用英语阐述一下金融危机

the current cr**** began as subprime mortgage defaults began to spiral as a result of higher interest rates and the bursting of the us housing bubble.with the us federal reserve cons**tently ra**ing interest rates,borrowing costs there h**e r**en from 1 percent to 5.25 percent in just two years.increasing defaults and foreclosures h**e taken down one us housing mortgage company after another since late 2006.
but the wider problem ** that banks,mostly in the us and europe,h**e bought much of these repackaged subprime debts,with serial defaults and bankruptcies reducing the value of th** asset and making it difficult to resell it.at least five hedge funds h**e blown up,including two of bear stearns and two by australia's macquarie bank ltd.france's bnp paribas has suspended three investment funds while two goldman sachs group hedge funds are also reportedly suffering subprime-related losses.
in china,two of the big four banks h**e admitted to h**ing been affected by the subprime cr****.though neither bank of china nor china construction bank has d**closed the extent of their exposure to the subprime market,bank of china has said its losses could be"several million us dollars".
jun ma,china chief econom**t of deutsche bank,said:"there's very little linkage between china and subprimes except through a few financial institutions.share prices h**e already reacted to the subprime **sue,i would say overreacted in some cases.the impact ** mainly sentimental.
but than a possible,eventual slide in share prices,so ** worried about the long-term impact on chinese exports."subprime ** essentially an american cr****.but if the us economy ** hurt,american demand for foreign goods and services will slow down,"he said.
chen also pointed out that than 30 percent of chinese exports head for the us,and that's the real potential headache for china as far as the subprime saga goes.
but ma believes even that ** not a big problem."chinese exports h**e become less reliant on us.europe ** now a bigger market,"he said.
we h**e calculated that a 6 percent slowdown in chinese exports may result in a 1 percentage point slowdown in chinese gdp.but even in the case of a bigger slowdown,china can exerc**e its options to stimulate the economy.