Passage 4　　● Read the following information about the IMF.　　● Choose the best word to fill each gap. Mark one letter (A, B, or C) on your book.　　● Do not use any letter more than once.　　The IMF, (29)______ the World Bank, grew (30)______ of the l994 Bretton Woods conferences. It hoped to secure the advantages of the gold standard without its disadvantages. Exchange rates were in the beginning envisaged to be relatively stable. (31)______ there were to be orderly ways to unpeg parities that represented clear undervaluation or overvaluation. International cooperation (32)______ replace the previous automatic mechanism. Also, countries were to be spared the need to make adjustments by painfully deflating (33)______ into drastic unemployment. And the IMF still hopes to lessen the need for import controls. How do IMF operations work? Here’s one case.　　Ordinarily, a country (34)______ for its imports by (35)______ of its exports or long-term borrowing. Suppose a country, say, the United Kingdom, is in need of short-term credit from the IMF. How exactly does the IMF enable such a debtor country to (36)______ hold of dollars? It does this by (37)______“purchasing rights”. It simply lets the British buy with British currency some of the Fund’s own holdings of dollars. (38)______ the British balance of payments has improved, Britain is expected to buy back with gold or dollars, (or, as we’11 see, with SDRs or “paper gold” 1 the pounds it has sold to the Fund.　　From l 945 until l 971 when the Bretton Woods system broke down forever。the IMF nurtured the illusion that it could keep exchange rates pegged most of the time.Only (39)______ the extreme pressure of fundamental disequilibria persisting in a country’s balance of payments (40)______ the IMF expect that country to depreciate its exchange rate.　　The IMF and its leading members put up a gallant but hopeless fight to make stable exchange rates work.　　29. A. As　　　　B like　　　　　C to　　30. A out　　　　B from　　　　　C into　　31. A. Also　　　B Moreover　　　C But　　32. A was to　　 B is to　　　　 C has to　　33. A itself　　 B themselves　　C ourselves　　34. A pay　　　　B paid　　　　　C pays　　35. A means　　　B mean　　　　　C meaning　　36. A keep　　　 B get　　　　　 C gets　　37. A extends　　B extend　　　　C extending　　38. A. After　　 B Before　　　　C Until　　39. A in　　　　 B under　　　　 C by　　40. A should　　 B could　　　　 C would

发布日期：2021-10-02

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