金融專(zhuān)業(yè)英語(yǔ)閱讀（第四版）

Chapter1MonetaryPolicyChapter2ForeignExchangeRiskandWhyItShouldBeManagedChapter3ToolsandTechniquesfortheManagementChapter4U.S.ForeignExchangeInterventionChapter5FinancialMarketsandIntermediarieschapter6MutualFundchapter7Bondschapter8OptionsChapter9OnlineBankingchapter10MakingConsistentRiskManagementChapter11BankforInternationalSettlementschapter12CommercialBankLendingChapter13CreditAnalysisChapter14WhatkindofMortgageLoanShouldChapter15WhatIstheSWIFTBankingSystemChapter16QuickInsights-FinancialReporting&RulesChapter17HistoryofInsuranceChapter18InsurancePolicyandItsLifespan全套可編輯PPT課件

Chapter1MonetaryPolicy

I.OpenQuestions1.Howdoesanationalgovernmentusemonetarypolicytoinfluenceitseconomy?2.Whataretheproblemscausedbyissuingpapermoney?3.Howdoesmoderncentralbankingcomeintoforce?4.Whataretherelevantmeasuresofmoneysupply?Andhowdoesmonetarypolicyfunctionattheextremes?5.Whatarethethreeavailableinstrumentstothecentralbankinordertoimplementmonetarypolicy?Howdotheyfunction?II.TeachingPlan

Thischapterwillcover3hours.2hoursfortheintroductionofbackgroundinformationandexplanationsoftermsandthetexts.Andtheother1hourfordiscussionandpractice.III.TeachingMethodsTranslationofkeysentencesParaphrasingofkeywordsandexpressionsExplanationofnewtermsSummarizingofkeypassagesDiscussionofimportantissuesQuestionsandanswers:interactionbetweenteachersandstudentsIV.

BackgroundTheoriginofmonetarypolicydatesbacktothelate19thcentury,whereitwasusedtomaintainthegoldstandard.Avarietyoftoolsareusedtoinfluenceeconomicgrowthandstability,inflation,unemploymentandexchangerateswithothercurrencies.Whereexclusivemonopolytoissuecurrencyandbanknotesislegislated,themonetaryauthorityisabletoinfluencethemoneysupplyandhencetheinterestrate.V.SpecialTermsMonetarypolicy貨幣政策

acentralbank’sactionstoinfluencetheavailabilityandcostofmoneyandcredit,asameansofhelpingtopromotenationaleconomicgoals.Toolsofmonetarypolicyincludeopenmarketoperations,discountpolicyandreserverequirements.

指中央銀行通過(guò)影響貨幣及信貸供給和費(fèi)用，來(lái)達(dá)到國(guó)家經(jīng)濟(jì)增長(zhǎng)目標(biāo)的方式。貨幣政策的工具包括公開(kāi)市場(chǎng)操作、貼現(xiàn)政策和法定儲(chǔ)備金。Goldstandard金本位

amonetarysysteminwhichcurrencyisconvertibleintofixedamountsofgold.TheUSdollarusedtobeonthegoldstandardbutwastakenoffin1971.

在該貨幣制度下，貨幣可兌換一定重量的黃金。美國(guó)曾實(shí)行金本位制，但于1971年停止實(shí)行該體制。Narrowmoneysupply狹義貨幣供應(yīng)量

themonetarybase(MO)isthetermusedtodescribenotesandcoinsheldbythepublicandnotesandcoinsheldbythebankingsystemasreservesagainstwithdrawals.貨幣基礎(chǔ)是指全社會(huì)以及銀行系統(tǒng)持有的貨幣量，作為應(yīng)對(duì)取款的儲(chǔ)備金。Broadmoneysupply（M2）廣義貨幣供應(yīng)量

narrowmoneysupplyplussavingsdeposits,smalltimedepositsandretailmoneymutualfunds.

狹義貨幣供應(yīng)量加上儲(chǔ)蓄存款、小額定期存款以及零售貨幣共同基金。

Hyperinflation惡性通貨膨脹

veryhighandself-sustaininginflationlevels.Onedefinitionis:theperiodwhileinflationexceeds50%untilithasdropsbelowthatlevelfor12months.Pricesarerisingrapidlythusreducingthepurchasingvalueofmoney.較嚴(yán)重并自我持續(xù)的通貨膨脹。對(duì)其一種界定為：從通貨膨脹超過(guò)50%到低于上述水平12個(gè)月的時(shí)間段。惡性通貨膨脹期間物價(jià)飛速上漲，削弱了貨幣的購(gòu)買(mǎi)力。Openmarketoperations公開(kāi)市場(chǎng)操作

