制卧价贸易上孝 金融英语阅读 Cloze 1 For its part,the European Central Bank neither promotes nor hinders the internationalization of its currency.Nevertheless,given the euro area's economic size and the legacy of its national currencies,the euro's role as an "international currency"was both immediate and far-reaching from its inception.The uses of an international currency can be categorized in terms of the same functions associated with domestic money-as a unit of account,a medium of exchange,and a store of value. 2 As a parallel currency for cash-based transactions,the euro's use is more difficult to assess because these trades usually go unrecorded and sometimes involve activities in the informal,or underground,economy.Bank data on net currency shipments-euro banknotes sent abroad minus those received-indicate that more than e30 billion,or nearly 10 percent of all euros in circulation,was provided to nonarea residents during the euro changeover from January 2002 through June 2003. 3 For example,the share of euro-denominated debt (issued by nonresidents)has risen steadily since 1999 and now accounts for nearly one-third of the outstanding stock of international debt securities,behind only U.S. dollar-denominated debt.In international loan markets,the respective shares of euro and dollar loans to nonresidents are similarly distributed (37 percent and 46 percent). 4 In 2003,51 countries and territories outside the euro area relied on the euro as their reference or anchor currency or as part of a currency basket peg.A number of EU accession countries and countries in the western Balkans and Africa use the euro as the sole anchor currency.Moreover,Russia maintains in its currency basket peg a 60-40 split between the U.S.dollar and the European single currency.5 although the euro has seen its relative share rise steadily from 12.7 percent at end-1999 to 18.7 percent at end-2002.As the currency area's map continues to be redrawn,and backed by the ECB's credibility,the euro's reach in global trade and finance will likely continue to expand. A.The euro is used as a settlement currency for about half of the euro area's external trade flows B.Euro banknotes and coins have been in circulation since 1 January 2002 and are now a part of daily life for over 300 million Europeans living in the euro area C.As a reserve asset,the dominant currency in official holdings of foreign reserves remains the U.S.dollar D.On the global stage,the euro has played a role second only to the U.S dollar E.The euro is a symbol of common identity,shared values and the success of 第3页共5页金融英语阅读 第 3 页 共 5 页 Cloze 1_______________ For its part, the European Central Bank neither promotes nor hinders the internationalization of its currency. Nevertheless, given the euro area's economic size and the legacy of its national currencies, the euro's role as an "international currency" was both immediate and far-reaching from its inception. The uses of an international currency can be categorized in terms of the same functions associated with domestic money—as a unit of account, a medium of exchange, and a store of value. 2_______________ As a parallel currency for cash-based transactions, the euro's use is more difficult to assess because these trades usually go unrecorded and sometimes involve activities in the informal, or underground, economy. Bank data on net currency shipments—euro banknotes sent abroad minus those received—indicate that more than €30 billion, or nearly 10 percent of all euros in circulation, was provided to nonarea residents during the euro changeover from January 2002 through June 2003. 3_______________For example, the share of euro-denominated debt (issued by nonresidents) has risen steadily since 1999 and now accounts for nearly one-third of the outstanding stock of international debt securities, behind only U.S. dollar-denominated debt. In international loan markets, the respective shares of euro and dollar loans to nonresidents are similarly distributed (37 percent and 46 percent). 4_______________ In 2003, 51 countries and territories outside the euro area relied on the euro as their reference or anchor currency or as part of a currency basket peg. A number of EU accession countries and countries in the western Balkans and Africa use the euro as the sole anchor currency. Moreover, Russia maintains in its currency basket peg a 60-40 split between the U.S. dollar and the European single currency. 5_______________although the euro has seen its relative share rise steadily from 12.7 percent at end-1999 to 18.7 percent at end-2002. As the currency area's map continues to be redrawn, and backed by the ECB's credibility, the euro's reach in global trade and finance will likely continue to expand. A. The euro is used as a settlement currency for about half of the euro area's external trade flows B. Euro banknotes and coins have been in circulation since 1 January 2002 and are now a part of daily life for over 300 million Europeans living in the euro area C. As a reserve asset, the dominant currency in official holdings of foreign reserves remains the U.S. dollar D. On the global stage, the euro has played a role second only to the U.S. dollar E. The euro is a symbol of common identity, shared values and the success of