金融时报文章英汉双语对照

9 13德国法院批准欧洲纾困基金German backing for ESM fund lifts stocks

Risk assets enjoyed another positive session after Germany’s highest court gave the go-ahead for Europe’s new bailout fund, removing a significant obstacle to efforts to resolve the region’s debt crisis.

德国最高法院批准欧洲新纾困基金，消除了解决欧债危机道路上的一大障碍，带动风险资产经历又一个价格上

涨的交易日。

But the initial wave of buying that followed the news – which sent European stocks to a 14-month high and the euro to a four-month peak above $1.29 – subsequently showed signs of fizzling out as the grim economic reality facing the region continued to cast a shadow over the markets.

但是，由于欧元区严峻的经济现实继续给市场蒙上阴影，上述消息传出后的最初一波买入潮——将欧洲股市推高至14个月高位，亦将欧元汇率推高至1欧元兑1.29美元的四个月高位——随

后显示消退迹象。

Nevertheless, there was a palpable sense of relief at the decision by Germany’s constitutional court to reject a petition to prevent the country from signing up to the European Stability Mechanism, the region’s permanent financial rescue fund.

然而，对于德国宪法法院驳回有关阻止该国参与欧洲稳定机制(ESM)的请愿的判决，各方明显松了一口气。ESM 是欧元区永久性的金融救助基金。

The court imposed conditions that were less onerous than many had feared. 法院提出的条件不如很多人此前担心的那么苛刻。

The news came less than a week after the European Central Bank triggered a strong risk rally after announcing plans for unlimited purchases of eurozone countries’ short-term bonds – a programme dubbed outright monetary transactions (OMT).

不到一周前，欧洲央行(ECB)曾引发一轮强劲的风险资产涨势。当时该机构宣布相关计划，拟无限度购买欧元区国家的短期债券，该计划称为“直接货

币交易”(OMT)。

“We think this [court ruling] could prove to be a turning point for the debt crisis,”said Frank ?land Hanse n, senior economist at Danske Bank.

“我们认为这（法庭裁决）有望成为欧债危机的转折点，”丹麦丹斯克银行(Danske Bank)高级经济学家弗兰克?厄兰德?汉森(Frank ?land Hansen)表

示。

“The ESM and the ECB’s OMT are seen as a reliable and sufficient safety net. If investors see no need to test the safety net, the ECB may never even have to activate the OMT programme. The ball is now in Spain’s and

Italy’s courts.

“ESM和欧洲央行的OMT被视为可靠且充足的安全网。如果投资者看不到有必要去考验这个安全网，欧洲央行可能永远都不需要启动OMT计划。现在球在西班牙和意大利脚下。

“If they deliver the planned fiscal tightening and structural reforms, the debt crisis could end in a couple of years.”

“如果这两个国家按计划实行了财政收紧和结构改革，欧债危机有望在

两三年内结束。”

But Jonathan Loynes at Capital Economics added a note of caution.

但是，凯投宏观(Capital Economics)的乔纳森?洛尼斯(Jonathan Loynes)发出告诫的声音。

“The ESM and ECB can only address one symptom of the crisis – high borrowing costs – rather than the underlying causes of chronically weak growth and cripplingly high debt,” he said. “Another obstacle has been negotiated, but the path ahead is far

from clear.”

“ESM和欧洲央行只能应对危机的一个症状，即举债成本偏高，而不能解决经济增长持续疲弱和债务沉重的根本原因，”他表示。“如今又一个障碍经谈判消除了，但未来的道路远非畅通。”

A further reason for uncertainty in the markets came from today’s meeting of the Federal Reserve’s policy-setting Open Market

Committee.

市场不确定性的另一个来源是，美联储(Fed)负责制定利率的联邦公开市场委员会(FOMC)今日开会。

Kit Juckes, head of foreign exchange at Société Générale, said the market was assuming that the FOMC would agree a further round of quantitative easing with only the

timing in any doubt.

