金融英語句子翻譯

1、【精品文檔】如有侵權(quán)，請(qǐng)聯(lián)系網(wǎng)站刪除，僅供學(xué)習(xí)與交流金融英語句子翻譯.精品文檔.Chapter 11. However, research has shown that countries often reversed the steps mentioned above and sterilized gold flows, that is sold domestic assets when foreign reserves were rising and bought domestic assets as foreign reserves fell. Government interferen

2、ce with private gold exports also undermined the system. The picture of smooth and automatic balance of payments adjustment before World War I therefore did not always match reality.然而，研究表明各國經(jīng)常反道而行之，他們制止黃金的流動(dòng)，也就是說，當(dāng)外國儲(chǔ)備升高時(shí)他們售出國內(nèi)資產(chǎn)，而當(dāng)外國儲(chǔ)備下降時(shí)，他們購買國內(nèi)資產(chǎn)。政府對(duì)私人黃金出口的干預(yù)也破壞了該體系。第一次世界大戰(zhàn)前平衡自動(dòng)的國際收支調(diào)整情形常常與現(xiàn)實(shí)不相吻合

3、。2. The gold standard regime has conventionally been associated with three rules of the game. The first rule is that in each participating country the price of the domestic currency must be fixed in terms of gold. Since the gold content in one unit of each currency was fixed, exchange rates were als

4、o fixed. This was called the mint parity. The second rule is that there must be a free import and export of gold. The third rule is that the surplus country which is gaining gold, should allow its volume of money to increase while the deficit country, which is losing gold, should allow its volume of

5、 money to fall.金本位制按慣例與三條規(guī)則有關(guān)聯(lián)。第一條規(guī)則是每個(gè)參加國其國內(nèi)貨幣價(jià)格以黃金來確定。由于每一貨幣單位的黃金含量是固定的，所以匯率也是不變的。這叫做鑄幣平價(jià)。第二條規(guī)則是黃金須自由進(jìn)出口。第三條規(guī)則為順差國，即得到黃金的國家應(yīng)允許其貨幣量增加，而逆差國，即失去黃金的國家則允許其貨幣量減少。3. Central banks experiencing persistent gold out flows were motivated to contract their domestic asset holdings for the fear of becoming unab

6、le to meet their obligation to redeem currency notes. Thus domestic interest rates were pushed up and capital would flow in from abroad. Central banks gaining gold had much weaker incentives to eliminate their own imports of the metal. The main incentive was the greater profitability of interest-bea

7、ring domestic assets compared with “barren” gold.經(jīng)歷持續(xù)黃金輸出的央行為了避免不能履行其兌換現(xiàn)鈔的職責(zé)而趨于減少其國內(nèi)資產(chǎn)的擁有量。這樣國內(nèi)的利率會(huì)提高，資金會(huì)從國外流入。而獲得黃金的央行取消自己黃金進(jìn)口的動(dòng)機(jī)要弱得多。其主要?jiǎng)訖C(jī)在于與“貧瘠”的黃金相比，有利可圖的國內(nèi)資產(chǎn)具有巨大的獲利性。4. Given the prices of currencies fixed in terms of gold, the price levels within gold standard countries did not rise as much be

8、tween 1870 and 1914 as over the period after World war II, but national price levels moved unpredictably over shorter horizons as periods of inflation and deflation followed each other.因?yàn)槭歉鶕?jù)黃金儲(chǔ)備而確定貨幣的價(jià)格，在金本位制國家內(nèi)部的價(jià)格水平在1870年到1914年間并未像第二次世界大戰(zhàn)后時(shí)期那樣上漲。但是，全國的價(jià)格水平在短時(shí)期內(nèi)出現(xiàn)了像通貨膨脹和通貨緊縮相互交替時(shí)期的不可預(yù)見的波動(dòng)。Chapter 2

