劉鐵敏《金融專業(yè)英語(yǔ)》(第2版)-習(xí)題參考答案20

AnswerChapter1.MoneyQuestionsfordiscussion(keypoint)Moneyisanyitemorverifiablerecordthatisgenerallyacceptedaspaymentforgoodsandservicesandrepaymentofdebtsinaparticularcountryorsocio-economiccontext.Cowrieshells,Whales’teeth,nickels,dimes，Jiaoziandsoon.BEIJING

—China'sconsumerpriceindex(CPI),amaingaugeofinflation,rose2.9percentyear-on-yearin2019,withingovernmenttargetof3percent,officialdatashowedonJan9.Thegrowthpickedupfrom2.8percentinthefirst11months,andwasabovethe2.1-percentannualincreasein2018,accordingtotheNationalBureauofStatistics.InDecember,theCPIclimbed4.5percentyear-on-year,unchangedfromthatinNovember.Thehikewasmainlydrivenbyfoodprices,whichsoared17.4percentyear-on-yearlastmonth,contributing3.43percentagepointstotheincreaseinDecember.Porkpricessurged97percentyear-on-yearinDecember,slowingfromthe110.2-percentgrowthseeninNovember.Pricesofotherkindsofproteinincludingbeef,muttonandpoultrysawslowergrowthlastmonth.Non-foodpricesgained1.3percentlastmonth,fasterthanthe1-percentgrowthinNovember,thebureausaid.TheCPIinurbanandruralareaspostedayear-on-yeargrowthof4.2percentand5.3percent,respectively.ThecoreCPI,whichexcludesfoodandenergyprices,tickedup1.4percentyear-on-yearinDecember,flatwiththatinNovember.ThedatareleasedonJan9alsoshowedthatChina'sproducerpriceindex,whichmeasurescostsforgoodsatthefactorygate,dropped0.3percentyear-on-yearin2019.M2,abroadmeasureofmoneysupplythatcoverscashincirculationandalldeposits,rose8.7percent.GovernorofthePeople'sBankofChinaYiGangattendsapressconferenceonthefinancialreformanddevelopmentforthesecondsessionofthe13thNationalPeople'sCongress(NPC)inBeijing,capitalofChina,March10,2019."Themonetarypolicywillbereasonableinthematteroftotalamount,nottooeasednortootightened,whichmeansthegrowthrateofM2moneysupplyorsocialfinancingwillbekeptataboutthesamelevelwiththegrowthrateoftheGDPoftheprivateeconomy,"saidthePBOCgovernor.Explainbyyourownreasons.Checkyourcomprehension.A2.B3.C4.D5.DClozeD2.A3.F4.B5.GTranslationsTranslatetheEnglishtoChineseInthedaysofthegoldstandard,thevolumeofmoneyandcreditincirculationwastiedtotheamountofgoldinacountry’svaults.在金本位時(shí)代，流通中的貨幣和信貸量與一個(gè)國(guó)家的金庫(kù)中的黃金數(shù)量是掛鉤的。(2)Centralbanksretaintherighttoexpandthevolumeofdomesticcredittokeeppacewiththegrowthofthehomeeconomy.中央銀行保留擴(kuò)大國(guó)內(nèi)信貸的權(quán)利，以跟上國(guó)內(nèi)經(jīng)濟(jì)增長(zhǎng)的步伐。(3)Eventually,however,growthintheworld’seconomiestranslatesintoagrowingdemandfordollarassets.最后，世界經(jīng)濟(jì)的增長(zhǎng)轉(zhuǎn)化為對(duì)美元資產(chǎn)的需求增長(zhǎng)。(4)Themoremoneycentralbanksprint,themoredollarstheyliketoholdinreservetounderpintheircurrency.中央銀行印出越多的美元，他們就喜歡持有越多的美元以鞏固其貨幣儲(chǔ)備。(5)Themorebusinessisdoneacrossborders,themoredollarstradersneedtocovertheirtransactions.跨越國(guó)業(yè)務(wù)越多的，交易員就需要越多的美元進(jìn)行交易TranslatetheChineseintoEnglish(1)美元現(xiàn)在看起來(lái)脆弱不堪。Thedollarisnowlookingfragile.(2)美元幣值維持依靠的并不是美國(guó)出口的強(qiáng)勁，而是國(guó)外資本的大量流入。ThevalueofthedollarisnotdependentonstrongexportintheUnitedStates,butalargeinfluxofforeigncapital.(3)美國(guó)，一個(gè)資本如此富足的國(guó)家，竟然每天需要從國(guó)外輸入將近20億美元才能彌補(bǔ)經(jīng)常項(xiàng)目的巨額赤字。Asacountrythatissorichincapitalendowment,UntiedStatesneedsinflow2billiondollarsadayabroadtocoveralargedeficitinthecurrentaccount.