法国兴业银行(Société Générale)外汇策略主管基特?朱克斯(Kit Juckes)表示，市场猜测FOMC将在出台新一轮定量宽松的问题上达成一致，目前唯一不能确定的只是时机。

“For the global risk rally, the temptation is to conclude that, since a move is priced in, we should prepare to ‘buy the rumour, sell the news’– but for a week now, we have ‘bought the news’ with gusto,” he

said.

“全球风险资产涨势让人不由得出这样结论，既然此举已被反映到价格上，我们应当准备好‘在传言时买入，在新闻发布时抛出’，但一周来的情况是，我们在‘新闻发布时’大举买入，”

他表示。

“Fighting the euro/dollar rally and the associated moves higher by the Canadian and Australian dollars, sterling and the Mexican peso – as well as gold – makes no sense. Equity indices will probably play

catch-up.”

“对抗欧元兑美元汇率的上涨，以及加拿大元、澳大利亚元、英镑以及墨西哥比索，还有金价的相应上涨是没有意义的。股指很可能也会赶上。”

Indeed, the euro rose as high as $1.2936, the highest since May, before easing back. The dollar continued to sink ahead of the Fed’s decision, easing per cent against

a basket of currencies.another 0.2

欧元一度涨至1欧元兑1.2936美元，这是5月份以来的最高位，随后稍有回落。美元在美联储作出决定前夕继续下跌，兑一篮子货币进一步走低0.2%。

译者/和风

穆迪：可能下调美国主权评级

Moody’s in threat to strip US of top rating

Rating agency Moody’s has threatened to downgrade the US’s prized triple A credit rating if Congress fails to reach a deficit reduction deal, raising the stakes in the fiscal debate that lies at the heart of the November election.

评级机构穆迪(Moody’s)威胁称，如果美国国会无法就减赤达成协议，就可能调低美国看重的Aaa评级，这使处于11月大选核心的财政辩论进一步增添

份量。

Moody’s said yesterday that it was considering joining its rival Standard & Poor’s –which stripped the US of its top rating last year –if a deal was not reached by the end of the year.

穆迪昨日表示，如果各方在年底之前无法达成协议，就将采取与其对手标普(S&P)去年一样的做法，摘掉美国最高

评级的头衔。

The threat is likely to feed into election campaign concerns over the state of the economy and lift Republican hopes of a boost for Barack Obama’s challenger, Mitt Romney, by focusing attention on the size of the national debt.

这一威胁可能加剧竞选活动中人们对于经济状况的担忧，将人们的注意力转移到国家债务的规模上，从而提振共和党方面的希望，即巴拉克?奥巴马(Barack Obama)的竞选对手米特?罗姆尼(Mitt Romney)将因此得分。

It also adds pressure on lawmakers in Congress to lay the groundwork for critical negotiations on fiscal policy that will begin almost immediately after the election on November 6.

同时，这也增加了国会议员的压力，他们需要做好准备，在11月6日大选之后立刻着手就财政政策问题开展关键的

谈判。

The comments made clear that a deal to avert the so-called fiscal cliff –a series of tax increases and automatic spending cuts due in early January –may not be enough to prevent a downgrade, and that a broader agreement to shrink the US’s debt pile over the medium term would

need to be crafted.

穆迪的言论表明，避免所谓“财政悬崖”（1月初将实施的一系列增税和自动减少开支的措施）的协议，或许不足以让美国免遭降级，需要制定更广泛的协议，以求在中期缩减美国的债务。

Budget negotiations next year “will likely determine the direction of the US government’s Aaa rating”, Moody’s said, adding that it might cut the country’s rating to Aa1 if the results were not satisfactory. “What we’re looking for is a downward trajectory of the debt over the medium

穆迪表示，明年的预算谈判“很可能会决定美国政府Aaa评级的方向”，并补充说，如果结果无法令人满意，可能会将美国的评级降到Aa1。穆迪纽约的美国主权评级首席分析师史蒂芬?海斯(Steven Hess)说：“我们希望看到的是债

term,”said Steven Hess, lead analyst for the US

sovereign rating at Moody’s in New Y ork.