aprocessusedbycentralbankswherebytheymanipulatethelevelofliquidityavailabletocommercialbanksbybuying/sellingshort-terminstruments.Bysellingshortterminstrumentsthecentralbankdrainsliquidity,ascashistransferredfromcommercialbanksoperationalreserves.Bybuyingshortterminstrumentsthecentralbankincreasesliquidity,injectingcashintooperationalreserves.中央銀行通過(guò)買(mǎi)進(jìn)或賣(mài)出短期票據(jù)來(lái)控制商業(yè)銀行流動(dòng)資產(chǎn)的過(guò)程。中央銀行通過(guò)賣(mài)出短期票據(jù)，從商業(yè)銀行業(yè)務(wù)儲(chǔ)備金中轉(zhuǎn)移現(xiàn)金，從而減少流動(dòng)資產(chǎn)。通過(guò)買(mǎi)進(jìn)短期票據(jù)，向業(yè)務(wù)儲(chǔ)備金注入現(xiàn)金，增加流動(dòng)資產(chǎn)。Reserverequirements法定儲(chǔ)備要求

atoolofmonetarypolicy,arecomputedpercentagesofdepositsthatbanksmustholdasvaultcashorondepositatthecentralbankratherthan,perhaps,lendout.一種貨幣政策工具，即銀行必須持有的作為庫(kù)存現(xiàn)金或在中央銀行的存款而非貸款的比率。Discountwindow貼現(xiàn)窗

referstothepracticebyacentralbankofextendingshort-termloanssecuredbygovernmentbondstofinancialinstitutions.Theinterestratechargedonsuchloansordiscountrate,animportantfactorinthecontrolofmoneysupply,issetasamatterofmonetarypolicy.指中央銀行將金融機(jī)構(gòu)所購(gòu)買(mǎi)的由政府債券擔(dān)保的短期貸款的期限延長(zhǎng)。作為控制貨幣供給的一個(gè)重要因素，這類(lèi)貸款收取的利率或貼現(xiàn)率高低由貨幣政策決定。VI.Sentences1.Monarchs,depotsandevendemocratstriedtoskirtthisinviolatelawbyfilingdowntheircoinageormixinginothersubstancestomakemorecoinsoutofthesameamountofgoldorsilver.譯文立憲制君主、專(zhuān)制君主，甚至是民主主義者都試圖通過(guò)減輕鑄幣的重量或摻入其他物質(zhì)來(lái)規(guī)避這項(xiàng)不可違反的鐵律，使同樣重要的金或銀鑄造出更多的硬幣。2.Reserverequirementsareapercentageofcommercialbanks,andotherdepositoryinstitutionsdemanddepositliabilities(i.e.chequingaccounts)thatmustbekeptondepositatthecentralbankasarequirementofBankingRegulations.譯文法定儲(chǔ)備金要求是指商業(yè)銀行、其他存款機(jī)構(gòu)、活期存款（例如支票賬戶）按照銀行業(yè)法規(guī)要求必須存入中央銀行的比率。ForeignExchangeRiskandWhyItShouldBeManaged

Chapter2I.OpenQuestions1.Howmuchdoyouaboutforeignexchangerisk?2.Whydofirmsrefrainfromactivemanagementoftheirforeignexchangeexposure?3.Useyourownwordstoexplaintheeconomicjustificationforfirms’notmanagingforeignexchangerisk.4.Whatarethedeeperreasonswhyforeignexchangeriskshouldbemanagedatthefirmlevel?

II.TeachingPlan

Thischapterwillcover3hours.2hoursfortheintroductionofbackgroundinformationandexplanationsoftermsandthetexts.Andtheother1hourfordiscussionandpractice.III.TeachingMethodsTranslationofkeysentencesParaphrasingofkeywordsandexpressionsExplanationofnewtermsSummarizingofkeypassagesDiscussionofimportantissuesQuestionsandanswers:interactionbetweenteachersandstudentsIV.

BackgroundManagingforeignexchangerisksisofgreatsignificanceforbusinessesduetoitsglobalnatureandtheweaknessoftheUSdollarandcurrenciespeggedtoit.Furtherenquiriesneedtobemadebybusinessestofullyunderstandtheissuesassociatedwithforeignexchangerisks.Acomprehensivebusinessplanmustbeformulatedinordertomanageforeignexchangeexposure.Atminimum,suchplansshoulddealwithgoodmanagementinformationsystems,contingencyplanningandothermanagerialandanalyticaltechniques.V.SpecialTermsFunctionalcurrency記賬本位幣

theprimarytypeofmoneythatacompanyusesinitsbusinessactivities.Oftenacompany'sfunctionalcurrencyisthesameasthatofthenationinwhichitisheadquartered,thoughthisisnotnecessarilythecase.Thefunctionalcurrencyismostrelevantformultinationalcorporationsthatconductbusinessinmultiplecurrencies.記賬本位幣是企業(yè)業(yè)務(wù)活動(dòng)中使用的主要貨幣。通常公司的記賬本位幣與其總部所在國(guó)的記賬本位幣相同，但也不一定全是這樣。記賬本位幣對(duì)使用多國(guó)貨幣的跨國(guó)公司而言十分重要。InternationalFisherEffect國(guó)際費(fèi)雪效應(yīng)