9、1. They thought a devaluation was a sign of national weakness and a revaluation would reduce the competitiveness of a country.他們（這些發(fā)達(dá)國家）認(rèn)為，貨幣貶值表示一個(gè)國家經(jīng)濟(jì)不景氣（疲軟），而貨幣升值則會(huì)削弱一個(gè)國家的競爭能力。2. The unwillingness of industrial nations to change their par values as a matter of policy when in fundamental disequilib

10、rium had two significant effects. First, it robbed the Bretton Woods system of most of its flexibility and the mechanism for adjusting balance of payments disequilibria. Second, and related to the first point, the reluctance of industrial nations to change their par value when in fundamental disequi

11、librium gave rise to huge destabilizing international capital flows by providing an excellent one-way gamble for speculators.在嚴(yán)重失衡狀態(tài)下，發(fā)達(dá)國家不愿改變其貨幣面值作為一項(xiàng)政策有兩個(gè)重大影響。首先它使布雷頓森林體系失去了大部分彈性功能和國際收支失衡的調(diào)節(jié)功能。其次，仍與第一點(diǎn)有關(guān)，這些發(fā)達(dá)國家在嚴(yán)重失衡時(shí)不情愿改變其貨幣的面值為投機(jī)商提供了極好的單向賭博的機(jī)會(huì)，因此，也就大大地提高了國際資本流通的不穩(wěn)定性。3. The IMF articles also calle

12、d for convertibility on current account transaction only because the designers of the Bretton Woods system hoped to facilitate free trade while avoiding the possibility that private capital flows might tighten the external constraints faced by policymakers.國際貨幣基金組織的條款也提倡經(jīng)常賬戶貨幣的可兌換性，僅因?yàn)槭遣祭最D森林體系的設(shè)計(jì)者們希

13、望為自由貿(mào)易提供方便，同時(shí)，避免私人資本流動(dòng)可能收緊政策制定者所面臨的外部約束。4. The most significant change introduced into the Bretton Woods system during the 1947-1971 period was the creation of Special Drawing Rights (SDRs) to supplement the international reserves of gold, foreign exchange, and the reserve position in the IMF. Somet

14、imes called paper gold, SDRs are accounting entries in the books of the IMF.1947至1971年間作為最為重大的改革機(jī)制而引入布雷頓森林體系的是特權(quán)提取款，以補(bǔ)充國際黃金儲(chǔ)備，外匯儲(chǔ)備以及在國際貨幣基金組織的儲(chǔ)備凈值。特權(quán)提取款有時(shí)也稱為紙黃金，在國際貨幣基金組織的的賬戶里作為會(huì)計(jì)分錄。5. Alternative policies were adopted but resulted in very limited success. They included the increase of short-term in

15、terest rates to discourage short-term capital outflows, the decrease of the long-term interest rates to stimulate domestic production, interventions in foreign exchange markets, and a number of direct controls over capital outflows.盡管采取了多種政策但收效極其有限。這些政策包括提高短期利率以阻止短期資金的外流，降低長期利率以刺激國內(nèi)生產(chǎn)，干預(yù)外匯市場，以及一系列直接

16、控制資金外流的措施。6. In short, the immediate cause of the collapse of the Bretton Woods system was the huge balance of deficits of the United States in the early 1970s and the inability of the U.S. to devalue the dollar. Thus, the Bretton Woods system lacked an adequate adjustment mechanism that nations wou

17、ld be willing and able to use as a matter of policy. Consequently the U.S. balance of payments deficit persisted and this undermined the confidence in the dollar. Therefore, the fundamental cause of the collapse of the Bretton Woods system is to be found in the interrelated problems of adjustment, l