(4)大多數(shù)經(jīng)濟(jì)學(xué)家認(rèn)為，美國(guó)如此巨大的外貿(mào)赤字會(huì)很快抽干別國(guó)的儲(chǔ)蓄。MosteconomistsbelievethattheUnitedStatesissohugeforeigntradedeficitwillsoondrawthesavingsofothercountries.(6)一旦資本流入的來(lái)源枯竭，有人估計(jì)，美元將會(huì)貶值四分之一。Oncethesourceofcapitalinflowshasdriedup,itisestimatedthatthedollarvaluewillfallby1/4.Chapter2FinancialMarketQuestionsfordiscussion(keypoint)InChina,therearedifferentfunctionsthatthefinancialmarketsperformwhichincludesdeterminationofthepriceswherefinancialmarketshelpinpricediscoveryofvariousfinancialinstruments,mobilizationofthefunds,providinganopportunitytodifferentinvestorstobuyorselltheirrespectivefinancialinstrumentatthefairvaluethatisprevailinginmarket,providingthevarioustypesofinformationtotraders,andthesharingoftherisk,etc.Thecapitalmarketisafinancingmarketforlong-termfunds,andthecurrencymarketisashort-termfinancingmarket.1.DifferentfeaturesThecharacteristicsofthecapitalmarketare:thetradingfinancialinstrumentshavealongperiod;thetransactionismainlytomeetthedemandandsupplyoflong-terminvestmentfunds;theamountofcapitalborrowingandlendingislarge;themarkettradingtoolsareriskyandspeculative.Thecurrencymarketreferstoamarketthatusesfinancialinstrumentswithamaturityoflessthanoneyearasamediumforshort-termfinancing.Itischaracterizedbyashorttransactionperiodandrelativelylowrisk.2.Differentfunctions.Thecapitalmarketistoraisefundsandallocateresources.Thecurrencymarketadjustssurplusandshortageoffundstomeetshort-termfinancingneeds.3.Thesub-marketsaredifferent.Thebroadcapitalmarketincludestwoparts,oneisthebank'smediumandlong-termdepositandloanmarket,andtheotheristhesecuritiesmarket,includingthebondmarketandstockmarket;thenarrowcapitalmarketreferstothemarketforissuingandcirculatingstocks,bonds,fundsandothersecurities,Collectivelyreferredtoasthesecuritiesmarket.Thecurrencymarketismainlycomposedofsub-marketssuchasinter-banklending,commercialpaper,treasurybills,andrepurchaseagreements.Therearesimilaritiesbetweenoptionsandfutures.Botharebasicon-marketderivativesandbothhaveriskmanagementfunctions.However,optionsandfuturesarequitedifferentintermsoftherightsandobligationsofbuyersandsellers,thecharacteristicsofriskandreturn,themarginsystemandthenumberofcontracts.Rightsandobligations:Therightsandobligationsofbuyersandsellersofoptionsarenotequal,whiletherightsandobligationsofbuyersandsellersoffuturesareequal.Bothbuyersandsellersoffutureshaveassumedtheobligationtoperformthecontractandmustdeliverontheexpirydate.Foroptions,onlythesellerundertakestheobligationtoperformthecontract,andthebuyeronlyenjoystherightsbutnottheobligations.Bybuyingandsellingoptions,investorscanseparaterightsandobligationstoachievethepurposeofflexibleinvestmentandriskmanagement.Risk-returncharacteristics:Therisk-returncharacteristicsofoptionsandfuturesaredifferent.Thereturnofoptionsandthereturnoftheunderlyingassetarenon-linear,andthereisnofixedproportionalrelationshipbetweenthetwo;whilethereisafixedproportionalrelationshipbetweenthereturnoffuturesandthereturnoftheunderlyingasset.Marginsystem:Themarginsystemforoptionsandfuturesisdifferent.Inoptiontransactions,thesellerisobligedtopayadepositasaperformancebond,andthebuyeronlyenjoystheright,sothereisnoneedtopayadeposit.Bothbuyersandsellersoffuturesbeartheobligationtoperformthecontract,sobothpartiesneedtopayadeposit.Numberofcontracts:Thenumberofoptioncontractsismuchgreaterthanthatoffuturescontracts.Therearemultiplecontractsofcallandputoptionswithdifferentexercisepricesineachcontractmonthofoptions,whilethereisonlyonecontractineachcontractmonthoffutures.Uncertain.In\o"Economics"economicsand\o"Finance"finance,riskaversionisthebehaviorof\o"Human"humans(especially\o"Consumer"consumersand\o"Investor"investors),whenexposedto\o"Uncertainty"uncertainty,toattempttoreducethatuncertainty.Itisthereluctanceofapersontoacceptabargainwithanuncertainpayoffratherthananotherbargainwithamorecertain,butpossiblylower,\o"Expectedvalue"expectedpayoff.Forexample,arisk-averseinvestormightchoosetoputhisorhermoneyintoa\o"Bank"bankaccountwithalowbutguaranteedinterestrate,ratherthanintoa\o"Stock"stockthatmayhavehighexpectedreturns,butalsoinvolvesachanceoflosingvalue.Checkyourcomprehension.D2.D3.C4.C5.B6.D7.C8.BClozeB2.F3.D4.C5.GTranslation1.TranslateEnglishtoChinese（1）Chinaisinthetransitionfromaplannedeconomytomarketeconomicsystem,thereforeitseconomicdevelopmentdoesnotdisplayclearcyclesasthematuredeconomiesdo.中國(guó)正處于由計(jì)劃經(jīng)濟(jì)向市場(chǎng)經(jīng)濟(jì)體制轉(zhuǎn)變的過(guò)渡期，經(jīng)濟(jì)發(fā)展并沒(méi)有明確表現(xiàn)為成熟的經(jīng)濟(jì)周期。(2)Inthematuredmarketeconomies,duetotheobviouscyclesineconomicgrowth,theadjustmentofinterestratealsoshowaperiodicfeature,thatis,raisingtheinterestrateinoneperiodandcuttingtherateinanother.在成熟的市場(chǎng)經(jīng)濟(jì)中，由于經(jīng)濟(jì)增長(zhǎng)周期明顯，利率的調(diào)整也表現(xiàn)出周期性的特征，即在一個(gè)時(shí)期內(nèi)提高利率，另一時(shí)期則削減利率。(3)ThepatternofeconomiccyclesinChinaisnotyetthatstable,soit’snotappropriatetosaythatwehaveenteredacertainperiod.中國(guó)經(jīng)濟(jì)周期的模式還沒(méi)有那么穩(wěn)定，所以我們已經(jīng)進(jìn)入了一段確定性的時(shí)期這一說(shuō)法是不恰當(dāng)?shù)摹?4)Thecentralbank’sdecisiononraisingtheinterestratewillbebasedontheclosemonitoringofthechangingeconomicandfinancialsituation.中央銀行關(guān)于提高利率的決定，將基于對(duì)不斷變化的經(jīng)濟(jì)和金融狀況的密切監(jiān)測(cè)。(5)Withregardtothe“negativeinterestrate”,weshallunderstandthatinterestratepolicyisnotmeanttoensurethattherealinterestrateispositiveatanyparticularpointoftime.Instead,itdependsonvariousfactors.關(guān)于“負(fù)利率”，我們會(huì)明白，利率政策并不是為了確保實(shí)際利率在任何特定時(shí)間內(nèi)都是正的。相反，它取決于各種因素。2.TranslateChinesetoEnglish(1)在貨幣供應(yīng)總量大體適度的情況下，結(jié)構(gòu)方面存在某些問(wèn)題有一定的必然性。Inthecaseofthetotalamountofmoneysupply,therearesomecertainproblemsinthestructure.（2）在金融運(yùn)行中，我們要求業(yè)界堅(jiān)持區(qū)別對(duì)待，有保有壓的方針，特別是注重改善對(duì)小企業(yè)的信貸服務(wù)。Intheoperationofthefinancialsector,wehaverequiredtheindustrytoadheretotreatdifferetly,thereispressuretomaintainthepolicy,inparticular,tofocusonimprovingthecreditservicesforsmallbusinesses.（3）我們同時(shí)也要看到，市場(chǎng)在變化，企業(yè)的需求也在不斷的變化。Wewanttoseethatthemarketischanging,theneedsofenterprisesareconstantlychangingaswell.（4）中央銀行一方面要加強(qiáng)和改善信貸政策的窗口指導(dǎo)；另一方面，也要通過(guò)促進(jìn)銀行自身改革來(lái)更好地解決結(jié)構(gòu)問(wèn)題。Ontheonehand,thecentralbankshouldstrengthenandimprovethewindowguidanceofcreditpolicy;Ontheotherhand,itisalsotobettersolvethestructuralproblemsbypromotingthereformofthebankitself.