中译英：
一.1.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。
Finance 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。
Financial intermediaries play the basic role of transforming financial assets that less desirable for a large part of the public into other financial assets-their own liabilities-which are more widely preferred by the public.
3.企业经营是有风险的，因而，财务经理必须对风险进行评估和管理。Businesses are inherently risky, so the financial manager has to identify risks and make sure they are managed properly.
4.投资决策首先是指投资机会，常常指资本投资项目。
The investment decision stars with the identification of investment opportunities, often referred to as capital investment projects.
5.现金预算常常被用来评估企业是否有足够的现金来维持企业的日常经营运转和（或）是否有太多现金富裕。
Cash budgets are often used to assess whether the entity has sufficient cash to fulfill regular operations and/or whether too much cash is being left in unproductive capacities.
6.按照金融学的观点，资本就是企业购买商品以生产其它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.
四.1.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。
A commercial bank shall actively conduct the risk assessment and classification of the telephone banking transfer functions, and set different limits on the transfer amount and times according to the degree of potential risks on the recipient account.
2.商业银行相对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
Commercial banks have gained more information and have large scale of data.
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 Communication Bank, Agricultural Bank, Industrial and Commercial Bank, Construction Bank also have created many branches in a city or town, and that makes easier 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 a 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：从个人和公司吸收存款；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、银行保管箱等。
A commercial bank is an financial institution established to: accept deposits from individuals and businesses; originate credit by providing loans and offering other financial services essential to the running of a customer's financial or business affairs, including fund transfers, check cashing, safe deposit boxes, etc.
六.1.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1兆美元的资金在当中周转 -- 相当于美国所有证券市场交易总和的30倍。
The Foreign Exchange Market, called by "Forex" market or FX market, is the biggest financial market in the world with trading volumes surpassing USD 1 trillion average one-day, it is as big as 30 times of stock market.
2."外汇交易"是同时买入一对货币组合中的一种货币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” is to buy one currency and sell another in currency pair at the same time. The trading form of foreign currency is the currency pair, for example 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依次开始 , 首先是东京，然后伦敦，和纽约。
Foreign exchange market is worldwide market where operating 24 hours a day, the market trading starts from Sydney, turning around the earth , the business day of every financial center in the world will star to trade in turn, then is Tokyo, next is 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。
Investors of FX may make decisions base on the fluctuation of foreign currency price leaded by economics, society and political events no matter happens in day time or 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，外汇交易不象股票和期货交易市场那样，不是集中在某一个交易所里进行的。
The foreign exchange market is Over the Counter (OTC) or interbank market because foreign currency is traded through phone or electronic trading net in fact, the trading of foreign currency does not like stock trade, it is not intensive trading in exchange center.
6.在外汇交易中，您会看到一个两边的报价，由买价与卖价组成，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准货币时卖掉相反货币。
You will see the price board consisted of bid price and ask price in trading of foreign currency, bid price is the price you sell your base currency (at the same time buy reverse currency). Ask price is the price you buy base currency and sell reverse
currency.
七.1.企业融资是指企业在发展扩张中筹集所需资金的行为。
Business financing is an action of raising money when firms extend business and development
2.企业融资是为了满足企业战略调整、产业扩张、现金周转等方面的需要。Business financing is to meet the requirement of strategy adjustment, industry extending, and turnover of cash and so on.
3.企业通过融资行为改变资本结构，使资金得以形成、集中、积累、组合，同时形成相应的产权关系和权利、责任、利益格局。
The capital structure of the firm will be changed through raising money, the capital will be formed in the form of centralization, accumulation, combination, and at the same time relative property right relations and pattern of benefit, duty and right will be formed.
4.内部融资的来源公司的自有资金，以及在生产经营过程中的资金积累部分,在公司内部通过计提折旧而形成现金，或通过留用利润等增加公司资本。
The re source of internal financing comes from company’s internal fund, the part of fund accumulation of producing and operating, cash from depreciation, or capital from remaining earning.
5.债权性融资主要有向金融机构贷款和发行企业债券两种形式。
The two majority forms about debit financing are lending money from financial institutes and issuing company bond.
6.目前国内企业在进行投资时采用的融资方式有股权性融资、债权性融资等。Presently financing methods used by domestic enterprises when investing are equity financing and debit financing, etc.
