1、Chapter One Functions of Financial Markets1. Most key State-owned enterprises（SOE） have been restructured into corporations, and a considerable number of them listed on domestic and overseas stock markets. 大多數(shù)國(guó)有重點(diǎn)企業(yè)進(jìn)行了公司制改革，其中相當(dāng)一部分在境內(nèi)或境外上市。2. We should continue to deepen financial reform, rectify fi

2、nancial order, tighten financial supervision and regulation by law and improve performance. 深化金融改革，整頓金融秩序，強(qiáng)化金融監(jiān)管和法制，提高經(jīng)營(yíng)效益。3. Where a bill of exchange is drawn payable at a fixed period after sight, the holder shall present the bill to the drawee for acceptance within one month after the date of iss

3、ue. 見(jiàn)票后定期付款的匯票，持票人應(yīng)當(dāng)自出票日起一個(gè)月內(nèi)向付款人提示承兌。4. Securities service organizations are organizations which are legally established and engage in securities-related services, including law firms, accounting firms, consultancy firms, credit rating agencies and asset appraisal agencies證券服務(wù)機(jī)構(gòu)是依法成立，并提供證券相關(guān)服務(wù)的機(jī)構(gòu)。包

4、括律師事務(wù)所、會(huì)計(jì)事務(wù)所、咨詢機(jī)構(gòu)、信用評(píng)級(jí)機(jī)構(gòu)和資產(chǎn)評(píng)估機(jī)構(gòu)等5. Announcement of China Banking Regulatory commission on Further Opening RMB Business to Foreign-Funded Financial Institutions中國(guó)銀行業(yè)監(jiān)督管理委員會(huì)關(guān)于向外資金融機(jī)構(gòu)進(jìn)一步開(kāi)放人民幣業(yè)務(wù)的公告6. The approval limits and regulatory regime for such share transfers and purchases are separately determin

5、ed by law and by administrative regulations. 轉(zhuǎn)讓或者購(gòu)買(mǎi)股份的審批權(quán)限、管理辦法，由法律、行政法規(guī)另行規(guī)定。7. In analyzing a business, the users of financial statements should consider its liquidity, solvency, and profitability. 在對(duì)一個(gè)企業(yè)的分析中，報(bào)表使用者應(yīng)考慮它的變現(xiàn)能力、償債能力和盈利能力。8. Chinas banking industry is now supervised by the PBC and CBRC.

6、 In addition, the MOF is in charge of financial accounting and taxation part of banking regulation and management.目前中國(guó)銀行業(yè)主要由人民銀行和國(guó)務(wù)院銀行業(yè)監(jiān)督管理機(jī)構(gòu)及銀監(jiān)會(huì)進(jìn)行監(jiān)管。財(cái)政部具有監(jiān)督管理銀行的財(cái)務(wù)會(huì)計(jì)、稅收等方面的職能。9. The person who makes a guarantee is secondarily liable if the person who is primarily liable defaults. 如果主要承擔(dān)債務(wù)責(zé)任的人不履約，作擔(dān)

7、保的人就是次要債務(wù)責(zé)任承擔(dān)人。10. The higher the debt ratio is, the higher the strain of paying principal and interest is, and the higher the risk of solvency is 負(fù)債比率越高，償還債務(wù)本息的壓力越大，償債能力上的風(fēng)險(xiǎn)也就越大。11. The turnover ratios can reflect the firms' speed of fund turnover and time of operating cycle, hence indicate the

8、 liquidity. 周轉(zhuǎn)率指標(biāo)能夠反映企業(yè)的資金周轉(zhuǎn)速度和營(yíng)業(yè)周期，反映企業(yè)的流動(dòng)性。12. A public offer of new shares shall be underwritten by a legally established securities institution and an underwriting agreement shall be executed. 公司向社會(huì)公開(kāi)發(fā)行新股，應(yīng)當(dāng)由依法設(shè)立的證券經(jīng)營(yíng)機(jī)構(gòu)承銷(xiāo)，簽訂承銷(xiāo)協(xié)議。13. Currently Chinese fund management companies are engaged in the

9、following business: securities investment fund, entrusted asset management, investment consultancy, management of national social security funds, enterprise pension funds and QDII businesses.目前中國(guó)的基金管理公司的業(yè)務(wù)主要包括：證券投資基金業(yè)務(wù)、受托資產(chǎn)管理業(yè)務(wù)、投資咨詢業(yè)務(wù)、社?；鸸芾順I(yè)務(wù)、企業(yè)年金管理業(yè)務(wù)和QDII（合格的境內(nèi)機(jī)構(gòu)投資者）業(yè)務(wù)等。Chapter Two Money Markets1.