18、iquidity, and confidence.總之，布雷頓森林體系崩潰的直接原因在于20世紀(jì)70年代初美國國際收支的巨大赤字及其美國貶值美元的無能為力。因此，布雷頓森林體系缺乏一種合適的各成員國都愿意并且能夠用做策略的調(diào)節(jié)機(jī)制。后來美國的國際收支赤字持續(xù)無變，這就破壞了人們對(duì)美元的信心。結(jié)果，在調(diào)節(jié)、流通和信心相互關(guān)聯(lián)的種種難題中找到了布雷頓森林體系崩潰的根本原因。Chapter 31. At the same time, there has been a movement away from a gold-based international monetary system. The

19、role of gold has diminished as a result of the Jamaica Accords. The official price of gold was abolished. One-sixth of the gold paid into the IMF in quotas was to be returned to members, one-sixth to be auctioned by the IMF to private buyers with the proceeds being used to benefit the developing cou

20、ntries. The IMF was to retain the remaining two-thirds. Finally, gold was no longer to be the unit of account of the system. Since 1974, the IMF has measured all reserves and other official transactions in terms of SDRs instead of U.S. dollars. 同時(shí)人們一直趨向脫離基于黃金的國際貨幣體系。隨著牙買加協(xié)定的生效黃金的作用大為降低。黃金的官方定價(jià)被取消。按配

21、額付給國際貨幣基金組織的黃金的六分之一返還給了各成員國，另一六分之一由國際貨幣基金組織拍賣給私人買家，拍賣所得款項(xiàng)用于幫助發(fā)展中國家；國際貨幣基金組織保留其余的三分之二。最終，黃金不再充當(dāng)國際貨幣體系的記賬單位。自1974年起，國際貨幣基金組織一直以特權(quán)提取款而不是美元來衡量所有的儲(chǔ)備額和其他官方的交易量。2. The European Monetary Community System (EMS) began in March 1979 with eight of the nine members of the European Community (all but Great Britai

22、n) participating in its Exchange Rate Mechanism(ERM) as part of its aim toward greater monetary integration among its members, including the ultimate goal of creating a common currency and a community-wide central bank.自1979年3月始，歐共體九個(gè)國家中的八個(gè)（除了英國）加入了歐洲貨幣體系的匯率機(jī)制，其目標(biāo)之一是為該體系實(shí)現(xiàn)成員國內(nèi)更大規(guī)模的貨幣一體化，包括其最終目標(biāo)。3. I

23、t seems likely that with increasing financial and economic interdependence, the evolving international financial system will involve even closer cooperation. One of the consequences of the more even sharing of economic power is the potential emergence of three trading blocs of currencies, a dollar b

24、loc based on the Americas, a yen bloc centered around Japanese trade, and a Euro bloc centered on the place of European trade. 隨著金融和經(jīng)濟(jì)的不斷獨(dú)立，發(fā)展中的國際金融體系很有可能需要更加密切的合作。經(jīng)濟(jì)力量更加均享的結(jié)果之一是三個(gè)貨幣貿(mào)易集團(tuán)的悄然出現(xiàn)：以美國為基礎(chǔ)的美元集團(tuán)，以日元為中心的日元集團(tuán)和以種歐洲本土貿(mào)易為核心的歐元集團(tuán)。4. In June 1989, a committee headed by Jacque Delors, the president

25、 of the European Commission, recommended a three-stage transition to the single currency. The first stage included widening the membership of the ERM. The second stage involved narrowing exchange rate bands as well as shifting control over some macroeconomic policies from national control to control

26、 by a central European Authority. The third stage would establish a European System of Central Banks to replace national central banks and replace national currencies with a Single European currency. 1989年6月，以歐洲委員會(huì)主席雅閣·德勒斯為首的委員會(huì)推薦了一個(gè)過渡到單一貨幣的三步走方案。第一步包括擴(kuò)大匯率機(jī)制成員國。第二步涉及縮小匯率的上下限，同時(shí)把對(duì)宏觀經(jīng)濟(jì)政策調(diào)控由國家控制改由