务在中期进入下行轨道。”

A Moody’s downgrade –on top of S&P’s move a year ago –would further taint the standing of US Treasury securities as the world’s

purest risk-free asset.

继标普去年的降级举措之后，穆迪的降级会进一步冲击美国国债世界头号零风险资产的地位。

The dollar fell broadly after the warning, while the euro touched a four-month high. Reaction in the stock and credit markets was limited, but analysts said a deterioration in the country’s finances and a potential rating downgrade could

weigh on bond prices.

穆迪发出警告后，美元普遍下跌，而欧元则上涨到了四个月以来的新高。股市和信贷市场的反应有限，但分析师表示，美国财政状况的恶化以及潜在的降级可能会给债券价格带来压力。

Moody’s comments came as Congress was closing in on a deal to fund the government for six months, averting a federal shutdown until at least March 1 and allowing lawmakers to return to their districts for campaigning.

穆迪作出此番评论之际，美国国会正接近达成协议，以便为政府提供六个月的资金，这一协议将保证联邦政府至少能够支撑到3月1日，使得议员们可以回到各自选区开展竞选活动。

译者/王慧玲

9 .11贸易数据突显中国经济疲弱Trade numbers expose China weakness

Chinese imports fell in August while exports grew less than expected in the latest sign of weakness in the world’s second-largest economy.

8月份，中国进口出现下降，出口增幅也低于预期，这是全球第二大经济体最新的疲弱迹象。

Overall Chinese imports dropped 2.6 per cent in August from a year earlier while exports

increased just 2.7 per cent.

8月份中国进口总额同比下降2.6%，而出口增幅只有2.7%。

The export growth was higher than July’s 1 per cent increase but far below the double-digit growth rates China’s export-driven economy has become accustomed to over the past decade.

出口增长高于7月份的1%，但远低于过去十年来中国出口拉动型经济已经习惯的两位数增长率。

Much of the weakness came from crisis-hit Europe, China’s biggest trading partner, with exports to the EU falling 12.7 per cent in August

from a year earlier.

中国经济疲弱的主要原因是最大贸易伙伴欧洲受到危机打击，8月份，中国对欧盟出口同比下降12.7%。

Exports to Japan also disappointed, registering a decline of 6.7 per cent in August, while shipments

8月份中国对日本出口下降6.7%，同样令人失望。与此同时，对美国出口

to the US rebounded with 3 per cent growth, compared with an increase of just 0.6 per cent in

July.出现反弹，同比增长3%，而7月份增

长率只有0.6%。

Weakening trade figures are a major concern for China, where export-oriented industries employ an estimated 200m people and the economy is already expected to expand at its slowest rate in 13

years.

不断趋弱的贸易数据已成为中国的一大关切，中国的出口产业雇佣大约2亿人，预计中国经济增速将降到13年

以来的最低水平。

At the start of the year Beijing set a target of

10 per cent growth in overall trade but with year-to-date growth of just 6.2 per cent by the end of August that target looks unrealistic.

今年初，中国政府设定的整体贸易增长目标为10%，但今年截止到8月末，贸易增幅只达到6.2%，10%的目标似乎

已经不太现实。

Other economic indicators released on Sunday showed a general slowdown in the Chinese economy had continued into August. Data pointed to falling factory output and investment, and rising inflation.

周日发布的其他经济数据显示，8月份中国整体经济继续放缓。数据表明，工业产出和投资增长放缓，通胀上扬。

“China’s trade figures and domestic

indicators released yesterday [Sunday] extended the recent feebleness in August,”said Liu Ligang, chief China economist at ANZ. “The Chinese authorities will probably expand tax rebates for exporters in

labour-intensive industries.”

澳新银行(ANZ)大中华区首席经济学家刘利刚说：“中国的贸易数据和昨天（周日）发布的国内指标表明，近期的疲弱形势在8月份延续。中国当局可能将拓大劳动力密集产业的出口退税范

围。”

With the economy clearly slowing more than expected the government has taken some steps to prop up growth by approving a number of new infrastructure projects across the country.