aneconomictheorythatstatesthatanexpectedchangeinthecurrentexchangeratebetweenanytwocurrenciesisapproximatelyequivalenttothedifferencebetweenthetwocountries'nominalinterestratesforthattime.國(guó)際費(fèi)雪效應(yīng)認(rèn)為兩國(guó)貨幣匯率的變化大約等同于同期兩國(guó)名義利率之差。Equitymarket權(quán)益市場(chǎng)/股市

themarketinwhichsharesareissuedandtraded,eitherthroughexchangesorover-the-countermarkets.Alsoknownasthestockmarket,itisoneofthemostvitalareasofamarketeconomybecauseitgivescompaniesaccesstocapitalandinvestorsasliceofownershipinacompanywiththepotentialtorealizegainsbasedonitsfutureperformance.通過(guò)交易所或柜臺(tái)市場(chǎng)發(fā)行和交易股票的場(chǎng)所。也稱(chēng)作股市，是市場(chǎng)經(jīng)濟(jì)最有活力的部分之一，可為企業(yè)提供資金，投資者可以獲得企業(yè)部分所有權(quán)，并依據(jù)公司的未來(lái)表現(xiàn)獲得可能的收益。Foreignexchange外匯

instrumentsusedforinternationalpayments,i.e.,currency,checks,drafts,andbillsofexchange.

用于國(guó)際支付的工具，如貨幣、支票和匯票。Balancesheet資產(chǎn)負(fù)債表

anitemizedstatementlistingthetotalassetsandthetotalliabilitiesofagivenbusinesstoportrayitsnetworth.

詳細(xì)列明企業(yè)總資產(chǎn)和總負(fù)債的報(bào)表，用來(lái)描述企業(yè)的凈資產(chǎn)。Hedge兩面投資

totrytoavoidorlessenlossbymakingcounterbalancingbets,investments,etc.通過(guò)兩面下注或投資等方式來(lái)避免或者減少損失。Forwardtransaction遠(yuǎn)期交易

meansthatdeliveryofacurrencyisspecifiedtotakeplaceatafuturedate.Paymentanddeliveryarenotrequireduntilsixmonthslater.Therateofexchangeisfixed,however,onthedateofthecontract.在未來(lái)特定日期進(jìn)行貨幣交易。支付和交割日期是六個(gè)月后，并于簽訂合同之日確定匯率。PurchasingPowerParity(PPP)購(gòu)買(mǎi)力平價(jià)說(shuō)

the

theorythat,inthelongrun,identicalproductsandservicesindifferentcountriesshouldcostthesameindifferentcountries.Thisisbasedonthebeliefthatexchangerateswilladjusttoeliminatethearbitrageopportunityofbuyingaproductorserviceinonecountryandsellingitinanother.

該理論認(rèn)為，長(zhǎng)期看來(lái)，不同國(guó)家的相同產(chǎn)品和服務(wù)在不同的國(guó)家價(jià)格應(yīng)該一樣。這種觀點(diǎn)認(rèn)為，應(yīng)調(diào)整匯率以消除在一國(guó)購(gòu)買(mǎi)某產(chǎn)品或服務(wù)并在另一國(guó)賣(mài)出的行為。VI.Sentences1.Moreovertheshareholderwhohasadiversifiedportfoliomayfindthatthenegativeeffectofexchangeratechangesononefirmisoffsetbygainsinotherfirms;inotherwords,thatexchangeriskisdiversifiable.譯文而且，持有多樣化投資組合的股東會(huì)發(fā)現(xiàn)，某一公司的匯率損失會(huì)被其他公司的匯率收益而抵消；也就是說(shuō)，匯率風(fēng)險(xiǎn)是可以通過(guò)組合而分散的。2.Totheextentthatforeignexchangeriskrepresentsunsystematicrisk,itcan,ofcourse,bediversifiedaway—providedagain,thatinvestorshavethesamequalityofinformationaboutthefirmasmanagement—aconditionnotlikelytoprevailinpractice.倘若外匯風(fēng)險(xiǎn)代表的是非系統(tǒng)性的風(fēng)險(xiǎn)，當(dāng)然它是可以從多方面化解掉的—這就表明了投資者個(gè)體獲得與管理層一樣質(zhì)量的信息—而這一點(diǎn)在實(shí)踐上是不能的。ToolsandTechniquesfortheManagementofForeignExchangeRisk

Chapter3I.OpenQuestions1.Whatarethecriteriaforcontrastingdifferenttoolsforthemanagementofforeignexchangerisk?2.HowdoFXforwardsfunctioninhedgingexchangeexposure?Whatproblemsmayarise?3.Whatarethesimilaritiesanddifferencesbetweenforwardcontractsandcurrencyfutures?4.Useyourownwordstodescribehowdebtandcurrencyoptionsfunctioninhedging.II.TeachingPlan

Thischapterwillcover3hours.2hoursfortheintroductionofbackgroundinformationandexplanationsoftermsandthetexts.Andtheother1hourfordiscussionandpractice.III.TeachingMethodsTranslationofkeysentencesParaphrasingofkeywordsandexpressionsExplanationofnewtermsSummarizingofkeypassagesDiscussionofimportantissuesQuestionsandanswers:interactionbetweenteachersandstudentsIV.

