VOA标准英语10月-East Asian Countries to Create $80 Billion Fund t

East Asian nations have agreed to form an $80 billion fund to help each other fend¹ off the effects of the global financial crisis. As Daniel Schearf reports from Beijing, the fund could help boost confidence in the region's markets.
　

Chinese Premier2 Wen Jiabao, center, speaks at start of breakfast with Asian leaders at Great Hall of People in Beijing, 24 Oct 2008

Leaders from East Asian countries agreed Friday to have the fund set up by the middle of next year.

Members of the Association of Southeast Asian Nations, Japan, China, and South Korea will be allowed to dip into the money when faced with a financial emergency.

Japan, China, and South Korea agreed to provide 80 percent of the funds, and Southeast Asian nations will give the rest.

Tim Condon is chief economist³ and head of research for Asia in the Singapore offices of investment bank ING. He says if it materializes the fund could be a sizable boost for Asia's financial markets.

"The pressure they're under now I think is more related to just a panic, the ongoing⁴ panic in financial markets. And, I think, the thinking is the $80 billion could be used as sort of a backstop for the regional authorities, that when they do experience pressure, to fend it off," he said.

Condon says countries such as South Korea, where bank lending has been rapid, would see particular benefit from the fund.

He says there is little else Asia can do as a region to fend off the effects of slowing global demand.

"It's very difficult, I think, in the current environment," he said. "Asia is an emerging market region and the overwhelming sentiment in financial markets today is to reduce risk. And, emerging market assets are risky⁵."

Support has been growing for an Asia monetary⁶ fund as the financial crisis has hit the region's export industries.

The leaders of the 13 countries met early Friday in Beijing before the start of the Asia-Europe Summit. The summit with European leaders also is likely to focus on the global financial crisis.

The East Asian fund will replace an existing, mainly bilateral⁷ currency swap⁸ mechanism⁹ called the Chiang Mai Initiative.

Asian leaders also agreed to improve monitoring of the region's financial market by creating an independent surveillance organization.

The global financial crisis, which began with massive defaults on home loans in the United States, has spread rapidly as bank lending has dried up and consumer spending had dropped.

Nations have been unveiling emergency spending plans and loan guarantees to prop¹⁰ up investor¹¹ confidence but financial markets remain volatile¹².

1 fend   

v.照料（自己），（自己）谋生，挡开，避开

参考例句：

• I've had to fend for myself since I was 14.我从十四岁时起就不得不照料自己。
• He raised his arm up to fend branches from his eyes.他举手将树枝从他眼前挡开。

2 premier   

adj.首要的；n.总理，首相

参考例句：

• The Irish Premier is paying an official visit to Britain.爱尔兰总理正在对英国进行正式访问。
• He requested that the premier grant him an internview.他要求那位总理接见他一次。

3 economist   

n.经济学家，经济专家，节俭的人

参考例句：

• He cast a professional economist's eyes on the problem.他以经济学行家的眼光审视这个问题。
• He's an economist who thinks he knows all the answers.他是个经济学家，自以为什么都懂。

4 ongoing   

adj.进行中的，前进的

参考例句：

• The problem is ongoing.这个问题尚未解决。
• The issues raised in the report relate directly to Age Concern's ongoing work in this area.报告中提出的问题与“关心老人”组织在这方面正在做的工作有直接的关系。

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 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。

7 bilateral   

adj.双方的，两边的，两侧的

参考例句：

• They have been negotiating a bilateral trade deal.他们一直在商谈一项双边贸易协定。
• There was a wide gap between the views of the two statesmen on the bilateral cooperation.对双方合作的问题，两位政治家各自所持的看法差距甚大。

8 swap   

n.交换；vt.交换，用...作交易

参考例句：

• I will swap you my bicycle for your radio.我想拿我的自行车换你的收音机。
• This comic was a swap that I got from Nick.这本漫画书是我从尼克那里换来的。

9 mechanism   

n.机械装置；机构，结构

参考例句：

• The bones and muscles are parts of the mechanism of the body.骨骼和肌肉是人体的组成部件。
• The mechanism of the machine is very complicated.这台机器的结构是非常复杂的。

10 prop   

vt.支撑；n.支柱，支撑物；支持者，靠山

参考例句：

• A worker put a prop against the wall of the tunnel to keep it from falling.一名工人用东西支撑住隧道壁好使它不会倒塌。
• The government does not intend to prop up declining industries.政府无意扶持不景气的企业。

11 investor   

n.投资者，投资人

参考例句：

• My nephew is a cautious investor.我侄子是个小心谨慎的投资者。
• The investor believes that his investment will pay off handsomely soon.这个投资者相信他的投资不久会有相当大的收益。

12 volatile   

adj.反复无常的，挥发性的，稍纵即逝的，脾气火爆的；n.挥发性物质

参考例句：

• With the markets being so volatile,investments are at great risk.由于市场那么变化不定，投资冒着很大的风险。
• His character was weak and volatile.他这个人意志薄弱，喜怒无常。