（5）目前一些地方和企業(yè)反映的資金緊張?zhí)貏e是流動(dòng)資金緊張的問(wèn)題，也與固定資產(chǎn)投資規(guī)模和庫(kù)存多大密切相關(guān)。Atpresent,somelocalandenterprisereflectthefinancialstrain,especiallytheshortageofliquidity,andalsocloselyrelatedtothesizeoffixedassetinvestmentandinventory.Chapter3.PolitiesandEconomicsQuestionsfordiscussion(keypoint)InChina,therearedifferentfunctionsthatthefinancialmarketsperformwhichincludesdeterminationofthepriceswherefinancialmarketshelpinpricediscoveryofvariousfinancialinstruments,mobilizationofthefunds,providinganopportunitytodifferentinvestorstobuyorselltheirrespectivefinancialinstrumentatthefairvaluethatisprevailinginmarket,providingthevarioustypesofinformationtotraders,andthesharingoftherisk,etc.Thecapitalmarketisafinancingmarketforlong-termfunds,andthecurrencymarketisashort-termfinancingmarket.1.DifferentfeaturesThecharacteristicsofthecapitalmarketare:thetradingfinancialinstrumentshavealongperiod;thetransactionismainlytomeetthedemandandsupplyoflong-terminvestmentfunds;theamountofcapitalborrowingandlendingislarge;themarkettradingtoolsareriskyandspeculative.Thecurrencymarketreferstoamarketthatusesfinancialinstrumentswithamaturityoflessthanoneyearasamediumforshort-termfinancing.Itischaracterizedbyashorttransactionperiodandrelativelylowrisk.2.Differentfunctions.Thecapitalmarketistoraisefundsandallocateresources.Thecurrencymarketadjustssurplusandshortageoffundstomeetshort-termfinancingneeds.3.Thesub-marketsaredifferent.Thebroadcapitalmarketincludestwoparts,oneisthebank'smediumandlong-termdepositandloanmarket,andtheotheristhesecuritiesmarket,includingthebondmarketandstockmarket;thenarrowcapitalmarketreferstothemarketforissuingandcirculatingstocks,bonds,fundsandothersecurities,Collectivelyreferredtoasthesecuritiesmarket.Thecurrencymarketismainlycomposedofsub-marketssuchasinter-banklending,commercialpaper,treasurybills,andrepurchaseagreements.Therearesimilaritiesbetweenoptionsandfutures.Botharebasicon-marketderivativesandbothhaveriskmanagementfunctions.However,optionsandfuturesarequitedifferentintermsoftherightsandobligationsofbuyersandsellers,thecharacteristicsofriskandreturn,themarginsystemandthenumberofcontracts.Rightsandobligations:Therightsandobligationsofbuyersandsellersofoptionsarenotequal,whiletherightsandobligationsofbuyersandsellersoffuturesareequal.Bothbuyersandsellersoffutureshaveassumedtheobligationtoperformthecontractandmustdeliverontheexpirydate.Foroptions,onlythesellerundertakestheobligationtoperformthecontract,andthebuyeronlyenjoystherightsbutnottheobligations.Bybuyingandsellingoptions,investorscanseparaterightsandobligationstoachievethepurposeofflexibleinvestmentandriskmanagement.Risk-returncharacteristics:Therisk-returncharacteristicsofoptionsandfuturesaredifferent.Thereturnofoptionsandthereturnoftheunderlyingassetarenon-linear,andthereisnofixedproportionalrelationshipbetweenthetwo;whilethereisafixedproportionalrelationshipbetweenthereturnoffuturesandthereturnoftheunderlyingasset.Marginsystem:Themarginsystemforoptionsandfuturesisdifferent.Inoptiontransactions,thesellerisobligedtopayadepositasaperformancebond,andthebuyeronlyenjoystheright,sothereisnoneedtopayadeposit.Bothbuyersandsellersoffuturesbeartheobligationtoperformthecontract,sobothpartiesneedtopayadeposit.Numberofcontracts:Thenumberofoptioncontractsismuchgreaterthanthatoffuturescontracts.Therearemultiplecontractsofcallandputoptionswithdifferentexercisepricesineachcontractmonthofoptions,whilethereisonlyonecontractineachcontractmonthoffutures.Uncertain.In\o"Economics"economicsand\o"Finance"finance,riskaversionisthebehaviorof\o"Human"humans(especially\o"Consumer"consumersand\o"Investor"investors),whenexposedto\o"Uncertainty"uncertainty,toattempttoreducethatuncertainty.Itisthereluctanceofapersontoacceptabargainwithanuncertainpayoffratherthananotherbargainwithamorecertain,butpossiblylower,\o"Expectedvalue"expectedpayoff.Forexample,arisk-averseinvestormightchoosetoputhisorhermoneyintoa\o"Bank"bankaccountwithalowbutguaranteedinterestrate,ratherthanintoa\o"Stock"stockthatmayhavehighexpectedreturns,butalsoinvolvesachanceoflosingvalue.Checkyourcomprehension.D2.D3.C4.C5.B6.D7.C8.BClozeB2.F3.D4.C5.GTranslation1.TranslateEnglishtoChinese（1）Chinaisinthetransitionfromaplannedeconomytomarketeconomicsystem,thereforeitseconomicdevelopmentdoesnotdisplayclearcyclesasthematuredeconomiesdo.中國(guó)正處于由計(jì)劃經(jīng)濟(jì)向市場(chǎng)經(jīng)濟(jì)體制轉(zhuǎn)變的過(guò)渡期，經(jīng)濟(jì)發(fā)展并沒(méi)有明確表現(xiàn)為成熟的經(jīng)濟(jì)周期。(2)Inthematuredmarketeconomies,duetotheobviouscyclesineconomicgrowth,theadjustmentofinterestratealsoshowaperiodicfeature,thatis,raisingtheinterestrateinoneperiodandcuttingtherateinanother.在成熟的市場(chǎng)經(jīng)濟(jì)中，由于經(jīng)濟(jì)增長(zhǎng)周期明顯，利率的調(diào)整也表現(xiàn)出周期性的特征，即在一個(gè)時(shí)期內(nèi)提高利率，另一時(shí)期則削減利率。(3)ThepatternofeconomiccyclesinChinaisnotyetthatstable,soit’snotappropriatetosaythatwehaveenteredacertainperiod.中國(guó)經(jīng)濟(jì)周期的模式還沒(méi)有那么穩(wěn)定，所以我們已經(jīng)進(jìn)入了一段確定性的時(shí)期這一說(shuō)法是不恰當(dāng)?shù)摹?4)Thecentralbank’sdecisiononraisingtheinterestratewillbebasedontheclosemonitoringofthechangingeconomicandfinancialsituation.中央銀行關(guān)于提高利率的決定，將基于對(duì)不斷變化的經(jīng)濟(jì)和金融狀況的密切監(jiān)測(cè)。(5)Withregardtothe“negativeinterestrate”,weshallunderstandthatinterestratepolicyisnotmeanttoensurethattherealinterestrateispositiveatanyparticularpointoftime.Instead,itdependsonvariousfactors.關(guān)于“負(fù)利率”，我們會(huì)明白，利率政策并不是為了確保實(shí)際利率在任何特定時(shí)間內(nèi)都是正的。相反，它取決于各種因素。2.TranslateChinesetoEnglish(1)在貨幣供應(yīng)總量大體適度的情況下，結(jié)構(gòu)方面存在某些問(wèn)題有一定的必然性。Inthecaseofthetotalamountofmoneysupply,therearesomecertainproblemsinthestructure.（2）在金融運(yùn)行中，我們要求業(yè)界堅(jiān)持區(qū)別對(duì)待，有保有壓的方針，特別是注重改善對(duì)小企業(yè)的信貸服務(wù)。Intheoperationofthefinancialsector,wehaverequiredtheindustrytoadheretotreatdifferetly,thereispressuretomaintainthepolicy,inparticular,tofocusonimprovingthecreditservicesforsmallbusinesses.（3）我們同時(shí)也要看到，市場(chǎng)在變化，企業(yè)的需求也在不斷的變化。Wewanttoseethatthemarketischanging,theneedsofenterprisesareconstantlychangingaswell.（4）中央銀行一方面要加強(qiáng)和改善信貸政策的窗口指導(dǎo)；另一方面，也要通過(guò)促進(jìn)銀行自身改革來(lái)更好地解決結(jié)構(gòu)問(wèn)題。Ontheonehand,thecentralbankshouldstrengthenandimprovethewindowguidanceofcreditpolicy;Ontheotherhand,itisalsotobettersolvethestructuralproblemsbypromotingthereformofthebankitself.（5）目前一些地方和企業(yè)反映的資金緊張?zhí)貏e是流動(dòng)資金緊張的問(wèn)題，也與固定資產(chǎn)投資規(guī)模和庫(kù)存多大密切相關(guān)。