10、 HSBC has been cited by US bank regulators for deficient anti-money laundering（AML） policies and ordered to take corrective action.匯豐銀行因反洗錢(qián)政策不力受到美國(guó)銀行監(jiān)管機(jī)構(gòu)點(diǎn)名，并被命令采取糾正措施。2. Greece has approved a plan to raise taxes, cut spending and sell government-owned assets. This clears the way for seventeen billio

11、n dollars in loans from the International Monetary Fund and the European Union.希臘批準(zhǔn)了一項(xiàng)增加稅收、削減支出和出售政府資產(chǎn)的計(jì)劃。這將為希臘獲得國(guó)際貨幣基金組織和歐盟的170億貸款掃清道路。3. The most common types of risk for a commercial bank are credit risk, market risk and operational risk. A commercial bank may also suffer from other losses, such

12、as liquidity risk, reputational risk, legal risk and strategic risk.商業(yè)銀行面臨的基本風(fēng)險(xiǎn)包括信用風(fēng)險(xiǎn)、市場(chǎng)風(fēng)險(xiǎn)和操作風(fēng)險(xiǎn)。同時(shí)，商業(yè)銀行還會(huì)受到其他損失，諸如流動(dòng)性風(fēng)險(xiǎn)、聲譽(yù)風(fēng)險(xiǎn)、法律風(fēng)險(xiǎn)、戰(zhàn)略風(fēng)險(xiǎn)等各類(lèi)風(fēng)險(xiǎn)。4. As the business matures, an initial public offering（IPO） may take place, or the business merged or sold, or other sources of capital found. 隨著公司經(jīng)營(yíng)的成熟，可以通過(guò)公開(kāi)發(fā)

13、行股票，公司合并或者出售，或用其他方式的獲得資本。5. The most widely held liquid security is the Treasury bill, which is commonly issued by the ministry of finance. 最為廣泛持有的流動(dòng)性債券是國(guó)庫(kù)券，通常由財(cái)政部發(fā)行。 6. A foreign joint venturer shall be encouraged to deposit foreign exchange which is entitled to remit abroad in the Bank of China. 鼓

14、勵(lì)外國(guó)合營(yíng)者將可匯出的外匯存入中國(guó)銀行。7. Foreign investment and low interest rates inflated a property bubble, raising prices to levels that could not be supported.外國(guó)投資和低利率吹大了房地產(chǎn)泡沫，將房?jī)r(jià)推高到一個(gè)無(wú)法支撐的水平。8. Corporate governance of listed company directly affects the development of security market and financial market. 上市公司治

15、理水平的高低，直接影響到證券市場(chǎng)乃至金融市場(chǎng)的健康發(fā)展。9. A large number of listed companies in china have implemented ESO now, but how to confirm it in accounting becomes a hot point.我國(guó)現(xiàn)在已有大量上市公司實(shí)施了經(jīng)理人股票期權(quán)激勵(lì)計(jì)劃，它在會(huì)計(jì)上應(yīng)該如何確認(rèn)就成了一個(gè)爭(zhēng)議的焦點(diǎn)。10. The central bank holds vast quantities of Treasury securities that it sells if it believes

16、 that the money supply should be reduced. Similarly, the central bank purchases Treasury securities if it believes that the money supply should be expanded. 如果央行認(rèn)為市場(chǎng)上貨幣供應(yīng)量應(yīng)減少，就會(huì)出售債券；同樣，如果它認(rèn)為貨幣供應(yīng)量應(yīng)該增加，就會(huì)購(gòu)買(mǎi)政府債券。11. The first warning signals came in March when the company defaulted on its initial payme

17、nt of £30 million. 第一次出現(xiàn)警示信號(hào)是在3月份，當(dāng)時(shí)該公司未能按時(shí)交納三千萬(wàn)英鎊的首期付款。12. The New York Stock Exchange is the world's most famous stock market and a symbol of American capitalism. The US Treasury Secretary says New York will remain at the heart of the world's financial system for a long time to come.紐

18、約證券交易所是全球最著名的證券市場(chǎng)，同時(shí)也是美國(guó)資本主義的象征。美國(guó)財(cái)政部長(zhǎng)表示，紐約在接下來(lái)的很長(zhǎng)一段時(shí)間里，仍將是全球金融體系的核心。13. He writes the company a check, but the check is bounce.他開(kāi)了一張支票給這家公司，但是支票被退票了。14. China will continue to offer assistance to Africa within its means, including assistance gratis, concessional loans and interest-free loans 中國(guó)將繼續(xù)在