九.1.组合投资原则，即将风险资金按一定比例投向不同行业、不同企业（项目），或联合几个风险投资公司共同向一家企业投资。
The principle of portfolio investment is that the venture capital is invested into different industries and different projects, or make a cooperation with other investing companies to invest a company.
2.风险投资主体多元化原则,在美国，风险资金来源相当广泛，既有政府、财团法人的资金，也有来自大众游资、民间企业和海外的投资，还有养老保险基金的积极参与。
The principle of diversification of venture capital, in American, the resource of venture capital is quite widespread, it comes from government, financial institutes, and it can come from privates, private firms and oversea investment, and pension fund joint venture capital too.
3.创业投资是由专业投资者投入到新兴的、迅速发展的、有巨大竞争潜力的企业中的一种股权性资本。
Venture investment is an equity capital which professional investors invest to a new, developing rapidly and more competitive firm.
4.随着社会经济的快速发展，如何投资、如何理财已经成为商业人士关注的焦点。With society economy high-speed development, how to invest and finance is the focal
point which business men focus on.
5.创业投资以其谋求长期资本收益、分散投资及专业化管理的特点适应了高新技术产业的资金需求，以其特别的投资方式、合同方式和组织架构部分地解决了信息不对称和激励约束不当所带来的问题.
Venture capital is looking for long term capital return, the characteristic of diversification of investment and professional management adapts capital requirements of high-new technical industry, special investing model of venture capital, contract model and frame of organization solve problems of information asymmetry and incentive and restraint mechanisms flaw in partly.
6.投资者可把目光聚焦到正在发售的银行保本基金上，这种在国际市场上大受欢迎的新型理财品种不但能够提供银行储蓄般的安全感，而且可以利用此次利率上升的机会创造更高的收益；同时，加息导致债券价格下跌，实际上提高了即将入市的银行保本基金的债券投资收益率。
Investors may focus on guaranteed fund issued by bank, it is new style of financing product which is welcomed in the international market, it is not only shows the safety like bank deposit, but also make higher return with the interest rate arise, at the same time, rising interest rates will lead to fall of the bond price, and make higher return of guaranteed fund which will be issued by banks.
十.1.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交割的交易方式。
Security trading is a trading model that both of seller and buyer sign a contract with the confirmed bond price and number, during settlement both of seller and buyer make a delivery.
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品种债券的交易行为。
Redeem of security is a short term financing business that both of issuer 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。
Convertible bond is security issued by firm which investors have option to convert bond into firm’s stock during holding period, the convertible bond consists of two characters of bond and stock.
4.证券交易必需受SEC及证券交易所自我约束机制的监管。
Security trading must be managed 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 official security exchange market, it is unofficial network grouped by dealers and brokers, dealers and brokers exchange securities through the network.
6.一级市场上的发行方式也分为两种，公募和私募。
The issue model of stock in the primary market can be classified into: public offering and private offering.
十二.1.新股的发行价总是超过面值的，记录在公司帐上的这个差叫附加实缴资本，也叫资本公积。
The price at which new shares are sold to inverstors almost always exceeds par value,the difference is entered the company’s accounts as additional paid-in capital, or capital surplus.
2.尽管股票这个名字很大众化，但是，大部分人都不是充分了解它。
Despite their popularity, however, most people don't fully understand stocks.
3.公司的管理层的主要任务是增加公司股票持有人所持有公司资产的价值。The management of the company is supposed to increase the value of the firm for shareholders.
4.有限责任是股票的一个十分重要的特征，这意味着公司在不能支付它的债务时股票持有者没有负债责任。
An extremely important feature of stock is its limited liability, which means that, as an owner of a stock, you are not personally liable if the company is not able to pay its debts.
5.理解股票供求关系是容易的，但是理解人们喜欢哪些股票不喜欢哪些股票是苦难的。
Understanding supply and demand is easy，What is difficult to comprehend is what makes people like a particular stock and dislike another stock.
6.一些人人为预测股票价格变化是不可能的，而一些人认为通过画图和分析以前的价格变化就能决定买卖时间。
Some believe that it isn't possible to predict how stock prices will change, while others think that by drawing charts and looking at past price movements, you can determine when to buy and sell.
