2007年VOA标准英语-Asia Stocks Fall on Fears of Liquidity Crunch

By Heda Bayron
Hong Kong
10 August 2007

Share prices across Asia fell sharply as the fallout from the U.S. sub-prime loan crisis widens. VOA's Heda Bayron reports from Hong Kong.

indicator1 in Tokyo, 10 Aug 2007<br />" hspace="2" src="/upimg/allimg/070817/1028440.jpg" width="210" vspace="2" border="0" />

A Japanese businessman looks at a stock indicator in Tokyo, 10 Aug 2007

Stock analysts² say fears that the global financial system would experience a credit crunch³ triggered a market sell off in Asia Friday.

Analysts say investors⁴ are worried that funds for businesses are drying up as a result of the U.S. sub-prime mortgage problem. That prompted investors to flee the stock markets in favor of less risky⁵ investments.

"This (liquidity concern) adds of course to the general risk aversion in the markets," said Jan Lambregts, a treasury⁶ strategist at Rabobank International in Hong Kong. "With many of the Asian equity⁷ markets, emerging markets being at obviously high risk, it runs that people in general turn away from risky assets and that would have impact on equity and some of the Asian currencies as well."

On Friday, the Bank of Japan injected a trillion yen⁸ or $8.4 billion, into the financial system, while Australia's Reserve Bank released more than $4 billion.

These follow similar actions by the European central bank and the U.S. Federal Reserve Thursday to calm the markets.

By putting more money into the financial system, the central banks hope to make sure there is plenty of cash available for businesses that need to borrow to fund operations.

Wall Street lost nearly 3 percent Thursday as investors sold on news that the French bank BNP Paribas Thursday froze three funds exposed to U.S. sub-prime loans.

The U.S. sub-prime loan sector⁹ lent money to those who otherwise would not qualify for mortgages because of poor credit records. As interest rates rose, many of those borrowers defaulted and some lenders have gone bankrupt, creating a wider credit crisis in the United States.

Lambregts says although Asian exposure to the U.S. sub-prime loan market appears to be limited, some Asian banks are still feeling the pinch.

"One of the main problem we are dealing¹⁰ with is that whereas some people have made guesstimates (estimates) of the extent of the damage, the losses that may come from sub prime segment, we are not sure about the distribution of those," he explained. "The sense is that Asian banks are not in the first line of the losses. However, as we can see and this is the nasty part of contagion¹¹ is that even banks that are completely not exposed to sub-prime can be affected¹²."

Japan's Nikkei 225 index closed 2.37 percent down at 16,764 - its lowest in about five months. South Korea's Kospi Index sank 4.2 percent and Hong Kong's Hang Seng Index ended 3 percent lower.

1 indicator   

n.指标；指示物，指示者；指示器

参考例句：

• Gold prices are often seen as an indicator of inflation.黃金价格常常被看作是通货膨胀的指标。
• His left-hand indicator is flashing.他左手边的转向灯正在闪亮。

2 analysts   

分析家，化验员( analyst的名词复数 )

参考例句：

• City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
• I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。

3 crunch   

n.关键时刻；艰难局面；v.发出碎裂声

参考例句：

• If it comes to the crunch they'll support us.关键时刻他们是会支持我们的。
• People who crunch nuts at the movies can be very annoying.看电影时嘎吱作声地嚼干果的人会使人十分讨厌。

4 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

5 risky   

adj.有风险的，冒险的

参考例句：

• It may be risky but we will chance it anyhow.这可能有危险，但我们无论如何要冒一冒险。
• He is well aware how risky this investment is.他心里对这项投资的风险十分清楚。

6 treasury   

n.宝库；国库，金库；文库

参考例句：

• The Treasury was opposed in principle to the proposals.财政部原则上反对这些提案。
• This book is a treasury of useful information.这本书是有价值的信息宝库。

7 equity   

n.公正，公平，（无固定利息的）股票

参考例句：

• They shared the work of the house with equity.他们公平地分担家务。
• To capture his equity,Murphy must either sell or refinance.要获得资产净值，墨菲必须出售或者重新融资。

8 yen   

n. 日元；热望

参考例句：

• He wanted to convert his dollars into Japanese yen.他想将美元换成日币。
• He has a yen to be alone in a boat.他渴望独自呆在一条船上。

9 sector   

n.部门，部分；防御地段，防区；扇形

参考例句：

• The export sector will aid the economic recovery. 出口产业将促进经济复苏。
• The enemy have attacked the British sector.敌人已进攻英国防区。

10 dealing   

n.经商方法，待人态度

参考例句：

• This store has an excellent reputation for fair dealing.该商店因买卖公道而享有极高的声誉。
• His fair dealing earned our confidence.他的诚实的行为获得我们的信任。

11 contagion   

n.(通过接触的疾病)传染；蔓延

参考例句：

• A contagion of fear swept through the crowd.一种恐惧感在人群中迅速蔓延开。
• The product contagion effect has numerous implications for marketing managers and retailers.产品传染效应对市场营销管理者和零售商都有很多的启示。

12 affected   

adj.不自然的，假装的

参考例句：

• She showed an affected interest in our subject.她假装对我们的课题感到兴趣。
• His manners are affected.他的态度不自然。