19、力所能及的范圍內(nèi)向非洲國(guó)家提供援助，包括提供無(wú)償援助、優(yōu)惠貸款援助和無(wú)息貸款援助。Chapter Three Capital Markets1. Fixed assets refer to assets bought by a company for its continued use for a number of years, rather than for resale. There are three categories of fixed assets: 1） tangible assets, such as land and equipment, 2） intangible ass

20、ets, such as a company's logo or brand, 3） investments, such as stakes in joint ventures.固定資產(chǎn)是指公司購(gòu)進(jìn)以供多年使用，而非轉(zhuǎn)售的資產(chǎn)。固定資產(chǎn)分為三大類(lèi)：有形資產(chǎn)，如土地和設(shè)備；無(wú)形資產(chǎn)，如公司的商標(biāo)或品牌；投資，如在合資企業(yè)所持的股份。2. The United States held S&P's top rating for seventy years and never had a downgrade. However,one of the three major cre

21、dit rating agencies S&P, downgraded long-term United States government debt. S&P lowered its opinion of Treasury securities one step from the highest rating, triple-A, to AA-plus. 美國(guó)保持標(biāo)普最高信用評(píng)級(jí)長(zhǎng)達(dá)70年從未被降級(jí)。但是，三大信用評(píng)級(jí)機(jī)構(gòu)之一的標(biāo)普降低了美國(guó)長(zhǎng)期債務(wù)的信用等級(jí)，將美國(guó)國(guó)債信用等級(jí)從最高的AAA調(diào)低到AA+。3. Corporations can sell stock as a

22、 way to raise money. Stock represents shares of ownership in a company. Investors who buy stock can trade their shares or keep them as long as the company is in business.公司可以通過(guò)出售股票的形式籌集資金。股票代表公司所有權(quán)，股票投資人可以進(jìn)行股票交易，也可以長(zhǎng)期持有，只要公司仍在運(yùn)營(yíng)。4. For a growing company, it will have to keep most of its profit to bu

23、y more plants and equipment and thus its dividend payout ratio will be low 成長(zhǎng)中的公司必須把賺到的盈利保留下來(lái)，添置廠房和機(jī)械，所以它的派息率較低。5. Initial public offering（IPO）is a type of offering where the company sells its stock to the public in the securities market, to raise funds and to be listed.首次公開(kāi)發(fā)行是指擬上市公司首次在證券市場(chǎng)公開(kāi)發(fā)行股票募集資

24、金并上市的行為。6. The CSRC required securities companies to provide risk disclosure statements. 證監(jiān)會(huì)要求證券公司制作風(fēng)險(xiǎn)揭示聲明。 7. Withdrawal of state-owned stock helps optimize share-holding structure of listed company. 國(guó)有股退出有利于上市公司股權(quán)結(jié)構(gòu)的優(yōu)化。 8. In the broad context of bank fund raising and utilization, corporate bankin

25、g is divided into assets, liabilities and fee-based business from the accounting perspective.從會(huì)計(jì)角度出發(fā)，也就是從資金來(lái)源和資金運(yùn)用的角度出發(fā)，一般將公司金融業(yè)務(wù)劃分為資產(chǎn)、負(fù)債和中間業(yè)務(wù)三大類(lèi)。9. Prior to the submission of IPO programs, the company had the intention of backdoor listing.在提交IPO方案之前，這家公司曾有過(guò)借殼上市的打算。 10. Seasoned equity offering（SEO）

26、is a type of offering where publicly traded companies issue new shares of stock because the capital raised from the previous offering did not meet the companies needs. Types of SEO include share allotment, public equity offerings, convertible corporate bonds offerings and private equity offerings.股權(quán)

27、再融資是指股份公司上市后未完全達(dá)到增加資本的目的而增加發(fā)行股票的行為，包括配股，公開(kāi)增發(fā)，發(fā)行可轉(zhuǎn)換債券和私募四類(lèi)。11. Upon completion of this acquisition, the company will become the controlling shareholder. 此次收購(gòu)?fù)瓿珊螅緦⒊蔀槠淇毓晒蓶|。12. State proposed regulations to standardize the information disclosure. 國(guó)家有關(guān)法規(guī)對(duì)股權(quán)轉(zhuǎn)讓信息披露內(nèi)容進(jìn)行了規(guī)范。 13. Despite sound financial per

28、formance and an aggressive stock buyback, the stock has been flagging. 盡管財(cái)務(wù)表現(xiàn)穩(wěn)健和股票回購(gòu)積極，這家公司股票已經(jīng)下挫。14. A company might use some of its earnings to pay dividends as a reward to shareholders. Or the company might reinvest the money back into the business.公司可能會(huì)拿出一部分收益作為股息獎(jiǎng)勵(lì)給股東，也可能把錢(qián)再次投入公司運(yùn)營(yíng)。Chapter