英译中：
一.1. A cash budget is extremely important, especially for small businesses, 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，特别是对小企业，这是因为它决定了企业可以使用多大的赊销份额而不发生现金困难。
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：存款性机构（商业银行和信用合作社）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 stockholders.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 businesses. 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。这些企业在债务市场借款和在权益市场融资。
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.金融是涉及到一系列有关资金管理的活动。特别的，它是有关资金使用和筹集的决策。它是经济学的一个研究货币和其它资产管理的分枝。
四.1.The risk-based capital requirements imposed on commercial bank and saving and loan associations.对商业银行和存贷款协会实施以风险为基础的资本金要求。
2.Who regulates commercial banks and thrifts and types of regulations imposed. 谁来监管商业银行与储蓄机构以及何种方式来进行。
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.
银行可以从三个方面产生收入：（1）买卖差价；（2）证券或外汇交易的资本利益；（3）证券的利息收入和购买证券资金成本之间的价格差异。
4. Several types of deposit accounts are available. Checking accounts pay no interest and can be withdrawn upon demand.
存款帐户有好几种，支票帐户不支付利息可以随时提取。
5.A certificate of deposit can take a wide variety of forms which are negotiable with the issuing bank.定期存单可以采取多种多样的形式是可转让的发卡银行。
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.
货币中心银行是指较少依赖存款，并在国内或国外货币市场筹集资金的银行。
六.1，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.
外汇市场是交易外国货币或各国货币的场所.
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 the other currency.
汇率是两种货币间的相对价值, 特别是, 它是买卖一个其它货币单位所代表的本币量值.
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.
在美元被用来表示汇率的地方,套汇汇率就被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.
如果一个网络货币交易者要持续他的交易他必须学习限制损失,这是货币管理的关键点.
5.It is safer to get into a currency position in multiple lots than to do it all at once.
在多个地点持有外汇头寸比同时持有多个头寸安全.
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.
外汇市场本身含有提供给银行交易者通过电话线和计算机连接的全球范围的网络,外汇交易者讨论的汇率价格产生了市场上某种货币的报价和询价并通过计算机系统显示在交易屏幕上.
七.1.If you have too much debt, your business may be considered overextended and risky and an unsafe investment.
如果你的企业负债比重过高，投资者则会认为企业是扩张过度，对投资者来说是不安全和高风险的。
2.Debt financing is attractive because you do not have to sacrifice any ownership interests in your business, interest on the loan is deductible, and the financing cost is a relatively fixed expense.
债务融资对企业权益者是有吸引力的因为债务融资不会牺牲权益者的利益,借款利息可在收益中扣减,财务成本是相对固定费用.
3.A corporation is a separate legal entity that can be created only by compliance with state statutes.
公司是一个其所有权与经营权相分离的经济实体（即法人组织）,公司的成立要遵守洲法.
4.The partners raise equity funds through their own capital contributions, by adding a new partner, or by restructuring the relative ownership interests of the existing partners to reflect new contributions.
合伙人企业可通过出让合伙人自己的资本份额，或增加合伙人的方式来增加企业资本,或采用对原有合伙人所拥有的相对资本份额进行重组的方式来反映新的资本.
5.Equity financing requires that you sell an ownership interest in the business in exchange for capital.
权益融资需要企业所有者出让企业的所有权利益来换取资本.
6.The major disadvantage to equity financing is the dilution of your ownership interests and the possible loss of control that may accompany a sharing of ownership with additional investors.
权益融资的主要缺点是稀释了所有者的利益,随着其他投资者所占权益份额的扩大企业控制权也可能失去.
九.1.A bull market is when everything in the economy is great, people are finding jobs, GDP is growing, and stocks are rising. Things are just plain rosy! Picking stocks during a bull market is easier because everything is going up.
牛市意味着经济发展强劲,工作岗位多,GDP 增长,股票价格上升.前景变得光明.
在牛市期间投资股票将有丰厚收益因为所有物品的价格都将上升.
2.Bull markets cannot last forever though, and sometimes they can lead to dangerous situations if stocks become overvalued.
牛市不可能永远持续,如果股票价格被高估则牛市就将导致崩盘.
