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English Questions – Cloze Test 217

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“The globalization of the yuan seems remorseless and unstoppable,” (1) The Economist in April 2014. Indeed, use of the Chinese yuan, or renminbi (RMB), in global payments would double between then and August 2015, to 2.8% of the total, making China’s currency the fourth most used in the world.
Since then, however, this growth has been almost entirely (2) . The RMB’s share in global payments has fallen to 1.6%, knocking it down to number seven. Its use in global bond markets is down 45% from its 2015 peak. RMB deposits in Hong Kong banks are also () down by half. And whereas 35% of China’s cross-border trade was (3) in RMB in 2015 (with most of the remainder in dollars), that share has fallen to about 12% today.
The RMB’s reversal of fortune reflects four factors in (4) .
For starters, whereas the dollar value of the RMB rose nearly every year from 2005 to 2013 – by 36.7% in total – it has since fallen steadily, discouraging (5) . Since 2014, the exchange rate has weakened by an increasing amount every year, and is now down over 11% since the drop began, despite (6) by the People’s Bank of China (PBOC) to support the currency (not to hold it down, as US President Donald Trump has alleged). As a result, investors have (7) the idea that RMB (8) is a one-way bet. Capital inflows driven by that bet are over.
The RMB’s fall against the dollar reflects the slowing of China’s debt-fueled economic growth and the (9) of default risks. Chinese residents and companies are, not surprisingly, seeking new ways (legal and otherwise) to move money out of the country.
In April, PBOC Deputy Governor Yi Gang tried to reassure nervous investors in a presentation in New York by saying that the level of non-performing loans (NPLs) in the Chinese banking sector had “pretty much stabilized after a long time of (10) .” This was, he said, “a good development in the financial market.”

  1. 1) brickbat
     2) ridiculed

    3) pronounced
    4) indistincted
    5) unpronounced

    Answer – 3)
    Explanation: pronounced

  2. 1) obscure
    2) reversed
    3) indistinct
    4) arresting
    5) duplicate
    Answer – 2)
    Explanation: reversed

  3. 1) assured
    2) conspicuous
    3) definite
    4) settled
    5) spitting
    Answer – 4)
    Explanation: settled

  4. 1) marked
    2) notable
    3) snappy

    4) equivalent

    5) particular

    Answer – 5)
    Explanation: particular

  5. 1) obvious
    2) striking
    3) interchangeable
    4) selfsame
    5) speculators
    Answer – 5)
    Explanation: speculators

  6. 1) intervention
    2) corresponding

    3) prevention

    4) swiped
    5) indistinguishable

    Answer – 1)
    Explanation: intervention

  7. 1) abstemiousness
    2) coercion

    3) outraged
    4) abandoned
    5) backhanded

    Answer –  4)
    Explanation:abandoned

  8. 1) secretiveness
    2) forbearance
    3) curtailment
    4) hindrance
    5) appreciation
    Answer – 5)
    Explanation: appreciation

  9. 1) abstinence
    2) suppression

    3) accumulation
    4) confines
    5) inhibition

    Answer – 3) 
    Explanation: accumulation

  10. 1) constraint
    2) climbing
    3) compulsion

    4) restriction

    5) repression

    Answer – 2)
    Explanation: climbing