BackgroundSelectingthemostappropriatetoolsformanagingforeignexchangeriskrequiresathoroughunderstandingofeachtool.Differencesamongvarioustoolsandtechniqueslieintheirfunctionsofhedgingdifferentrisks,whereassomedifferenttoolsserveeffectivelythesamepurpose.V.SpecialTermsCurrencyswap貨幣掉期

anexchangeofequalinitialprincipalamountsoftwocurrenciesatthespotexchangerate.Overthetermoftheagreement,thecounterpartiesexchangefixedorfloatingrateinterestpaymentsinswappedcurrencies.Atmaturity,theprincipalamountisreswappedatapredeterminedexchangeratesothatthepartiesendupwiththeiroriginalcurrencies.以即期匯率兌換等額的兩種貨幣的初始本金金額。合約期間，各方通過(guò)掉期貨幣支付固定或浮動(dòng)利率利息。合約到期時(shí)，以預(yù)定的匯率再次互換本金，最終雙方獲得初始貨幣。Forwardexchangecontract遠(yuǎn)期外匯合約

anagreementtobuy/sellaforeigncurrencyforfuturedeliveryatapricesetnow(the“forwardexchangerate”).

買(mǎi)入或賣(mài)出未來(lái)交割的外國(guó)貨幣，在簽訂合約時(shí)規(guī)定好貨幣的交割價(jià)格（遠(yuǎn)期外匯匯率）。Defaultrisk違約風(fēng)險(xiǎn)

thepossibilitythatabondissuerwilldefault;hefailstorepaytheprincipalandinterestinduetime.It’salsocalledcreditrisk.

債券發(fā)行人可能會(huì)違約，即無(wú)法在規(guī)定的日期償還本金和利息。也稱(chēng)為信貸風(fēng)險(xiǎn)。Unbiasedforwardratetheory無(wú)偏差遠(yuǎn)期匯率理論

Itassertsthattheforwardexchangerateisthebest,andanunbiased,estimateoftheexpectedfuturespotexchangerate.Thetheoryisgroundedintheefficientmarkettheory,andiswidelyassumedandwidelydisputedasapreciseexplanation.該理論強(qiáng)調(diào)遠(yuǎn)期匯率是對(duì)未來(lái)即期匯率的最好和最恰當(dāng)?shù)墓烙?jì)。該理論基于有效市場(chǎng)理論，被廣泛認(rèn)為是精確的表述。Currencyfutures貨幣期貨

contractstobuyorsellaforeigncurrencyonaspecificdateinthefutureatapricesettoday.Inthissense,futuresareexactlylikeforwardexchangecontracts.Thedifferenceliesintheirform.Whileforwardcontractsaretailoredtotheneedsofthecustomerintermsofamountoffunds,duedateofcontract,andsoon,futurescontractshavestandardizeddenominationsandduedates.AsaconsequencetheycanbetradedinorganizedmarketssuchastheChicagoMercantileExchange.在未來(lái)某一特定日期，以現(xiàn)在規(guī)定的價(jià)格買(mǎi)進(jìn)或賣(mài)出某一外國(guó)貨幣。在這個(gè)意義上，期貨與遠(yuǎn)期外匯合約完全一樣。它們的區(qū)別在于它們的形式。雖然遠(yuǎn)期合約在資金數(shù)額、合約到期日等方面要適合客戶的需要，但是期貨合約有標(biāo)準(zhǔn)的面值和到期日。因此，期貨合約可以在有組織的市場(chǎng)交易，如組織芝加哥商業(yè)交易所。Interestrateparitytheorem利率平價(jià)原理

atheorythattheinterestratedifferentialbetweentheforwardexchangerateandthespotexchangerate.

兩國(guó)貨幣利率之差等于遠(yuǎn)期匯率和即期匯率之差。Exerciseprice期權(quán)執(zhí)行價(jià)

Generallyitreferstothefixedpricedocumentedinastockoptionfromwhichapersoncanexercisetheirrighttopurchaseacompany’sstock.