Atpresent,somelocalandenterprisereflectthefinancialstrain,especiallytheshortageofliquidity,andalsocloselyrelatedtothesizeoffixedassetinvestmentandinventory.Chapter4CentralBank—PBCGivethenamesofthecentralbanksindifferentcountries日本：BankofJapan;加拿大：BankofCanada;美國(guó)：TheFederalReserveSystem;墨西哥：BankofMexico;法國(guó)：BankofFrance;德國(guó)：Bundesbank;英國(guó)：BankofEnglandII.TranslatethefollowingsentencesintoChinese1.每個(gè)建立起銀行體系的國(guó)家都有中央銀行。廣義上說(shuō)，中央銀行起著銀行的作用。它就貨幣政策與政府保持聯(lián)系并提供建議，并確保采取必要的步驟來(lái)貫徹執(zhí)行。2.中央銀行與商業(yè)銀行在許多方面有所不同:(1)他們的目標(biāo)不是追求利潤(rùn)最大化，而這是所有商業(yè)銀行的根本目標(biāo)(中央銀行通常是國(guó)有化的機(jī)構(gòu));(2)對(duì)商業(yè)銀行具有監(jiān)督作用;(3)能夠影響商業(yè)銀行和其他金融機(jī)構(gòu)的行動(dòng)，特別是在貸款方面;(4)控制紙幣和硬幣的發(fā)行;(5)他們不與商業(yè)銀行競(jìng)爭(zhēng)業(yè)務(wù)，但他們通常擁有政府銀行賬戶;(6)它們是銀行體系的“最后貸款人”;(7)他們不為個(gè)人和工商企業(yè)客戶提供全面的銀行服務(wù)。3.在英國(guó)，中央銀行是英格蘭銀行;在美國(guó)，是聯(lián)邦儲(chǔ)備系統(tǒng);在日本，是日本銀行。III.Cloze1.centralbank;2.macroeconomicmanagement;3.People’sBankofChina;4.monetarypolicy;5.administeringitscirculation;6.inter-banklendingmarket;7.financialstability;8.fiscalagent;9.money-laundering;10.financialstatisticsIV.Readingcomprehension1.C2.D3.B4.B5.DChapter5CommercialBanksMatchthewordsorphrasesintheleftcolumnwiththoseintheright.1-F2-G3-B4-D5-J6-I7-C8-A9-H10-EII.Cloze(1)D(2)E(3)C(4)A(5)B(6)FIII.Choosethebestanswer.1.C2.B3.B4.A5.CIV.TranslatethefollowingsentencesintoChinese營(yíng)銷就是細(xì)分和創(chuàng)新。當(dāng)銀行開始細(xì)分市場(chǎng)并為每個(gè)目標(biāo)市場(chǎng)創(chuàng)新新產(chǎn)品時(shí)，它們發(fā)現(xiàn)了一種新的競(jìng)爭(zhēng)工具。例如，花旗集團(tuán)(Citicorp)如今向客戶提供500多種金融產(chǎn)品。金融服務(wù)很容易被復(fù)制，而且特定的優(yōu)勢(shì)是短暫的。但如果同一家銀行投資于持續(xù)創(chuàng)新，它就能保持領(lǐng)先于其他銀行。營(yíng)銷是定位。當(dāng)所有銀行都做廣告、微笑并創(chuàng)新時(shí)會(huì)發(fā)生什么?他們被迫尋找新的競(jìng)爭(zhēng)基礎(chǔ)。他們開始意識(shí)到，沒(méi)有哪家銀行可以提供所有的產(chǎn)品，成為所有客戶最好的銀行。銀行必須審視自己的機(jī)會(huì)，并“定位”。定位更重要。形象塑造銀行力求在客戶心目中樹立一個(gè)大型、友好、高效的銀行形象。它通常會(huì)以一個(gè)符號(hào)，如獅子或袋鼠，以一種獨(dú)特的方式來(lái)突出它的個(gè)性。營(yíng)銷就是市場(chǎng)分析、計(jì)劃和控制。銀行營(yíng)銷有一個(gè)更高的概念。問(wèn)題在于，銀行是否建立了有效的營(yíng)銷分析、計(jì)劃、實(shí)施和控制系統(tǒng)。V.Questionsfordiscussion1.Bankisaspecialfinancialenterprise,whichpursuesprofitmaximizationonthepremiseofensuringsafeoperationandliquidity.2.Many.CEB--ChinaEverbrightBankCMB--ChinaMerchantBankCHINACITICBANK3.TraditionalbanksneedtoactivelychangetheirmanagementthinkingtoadapttothedevelopmentofTheTimes;Paymoreattentiontocustomerexperienceandfocusoncustomerneeds;Expandthecategoriesofbankingproductsandservicestoobtaindiversifiedincome;Fromthetraditionalfinancialserviceincometoplatformserviceincometransformation.Chapter6SupervisionofBankingI.Choosethebestanswer1.D2.A3.A4.B5.DII.JustifythefollowingsentencesTRUEorFALSE1.T2.T3.F4.F5.TIII.Cloze1.A2.B3.B4.C5.CIV.Readingcomprehension1.C2.A3.B4.C5.DV.TranslatethefollowingsentencesintoChinese1.商業(yè)銀行發(fā)放貸款前，應(yīng)當(dāng)對(duì)借款人的用途、能力、還款方式等進(jìn)行嚴(yán)格審查。2.銀行面臨各種形式的法律風(fēng)險(xiǎn)，包括不充分或不正確的法律建議或文件，可能導(dǎo)致資產(chǎn)價(jià)值意外下降或負(fù)債價(jià)值意外增加。3.聲譽(yù)風(fēng)險(xiǎn)產(chǎn)生于經(jīng)營(yíng)失敗、未能遵守相關(guān)法律法規(guī)或其他來(lái)源。聲譽(yù)風(fēng)險(xiǎn)對(duì)銀行的損害尤其嚴(yán)重，因?yàn)槠錁I(yè)務(wù)的性質(zhì)要求維持存款人、債權(quán)人和整個(gè)市場(chǎng)的信心。4.權(quán)益資本有幾個(gè)目的:為股東提供永久收入來(lái)源，為銀行提供資金;可以承擔(dān)風(fēng)險(xiǎn)，吸收損失;為進(jìn)一步增長(zhǎng)提供了基礎(chǔ);這也讓股東有理由確保該銀行以安全和穩(wěn)健的方式管理。