2010级华政商院期末范围整理之金融英语

2010级华政商院期末范围整理之金融英语 Chapter 1 Finance 3. fill in the blanks (1) The primary goal of corporate finance is to maximize (is maximizing) corporate value while managing the firm’s financial risks. 公司金融的主要目的是在管理公司金融风险的同时最大化公司价值。 (2) Financial mathematics is the study of financial data with the tools of mathematics, mainly statistics. 金融数学是使用数学工具，主要是统计，来研究金融数据。 (3) Capital, in the financial sense, is the money that gives the business the power to buy goods to be used in the production of other goods or the offering of a service. 按照金融学的观点，资本就是企业购买商品以生产其他商品或提供服务的货币资金。 (4) A cash budget is extremely important, especially for small business, because it allows a company to determine how much credit it can extend to customers before it begins to have liquidity problems. 现金预算是十分重要的，尤其是对于小企业，因为现金预算能够让一个公司知道自己能够 向客户提供多少贷款而不至于发生流动性风险。 (5) A bank aggregates the activities of many borrowers and lenders. A bank accepts deposits from lenders, on which it pays the interest. 银行聚集了许多借方和贷方的活动。银行从借方接受存款并支付利息。 (6) Capital investment decisions are long-term choices about which projects receive investment, whether to finance that investment with equity or debt, and when or whether to pay dividends to shareholders. 资本投资决策时关于投资哪些项目、是否以股票或债券注资投资，以及何时或是否向股东 支付红利的长期选择。 4. translation (C TO E) (1)金融管理是商业管理的重要方面之一，没有合适的金融计划，企业是不可能成功的。 Financial management is one of the most important aspects of business management. Without proper financial planning a new enterprise is unlikely to be successful. (2)金融中介机构的基本宗旨是把不受公众欢迎的金融资产转变为他们能够接受的金融资 产。 The basic purpose of financial intermediaries is to transform the unwelcome financial assets into what the public can accept. (3)企业经营是有风险的，因此财务经理必须对风险进行评估和管理。 The enterprise operation can have many risks, so the financial manager must assess and manage them. (4)投资决策首先是指投资机会，常常指资本投资项目。 Investment decisions first refer to investment opportunities, often referring to capital investment programs. (5)现金预算常常被用来评估企业是够有足够的现金来维持企业的日常经营运转和(或)是 否有太多现金富余。 Cash budgets are often used to assess whether the business has sufficient cash to fulfill daily operation and/or whether too much cash is being left. (6)按照金融学的观点，资本就是企业购买商品以生产其他商品或提供服务的货币资金。 Capital, in the financial sense, is the money that gives the business the power to buy goods to be used in the production of other goods or the offering of a service. 5. translation (E TO C) (1)A cash budget is extremely important, especially for small business, because it allows a company to determine how much credit it can extend to customers before it begins to have liquidity problems. 现金预算是十分重要的，尤其是对于小企业，因为现金预算能够让一个公司知道自己在出 现流动性问题之前能够向客户提供多少贷款。 (2)Financial intermediaries include depository institutions (commercial banks and credit union) who acquired the bulk of their funds by offering their liabilities to the public mostly form of deposit. 金融中介机构包括存款机构(商业银行和信用社)，主要通过存款的形式向公众借款，从而 获得大部分资金。 (3)A corporation is a legally distinct from its owners, who are called shareholders or stock holders. 公司在法律上独立于其所有者，即股东。 (4)Long-term financial planning focus on the firm’s goals, the investment that will be needed to meet those goals, and the financing that must be raised. 长期财务计划是关于企业的长期目标，为实现目标所需要的投资以及因此必须筹集的资金 的计划。 (5)Businesses are classified into nonfinancial and financial business. These entities borrow funds in the debt market and raise funds in the equity market. 企业可被分成金融企业和非金融企业两类，这些公司在债务市场上借款，在股票市场上融 资。 (6)Finance is the set of activities dealing with the management of funds. More specifically, it is the decision of collection and use of funds. It is a branch of economics that studies the management of money and other assets. 金融是涉及资金管理的一系列活动。更确切的说，金融是关于筹集和使用资金的决策。它 是经济学的一个研究货币和其它资产管理的分枝。 