通常指購(gòu)買(mǎi)人有權(quán)按照股票期權(quán)規(guī)定的固定價(jià)格購(gòu)買(mǎi)某公司股票。Optionpremium期權(quán)溢價(jià)

themarketpriceofanoptionthatispaidbyanoptionbuyertotheoptionwriter(seller)fortherighttobuy(call)orsell(put)theunderlyingsecurityataspecifiedprice(called“strikeprice”or“exerciseprice”)bytheoption’sexpirationdate.Thepremiumissetbythesupplyanddemandofoptiontradersastheyevaluatetheunderlyingsecurity’sfuturemarketvalue.Premiumpricesarequotedinincrementsofeighthsorsixteenths.期權(quán)購(gòu)買(mǎi)者或者出售者（賣(mài)方）在期權(quán)到期之前以特定價(jià)格（稱(chēng)為“執(zhí)行價(jià)”）通過(guò)支付期權(quán)市場(chǎng)價(jià)來(lái)獲得購(gòu)買(mǎi)（認(rèn)購(gòu)）或出售（認(rèn)沽）標(biāo)的證券權(quán)力。溢價(jià)由期權(quán)交易者的供求決定，因?yàn)樗鼈儧Q定標(biāo)的證券的未來(lái)市場(chǎng)價(jià)值。溢價(jià)以8或16為單位的增量報(bào)價(jià)。VI.Sentences1.Debt—borrowinginthecurrencytowhichthefirmisexposedorinvestingininterest-bearingassetstooffsetaforeigncurrencypayment—iswidelyusedhedgingtoolthatservesmuchthesamepurposeasforwardcontracts.譯文債務(wù)—借貸公司暴露頭寸的那種貨幣，或者投資于記息的資產(chǎn)來(lái)抵消未來(lái)的外匯支付—這是一種廣泛使用的套期保值工具，可以實(shí)現(xiàn)與遠(yuǎn)期合同一樣的功能。2.Aforeignexchangeoptionisacontractforfuturedeliveryofacurrencyinexchangeforanother,wheretheholderoftheoptionhastherighttobuy(orsell)thecurrencyatanagreedprice,thestrikeorexerciseprice,butisnotrequiredtodoso.譯文外匯期權(quán)是一種貨幣兌換另一種貨幣而進(jìn)行遠(yuǎn)期交割的合約，期權(quán)的持有者有權(quán)利以事先約定的價(jià)格，即敲定價(jià)或履約價(jià)購(gòu)買(mǎi)（或出售）該貨幣，但他并不是必須要執(zhí)行U.S.ForeignExchangeIntervention

Chapter4I.OpenQuestions1.Basedonyourownunderstanding,whatisthepurposeofU.S.foreignexchangeintervention?2.Howdoyouunderstandtheforeignexchangemarket?Whattypesoftransactionsareconductedintheforeignexchangemarket?3.Giveanexampletoillustratetheeffectsofexchangeratechanges.4.HowdoyoudescribetheprocessoftheFederalReserveininterveningintheforeignexchangemarket?II.TeachingPlan

Thischapterwillcover3hours.2hoursfortheintroductionofbackgroundinformationandexplanationsoftermsandthetexts.Andtheother1hourfordiscussionandpractice.III.TeachingMethodsTranslationofkeysentencesParaphrasingofkeywordsandexpressionsExplanationofnewtermsSummarizingofkeypassagesDiscussionofimportantissuesQuestionsandanswers:interactionbetweenteachersandstudentsIV.

BackgroundThehealthofanation’smarketsandfinancialsystemsareaffectedtosomeextentbyunexpectedorlargeforeignexchangechangesandhencegovernmentinterventioninFXmarkets.MonetaryauthoritiesliketheU.SFederalReserveandtheDepartmentofTreasury,occasionallyattemptstoinfluenceforeignexchangemarkettocounterdisorderlymarketconditions.V.SpecialTermsForeignexchangemarket外匯交易市場(chǎng)

anetworkoffinancialinstitutionsandbrokersinwhichindividuals,businesses,banks,andgovernmentsbuyandsellthecurrenciesofdifferentcountries.金融經(jīng)紀(jì)機(jī)構(gòu)網(wǎng)絡(luò)，個(gè)人、企業(yè)、銀行和政府買(mǎi)進(jìn)或賣(mài)出不同國(guó)家貨幣的場(chǎng)所。BrettonWoodsSystem布雷頓森林體系

theglobalfinancialandmonetarysystemwasestablishedin1944attheNewHampshireresortofBrettonWoods.ItcreatedtheWorldBankandtheInternationalMonetaryFund,aswellasafixedlinkbetweentheUnitedStatesdollarandgoldatUS$35pertroyounce.Thesystemcollapsedin1971,whenthelinkbetweenthedollarandgoldwasbroken,buttheinstitutionssurvive.1944年，全球金融貨幣體系在美國(guó)新罕布什爾州的布雷頓森林成立。該體系創(chuàng)建了世界銀行和國(guó)際貨幣基金組織，并使美元和黃金掛鉤，即35美元一盎司的價(jià)格兌換黃金。由于美元和黃金脫鉤，該體系于1971年瓦解，但是體制存留了下來(lái)。Spottransaction即期外匯交易

aforeignexchangetransactioninwhicheachpartypromisestopayacertainamountofcurrencytotheotheronthesamedayorwithinoneortwodays.一方承諾當(dāng)天或者一兩天內(nèi)向另一方支付一定數(shù)額貨幣的外匯交易。

Forwardtransaction遠(yuǎn)期外匯交易

thisisthetransactionwhich,whencarriedout,fulfillmentisagreedforadatelaterthanifithadbeenagreedatspot,butnotafter365days.Theycanbefulfilledincash(thesecuritiesarepaid),orfinancially(onlythepricedifferenceispaid).交割日期晚于即期外匯交易，但不超過(guò)365天的外匯交易?？捎矛F(xiàn)金（支付證券）或者僅在賬面上（僅支付差價(jià)）進(jìn)行交割。Financialinstrument金融工具

adocument,realorvirtual,havinglegalforceandembodyingorconveyingmonetaryvalue.