5.因此，資產(chǎn)質(zhì)量和撥備充足率是銀行監(jiān)管機(jī)構(gòu)應(yīng)特別關(guān)注的主要領(lǐng)域。他們需要充分了解個(gè)別銀行的資產(chǎn)質(zhì)量，并對(duì)問(wèn)題資產(chǎn)的撥備充足感到滿意。Chapter7SecuritiesI.Selectonebestanswer1.B2.C3.B4.C5.D6.D7.A8.D9.C10.DII.TranslatethefollowingparagraphstoChinese1.FinancialFutures金融期貨金融期貨合約是買賣雙方當(dāng)日達(dá)成的、確定在將來(lái)某一時(shí)間進(jìn)行某個(gè)特定證券與現(xiàn)金交易的合約。期貨合約的市場(chǎng)價(jià)值隨著時(shí)間的推移而隨著證券的市場(chǎng)價(jià)格變化而變化。因此，期貨合約是每天的“市場(chǎng)盯住”，以反映根據(jù)每一期貨合約最終交付的資產(chǎn)的現(xiàn)值，同時(shí)合約的一方或另一方（通常是經(jīng)紀(jì)人）可能進(jìn)行現(xiàn)金支付交易以防止可能的損失。金融期貨市場(chǎng)旨在將利率波動(dòng)的風(fēng)險(xiǎn)從厭惡風(fēng)險(xiǎn)的投資者（如商業(yè)銀行）轉(zhuǎn)移到愿意接受這種風(fēng)險(xiǎn)并可能從中獲利的投機(jī)者。期貨合約是在有組織的交易所（如芝加哥貿(mào)易委員會(huì)或倫敦期貨交易所）進(jìn)行交易的，在那里，場(chǎng)內(nèi)經(jīng)紀(jì)人執(zhí)行公眾發(fā)給的指令，以最優(yōu)惠的價(jià)格買賣期貨合約。2.OffshoreFinancialCenter(OFC)離岸金融中心離岸金融中心（OFC）可以定義為非居民進(jìn)行的遠(yuǎn)超國(guó)內(nèi)經(jīng)濟(jì)相關(guān)交易的一個(gè)管理權(quán)限。它們是通過(guò)提供有吸引力的稅收、法律和/或監(jiān)管環(huán)境而發(fā)展起來(lái)的。特別地，例如對(duì)國(guó)際流動(dòng)個(gè)體，在財(cái)富、遺產(chǎn)傳承，預(yù)提所得稅或資本利得稅方面，離岸金融中心有著非常便利的環(huán)境條件。在離岸金融中心，零或低直接稅可以吸引公司與非居民進(jìn)行商業(yè)交易。III.TranslatethefollowingsentencesintoEnglish1．Generally,theobjectivesofthesecuritiestradingmechanismaremultiple,themainobjectivesareliquidity,stability,effectiveness.2．ThroughthefundmanagementapplicationandtheChinaSecuritiesRegulatoryCommissionapproved,closedfundsharescanbetradedonthestockexchange.Thefundshareofaclosed-endfundmaybelistedandtradedonastockexchangeuponapplicationbythefundmanagerandapprovalbytheCSRC.3.TheCommissionandtheSECchargesbelongtothesecuritiesinvestmentfundtransactionfee.4.Securitiesaccountincludesthreecategories：theRMBcommonstockaccount,RMBspecialstockaccountandsecuritiesinvestmentfundaccount.5．Thefundaccountcanbeusedforthesubscriptionandtradingoffunds,nationalbondsandotherbonds.6．CorporatebondsinChinareferstoallkindsofbondsissuedbyallownershipofenterprise.7．Companiesissuepreferredsharestopayfinancingcostsandpaydividendsregularly.8．Shareissuedpriceshallnotbelessthanparvalue.9．Marketriskisthemainriskofself-operationofsecuritiescompanies.10.Accordingtothevarietyofsecuritiestradingobjects,securitiestradingincludesstocktrading,bondtrading,fundtradingandfinancialderivativestrading.IV.Questionsfordiscussion（keypoint）1.Discussthemaindifferencesbetweenpreferencesharesandordinarymonstocktypicallycarriesvotingrights；Preferredstockreceiveacertainlevelofdividendpaymentsbeforeanydividendscanbeissuedtoothershareholders.Howmanylargershareholderstoalistedcompanyarethere?anindividualorcompany;privateandpublictradedcompanies;Thelargestshareholdersareoftenmutualfunds,and,especially,passivelymanagedexchange-tradedfunds.Talkaboutthemainstockmarketindexesintheworld.A“world”or“global”stockmarketindex—theMSCIWorldortheS&PGlobal100;A“national”index-heAmericanS&P500,theJapaneseNikkei225,andtheBritishFTSE100;regionalindices-NASDAQ-100Euronext100orOMXNordic40;theoriginaltotalmarketindex-Wilshire5000andIndexRusselGlobalIndexDiscussthemaindifferencesbetweenstockandbond.Stockholdersareinvestors,bondholdersarelenders;bondsusuallyhaveadefinedterm,stocksaretypicallyoutstandingindefinitely.Whataretheadvantagesoffund