3. fill in the blanks (1)Jobs in banking can be exciting and offer excellent opportunities to learn about business interact with people and build up a clientele. Today’s commercial banks are more diverse than ever. You’ll find a tremendous range of opportunities in commercial banking, starting at the branch level where you might start out as a teller to a wide variety of other services such as leasing, credit card banking, international finance and trade credit. (2)Banking is going through a period of tremendous consolidation with frequent mergers and layoffs. (3)Mergers abound such as those of Citibank and Travelers into Citigroup or NationasBank and BankAmerica. (4) Because commercial banks remain profitable and are more involved than ever in the financial markets, they are competing with Wall Street for “high-tech finance jock” involved in foreign exchange derivatives and financial engineering. (5)Your job will be to make mortgage loans to homebuyers and business. This involves heavy contact with real estate professionals, credit checks, and dealing with new buyers. (6)If you are internet savvy and familiar with computers you will have an edge in banking. 4. translation (C TO E) (1).花旗提供公平且具有竞争力的薪资福利，并根据业绩给予奖励，衡量标准与业务目标相 对应。 Citigroup provides equitable and competitive compensation and benefits. Moreover, it offers rewards based on the performance and its measure standards respond to objectives. (2).花旗希望所有员工都能奉行高度的个人与职业道德。 Citigroup has a hope that all of the employees hold high standards of personal and professional ethic. (3).为客户提供优质的金融服务，最大限度地为银行争取综合效益，完善与同业在银团业务 领域的合作框架、模式与机制。 Providing high-quality financial service for clients, maximizing comprehensive benefits for the bank , improving and perfecting the cooperation frame, model and mechanism with the same occupation in the field of Syndicate business. (4)良好的个人修养和职业道德、正直、敬业、遵纪守法是对银行职员的基本要求 The basic requirements for the bank clerks are good personal cultivation and professional ethic, upright, dedicated and legal-compliance. (5)全日制本科及以上学历，经济、金融类相关专业毕业，具有较好的金融学、管理学以及 商业银行经营管理理论方面的基础，是对银行管理者的基本条件和能力的要求。 These are some basic requirements of conditions and abilities for bank managers: full-time bachelor degree or above in economics, finance and related majors, having good foundation of finance, management and commercial bank management theory. (6)具有较强的客户需求理解、市场营销策划能力和能够根据不同市场客户的特点有针对性 地进行产品规划，是对银行管理者的能力要求。 The ability request of bank manager is the strong understanding of customer needs, the ability of marketing planning and targeted products planning according to the characteristic of customers in different markets. 5. translation (E TO C) (1)Many college graduates start in investment banking in an analyst position. To succeed in these positions you need to be extremely dedicated, have good spreadsheet skills and be analytically fluent. Your next step will be to become an associate. Same skills, just raise the volume. 许多大学毕业生毕业后会在投资银行谋到分析师的职位。要想在这个职位上获得成功，你 必须十分敬业、有良好的处理电子表格的能力并且能够自如的进行分析。你的下一步是要 成为合伙人，同样的能力要求，只不过更加严格。 (2)Some jobs in investment banking call for very strong mathematical ability. If you are good at math, think about getting an advanced degree in a technical field(studying areas such as stochastic calculus and differential equations), then take some advanced finance courses in options pricing or bond valuation and apply to a research department on Wall Street(Carnegie-Mellon’s FAST program is a leading in training mathematicians and physicists for Wall Street jobs). 一些投行的工作需要较强的数学能力。如果你数学较好，可以考虑在技术领域进修一个更 高的学位(学习的领域可以是随机计算或者微分方程)，然后进修一些高端的金融课程，如 期权定价或债券国家，再申请一个华尔街的职位(卡耐基.梅隆的FAST项目就是为华尔街 培训数学家和物理学家的)。 (3)The number one attribute most corporate employers are looking for is initiative. If you can give examples in interviews of situations where you did something plain useful even though no one asked you to, you will be a hot commodity. 公司要寻找的员工的第一特质是主动性。即使没有人问你，但如果你能够在面试中举例说 明你在某些情况下做的一些有用的事情，你将成为最优候选人。 (4)Have you ever started a business? Or put together a social event that brought people together? Or started a new organization? 你是否曾经开创自己的事业,或者组织一个社会活动将人们聚集起来,或者创立一个组 织, (5)Banking is going through a period of tremendous consolidation with frequent mergers and layoffs. 银行业正经历着一个经常性的兼并和裁员的合并热潮周期。 (6)Your job will be to make mortgage loans to homebuyers and business. This involves heavy contact with real estate professionals, credit checks, and dealing with new buyers. 你的工作是使房屋购买者和公司借入按揭单款。这要求你经常与不动产专家接触，做信用 核实和接待新的购买者。 3. fill in the blanks (1)One of the main differences between the money market and the stock market is that most money market securities trade in awfully high denominations. 货币市场和股票市场的主要区别之一就是大多数货币市场证券都以非常高的面额交易。 (2) The money market is better known as a place for large institutions and government to manage their short-term cash needs. (3)There are several different instruments in the money market, offering different returns and different risks. (4)CDs are generally issued by commercial banks but they can be bought through brokerages. They bear a specific maturity date(from 3 months to 5 years), a specified interest rate, and can be issued in any denomination, very similar to bonds. (5)The biggest reasons that T-bills are so popular is because they are one of the few money market instruments that are affordable to the individual investors. (6)A bankers’ acceptance is a short-term credit investment created by a non-financial firm and guaranteed by a bank to make payment. Acceptances are traded at discounts from face value in the secondary market. 4. translation (C TO E) (1)货币市场上的金融工具包括短期的、可交易的、流动的、低风险的债券。货币市场工具 有时被称作是现金的等同物，或简称现金。 Financial instruments in money market include short-term, tradable, liquidity, low risk bonds. Money market instruments are sometimes call the equivalence of cash, or cash for short. (2)国库券是货币市场上所有金融工具中流动性最强的一种。国库券是最简单的借钱形式: 政府通过向公众出售债券而筹集到资金，投资者则按低于面值折价购买，在债券到期日债 券持有人从政府获得等额于债券面值的回报。 Treasury bill has the strongest liquidity among all kinds of financial instruments in money market. Treasury bill is the simplest form to borrow money: the government raise money from selling bills(bonds) to the public, investors buy them at a discount from the face value, and bond holders get the return that is equal to the face value from the government on maturity date. (3) 大额存单或称CD，是银行的定期存款。定期存款的存款者不能因需用资金而随时任意 提取存款，银行只在定期存款到期时才付给储户利息与本金。 Certificate of deposit or CD, is the time deposit of the bank. Depositors of time deposit can’t withdraw deposit at any time even if they need money urgently; banks only pay depositors interests and principal when the time deposit matures. (4)著名的大公司通常自己发行短期无担保的标明借贷关系的票据，而不是直接向银行借 款。这些票据就称为商业票据。 Big and famous corporations always issue short-term, unsecured and lending relationship marked paper, not borrow money directly from banks. This paper is called commercial paper. (5)欧洲美元是指外国银行或美国银行的国外分支机构中的美元存款。 Eurodollars are referred to dollar deposits in foreign banks or American banks’ branches in foreign coutries, (6)政府证券交易商运用回购 协议 离婚协议模板下载合伙人协议 下载渠道分销协议免费下载敬业协议下载授课协议下载 作为短期借款手段，这通常是隔夜借款的一种形式。 The government securities dealers use repurchase agreement as a short-term loan way, it is usually a form of overnight loan. 5. translation (E TO C) (1)Money market investments are also called cash investments because of their short maturities. 货币市场投资也称为现金投资，因为到期时间较短。 (2)For many corporations, borrowing short-term money from banks is often a labored and annoying task. 对于很多公司来说，向银行借短期贷款是一项既费力又费神的任务。 (3)T-bills are short-term securities that mature in one year or less form their issue date. 国库券是短期债券，从发行日起一年或不到一年到期。 (4)Contrary to the name, Eurodollars have very little to do with the euro or European countries. Eurodollars are U.S dollar-denominated deposits at banks outside of the United States. 与名字相反，欧洲美元和欧元或者欧洲国家没有关系。欧洲美元是以美元为面值的，在美 国以外银行中的存款。 (5)The more frequently interest is calculated, the greater the yield will be. When an investment pays interest annually, its rate and yield are the same. 利息被计算的越频繁，收益率就越大。当一项投资一年付息一次，它的利率和收益率就相 等。 (6)One of the main differences between the money market and the stock market is that most money market securities trade in awfully high denominations. 货币市场和股票市场的最主要差别在于，大多数货币市场证券是以相当高的面值交易的。 Chapter 4 commercial banks and services 3. fill in the blanks (1)A commercial bank offers a wide range of savings programs for customers. Along with standard savings accounts, the commercial bank may also offer interest bearing checking accounts, certificates of deposit, and other savings strategies that are considered to provide a small but consistent return in exchange for doing business with the bank. (2)Sometimes people might use an interest checking account instead of a savings account. If you really plan not to spend your money for a few months, it makes sense to use a savings account instead. 如果你真的几个月不会想去花掉你的钱，那用储蓄账户代替就有意义了。 (3)A fixed rate mortgage is a mortgage in which the interest rate does not change during the entire term of the loan. 固定利率贷款是一种在整个贷款期间内利率不会变动的贷款。 (4)A typical checking account is handled through careful posting of deposits and withdrawals. The account holder has a supply of official checks which contain all of the essential routing and mailing information. (5)In recent years there have been some unfortunate scams involving bank drafts that are pony. Since printers are now so capable of creating very realistic appearing checks, people have been fooled into taking bank drafts that don’t truly have any value. (6)Credit card use often problematic when the holder more becomes accrues debt than a regular monthly payment can cover. 4. translation (C TO E) (1)商业银行应积极开展电话银行转账功能风险评估和分类，依据收款账户的潜在风险高 低，相应设置不同的转账额度和次数限制。 Commercial banks should actively conduct the risk assessment and classification of telephone banking transfer functions, and set different limits on the transfer account and times accroding to the degree of potential risks of the recipient accounts. (2)商业银行相对于其他行业属于信息化程度较高的行业，银行数据库里积累了海量的客户 信息。 Compared to other industries, commercial banks are more informationalized, the bank’s database accumulates an ocean of clients’ information. (3)商业银行的管理人员在分析客户的贷款申请时必须考虑许多因素。 Managers in Commercial banks have to consider many factors in analyzing a customer's loan request. (4)除中国银行外，交通银行、农业银行、工商银行、建设银行在城乡也都设立了许多的机 构，便于你获得金融服务。 Besides the Bank of China, the Bank of Communications, the Agricultural Bank of China, Industrial and Commercial Bank, Construction Bank also have created many branches in city and countryside in order to make it convenient for you to get financial services. (5)定期存款也叫CD，是存款证书的一种类型。 A certificate of deposit, also called CD, is a type of savings certificate. (6)商业银行作为一家金融机构，其业务范围包括:从个人和公司吸取存款;通过提供贷款 和其他对客户的财务或生意的运转很重要的金融业务来建立信贷，包括资金转账、支票兑 现、银行保险箱等。 As a financial institution, the business scope of commercial bank includes: accepting deposits from individuals and businesses; setting up credit by providing loans and other financial services essential to the runnning of a customer’s financial or business affairs, including funds transfers, check cashing, safe deposit boxes, etc. 5. translation (E TO C) (1)The risk-based capital requirements imposed on commercial bank and saving and loan associations. 