真實(shí)或虛擬的憑證，具有法律效力，并代表貨幣價(jià)值。Interestratedifferential利率差額

inforeignexchangetrading,interestratechargesaredeterminedbythedifferencebetweentheinterestrateonthebasecurrencylesstheinterestrateonquotecurrency.Interestratesareonlypaidonpositionsheldovernight.外匯交易中，利率變化由本幣利率減去報(bào)價(jià)貨幣利率。只有隔夜頭寸才需要支付利率。Rateinterestrates實(shí)際利率

nominalinterestrateslesstheexpectedrateofinflation.名義利率剔除預(yù)計(jì)通貨膨脹率。

Derivativetransaction金融衍生工具交易

atransactioninvolvingtheuseofoneormorederivativeinstruments.Forpurposesofsection1153,subsection4,dollarrolltransactions,repurchasetransactions,reverserepurchasetransactionsandsecuritieslendingtransactionsarenotconsideredderivativetransactions.基于合約或協(xié)議的交易，約定支付標(biāo)的物價(jià)值衍生物的價(jià)值，如利率、匯率、商品、股票和指數(shù)、是否連同名義金額或票據(jù)，但不包括信貸衍生交易。ExchangeStabilizationFund外匯平準(zhǔn)基金

agovernmentinstitutionsometimesusedtohandleexchangemarketintervention,chargedwiththeexplicitfunctionofsmoothingexchangeratefluctuations.各國(guó)用來(lái)干預(yù)外匯市場(chǎng)的體制，具有平緩?fù)鈪R波動(dòng)的功能。VI.Sentences

1.Whenadecisionismadetosupportthedollars’priceagainstanothercurrency,theforeignexchangetradingdeskoftheNewYorkFedbuysdollarsandsellstheforeigncurrency;conversely,toreducethevalueofthedollar,itsellsdollarsandbuystheforeigncurrency.但決定支持美元對(duì)另一種貨幣的價(jià)格，紐約聯(lián)儲(chǔ)銀行的外匯交易室會(huì)買(mǎi)入美元出售那種外幣；相反，為降低美元價(jià)值，則賣(mài)出美元買(mǎi)入這種外幣。2.TheFederalReserveBankofNewYorkannouncesfulldetailsoftheU.S.monetaryauthorities’foreignexchangeactivitiesapproximately30daysaftertheendofeverycalendarquarterinareportissuedtoCongressandsimultaneouslymadepublicentitledTreasuryandFederalReserveForeignExchangeOperations.聯(lián)儲(chǔ)紐約銀行在每季度末大約30天之后，會(huì)在上交國(guó)會(huì)的報(bào)告中公布美國(guó)貨幣當(dāng)局外匯交易的所有細(xì)節(jié)，同時(shí)以《財(cái)政部及聯(lián)儲(chǔ)外匯交易》為標(biāo)題公布于眾。Chapter5

FinancialMarketsandIntermediariesI.OpenQuestions1.Whatisthemeaningoftheexistenceoftheindustryoffinancialintermediaries?2.Howdoyouunderstandtheflowoffundsinthemarket?Howdofinancialintermediariesfunctioninthisprocess?3.Howdoforeignintermediariesmakeaprofit?4.Whataretheformsofprimarysecuritiesandsecondarysecurities?II.TeachingPlan

Thischapterwillcover3hours.2hoursfortheintroductionofbackgroundinformationandexplanationsoftermsandthetexts.Andtheother1hourfordiscussionandpractice.III.TeachingMethodsTranslationofkeysentencesParaphrasingofkeywordsandexpressionsExplanationofnewtermsSummarizingofkeypassagesDiscussionofimportantissuesQuestionsandanswers:interactionbetweenteachersandstudentsIV.