3.If a person is optimistic, believing that stocks will go up, he or she is called a "bull" and said to have a "bullish outlook."
如果一个人乐观的认为股票价格将上升,他或她被称做”多头”和有一个行情看涨的形象.
4.In investments it is critical to distinguish between an expected return (the anticipated return for some future period) and a realized return (the actual return over some past period). Investors invest for the future—for the return they expect to earn—but when the investing period is over, they are left with their realized returns. 投资学对期望收益(预测的将来某时间段的收益)和已实现收益(过去某时段的实际收到的收益)有严格的区分.投资者投资为将来-他们希望获取的收益-但是在投资周期结束后,他们只得到实际的收益.
5.What investors actually earn from their holdings may turn out to be more or less than what they expected to earn when they initiated the investment. This point is the essence of the investments process: investors must always consider the risk involved in investing.
投资者在投资期间实际得到的收益与他们初始投资所预想的收益或多或少有差异.投资过程的关键点是:投资者在投资时必须牢记风险的成在.
6.There are three important factors you need to consider before buying a bond. The first is the person issuing the bond. The second is the interest (or coupon) you will receive. The third is the maturity date, the day when the borrower must pay back the principal to the lender.
在投资债券前你要考虑三个重要因素:第一是债券发行人;第二是你将得到的利息 (或折扣);第三是到期时间, 在到期日债券发行人必须将本金退给债券持有人.
十.1.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.
债券收益率越高投资风险越大,已有公司不能在到期日偿还债券本金(违约)的先例,所以, 为了诱使投资者购买公司债券大多数公司都发行高于政府债券利率的债券.
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.
象研究股票和共同基金样研究债券对投资者来说是必要的, 辨别债券等级将有助于识别违约风险.
3.Accrued interest is added to the contract price of a bond transaction.
应计利息要加到债券交易合同价格中.
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.
资本利得是资本价值(投资或不动产)的增加,也就是高于购买价格的增值部分,利得只有在这些资产出售后才能实现, 资本利得可以是短期(一年以内)或长期(一年以上), 资本利得必须征税.
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.
象任何其它投资工具一样,固定收益证券也应该按照它们的风险和收益来进行评价. 一般看来, 证券有五种主要的风险:利率风险,购买力风险,商业风险,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.
到目前我们已经讨论了债券的面值,利息率,到期日,发行人和收益,全部这些特征都会影响到债券的价格.
十二.1.Stock splits,like stock dividents, do not increase the assets or earning capacity of the firm，the split does decrease the price of the stock and thereby may increase its marketability.
股票拆分与股票股利一样，并不能增加公司的资产或者提高公司的盈利能力，拆分降低了股票的价格，从而增加了股票的流动性。
2.Management may repurchase shares to reduce the chance of an unwanted takeover attempt.
管理层可以回购股票来避免公司被收购。
3.The two most important characteristics of common stock as an investment are its residual claim and limited liability features.
作为投资的普通股的两个最重要的特征是剩余索取权和有限责任。
4.Most stocks are traded on exchanges, which are places where buyers and sellers meet and decide on a price.
大部分股票都是在证券交易所交易，买卖双方在那儿搓合股票价格。
5. The most important factor that affects the value of a company is its earnings. Earnings are the profit a company makes, and in the long run no company can survive without them.
6. Stock prices change every day as a result of market forces. By this we mean that share prices change because of supply and demand. If more people want to buy a stock (demand) than sell it (supply), then the price moves up.