基于风险的资本需求是对商业银行和存贷款协会的规定。 (2)Who regulates commercial banks and thrifts and types of regulations imposed? 谁来监管商业银行和储蓄账户，以及以何种方式实施, (3)Banks generate income in three ways:(1) the bid-ask spread;(2) capital gains on the securities or foreign currency used in transactions, and(3) in the case of securities, the spread between interest income earned by holding the security and cost of funding the purchase of security. 银行从三个方面产生收入(1)买卖差价(2)证券和外汇交易中的资本利得(3)在证券 中，持有证券的利息收入和购买证券的资金成本间的差价 (4)Several types of deposit accounts are available. Checking accounts pay no interest and can be withdrawn upon demand. 存款账户有好几种。支票账户是不支付利息的，在需要时可以随时提取。 (5)A certificate of deposit can take a wide variety of forms which are negotiable with the issuing bank. 定期存单可以有多种形式，可以与发行行进行协商。 (6)Banks that raise most of their funds from the domestic and international money markets, relying less on depositors for funds, are called money center banks. 那些主要通过国内和国际货币市场筹资，对于存款人的资金依赖较小的银行称为货币中心 银行。 Chapter 5 central bank 3. fill in the blanks (1)Trough open market operations, a central bank influences the money supply in an economy directly. Each time it buys securities, exchanging money for the security, it raises the money supply. Conversely, selling of securities lowers the money supply. 通过公开市场操作，中央银行可以直接影响经济中的货币供给。每当中央银行购买有价证 券时，用货币交换交换有价证券，它增加了货币供给，反过来，卖出有价证券降低了货币 供给。 (2)Central bank generally earns money by issuing currency notes and “selling” them to the public for interest-bearing assets, such as government bonds. (3)Typically a central bank certain types of short-term interest rates. controls These the stock and bond market as well as mortgage and other influence interest rates. 通常中央银行控制特定种类的短期利率，影响股票和债券市场以及贷款和其他利率。 (4)All banks are required to hold a certain percentage of their assets as capital, a rate which may be established by the central bank or the banking supervisor. 所有银行都被要求以资本形式持有一定百分比的资产，比率可能由中央银行或上级银行发 布。 (5)The mechanism to move the market towards a “target rate” is generally to lend money or borrow money in theoretically unlimited quantities, until the targeted market is sufficiently close to the target. 使市场向目标利率变动的机制通常是通过理论上无限量地借进或借出货币，知道目标市场 足够接近目标利率。 (6)Most countries control bank mergers and are wary of concentration in this industry due to the danger of groupthink and runaway lending bubbles based on a single point of failure, the credit culture of the few large banks. 4. translation (C TO E) (1)中国人民银行运用的货币政策工具包括准备金率、中央银行基准利率、再贴现率、中央 银行贷款、公开市场操作和其他由国务院规定的政策工具。 The monetary policy instruments used by the PBC include: reserve ratio, central bank base interest rate, rediscount rate, central bank lending, open market operation and other policy instruments specified by the State Council. (2)货币政策与银行监管两者的关系既相互独立，又相互联系。 The relationship between monetary policy and banking supervision is not only mutually independent, but also mutually linked. (3)1942年起，中央银行垄断了货币发行，成为中国历史上第一个真正的中央银行。 Since 1942, the central bank monopolized the money issuance and became the first genuine central bank in the history of China. (4)随着银行不良资产绝对数量的增加，央行加强对商业银行提高存款准备金率、加强资产 流动性和分散资金风险的管理，以及银行贷款利率空间的扩大，我国商业银行等金融机构 推行资产证券化的呼声越来越高。 With the increasing absolute amount of the bad assets of banks, the central bank has enhanced the management of commercial banks in raising deposit reverse ratio, strengthening liquidity of assets and spreading fund risk, and the expansion of the space of bank loan interest rate. The voice of promoting asset securitization in China’s commercial banks and other financial institutions is higher and higher. (5)1984年国家将商业银行的职能从中国人民银行中剥离出去，成立了独立的四大国家银 行，并决定中国人民银行专门行使国家中央银行的职能，主要控制货币政策，调控各金融 机构。 