 21.7 percent in 1994 to 0.8 percent in 1997 and remained subdued in the following years while real GDP growth moderated gradully from 13.5 percent in 1993 to a more sustainable rate.
由零售物价指数来衡量的通货膨胀率从1994年21.7%的高点下落到1997年的0.8%，并且在后来的几年中一直被控制在一个较低的水平上，而国内生产总值实际增长率也从1993年的13.5%逐渐回落到可持续发展的水平上。
(1)retail price index:零售物价指数
(2)decline: v.continue to become smaller,weaker,lower:继续变小，变弱，变低
例：a declining birthrate:在下降中的出生率
declining sale:销售不景气
(3)subdue: vt.make quieter,softer,gentler:缓和；减弱
(4)moderate: v.make or become less violent or extreme:缓和；减轻；稳定
(5)sustain: v.(enable to) keep up;maintain:（使能）维持；保持；
sustainable: a.
a more sustainable rate:可持续发展的水平上
3.The robust microeconomic growth has been sustained since then despite the negative impact of the Asian financial crisis.
此后，尽管受到亚洲金融危机的不利影响，中国宏观经济仍然保持着强劲的增长势头。
(1)robust macroeconomic growth:强劲的宏观经济增长
robust: a.vigorous;healthy:有活力的；健康的
macroeconomic: a.宏观经济的
Asian financial crisis:亚洲金融危机
(2)negative impact:不利影响；负面影响
negative: a.expressing the absence of any positive character; that stops,hinders or makes powerless:消极的；反对的
(3)impact: n.strong impression or effect:强烈印象或影响
4.The external sector performance also improved significantly during the period.
在此期间，我国的涉外经济成绩斐然。
(1)external sector:涉外（经济）部门；外贸企业
5.The strong export performance and capital inflow resulted in the increase of official foreign exchange reserves, from USD51.6 billion at the end of 1994 to nearly USD166 billion at the end of 2000.
出口和资本流入大幅度增加，官方外汇储备从1994年底的516亿美元增加到2000年底的1600亿美元。
(1)capital inflow:资本流入
(2)official foreign exchange reserves:官方外汇储备
6.The RMB exchange rate has remained stable.
人民币汇率保持稳定。
(1)RMB exchange rate:人民币汇率
7.The implementation of the stabilization and structural measures has been a major factor underlying the resilience of the Chinese economy in the context of the crisis in Asian financial markets and the recent weakening of global economic activity.
宏观经济稳定政策和结构调整措施，是我国经济在亚洲金融危机阴影笼罩和近年来全球经济疲弱的环境下，依然保持较快发展的一个重要因素。
(1)implementation: n. 实现；完成
implement: v.carry an undertaking,agreement,promise into effect:实现；完成（任务等）
(2)stabilization: 此处指"国家实施宏观经济稳定政策"。
structural measures:（经济、行业）结构性调整措施
(3)structure: n.way in which sth is put together,organized,etc:结构；构造
例：company's organizational structure:公司的组织结构
price structure:价格结构
capital structure of a company:公司的资本结构（公司资本构成的方式）
the company's salary structure:公司的工资构成（公司中不同工种不同工资的结构）
(4)resilience: n.quality or property of quickly recovering the original shape or condition after being pulled,[ressed,crushed,etc:弹性；回弹
(fig)power of recuperating quickly:（喻）迅速恢复的力量
(5)in the context of:在……背景（环境）下
context: n.circumstance in which an event occurs:（某一事件发生的）环境；背景
(6)weaken: v.make or become weak:使弱；变弱
weakening:疲软
Paragraph 15 （P3,第14行）
8.Although capital market development is expected to speed up, banks in China, which currently provide about 75 percent of aggregate financing in the economy, are likely to continue to playing a dominant role in financing economic and technological development as well as the economic reform in the foreseeable future.
尽管中国资本市场的发展将会加快，目前占整个经济融资总量75％的银行业在可以预见的将来，在为经济发展和科技进步融资，以及经济（体制）改革中仍将发挥主导作用。
(1)Although…,banks in China…:整个句子是主从复合句，其中由Although…引导的"让步状语从句"，主句中又包括一个由which…引导的"非限制性定语从句"。
(2)expect: vt.think or believe that sth will happen or come:预期；期待
(3)are likely to…:that is expected to:很可能发生的……；有希望的……
(4)(in) financing economic and technological development:由financing引导的动名词短语作"介词in"的宾语