中国经济放慢的步伐显然已经超出预期，政府已经批准全国多项新的基础设施建设项目，采取一些措施提高经

济增速。

But most analysts believe Beijing must do more to stop the economic slide which may see the economy grow less than the 7.5 per cent annual target set by the government at the start of the year.

但大多数分析师认为，中国政府需要采取更多行动以阻止经济下滑，今年经济增速可能会低于年初政府制定的

7.5%的增长目标。

译者/王慧玲

中国经济低迷波及消费相关行业9.10Cash woes show spread of China downturn

China’s downturn is spreading to the sectors and companies that were expected to withstand the

中国的低迷形势正在波及那些本来预期能够承受整体经济放缓、推动地区

slowdown and drive growth in the region.增长的行业和企业。

Financial Times analysis shows that a third of publicly listed Chinese companies suffered cash outflows in the quarter to the end of June as the combined effect of the slowdown in exports, a build-up in stocks and tightening local government

finances begins to bite.

英国《金融时报》分析显示，三分之一的中国上市公司在截止6月底的季度遭受现金流出，出口减速、库存积压，以及地方政府财政收紧等各种因素综合在一起，开始形成打击。

Cash balances at a tenth of 1,700 companies analysed by the FT using data from S&P Capital IQ have turned negative in the past two quarters.

在FT使用标普资本智商(S&P Capital IQ)的数据进行分析的1700家公司中，有十分之一的公司在过去两个季度里现金余额转为负值。

For a further 6 per cent of companies that normally report an outflow, the outflows were

worse than last year.

对通常报告现金流出的另外6%企业而言，流出情况比去年更加严重。

The results highlight that even the companies that are expected to help rebalance China away from an investment-driven economy –such as consumer and retail businesses, healthcare, pharmaceuticals and electronics companies –are being affected by the slowdown, along with construction, real estate, industrial machinery and

chemicals.

这些结果突显出，即便是外界本来预期将帮助中国经济迈向再平衡、减轻对投资依赖的公司（如消费品和零售企业、医疗保健、医药和电子产品企业）也正受到整体经济放缓的影响，与建筑、房地产、工业机械和化工行业陷于同样

的境地。

Increasing numbers of hedge funds and analysts are looking closely at cashflow data as sustained poor cash flows would have a big impact on companies’ability to service their debt and hence on the health of China’s banking sector.

目前有越来越多的对冲基金和分析师密切关注现金流数据，因为持续表现不佳的现金流将给企业的偿债能力（乃至中国的银行业）带来重大冲击。

There are some signs that the cash crunch has already been felt by banks during the first half of

the year.一些迹象显示，银行已在今年上半年感受到企业现金紧张。

While non-performing loans grew by just 1 per cent across the sector, overdue loans leapt by 29 per cent, according to Mike Werner of Bernstein

Research in Hong Kong.

伯恩斯坦研究公司(Bernstein Research)驻香港分析师麦克?沃纳(Mike Werner)指出，尽管整个银行业的不良贷款仅增加1%，但逾期贷款飙升29%。

Among the 574 companies with negative cashflow from operating activities in the FT analysis, the results of 175 –or 30 per cent –appeared to be non-seasonal because patterns over the past two quarters were completely different

在FT进行的分析中，在574家经营活动产生负数现金流的企业中，175家企业（占30%）的结果似乎不是季节性的，因为过去两个季度的情况似乎与一

from those seen in the periods a year before.年前完全不同。

Another 18 per cent showed some seasonal similarity with last year, but their results were worse over the first half of this year. Sixty-nine of the 574 had negative cashflow for both of the past

two quarters.

在这574家企业中，还有18%的企业显示出与去年相似的季节性，但它们在今年上半年的结果更加糟糕。有69家在过去两个季度均出现负数的现金流。

译者/和风

9.9

欧洲央行：将动用无限火力拯救欧元ECB signals resolve to save euro

The European Central Bank yesterday sent markets its strongest signal yet that it would deploy unlimited monetary firepower to save the single

currency.