In 1984, the country separated the functions of commercial banks from the PBC, and established four independent state-owned banks, and made the decision that the PBC performs the functions of the national central bank , mainly control monetary policy and regulate financial institutions. (6)每个有完整金融体系的国家都有中央银行，广义而言，中央银行是政府的银行。某些国 家的货币 制度 关于办公室下班关闭电源制度矿山事故隐患举报和奖励制度制度下载人事管理制度doc盘点制度下载 过去一直是金本位制的。 Every Country with a full financial system has its own central bank. Broadly speaking, central bank is government’s bank. Monetary system of some countries used to be gold standard. 5. translation (E TO C) (1)A central bank’s primary responsibility is to maintain the stability of the national currency and money supply, but more active duties include controlling loan interest rates. 中央银行的首要职责是维护国家货币和货币供给量的稳定，但是也有更积极的职责，包括 控制贷款利率。 (2)To enable market operations, a central bank must hold foreign exchange reserves(usually in the form of government bonds) and official gold reserves. 为了使公开市场操作可行，中央银行必须持有外汇储备(通常以政府债券形式存在)和官 方的黄金储备。 (3)In some countries, central banks may have other tools that work indirectly to limit lending practices and otherwise restrict or regulate capital markets. 在某些国家，中央银行可能有其他的工具间接控制借贷行为，不然就是限制和管制资本市 场。 (4)Central bank’s actions affect interest rates, the amount of credit, and the money supply, all of which have direct impacts not only on financial markets but also on aggregate output and inflation. 中央银行的行为影响着利率，信贷数量和货币供给，而这些不仅对金融市场有直接影响， 而且对生产总额和通货膨胀有直接影响。 (5)The central bank acts as an adviser to the government, particularly in the area of international finance, many governments rely strongly on the advice of their central banks. 央行担任政府的顾问，特别是在国际金融领域中，许多政府十分依赖中央银行的建议。 (6)In an extraordinary move that reflects the gravity of the financial turmoil, the world’s central banks Wednesday announced coordinate interest rate cut as they try to restore confidence in the economy. The People’s Bank of China said that it also lowered its key rates in coordination with the other central banks. 一个不寻常的举动反映了金融领域剧烈动荡的严重性，世界中央银行周三宣布了协调减息， 因为他们正试图恢复人们对经济的信心。中国人民银行表示,在其他中央银行的协调下，它 也将降低其主要利率。 Chapter 6 the foreign exchange market 3. fill in the blanks (1)The currency trader should also decide the time frame that he will be using to trade in order to determine which trend will be the most important. 货币交易者也应该决定他交易所用的时间框架从而确定哪种趋势会是最重要的。 (2)The bid is the price at which dealers are willing to buy dollars(base currency) in terms of yen(quote currency) and users of our trading platform can sell dollars in terms of yen. 报价是交易人愿意以日元购买美元的价格，我们的交易平台使用者可以卖出基础货币兑换 日元。 (3)The order remains active until the end of the trading day(5:00 PM EST), unless it is executed or canceled by the trader. 指令在交易日结束前始终有效，除非它被交易人执行或取消。 (4)A GTC order remains active until it is canceled by the currency trader or until the order is executed. It is the trader’s responsibilities to cancel a GTC order. Gtc指令直到它被货币交易人取消或直到指令被执行前都有效。取消GTC指令是交易者的 责任。 (5)The Foreign Exchange Market is where the majority of buying and selling of world currencies takes place. 外汇交易市场是大多数买卖世界货币发生的地方。 (6)When placing a limit order, the trader also specifies the duration for which the order is to remain active while it is not executed. 交易者也要指定当指令没有被执行时，指令保持有效的持续时间。 4. translation (C TO E) (1)外汇交易市场，也称为“Forex”或“FX”市场，是世界上最大的金融市场，平均每天超过 一兆美元的资金在当中周转——相当于美国所有证券市场交易额总和的30倍。 The Foreign Exchange Market, also called “Forex” or “FX” market, is the biggest financial market in the world with over a trillion dollars turnover on average per day as much as 30 times to the summation of trading volume in all American security markets. (2)“外汇交易”是同时买入一对货币组合中的一种而卖出另外一种货币。