由于市场的原因股票价格每天都在变化，股票价格是由于供求关系的原因而变化的，如果买的人比卖的人多则股票价格上升。
Unit 1 EMU Has Exchange Rate Policy Implications for Transition Countries Seeking EU Membership [Key Words] European Economic and Monetary Union (EMU) 欧洲经济货币联盟 EMU reference values 欧洲经济货币联盟参考标准 The new exchange rate mechanism (ERM 2) 新汇率机制 IMF’s Fiscal Affairs Department 国际货币基金组织财政部 The currency risk premium 货币风险溢酬 Asymmetric real shocks 非对称性实际冲击 An independent monetary and exchange rate policy 独立的货币汇率政策 Macroeconomic stability 宏观经济稳定性 Budget balance 预算平衡 Synchronized cycles 同步的循环 Biased toward agriculture and industry 偏重于工农业 Non-core EU members 欧盟非核心成员国 A managed float (exchange rate arrangement) 有管理的浮动汇率制 An undeclared margin against the deutsche mark 钉紧德国马克，保持一个不公开的差额 A pre-announced crawling peg 预先公布的缓慢钉紧汇率制度 A currency board arrangement 货币局制度、联系汇率制度 External current account 对外经常性项目账户 The capital account 资本账户 Legal reserve requirement systems 法定存款准备金制度 Sterilized intervention 对冲操作 The nominal exchange rate 名义利率 Exchange rate regimes 汇率制度 Appropriate flanking policies 适当的配套政策 Containment of fiscal imbalances 遏制财政失衡 A prudent monetary stance 审慎的货币政策 Fixed parity 固定平价 Purchasing power parity (PPP) 购买力平价 Interest rate parity (IRP) 利率平价 Gold parity 金平价 Widen the official margins 放宽官方波动幅度 Shadow the Euro unilaterally 单方面暗中钉紧欧元 Full capital account liberalization 资本项目的完全放开 [Notes] 1. Including convergence toward EMU reference values and adherence to the new exchange rate mechanism (ERM2) created for nonparticipating EU members. 2. That is, those that have opted out, or been left out, of EMU. 3. Albeit 4. Entering the EMU currency area entails both cost and benefits for candidate countries. 5. Also, the currency risk premium, reflected in the interest rate, would fall and eventually vanish. 6. An important potential cost of joining a currency area is that it impairs a country’s ability to absorb asymmetric real shocks in the absence of an independent monetary and exchange rate policy. 7. And, conversely, participation in a currency area leads to trade expansion and thus to more synchronized cycles. 8. Their economic structure is only moderately more biased toward agriculture and industry relative to services than that of non-core EU members, except Greece. 9. At one end of the spectrum, the Czech Republic follows a managed float subordinate to the inflation target set by the central bank. 10. The current macroeconomic situation in these countries is broadly characterized by sustainable growth, underpinned by rapidly increasing labor productivity, and by a deceleration in inflation to low double-digit or high single-digit rates. 11. The effect is compounded by a surge in foreign direct investment. 12. Insufficient financial and enterprise restructuring has rendered the Czech economy vulnerable. 13. All five countries-to varying degrees-will need to make steady progress toward increased wage flexibility, containment of fiscal imbalances supported by a prudent monetary stance, and financial sector restructuring. 14. However, accession countries should exercise caution in widening the band during a period of turbulence in the foreign exchange market. 15. To preserve credibility, the authorities should declare the country’s commitment to reinstate the former parity following a temporary deviation due to a speculative attack. 16. *The other dilemma enters on the requirement of full capital account liberalization while the candidate countries remain vulnerable to destabilizing capital flows prompted by rapid shifts in investor sentiment. [Exercise 2] 1．美国是个移民国家，他号称接纳了那些不愿或不能回到自己祖国去的许多人。 The USA is an immigrant country, which claimed to have accepted many people who have opted out, or been left out, to their countries. 2．科研工作需要具备吃苦耐劳的精神。 The work of scientific research entails the spirit of tough. 3．在全球经济金融化的趋势下，实体经济与虚拟经济越来越不能同步发展。 With the trend of financialization of global economy, the real economy and virtual economy cannot develop synchronize more and more. 4．有人主张农、轻、重并举，不可偏重于其中任何一项。 Someone maintains the agriculture and the light industry and the heavy industry should be paid the same attention, and can’t be biased toward any one. 5．仅仅只用了50多年的时间，金融从属于贸易的局面便被彻底扭转了。 Only in more than 50 years, the situation that finance subordinate to trade is turned totally. 6．该国的经济以低膨胀、高增长为特征。 The economy of this country is characterized by low inflation and high growth. 7．有人担心，广东国投（GITI）的破产会有损于国家的信誉。 Some is worried that the bankrupt of GITI will impaired the credit of the country. 8．我本人对金融衍生产品在我国的应用持谨慎的态度。 On my own, I maintain a prudent stand to the application of the financial derivative products in our country.