27、一個(gè)歐洲中央權(quán)威機(jī)構(gòu)控制。第三步將建立一個(gè)歐洲央行體系來替代各國央行并用一種歐洲貨幣替代各國的貨幣。Chapter 41. The IMF tracks global economic trends and performance, alerts its member countries when it sees problems on the horizon, provides a forum for policy dialogue, and passes on know-how to governments on how to tackle economic difficulties.國際

28、貨幣基金組織追蹤全球經(jīng)濟(jì)趨勢(shì)與經(jīng)濟(jì)表現(xiàn)，當(dāng)發(fā)現(xiàn)即將發(fā)生的問題時(shí)對(duì)其成員國發(fā)出警告，為政策對(duì)話提供論壇，并向政府提供應(yīng)對(duì)經(jīng)濟(jì)困難的專業(yè)知識(shí)。2. Keynes' proposals would have established a world reserve currency (which he thought might be called "bancor”) administered by a central bank vested with the possibility of creating money and with the authority to take a

29、ctions on a much larger scale (understandable considering deflationary problems in Britain at the time).凱恩斯的提案應(yīng)該是要確立一種世界儲(chǔ)備貨幣（他覺得可以稱之為“班科”），該貨幣由一個(gè)可以創(chuàng)造貨幣和有權(quán)在更大程度上（考慮到當(dāng)時(shí)英國的通貨緊縮，可以理解）采取行動(dòng)的中央銀行管理。3. Such market imperfections, together with balance of payments financing, provide the Justification for offi

30、cial financing, without which many countries could only correct large external payment imbalances through measures with adverse effects on both national and international economic prosperity.如此的市場不完全性，加上國際收支資金融通，提供了官方融資的正當(dāng)性。如果沒有這種機(jī)制，很多國家會(huì)采取措施來糾正對(duì)外支付失衡的巨額款項(xiàng)，而這些措施無論對(duì)國內(nèi)還是對(duì)國際的經(jīng)濟(jì)繁榮都會(huì)產(chǎn)生負(fù)面的影響。4. The Board

31、of Governors, the highest decision-making body of the IMF, consists of one governor and one alternate governor for each member country. The governor is appointed by the member country and is usually the minister of finance or the governor of the central bank.作為IMF的最高決策機(jī)構(gòu)，理事會(huì)由一名理事長和每個(gè)成員國的候補(bǔ)理事長組成。理事長由

32、成員國選出，通常為財(cái)政部長或央行行長。Chapter 51. When the Marshall Plan went into effect in 1947, many European countries bagan receiving aid from other sources. Faced with this competition, the World Bank shifted its focus to non-European countries. Until 1968, its loans were earmarked for the construction of income

33、-producing infrastructure, such as seaports, highway systems, and power plants that would generate enough income to enable a borrower country to repay the loan.當(dāng)馬歇爾計(jì)劃于1947年實(shí)施的時(shí)候，許多歐洲國家開始接受其他來源的援助。面對(duì)這一競爭，世行將其重心轉(zhuǎn)移至非歐洲國家。直到1968年，世行貸款專門用于產(chǎn)生效益的基礎(chǔ)設(shè)施的建設(shè)，如海港、公路系統(tǒng)和發(fā)電廠，這樣資金借入國能夠獲得足夠的收入償還貸款。2. During the 1980s

34、, the bank emphasized lending to service Third-World debt, and structural adjustment policies designed to streamline the economics of developing nations. UNICEF reported in the late 1980s that the structural adjustment programs of the World Bank had been responsible for “reduced health, nutritional

35、and educational levels for tens of millions of children in Asia, Latin American, and Africa.20世紀(jì)80年代，世行著重滿足第三世界貸款需要，以及致力于第三世界國家經(jīng)濟(jì)重組的結(jié)構(gòu)調(diào)整政策。聯(lián)合國兒童基金會(huì)在20世紀(jì)80年代后期報(bào)道說世界銀行的結(jié)構(gòu)調(diào)整項(xiàng)目對(duì)數(shù)千萬亞洲、拉丁美洲和非洲兒童的健康、營養(yǎng)和教育層次的下降負(fù)有責(zé)任。3. Ending poverty and promoting shared prosperity are unequivocally also about progress in no