欧洲央行(ECB)昨日向市场发出迄今最强烈的信号，表示将部署无限的货

币火力拯救欧元。

Mario Draghi, the central bank’s Italian president, said that the ECB would offer to purchase eurozone countries’short-term bonds in the secondary market in a programme dubbed outright monetary transactions, or OMT, that would address “distortions in financial markets”.

欧洲央行意大利籍行长马里奥?德拉吉(Mario Draghi)表示，欧洲央行将按照一项称为“直接货币交易”(Outright Monetary Transactions, OMT)的计划，在二级市场上购买欧元区国家短期债券，以此纠正“金融市场中的扭曲”。

But he warned that any attempt to tame Europe’s distressed sovereign debt markets would come with the kind of tough fiscal and structural reform conditions that Greece, Ireland and Portugal faced when they were bailed out.

但他警告称，试图驯服欧洲陷入困境的主权债务市场的任何努力，都要伴随类似于希腊、爱尔兰和葡萄牙接受纾困时所面临的严厉的财政和结构改革条

件。

“This is your bazooka,”JoséAngel Gurría, secretary-general of the Organisation for Economic Co-operation and Development told the

Financial Times.

经合组织(OECD)秘书长若泽?安赫尔?古里亚(JoséAngel Gurría)告诉英国《金融时报》：“这就是你们说的火箭筒。

“This is the muscle and the firepower which

is quite awesome because effectively, theoretically,

it’s unlimited.”

“这种肌肉和火力是相当令人生畏的，因为不管是效果上还是理论上，

它都是无限的。”

Spain and Italy would have to apply to Europe’s rescue funds for help before the ECB would trigger its bond-buying programme. Neither

西班牙和意大利将首先必须申请欧洲救助资金的帮助，才能让欧洲央行触发债券购买计划。目前两国政府均无

government showed any inclination to do so soon.迹象表明有意在短期内采取此举。

“When I have anything new to tell you, I will,”Spanish prime minister Mariano Rajoy replied when asked. In Rome, Italian prime minister Mario Monti said it was “premature”to say Italy had already decided to apply.

西班牙首相马里亚诺?拉霍伊(Mariano Rajoy)在被问及此事时表示：“一旦我有了新消息可以告诉你，我肯定会告诉你。”意大利总理马里奥?蒙蒂(Mario Monti)表示，要说意大利已经决定提出申请“为时过早”。

The plan spearheaded by Mr Draghi –who pledged in July to do “whatever it takes”to save the euro –was welcomed by markets and

European leaders, although Germany’s Bundesbank remains fiercely opposed and warned

that it could backfire.

德拉吉主导的这个计划受到市场和欧洲领导人的欢迎，但德国央行(Bundesbank)依然强烈反对，警告称该计划可能适得其反。德拉吉曾在7月份表示要“不惜一切代价”拯救欧元。

译者/倪卫国

China was the source of almost three-quarters of the €1.3bn in counterfeit g oods intercepted by European customs authorities last year, according to an EU report published this week. 欧盟本周发布的一份报告显示，在去年欧盟各成员国海关查获的价值13亿欧元的假冒仿制产品中，近四分之三来自中国。

The 115m counterfeit products seized was a 15 per cent increase over the previous year and a tenfold increase over the last decade. Jonathan Todd, a European Commission spokesman, attributed much of the increase to the explosion of online commerce, noting that most seizures last year were made at post offices rather than ports, as had previously been the case. 2011年查获的1.15亿件假冒产品较上年增长15%，过去10年里增加了十倍。欧盟委员会(European Commission)发言人乔纳森?托德(Jonathan Todd)将假货规模猛增的原因归因于电子商务的爆炸式发展。他指出，去年绝大部分假冒产品是在邮局查获的，而非像以往那样主要在港口查获。

