金融英語第三章答案

Chapter3MoneyMarketExercisesI．AnswerthefollowingquestionsinEnglish．1．Howbigisthemoneymarket?withhighliquidityandveryshortmaturitiesaretraded．Themoneymarketisusedbyparticipantsasameansforborrowingandlendingintheshortterm，fromseveraldaystojustunderayearMonecertificatesofdeposit(CDs)，bankersacceptances，U.S．Treasurybills，commercialpaper，municipalnotes，federalfundsandrepurchaseagreements(repos)．Themoneymarketisasubsectionofthefixedincomemarkettoo．2．WhatarethetermsofmostT—bills?T-billsareshort—termsecuritiesthatmaturein3．Whywouldacompanyissuecommercialpaper?BecauseFormanycorporations，borrowingshort-termmoneyfrombanksisoftenalaboredandannoyingtaskTheirdesiretoavoidwidespreadpopularityofcommercialpaper．4．Amoneymarketinstrumentusuallyusedforimport／exportpaymentsisknownas?Foreignexchangerevenueandspending5．WhatdoesEurocurrencyencompass?EurodollarsareU.Sdollar—denominateddepositsatbanksoutsideoftheUnitedStates．6．Whatisamajoradvantageofmoneymarketinstruments?withhighliquidityandveryshortmaturitiesaretraded．7．WhatareEurodollars?EurodollarsareU.Sdollar—denominateddepositsatbanksoutsideoftheUnitedStates．8．Whocanissuecommercialpaper?Commercialpaperisanunsecured，short-termloanissuedbyacorporation，typicallyforfinancingaccountsreceivableandinventories．Furthermore，typicallyonlycompanieswithhighcreditratingsanII．Fillintheeachblankwithanappropriatewordorexpression．1．Oneofthemaindifferences___between______themoneymarketandthestockmarketisthatmostmoneymarket—securities—tradeinawfullyhighdenominations．2Themoneymarketisbetterknown__as______aplaceforlargeinstitutions__and________governmenttomanagetheirshort—termcashneeds．3．Thereareseveraldifferentinstruments___in______themoneymarket，offeringdifferentreturns____on_______differentrisksthroughbrokerages．Theybearaspecificmaturitydate(from3monthsto5years)，aspecifiedinterestrate，andcanbeissuedin___any______denomination，verysimilartobonds．5．ThebiggestreasonsthatT—billsaresopopularis___because__theyareoneofthefewmoneymarketinstruments_____that____areaffordabletotheindividualinvestors．6．Abankers’acceptanceisashort—termcreditinvestmentcreated__by__anon—financialfirmandguaranteedbyabanktomakepayment．Acceptancesaretraded___at________discountsfromfacevalueinthesecondarymarket．Ⅲ．TranslatethefollowingsentencesintoEnglish．1．貨幣市場上的金融工具包括短期的、可交易的、流動的、低風(fēng)險的債券。貨幣市場工具有時被稱作是現(xiàn)金的等同物，或簡稱現(xiàn)金。Financialinstrumentsonthemoneymarketincludeshort-termtrading,liquidity,low-riskbonds.Moneymarketinstruments,sometimesreferredtoasacashequivalent,orsimplycash.2．國庫券是貨幣市場上所有金融工具中流動性最強(qiáng)的一種。國庫券是最簡單的借錢形式：政府通過向公眾出售債券而籌集到資金，投資者則按低于面值折價購買，在債券到期日債券持有人從政府獲得等額于債券面值的回報。Treasurybillsareoneofthemostliquidfinancialinstrumentsoncurrencymarket.Treasurybillsaretheeasiestformtoborrowmoney:governmenttoraisefundsbysellingbondstothepublic,investorsdiscountpurchaseaccordingtobelowparvalue,maturitybondholdersinthebondreturnintheparvalueofbondsinequalinstallmentsfromthegovernment.3．大額存單或稱CD，是銀行的定期存款。定期存款的存款者不能因需用資金而隨時任意提取存款，銀行只在定期存款到期時才付給儲戶利息與本金。Certificatesofdeposit,orCDs,banktimedeposits.Timedepositscannotbecauseoftherequiredfundsatanytimeanywithdrawalsofdeposits,bankstopaydepositorsinterestandprincipalonlywhentheCDmatures4．著名的大公司通常自己發(fā)行短期無擔(dān)保的標(biāo)明借貸關(guān)系的票據(jù)，而不是直接向銀行借款。這些票據(jù)就稱為商業(yè)票據(jù)。Well-knownlargecompaniesusuallyissuebills,short-termunsecuredmarkedlendingrelationshipsratherthandirectlytobankborrowings.Thesenotescalledcommercialpaper5．歐洲美元是指外國銀行或美國銀行的國外分支機(jī)構(gòu)中的美元存款。EurodollarU.S.dollardepositsinforeignbanksorforeignbranchesofU.S.banks6．政府證券交易商運用回購協(xié)議作為短期借款手段，這通常是隔夜借款的一種形式。Governmentsecuritiesdealersuserepurchaseagreementsasameansofshort-termborrowings,whichisusuallyaformofovernightborrowingIV．TranslatethefollowingsentencesintoChinese．1．Moneymarketinvestmentsarealsocalledcashinvestmentsbecauseoftheirshortmaturities．貨幣市場投資的短期性，它也被稱為現(xiàn)金投資。2．Formanycorporations．borrowingshort—termmoneyfrombanksisoften’alaboredandannoyingtask．對于許多公司來說，從銀行借短期貨幣是一項既費工又費神的工作。3．T—billsareshort—termsecuritiesthatmatureinoneyearorlessfromtheirissuedate．短期國庫券是至發(fā)行日期起在一年或更少的時間內(nèi)到期的短期證券。4．Contrarytothename，EurodollarshaveverylittletodowiththeEuroorEuropeancountriesEurodollarsareUSdollar—denominateddepositsatbanksoutsideoftheUnitedStates．與名字相反，歐洲美元很少做歐元或在歐洲國家使用，歐洲美元是存儲在美國以外的美元。5Themorefrequentlyintereaninvestmentpaysinterestannually，itsra