Exercise six Ⅰ Answer the following questions in English: 1.How many common methods to express a foreign exchange rate? There are two common methods to express a foreign exchange rate. The most widely used method expresses the amount of any currency that is required to buy one U.S. dollar. Another common way of quoting rates is simply the reverse of the first method. Under this second method, the foreign exchange rate is expressed in terms of the US dollar amount that can be exchanged for one unit of foreign currency. 2.What is foreign exchange? Foreign exchange consists of trading one type of currency for another. Unlike other financial markets, the FX market has no physical location and no central exchange. It operates "over the counter" through a global network of banks, corporations and individuals trading one currency for another. The FX market is the world's largest financial market, operating 24 hours a day with enormous amounts of money traded on a daily basis. 3.How does Stop Order work? Stop orders can be used to enter the market on momentum or to limit the potential loss of a position. Stop orders are extremely important in foreign currency trading and should be used by all traders that want to participate in the currency markets. Just like for limit orders, when placing a stop order a trader must specify for how long that order is to remain active. 4.What do you think about single currency system? Is it possible to establish single currency system in the world now? The single currency system is good and it will benefit following: Currency stability Tourism Business benefits Cheaper mortgage and lower interest rates It is impossible to establish single currency system in the world now because there are too many factors such as economy, politics and labor migration. 5.What is Limit Order? A limit is an order to buy or sell a currency at a specified price or better. In a limit order, the currency trader not only specifies
金融英语原文 A Guide To Loan Payment Protection Insurance Loan payment protection insurance can be taken out at the time of borrowing, lenders will in fact try to push the cover with their loans to grab back profits and make up for the cheap loan. Of course this is one of the dearest ways of protecting the money you are borrowing against the fact that you might be unable to work due to an accident or sickness. It would also provide you with an income if you should become unemployed due to redundancy. So when taking on a loan or credit card always make sure that you choose to cover the borrowing by buying it independently. High street lenders at one point would sometimes add cover onto the borrowing without you being aware of what you were taking on. However for the most part this has changed since the intervention by the Financial Services Authority. It is always worthwhile making sure that it hasn't been added onto the loan you are taking out. Policies taken with a standalone provider are one of the cheapest ways to protect your borrowing and in order to get the cheapest loan payment protection insurance quote you have to compare with several providers. The premium that is charged for the protection is based on the amount that you wish to cover each month up to a certain amount and your age. Age based insurance makes payment protection products affordable for all. The amount you insure against is what you would receive if you should become incapacitated or unemployed. You can protect not only your loan repayments but also any credit card debts you have. As more and more people turn to using "plastic" to get by, covering your borrowings is essential. When the policy would payout and for how long would all depend on the provider you chose to go with. Therefore it is essential to read the small print
Chapter 1 Money 1.1 Definition of Money 1.2 Types of Money 1.3 Functions of Money 1.4 Interest and Interest Rate 1.5 Money Supply 1.6 China's Monetary System Exercises Chapter 2 Foreign Exchange 2.1 Definitions and Quotations 2.2 Foreign Exchange Transactions Exercises Chapter 3 Balance of Payments 3.1 The Definition of BOP 3.2 The General Principle of BOP 3.3 The Components of Balance of Payment Statement 3.4 Equilibrium of BOP Exercises Chapter 4 International Monetary System 4.1 The Gold Standard 4.2 Bretton Woods System 4.3 The Jamaica System 4.4 The Present and the Future Exercises Chapter 5 Financial Market 5.1 Introduction 5.2 Money Market 5.3 Capital Market Exercises Chapter 6 Securities 6.1 Overview 6.2 Stock 6.3 Bond Exercises Chapter 7 Loans 7.1 Introduction 7.2 Major Loan Categories 7.3 Loan Classification by Risk