外汇是以货币对形 式交易，例如欧元/美元(EUR/USD)或美元/日元(USD/JPY) “Foreign exchange transaction” means the simultaneous buying one currency and selling another currency of a currency pair. Foreign exchanges are traded in the form of currency pair, such as EUR/USD or USD/JPY. (3)外汇交易市场是一个24小时全球交易市场，市场交易每天从悉尼开始，并且随着地球的 转动，全球每个金融中心的营业日将以此开始，首先是东京，然后是伦敦和纽约。 The foreign exchange transaction market is a 24-hour global transaction market. Market transaction begins from Sydney every day, and with the earth rotating, each of the global financial center begins its business. First Tokyo, then London and New York. (4)外汇交易投资者可以对无论是白天或者晚上发生的经济、社会和政治事件而导致的外汇 波动而随时反应。 At any moment, foreign exchange investors can take actions on the fluctuation in currency rate resulted from economic, social and political events that occur either in daytime or at night. (5)外汇交易市场是一个超柜台(OTC)或“银行内部”交易市场，因为事实上外汇交易是交 易双方通过电话或者一个电子交易网络而达成的，外汇交易不像股票和期货交易市场那样， 不是集中在一个交易所里进行的。 The Forex trading market is an over-the-counter(OTC) or internal bank market, because actually the foreign exchange transaction is accomplished trough the telephone or the electronic trade network by both trading parties. Unlike stock or future trading markets, Forex trading is not concentrated in an exchange. (6)在外汇交易中，您会看到一个两边的报价，由买价和卖价组成，买价是在此价格上您拟 卖掉基础货币(同时买进相反货币)。卖价是这个价格，在此价格上您可以买进基础货币时 卖掉相反货币。 In foreign exchange transaction, you will see a two-way quote made up of a bid price and a ask price. The bid price is the price at which you are going to sell base currency. (While buying the counter currency). The ask price is the price at which you can buy base currency and sell quote currency simultaneously. 5. translation (E TO C) (1)The foreign exchange market is a place to trade foreign exchange currency, or it is also a place for the transaction of all foreign currency. 外汇市场是做外汇交易的场所，它也是各国货币进行交易的场所。 (2)A foreign exchange rate is the relative value between two currencies. In particular, it is the quantity of one currency required to buy or sell one unit of other currency. 外汇汇率是两种货币间的相对价值。特别的，它是指买进或卖出每单位另一种货币需要的 该种货币的数量。 (3)Where U.S dollars are not used to express an exchange rate, the term “cross rate” is usually used to express the relative values between two currencies. 当表示汇率的时候没有使用美元，“交叉汇率”这个术语常用来表示两种货币间的相对价值。 (4)If an online currency trader wants to survive in the business, he must learn to limit his losses. This is one of the keys to smart money management. 一个网上交易者若想在交易中生存，他必须学会如何控制损失。这是管理资产的一个关键。 (5)It is safer to get into a currency position in multiple lots than do it all at once. 将货币头寸分为多个手数比一次性投入更加安全。 (6)The Forex market itself consists of a worldwide network of primarily interbank traders connected by telephone lines and computers, FX traders constantly negotiate prices between one another and the resulting market bid/ask price for a particular currency is then fed into computers and displayed on official quote screens. 外汇市场本身包括了一个由电话和电脑连接的世界性的主要银行间交易者网络，外汇交易 者之间不断的进行价格商议，最后的买入价和卖出价会被输入电脑并显示在官方报价屏上。 Chapter 10 bond basics 3. fill in the blanks (1)Interest Rate Risk is the number one source of risk to fixed-income investors, because it’s the major cause of price volatility in the bond market. 利率风险是固定收入投资者的一种风险来源，因为它是债券市场中价格波动的主要原因。 (2)In the case of bonds, interest rate risk translates into market risk: The behavior of interest rate, in general, affects all bonds and cuts across all sectors of the market-even the U.S Treasury market. (3)When market interest rates rise, bond prices fall, and vice versa. And as interest rates become more volatile, so do bond prices. 当市场利率上升，债券价格下降，反之亦然。当市场利率变得更加不稳定时，债券价格也 是如此。 (4)This is a type of bond that makes no coupon payments but instead is issued at a considerable discount to par value. For example, let’s say a zero-coupon bond with a $1000 par value and 10 years to maturity is trading at $600; you’d be paying $600 today for a bond that will be worth $1000 in 10 years. (5)Bonds have a number of characteristics of which you need to be aware. All of these factors play a role in determining the value of a bond and the extent to it fits in your portfolio. which (6)In general, fixed-income securities are classified according to the length of time before maturity. These are the three main categories. 4. translation (C TO E) (1)债券买卖是指交易双方以约定的价格买卖一定金额的债券并在规定的清算时间内办理 债券款项交割的交易方式。 The buying and selling of bonds refer to the transaction made in which both trading parties are trading certain amount of debts at negotiated price and executing bonds fund delivery within specified time. (2)债券回购是指交易双方进行的以债券为权利质押的一种短期资金融通业务。资金融入方 (正回购方)在将债券卖给资金融出方(逆回购方)以融入资金的同时，双方约定在将来 某一日期由正回购方按约定回购利率计算的金额向逆回购方买回相等数量的同种债券的交 易行为。 Bond repurchase is a short term financing business that both ofissuer and holder of bond takes bond as right pledge. When the borrower of fund (positive redeemer) sells bond to lender of fund(negative redeemer) for financing, both of them sign a contract in there positive redeemer will redeem the bond that he issued with redeem interest from negative redeemer before maturity of bond. (3)所谓可转换公司债券是指由公司发行的，投资者在一定时期内可选择一定条件转换成公 司股票的公司债券，通常称作可转换债券或可转债。这种债券兼具债权和股权双重属性。 The so-called convertible corporate bonds refer to the bonds that are issued by corporations and can be converted into corporate stocks under chosen condition with specific time by investors, usually called convertible bonds or convertible debts, which have double attributes of debts and equity. (4)证券交易必须接受SEC及证券交易所自我约束机制的监管。 Security transaction must be supervised by SEC and self-regulating mechanism of the stock exchange. (5)场外交易市场不是一个正式的证券交易所，而是由经纪人和交易商组成的一个非正式的 网络，他们通过这一网络协商证券的交易。 The over-the-counter market is not a formal Stock Exchange, it is an informal network made up of brokers and traders, through which they negotiate trading securities. (6)一级市场上的发行方式也分为两种，公募和私募。 The issue patterns in the primary market are also classified into two types, public placement and private placement. 5. translation (E TO C) (1)The higher rate of return the bond offers, the more risky the investment. There have been instances of companies failing to pay back the bond (default), so, to entice investors, most corporate bonds will offer a higher return than a government bond. 债券的回报率越高，投资的风险就越大。已经有公司在到期日无法偿还债券(违约)的例 子。所以，为了吸引投资者，许多公司债券将提供高于政府债券的回报。 (2)It is important for investors to research a bond just as they would a stock or mutual fund. The bond rating will help in deciphering the default risk. 投资者研究某种债券是十分重要的，就像他们研究股票或共同基金一样。债券评级将有助 于辨认违约风险。 (3)Accrued interest is added to the contract price of a bond transaction. 在债券交易中，应计利息被算进了 合同 劳动合同范本免费下载装修合同范本免费下载租赁合同免费下载房屋买卖合同下载劳务合同范本下载 价格。 (4)Capital Gain. An increase in the value of a capital asset(investment or real estate) that gives it a higher worth than the purchase price. The gain is not realized until the asset is sold. A capital gain may be short term(one year or less) or long term(more than one year) and must be claimed on income taxes. 资本利得。资本价值(投资或不动产)的增加，也就是高于购买价格的增值部分。只有当 资产被出售时，这种利得才会显现。资本利得可以是短期的(一年或者一年以下)或者长 期的(超过一年)，并且必须收取所得税。 (5)Like any other type of investment vehicle, fixed-income securities should be viewed in terms of their risk and return. Generally speaking, bonds are exposed to five major types of risks: interest rate risk, purchasing power risk, business/financial risk, liquidity risk, and call risk. 如同其他投资工具，固定收益证券也要根据他们的风险和收入进行考察。一般而言，债券 有五种主要风险:利息风险，购买力风险，财务风险，流动性风险和回购风险。 (6)So far we’ve discussed the factors of face value, coupon, maturity, issuers and yield. All of these characteristics of a bond play a role in its price. 我们到目前为止讨论的面值，息票，到期日，发行人和收益，这些因素都会影响债券价格。