?Professionalinvestmentmanagersareabletoofferbetterreturnsandmoreadequateriskmanagement;Benefitfromeconomiesofscale;Increasetheassetdiversificationtoreducesomesystematicrisk.6.Discussthemaindifferencesbetweenopen-endedfundsandclosed-endedfunds.Aclosed-endfundissuesalimitednumberofshares,hasafixednumberofshareswhicharenotredeemablefromthefund,notcreatedbymanagerstomeetdemandfrominvestors.Anopen-endfundisequitablydividedintoshares,canissueandredeemsharesatanytime,usuallybeingtradablebetweeninvestors.Chapter8ForeignExchangeQuestionsfordiscussion（keypoint）Whyareexchangeratesimportant?Exchangerateaffectstheeconomyandourdailylives,affectedbytheeconomy.Howmanycommonmethodsaretheretoexpressaforeignexchangerate?directquotation;indirectquotationWhatdoyouthinkaboutaadjustablepegsystem?asystemoffixedexchangerates;between1994and2005,theChineseYuanrenminbi(RMB)waspeggedtotheUnitedStatesdollarat￥8.2768to$1.Howtomakemoneyformanytradersthroughforeignexchangemarket?Whenbanks,companies,andgovernmentsarebuyingandsellingcurrenciesinforeignexchangemarkets,arebuyingandsellingofbankdepositsdenominatedindifferentcurrencies.actuallymeanthatthebankisbuyingdeposits.Howmanykindsofparticipantsarethereinforeignexchangemarket?ForeignExchangeBank;CommercialCompanies;CentralBanks;HedgeFundsasSpeculators;InvestmentManagementFirms;RetailforeignExchangeTraders;Non-bankForeignExchangeCompanies.Whichfactorsaffectthedeterminationofforeignexchangerate?Economicfactorsinclude:economicpolicy,economicconditions;Politicalconditionsinternal,regional,andinternationalpoliticalconditionsandevents.Howmanykindsofforeignexchangerisksarethere?TransactionExposure;EconomicExposure;TranslationExposure;ContingentExposureII.TranslatethefollowingsentencesandpassageintoChinese1.外匯市場(chǎng)是外匯交易的場(chǎng)所，也是所有外幣交易的場(chǎng)所。2.外匯匯率是兩種貨幣之間的相對(duì)價(jià)值。特別的說(shuō)，它是購(gòu)買或出售另一種貨幣的一個(gè)單位所需的某種貨幣的數(shù)量。3.如果美元不用于表示匯率，則“交叉匯率”一詞通常用于表示兩種貨幣之間的相對(duì)值。4.如果一個(gè)在線貨幣交易者想在這個(gè)行業(yè)生存下去，他必須學(xué)會(huì)限制他的損失。這是智能理財(cái)?shù)年P(guān)鍵之一。5.多邊的貨幣交易頭寸損失比一次性全部交易頭寸損失更安全一些。6.外匯市場(chǎng)本身是一個(gè)以電話線和電腦連接的主要銀行間交易商的全球網(wǎng)絡(luò)系統(tǒng)。針對(duì)某個(gè)貨幣與特定貨幣的市場(chǎng)詢價(jià)報(bào)價(jià)，外匯交易員不斷地進(jìn)行價(jià)格談判，然后將結(jié)果輸入計(jì)算機(jī)并在官方報(bào)價(jià)屏幕上顯示。III.TranslatethefollowingsentencesandpassageintoEnglish1．Theforeignexchangemarket,alsoknownasthe"Forex"or"FX"market,istheworld'slargestfinancialmarket,withandailyaverageofmorethan$6trillionturnover.2．"Foreignexchange"isthesimultaneouspurchaseofonecurrencyinapairofcurrenciesandsellanothercurrency.Foreigncurrencyistradedintheformofcurrencypairs,suchastheeuro/dollar(EUR/USD)orUSD/HongKongdollar(USD/HKD).3.Theforeignexchangetradingmarketisa24-hourglobaltradingmarket,themarketisstartingfromSydneyeveryday,andwiththerotationoftheearth,thebusinessdaysofeachfinancialcenterwillstartinturn,thefirstisTokyo,thenLondonandNewYork.4.Foreignexchangetradinginvestorsmayreacttimelytothecurrencyfluctuationswhichcausedbyeconomic,socialandpoliticaleventsduringthedayoratnight.5.Foreignexchangemarketisasupercounter(OTC)or"inter-bank"tradingmarket,becauseinfact,foreignexchangetransactionsaremadebytelephoneoranelectronictradingnetwork.Unlikestocksandfuturesmarkets,foreignexchangetrans