The foreign exchange market (Currency, Forex, or FX) market is where currency trading takes place. It is where banks and other official institutions that facilitate the buying and selling of foreign currencies. FX transactions typically involve one party purchasing a quantity of one currency in exchange for paying a quantity of another. The foreign exchange market that we see today started evolving during the 1970s when world over countries gradually switched to floating exchange rate from their erstwhile exchange rate regime, which remained fixed as per the Bretton Woods system till 1971. Today, the FX market is one of the largest and most liquid financial markets in the world, and includes trading between large banks, central banks, currency speculators, corporations, governments, and other institutions. The average daily volume in the global foreign exchange and related markets is continuously growing. Traditional daily turnover was reported to be over US$3.2 trillion in April 2007 by the Bank for International Settlements. Since then, the market has continued to grow. According to Euro money’s annual FX Poll, volumes grew a further 41% between 2007 and 2008. The purpose of FX market is to facilitate trade and investment. The need for a foreign exchange market arises because of the presence of multifarious international currencies such as US Dollar, Pound Sterling, etc., and the need for trading in such currencies. 外汇市场，是国际间外汇买卖的交易场所，它是银行和其他官方机构促进货币的买卖活动的场所。外汇交易的典型形式为一方花费一定数量的一种货币换取一定数量的另一种货币。我们今天所见的外汇市场在1970年代经历起经历不断的发展，当时很多国家将他们过往的固定汇率制度（根据不雷顿森林体系）转换为浮动汇率制。 现在，外汇市场是世界上规模最大、流动性最强的市场之一，市场参与者包括各大银行，各中央银行、货币投机者、企业、政府，以及其他机构。全球外汇市场和其他相关市场的每日平均交易额不断上升。跟据国际结算银行的报告，2007年4月传统的每日成交量突破32亿美元。从那时起，市场一直在整张。根据《欧洲货币》的年度外会调查，2007年到2008年间，交易额增长了41%。 外汇市场的目的是为了促进交易和投资。正是因为世界多种货币共存，如美元、英镑等，以及用这些货币进行交易的需要，才使得对外汇市场的需求不断增加。 The foreign exchange market is unique because of ·its huge trading volume representing the largest asset class in the world leading to high liquidity; ·its geographical dispersion; ·its continuous operation: 24 hours a day except weekends, i.e. trading from 20:15 GMT on Sunday until 22:00 GMT Friday; ·the variety of factors that affect exchange rates; ·the low margins of relative profit compared with other markets of fixed income; and
金融英语第二版刘文国课后翻译题答案 -CAL-FENGHAI.-(YICAI)-Company One1
中译英： 一.1.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。 Finance 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。 Financial intermediaries play the basic role of transforming financial assets that less desirable for a large part of the public into other financial assets-their own liabilities-which are more widely preferred by the public. 3.企业经营是有风险的，因而，财务经理必须对风险进行评估和管理。Businesses are inherently risky, so the financial manager has to identify risks and make sure they are managed properly. 4.投资决策首先是指投资机会，常常指资本投资项目。 The investment decision stars with the identification of investment opportunities, often referred to as capital investment projects. 5.现金预算常常被用来评估企业是否有足够的现金来维持企业的日常经营运转和（或）是否有太多现金富裕。 Cash budgets are often used to assess whether the entity has sufficient cash to fulfill regular operations and/or whether too much cash is being left in unproductive capacities. 6.按照金融学的观点，资本就是企业购买商品以生产其它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. 四.1.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。 A commercial bank shall actively conduct the risk assessment and classification of the telephone banking transfer functions, and set different limits on the transfer amount and times according to the degree of potential risks on the recipient account. 2.商业银行相对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 Commercial banks have gained more information and have large scale of data. 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 Communication Bank, Agricultural Bank, Industrial and Commercial Bank, Construction Bank also have created many branches in a city or town, and that makes easier 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 a CD, is a type of savings certificate.