36、n-monetary dimensions of welfare including education, health, nutrition, and access to essential infrastructure, as well as about enhancing voice and participation of all segments of society in economic, social, and political spheres.消除貧困和促進(jìn)共同繁榮也非常清晰地涉及非貨幣化的福利方面的進(jìn)步，包括教育、健康、營養(yǎng)和獲得必要的基礎(chǔ)設(shè)施，同時(shí)也涵蓋加強(qiáng)經(jīng)濟(jì)、社會(huì)、

37、政治等所有社會(huì)階層的發(fā)言權(quán)和參與機(jī)會(huì)。4. Reaching the target, which would effectively and extreme poverty globally in less than a generation, is an ambitious endeavor. It will require sustaining high rates of economic growth across the developing world, as well as translating growth more effectively into poverty reduc

38、tion in each developing country.在不到一代人的時(shí)間內(nèi)在全球范圍有效消除極端貧困，要達(dá)到這樣的目標(biāo)是一項(xiàng)雄心勃勃的努力，需要發(fā)展中國家持續(xù)的高經(jīng)濟(jì)增長率，以及在每一個(gè)發(fā)展中國家將發(fā)展更有效地轉(zhuǎn)化為減貧。Chapter 61. From 31 members at its establishment, ADB now has 67 members - of which 48 are from within Asia and the Pacific and 19 outside. ADB was modeled closely on the World Bank, a

39、nd has a similar weighted voting system where votes are distributed in proportion with members capital subscriptions.從創(chuàng)建時(shí)的31名成員，亞洲開發(fā)銀行現(xiàn)有67名成員國，其中48名來自亞洲和太平洋地區(qū)，19名來自地區(qū)外。亞洲開發(fā)銀行高度模仿世界銀行，有著相似的加權(quán)表決體系，票數(shù)根據(jù)成員國資本的認(rèn)繳款額比例分配。2. ADBs assistance expanded in the 1970s into education and health, and then to infras

40、tructure and industry. The gradual emergence of Asian economies in the later part of the decade spurred demand for better infrastructure to support economic growth. ADB focused on improving roads and providing electricity.20世紀(jì)70年代，亞行的援助項(xiàng)目擴(kuò)展至教育和公共衛(wèi)生，以及后來的基礎(chǔ)設(shè)施和工業(yè)領(lǐng)域。70年代后半期亞洲經(jīng)濟(jì)開始增長，激發(fā)了對(duì)于更好的基礎(chǔ)設(shè)施的需求，用以支撐

41、經(jīng)濟(jì)增長，亞行集中于修建道路與供電。3. In the wake of the second oil crisis, ADB continued its support to infrastructure development, particularly energy projects. ADB also increased its support to social infrastructure, including gender, microfinance, environmental, education, urban planning, and health issues.緊隨第二次

42、石油危機(jī)，亞行繼續(xù)支持基礎(chǔ)設(shè)施建設(shè)，特別是能源項(xiàng)目。亞行也增加了對(duì)于社會(huì)基礎(chǔ)設(shè)施項(xiàng)目的支持，涉及性別、小額信貸、環(huán)境、教育、城市規(guī)劃和健康問題。4. For OCR, members subscribe capital, including paid-in and callable elements, a 50 percent paid-in ratio for the initial subscription, 5 percent for the Third General Capital Increase (GCI) in 1983 and 2 percent for the Fourth

43、 General Capital Increase in 1994.就普通資本來源而言，成員國認(rèn)購資本，包括已繳納和可贖回資本，50%為初始認(rèn)購的已繳納比例，5%為1983年的第三次總增資，2%為1994年的第四次總增資。5. Self-evaluation is conducted by the units responsible for designing and implementing country strategies, programs, projects, or technical assistance activities. It comprises several inst