BackgroundAcomplexfinancialsystemcomprisesbothfinancialmarketandfinancialintermediaries.Financialintermediariesmovefundsfromultimatesupplierstoultimateusersbybuyingandsellingprimaryandsecondarysecurities.Thepurchaseoffinancialassetsorsecuritiesinthefinancialmarketsinvolvesbothinformationandtransactioncost,whichexplainstheexistenceoffinancialintermediaries.Thedifferencebetweenitsreceiptsanditscostsconstitutestheprofitsofafinancialintermediary.V.SpecialTermsFinancialintermediary金融中介機(jī)構(gòu)

afinancialinstitutionthatacceptsmoneyfromsaversorinvestorsandloansthosefundstoborrowers,thusprovidingalinkbetweenthoseseekingearningontheirfundsandthoseseekingcredit.Financialintermediariesincludesavingsandloanassociations,buildingandloanassociations,savingsbanks,commercialbanks,lifeinsurancecompanies,creditunionsandinvestmentcompanies.金融機(jī)構(gòu)接收儲(chǔ)戶或投資者的資金，并將資金貸款給借款人，從而將想獲得資金收益的群體以及尋求貸款的群體聯(lián)系起來(lái)。金融中介機(jī)構(gòu)包括儲(chǔ)蓄和貸款協(xié)會(huì)、建筑和貸款協(xié)會(huì)、儲(chǔ)蓄銀行、商業(yè)銀行、人壽保險(xiǎn)公司、信用合作社和投資公司。Stockexchange證券交易所

anorganizationthatprovidesamarketfortradingstocksandbonds.為股票和債券交易提供場(chǎng)所的組織。Savingsandloanassociation儲(chǔ)蓄貸款協(xié)會(huì)

intheUS,afinancialinstitutioninwhichdepositors’savingsareusedtoprovidehomemortgagesloans.美國(guó)使用儲(chǔ)戶存款提供家庭抵押貸款的金融機(jī)構(gòu)。Timetomaturity到期日前的有效時(shí)間

thetimeremaininguntilafinancialcontractexpires,alsocalledtimeuntilexpiration.金融合約到期之前剩余的時(shí)間。Denomination單位、面值

aclassofonekindofunitinasystemofnumbersormeasuresorweightsormoney.計(jì)量單位，用來(lái)計(jì)算數(shù)字、度量、重量或貨幣。Primaryinstrument初級(jí)金融工具

afinancialinstrumentwhosevalueisnotderivedfromthatofanotherinstrument,butinsteadisdetermineddirectlybythemarket.

價(jià)值不由另一工具決定，而是由市場(chǎng)直接決定的金融工具。Secondaryinstrument次級(jí)金融工具

aninstrumentwhosecalibrationisdeterminedbycomparisonwithanabsoluteinstrument.

通過(guò)和絕對(duì)工具對(duì)比才能確定其價(jià)值的金融工具。Installmentloan分期還款貸款

aloanthatisrepaidwithafixednumberofperiodicequal-sizedpayments.

以一定次數(shù)定期等額支付貸款。VI.Sentences

1.Inarealworldoffrictions,however,specializedprofit-makingfinancialintermediarieshaverisenandundergonemanymodificationstomeetthespecializedneedsofgroupsofconsumersoffinancialproducts.不過(guò)，真實(shí)的世界里是有摩擦的，專(zhuān)門(mén)的贏利性金融中介機(jī)構(gòu)出現(xiàn)了，并且經(jīng)過(guò)了一些改善，從而滿足金融產(chǎn)品消費(fèi)者不同群體的特定需要。

Thesourcesoffundsforcommercialbanksareobtainedbythesaleofthreeprincipalsecondarysecurities-demanddeposits,savingsaccounts,andcertificatesofdeposit(long-termsavingsdeposits,sometimescalledCDs).商業(yè)銀行的資金來(lái)自出售三種主要的二級(jí)證券來(lái)獲得的，即：活期存款、儲(chǔ)蓄以及存款憑證（長(zhǎng)期儲(chǔ)蓄存款有時(shí)被稱(chēng)作存款憑證）。

Chapter6MutualFundI.OpenQuestions

1.Whatismutualfund?2.What’stheroleofaninvestmentadviser?3.Howdoesamutualfund’sNetAssetValueincrease?4.Whataretheadvantagesofmutualfunds?5.Howtobuildamutualfundportfolio?II.TeachingPlanThischapterwillcover3hours.2hoursfortheintroductionofbackgroundinformationandexplanationsoftermsandthetexts.Andtheother1hourfordiscussionandpractice.III.TeachingMethodsTranslationofkeysentencesParaphrasingofkeywordsandexpressionsExplanationofnewtermsSummarizingofkeypassagesDiscussionofimportantissuesQuestionsandanswers:interactionbetweenteachersandstudentsIV.