29、 Four Foreign Exchange Markets1. In the Shenzhen Stock Exchange, early VC firms in the medium- and small-sized enterprises are not allowed to exit, namely to sell their shares. 深圳最近推出的中小企業(yè)板不允許讓早期的風(fēng)險(xiǎn)投資企業(yè)退出，也就是把股份賣(mài)掉。2. Chinas foreign exchange reform is intended to put the Chinese Yuan gradually closer

30、 to being a freely convertible currency 我國(guó)的外匯制度改革的目的在于逐步使人民幣更接近自由兌換貨幣。3. The external risk mainly means fluctuation of interest rate and exchange rate, inflation and policies. 外部風(fēng)險(xiǎn)主要指利率、匯率的波動(dòng)、通貨膨脹、政策等方面的風(fēng)險(xiǎn)。4. Call option: Option to purchase designated securities at a predetermined price within a spe

31、cified time limit. 買(mǎi)入期權(quán)：指在限定的時(shí)間內(nèi)，按預(yù)先確定的價(jià)格購(gòu)買(mǎi)指定證券的選擇權(quán)。5. A shareholder's transfer of its shares must be carried out through a legally established stock exchange. 股東轉(zhuǎn)讓其股份，必須在依法設(shè)立的證券交易場(chǎng)所進(jìn)行。6. Against the rapid expansion of Chinas export-oriented economy and the changes in the balance of payments on

32、July 1, 2005, China announced a 2.1% RMB appreciation against USD and implemented a managed floating exchange rate regime, with the aim to further develop its socialist market economy and give full play to market forces in resource allocation. 隨著中國(guó)出口導(dǎo)向型經(jīng)濟(jì)的快速發(fā)展和國(guó)際收支形成出現(xiàn)明顯變化，中國(guó)于2005年7月1日宣布人民幣對(duì)美元升值2.1%

33、，并開(kāi)始實(shí)行有管理的浮動(dòng)匯率制度，以建立社會(huì)主義市場(chǎng)經(jīng)濟(jì)體制，充分發(fā)揮市場(chǎng)在資源配置中的作用。7. In addition, the depreciation of the Japanese yen against the US dollar also helped the growth of exports. 另外，日元兌美元價(jià)位下跌，也有助出口增加。8. Futures are sorted in China such as commodity futures （including agricultural commodities, metals, energy and chemical

34、products futures） and financial futures （including foreign exchange, interest rate, stock index and stock futures）.中國(guó)的期貨產(chǎn)品分為兩類(lèi)：商品期貨（包括農(nóng)產(chǎn)品期貨、金屬期貨、能源化工期貨）和金融期貨（包括匯率期貨、利率期貨和股票指數(shù)期貨與股票期貨）。9. Dealers, having concluded a forward contract, should always hedge with an offsetting contract. 外匯經(jīng)營(yíng)商在簽訂了一項(xiàng)遠(yuǎn)期合同之后總是

35、應(yīng)進(jìn)行套頭交易簽訂一項(xiàng)相抵合同10. Hedge fund refers to a private investment fund which typically aims to produce high returns from rapid, short-term market movements, often by taking very leveraged positions and using aggressive strategies such as short selling, swaps, derivatives, program trading and arbitrage. 對(duì)

36、沖基金是一種私人投資基金，目標(biāo)往往是從市場(chǎng)短暫快速的波動(dòng)中獲取高水平的回報(bào)，常進(jìn)行高杠桿比率的操作，運(yùn)用如賣(mài)空、互換、金融衍生工具、程序交易和套利等交易手段。11. Balance of payments means a summary record of a country's net international economic transactions, including trade, services, capital movements and unilateral transfers.國(guó)際收支是一國(guó)在一定時(shí)期內(nèi)一切對(duì)外經(jīng)濟(jì)往來(lái)的概括性記錄，其中包括商品和服務(wù)的貿(mào)易、資本流

37、動(dòng)以及單方面轉(zhuǎn)移。Chapter Five Commercial Banking1. The supervision of accounting intermediary organizations includes industrial supervision, government supervision, market supervision and law supervision. 會(huì)計(jì)中介機(jī)構(gòu)的監(jiān)管包括行業(yè)監(jiān)管、政府監(jiān)管、市場(chǎng)監(jiān)管和立法監(jiān)管等幾個(gè)方面。2. Securities market participants are roughly divided into issuers,