44、ruments, including project/program performance reports, midterm review reports, technical assistance or project/program completion reports, and country portfolio reviews.自我評(píng)估由負(fù)責(zé)設(shè)計(jì)和執(zhí)行國家戰(zhàn)略、規(guī)劃、項(xiàng)目或者技術(shù)援助行為的部門實(shí)施，由若干手段構(gòu)成，包括項(xiàng)目執(zhí)行情況報(bào)告、中期檢查報(bào)告、技術(shù)援助或項(xiàng)目完成報(bào)告以及國家組合評(píng)估。6. Operation evaluation has changed from the beg

45、innings of evaluation in ADB in 1978. Initially, the focus was on assessing after completion the extent to which projects had achieved their exported economic and social benefits. Operations evaluation now shapes decision making throughout the project cycle and in ADB as a whole. 自1978年評(píng)估開始以來，亞行的運(yùn)營評(píng)

46、估已經(jīng)有所改變。初始時(shí)評(píng)估重點(diǎn)是在項(xiàng)目完成后評(píng)估項(xiàng)目所達(dá)到的預(yù)期經(jīng)濟(jì)和社會(huì)效益的程度?，F(xiàn)在，運(yùn)營評(píng)估貫穿整個(gè)項(xiàng)目周期，而且在整體上影響著亞行的決策。(1) Later in the decade, ADB approved a policy supporting collaboration with nongovernment organizations to address the basic needs of disadvantaged groups in its developing member countries.80年代后期，亞洲發(fā)展銀行通過了一項(xiàng)新的政策，支持與非政府組織的合作以

47、應(yīng)對(duì)其發(fā)展中成員國落后群體的要求。(2) Behavioral autonomy, avoidance of conflicts of interest, insulation from external influence, and organizational independence have made evaluation a dedicated tool - governed by the principles of usefulness, credibility, transparency, and independence - for greater accountability

48、 and making development assistance work better. Independence Evaluation at the Asian Development Bank presents a perspective of evaluation in ADB from the beginnings and looks to a fortune in which knowledge management plays an increasingly important role.行為自主，避免利益沖突，杜絕外部影響，以及機(jī)構(gòu)的獨(dú)立使得評(píng)估成為一個(gè)專用工具，在實(shí)用、可

49、信、透明和獨(dú)立的原則指導(dǎo)下，取得更有效的問責(zé)機(jī)制，并使得發(fā)展援助更好地發(fā)揮作用。Chapter 91. Renminbi currency production is carried about by a state owned corporation, China Banknote Printing and Minting (CBPMC) headquartered in Beijing. CBPMC uses a network of printing and engraving and minting facilities around the country to produce ba

50、nknotes and coins for subsequent distribution. Banknote printing facilities are based in Beijing, Shanghai, Chengdu, Xian, Shijiazhuang, and Nanchang. Mints are located in Nanjing, Shanghai, and Shenyang. Also, high grade paper for the banknotes is produced at two facilities in Baoding and Kunshan.人

51、民幣由一家國營公司制造中國印鈔造幣總公司，總部設(shè)在北京。該公司通過全國的印刷、制版和鑄幣的網(wǎng)絡(luò)體系生產(chǎn)紙幣和硬幣后分送各地。紙幣印制機(jī)構(gòu)設(shè)置在北京、上海、成都、西安、石家莊和南昌；鑄幣機(jī)構(gòu)分布在南京、上海和沈陽。另有保定、昆山二家機(jī)構(gòu)負(fù)責(zé)生產(chǎn)用于印制紙幣的高級(jí)紙張。2. The first series of Renminbi banknotes was introduced by the Peoples Bank of China in December 1948, about a year before the Chinese Communist Partys victory in Chinas War of Liberation. It was issued only in paper money form and replaced the various currencies circulating in the areas controlled by the communists. One of the first tasks of the new government was to end the hyperinflation that had plagued