经济学院经济类专业课程教学大纲 金融英语 课程名称：金融英语Financial English 课程编码：012099 学分：2分 总学时：32学时 适用专业：金融学 先修课程：基础英语、金融学、货币银行学 执笔人：曾江辉 审订人：王华明 一、课程的性质、目的与任务 金融英语是金融学专业选修课程，其目的是培养学生的金融专业英语语言能力和实际运用英语处理与金融有关业务的能力。金融英语不仅具有其独特的专业词语、常用句式和文体风格,而且具有金融行业的内在知识体系,具有融思想性、知识性、技术性为一体的特征。要求此课程以现代课程理念为指导，突出学生的主体和多学科知识的综合性，突出培养学生的学习能力。Financial English is a elective courses for Finance Major, which purpose is to cultivate the students' ability of using English language of Finance professional and practical use of English to deal with related financial business. Financial English not only has the professional words, but also has sentence patterns and unique style. It has the internal knowledge system and is melted with the thought and knowledge, technology as the characteristics. The requirements of this course is provided by modern curriculum ideas as a guide, the main highlight comprehensive for students and multi-disciplinary knowledge. It emphasizes the training of students learning ability. 二、教学内容与学时分配 Chapter 1 Money (2学时) 1.1 Definition of Money 1.2 Types of Money 1.3 Functions of Money 1.4 Interest and Interest Rate 1.5 Money Supply 1.6 China's Monetary System Exercises Chapter 2 Foreign Exchange （4学时） 2.1 Definitions and Quotations 2.2 Foreign Exchange Transactions Exercises Chapter 3 Balance of Payments （4学时）
International Finance 国际金融 Notes to the answers: 1、All the terms can be found in the text. 2、The discussions can be attained by reading the original text. Chapter 1 Answers: II. T T F F F T T III. 1. reserve currency 2. appreciate 3. was pegged to 4. deficit 5. fixed exchange rates 6. floating exchange rates 7. depreciate 8. market forces IV. 1. Confidence in the ability of the U.S. to redeem dollars for gold began to fall as potential claims against the dollar increased and U.S. gold reserves fell. 2.Under the fixed exchange rate system, the value of the dollar was tied to gold through its convertibility in to gold at the U.S. Treasury, and other nations’ currencies were tied to the dollar by the maintenance of a fixed rate of exchange. 3.IMF has adjusted its role in the exchange rate system in view of the development of the situation. 4.After the collapse of the Bretton Woods System, the task of “rigorous monitoring”the exchange rate policy of member countries fell on the shoulder of IMF. 5.Under normal conditions the stabilizing operations were sufficient to contain short-run fluctuations in a currency’s price within the required bounds of 1% of par value and thereby maintain a system of fixed exchange rates. Chapter 2 Answers: I. liquid, turnover, due to, hedge, cross trading, electronic broking, outright forwards, Over-the-counter, futures and options, derivatives, remainder. II.. 1. The fundamental changes occurred in post-war world economy. The international flow of commodities, capital and labor is intensifying, thus leading to integration of international markets. 1.Often referred to as “financial institutions with a soul”, credit unions are member-owned cooperatives that offer checking accounts, savings accounts, credit cards, and consumer loans. 2.If you think the price of gold will rise, you can buy a most simple kind of financial derivative which is called “futures”. If by that time the price really goes up, then you make a gain. But if you make a wrong guess and the price declines, then you suffer a loss. 3.Financial derivatives are financial commodities deriving from such spot market products as interest rate or bond, foreign exchange or foreign exchange rate and stock or stock indexes. There are mainly three types of derivatives: futures, options and swaps, each of which involves a mix of financial contracts. https://www.doczj.com/doc/f310773293.html,panies and investment funds are using basic currency futures and currency options, ones that are regarded as traditional hedging products for investors who want to protect their international assets from sharp gains and declines in currency prices. Chapter 3 Answers： II. 1. deposit accounts 2. securitization 3. Deregulation 4. consolidation 5. portfolio 6. thrift institutions 7. listing 8. liquidity 9. banking supervision 10. Credit risk III. 1. Depository institutions 2. commercial banks 3. credit analysis 4. working capital 5. consolidation 6. financing 7. moral hazard 8. Bank supervision and regulation 9. Credit risk 10. Liquidity risk IV. 1. If a bank’s base rate was below money market rates, a customer could borrow from a bank and lend these funds to the money market, thus making a profit on the deal. 2.Financing of international trade is one of the basic functions of a commercial bank. Not only does it father deposits (demand, time and savings accounts), but it also grants loans. 3.If you have a credit card, you buy a car, eat a dinner, take a trip,a nd even get a haircut by charging the cost to your account. 4.As the central bank and under the leadership of the State Council, the People’s Bank of China will formulate and implement monetary policies, execute supervision and control power over the banking industry. 5.One of major function of the central bank is the supervision of the clearing mechanism. A reliable clearing mechanism which can settle inter-bank transaction with high efficiency is crucial to a well-operated financial system.