Background

Therearethreebasictypesofmutualfunds:Open-endfundsOpen-endmutualfundsmustbewillingtobuybacktheirsharesfromtheirinvestorsattheendofeverybusinessdayClosed-endfundsClosed-endfundsgenerallyissuesharestothepubliconlyonce,whentheyarecreatedthroughaninitialpublicoffering.UnitinvestmenttrustsUnitinvestmenttrustsorUITsissuesharestothepubliconlyonce,whentheyarecreated.V.SpecialTerms

Netassetvalue

凈資產(chǎn)價(jià)值

mostcommonlyusedinreferencetomutualorclosed-endfunds,netassetvalue(NAV)measuresthevalueofafund'sassets,minusitsliabilities.NAVistypicallycalculatedonaper-sharebasis.凈資產(chǎn)價(jià)值通常與共同基金或封閉式基金相聯(lián)系，凈資產(chǎn)價(jià)值衡量基金資產(chǎn)的價(jià)值，減去其負(fù)債。資產(chǎn)凈值通常在每股的基礎(chǔ)上計(jì)算。Publiccompany公開(kāi)招股公司

apubliccompanyorpubliclytradedcompanyisalimitedliabilitycompanythatoffersitssecurities(stock/shares,bonds/loans,etc.)forsaletothegeneralpublic.ThisisnottobeconfusedwithaGovernment-ownedcorporationwhichmightbedescribedasapublicly-ownedcompany.一家上市公司或上市公司，是一家有限責(zé)任公司，提供向公眾出售其證券（股票/股票，債券/貸款等）。這不應(yīng)與通常稱(chēng)為共有公司的政府全資擁有的公司相混淆。Indexfund指數(shù)基金

acollectiveinvestmentscheme(usuallyamutualfundorexchange-tradedfund)thataimstoreplicatethemovementsofanindexofaspecificfinancialmarket,orasetofrulesofownershipthatareheldconstant,regardlessofmarketconditions.指數(shù)基金是集體投資計(jì)劃（通常是一個(gè)共同基金或交易所買(mǎi)賣(mài)基金），旨在復(fù)制一個(gè)特定的金融市場(chǎng)指數(shù)的變動(dòng)，或者一套不論市場(chǎng)條件的的所有權(quán)保持不變的規(guī)則。Assetallocationfund資產(chǎn)配置基金

onethatownsseveralfundsofdifferenttypesinattempttobalanceriskversusrewardbyadjustingthepercentageofeachassetinaninvestmentportfolio.資產(chǎn)配置基金是擁有幾種不同類(lèi)型的基金，通過(guò)調(diào)整投資組合的每個(gè)資產(chǎn)的比例，以平衡風(fēng)險(xiǎn)和收益。Bondfund債券基金

onethatholdsmainlyfixed-interestsecurities,aimingathighincomeratherthangrowth.債券基金是一種主要投資定息證劵的基金，目的是獲得高收益而不是增長(zhǎng)。Portfolio資產(chǎn)組合

theentirecollectionofinvestmentbelongingtoaninvestororheldbyafinancialorganizationsuchasabank,pensionfundorinvestmenttrust.資產(chǎn)組合是屬于投資者的，或由金融機(jī)構(gòu)（如銀行），養(yǎng)老基金，投資信托基金持有的整個(gè)投資組合。Liquidity流動(dòng)性

thedegreetowhichabusinesshasreadycashorcanfinditbyquicklysellingitsassets.流動(dòng)性指一家公司擁有現(xiàn)金及迅速出售資產(chǎn)變現(xiàn)的程度。VI.

Sentences

1.Everyonehatestohavelosses,andfundsarenodifferent.Thegoodnewsisthattheselossesaresubtractedfromthefund’scapitalgainsbeforethemoneyisdistributedtoshareholders.每個(gè)人都不愿意有損失，基金也是一樣。所幸的是，在分配給股東之前，資本所示可以抵減資本利得。2.Youcanevenscheduleautomaticinvestmentsintoafundfromyourbankaccount,oryoucanarrangeautomatictransfersfromafundtoyourbankaccounttomeetexpenses.你甚至可以設(shè)計(jì)從銀行賬戶中進(jìn)行自動(dòng)的基金投資，或者你可以安排從基金賬戶中自動(dòng)轉(zhuǎn)移到銀行賬戶去應(yīng)對(duì)費(fèi)用的支付。

Chapter7BondsI.OpenQuestions

1.Whatisabond?2.Whatisthekeydifferencebetweenstocksandbonds?3.Whydopeoplesay“whenyieldgoesup,pricegoesdownandviceversa”?4.Whydothebondmarketsconsidereconomicgrowthasabadsign?II.TeachingPlanThischapterwillcover3hours.2hoursfortheintroductionofbackgroundinformationandexplanationsoftermsandthetexts.Andtheother1hourfordiscussionandpracticeIII.TeachingMethodsTranslationofkeysentencesParaphrasingofkeywordsandexpressionsExplanationofnewtermsSummarizingofkeypassagesDiscussionofimportantissuesQuestionsandanswers:interactionbetweenteachersandstudents

Thebondmarketprovideslocal,stateandfederalgovernments,andprivateenterprisesthefundsneededtogetdevelopmentandlong-terminfrastructureprojectsofftheground.Beforepeoplearehired,earthmoved,concretepoured,orproductsrolledoffthefactoryfloor,capitalneededfortheworkisinplace.Chancesarebondissueshelpraisethefundstogetstartedonprojectsthathelpmaintainourqualityoflife,well-bein