38、 investors, market intermediaries, self-regulatory organizations and regulatory institutions.證券市場(chǎng)參與者大致分為：證券發(fā)行人、證券投資人、證券中介機(jī)構(gòu)、自律性組織和證券監(jiān)管機(jī)構(gòu)。3. In 2013, migrants around the world remitted $400 billion back to their home countries that is much more than official aid to many countries. For some nations, i

39、t is the biggest provider of foreign exchange.2013年，世界各地的移民把4千億美元寄回了他們的祖國(guó)，這一數(shù)字遠(yuǎn)遠(yuǎn)超出了提供給許多國(guó)家的官方援助。對(duì)一些國(guó)家來(lái)說(shuō)，這些匯款是最大的外匯來(lái)源。4. A cheque is a negotiable instrument that is signed and issued by the drawer, who authorizes the bank or other financial institution handling check deposit to pay unconditionally a

40、sum certain in money to the payer or the bearer at sight. 支票是出票人簽發(fā)的，委托辦理支票存款業(yè)務(wù)的銀行或者其他金融機(jī)構(gòu)在見(jiàn)票時(shí)無(wú)條件支付確定的金額給收款人或者持票人的票據(jù)。5. A bill of exchange is a negotiable instrument, signed and issued by the drawer, who authorizes the drawee to pay unconditionally a sum certain in money to the payee or the holder at

41、 sight or on a specified date.匯票是出票人簽發(fā)的，委托付款人在見(jiàn)票時(shí)或者在指定日期無(wú)條件支付確定的金額給收款人或者持票人的票據(jù)。6. When the bearer cannot provide proof of refusal to accept or pay the bill or a statement noting reasons for non-payment or any other lawful proof within the prescribed period, he shall lose the right of recourse agains

42、t his prior parties.持票人不能出示拒絕證明、退票理由書(shū)或者未按照規(guī)定期限提供其他合法證明的，喪失對(duì)其前手的追索權(quán)。7. Double-entry accounting means that the amounts of debit and credit entries must be equal when accountants record every business transactions. 復(fù)式記賬會(huì)計(jì)是指會(huì)計(jì)師記錄每筆經(jīng)濟(jì)業(yè)務(wù)時(shí)借貸分錄的金額必須相等。8. The reform of rural financial institutions will be st

43、epped up, and support will be granted to trust, finance and financial leasing companies 加快農(nóng)村金融體制改革步伐，支持信托、財(cái)務(wù)和金融租賃公司的發(fā)展。9. Daily telephone calls to contact customers to pay arrears, to ensure the recovery of overdue accounts.每天通過(guò)電話聯(lián)絡(luò)拖欠付款客戶，保證逾期賬款的回收。10. The PBC has decided to cut RMB benchmark deposi

44、t and loan interest rates for financial institutions as of June 8, 2012.中國(guó)人民銀行決定從2012年6月8日起降低金融機(jī)構(gòu)存貸款基準(zhǔn)利率。11. When the drawer writes the term “non-transferable” on the bill of exchange, then it cannot be transferred. 出票人在匯票上記載“不得轉(zhuǎn)讓”字樣的，匯票不得轉(zhuǎn)讓。 Chapter Six Investment Banking1. A group of ten internati

45、onal banks is to underwrite and sell the bonds.一個(gè)由10家國(guó)際銀行組成的銀團(tuán)將包銷(xiāo)及出售這些債券。2. Investment banking includes securities underwriting, stock and bond trading and merger advice. 投資銀行業(yè)務(wù)包括證券承銷(xiāo)、股票和債券交易以及提供并購(gòu)建議。3. General Motors in financial hardship is negotiating with the creditors in order to restructure de

46、bt. 財(cái)務(wù)陷入困境的通用汽車(chē)目前正和債權(quán)人協(xié)商，以便重整債務(wù)。4. The enterprises merge or reshuffle inventory assets to optimize the resources distribution. 企業(yè)通過(guò)并購(gòu)，存量資產(chǎn)重組，進(jìn)而推進(jìn)資源優(yōu)化配置。5. The law stipulates modes for company merger, bankruptcy, dissolution and liquidation. 該法規(guī)定了公司合并、破產(chǎn)、解散和清算的方式。6. In the event of a merger, the merging parties shall execute a merger agreement and prepare a balance sheet and an inventory of property.公司合并，應(yīng)當(dāng)由合并各方簽訂合并協(xié)議，并編制資產(chǎn)負(fù)債表及財(cái)產(chǎn)清單。7. The brokerage firm filed for bankruptcy just two months after going public. 這家證券公司在上市僅僅兩個(gè)月后就申請(qǐng)破產(chǎn)。8. Upon completion of this acquisition, t