Mr Todd added that the surge represented a

danger to European consumers because many of the counterfeit products –including pharmaceuticals and cosmetics –could include harmful chemicals. Often consumers were not aware products were counterfeit, Mr Todd added. 托德补充称，假货规模快速增长对欧盟消费者构成危险，因为很多假冒产品——包括药品和化妆品——可能含有有害的化学物质。他指出，消费者往往不知道所购产品为假冒仿制。

―T he [EU] continues to work closely with member states, and international partners, to defend the interests of legal businesses and the safety of citizens,‖ Mr Todd said.托德表示：―欧盟将继续与各成员国以及国际伙伴密切合作，以维护守法企业的利益，并保护公民安全。‖

The 31-page report, an annual study produced by the European Commission, found nearly 73 per cent of goods seized last year came from China, with Hong Kong adding another 7.7 per cent. All other sources – including Greece, at 4.8 per cent, and India, 3.3 per cent – were far lower. 欧盟委员会的这份年度研究报告篇幅达31页。报告指出，欧盟去年查获的假冒产品中有73%来自中国内地，另有7.7%来自中国香港。其他主要假货产地所占份额——希腊为4.8%，印度为3.3%——远远低于中国。

The Chinese representation for the EU did not

respond to requests for comment.

中国驻欧盟代表未回应记者的置评请求。Almost a quarter of counterfeit articles

confiscated by customs authorities were pharmaceuticals, the report found, followed closely by packaging materials and cigarettes. The most seized medicines were ―lifestyle drugs‖, such as diet pills and Viagra, but pain killers, antidepressants and antibiotics were also found. 报告称，欧盟海关查获的假冒产品中，药品占近四分之一，份额紧随其后的是包装材料和香烟。查获药品绝大多数为―生活方式类药物‖，例如减肥药和万艾可(V iagra)；但止痛药、抗抑郁药以及抗生素也有发现。

Mr Todd declined to comment on China’s reaction to the report, but he said piracy was regularly raised with Chinese officials in bilateral discussions with senior EU officials. 托德拒绝评论中国对报告做出的反应。但他表示，欧盟高级官员在与中方的双边会谈中经常提到假冒侵权问题。

意大利、西班牙人咖啡喝少了

Grounds for concern as cafe culture feels bite of austerity 9.25

As if life in the eurozone’s economically embattled periphery were not bad enough, the coffee culture emblematic of southern Europe is under siege. Italians are having to cut back on their cappuccinos and espressos and Spaniards are dropping their cortados, fuelling a sharp fall in

wholesale coffee prices.

陷入经济困境的欧元区似乎日子过得还不够苦，连咖啡这一南欧的文化象征也受到殃及。意大利人不得不削减卡布奇诺和意式浓咖啡的支出，西班牙人对他们的Cortado咖啡忍痛割爱，导致咖啡批发价大幅下跌。

The coffee industry has long seen demand for the drink as constant, but now consumption per capita is down in Italy and Spain to levels last seen five to six years ago, largely because of the

sovereign debt crisis.

咖啡行业一直认为该饮料具有稳定的需求，但现在意大利和西班牙的人均消费量已经降低到五、六年前的水平，很大程度上是由于主权债务危机。

The cost of the high quality arabica coffee in New Y ork, the global benchmark, is down 40 per cent from a 34-year high set last year to $1.75 a pound. Arabica prices last year surged to $3.089 a pound after Colombia, the largest producer of high quality beans, had a poor harvest due to bad

weather.

作为全球基准的纽约高品质阿拉比卡咖啡价格去年曾创下34年来的最高值，但现已下跌40%，至每磅1.75美元。去年，由于高品质咖啡豆的最大生产国哥伦比亚遭遇恶劣气候，收成不佳，阿拉比卡咖啡的价格曾飙升至每磅

3.089美元。

In Italy, Europe’s second-biggest importer of coffee by volume, demand fell last year to 5.68

代表主要生产国和消费国、位于伦敦的国际咖啡组织(International Coffee

kilograms per person, the lowest in six years, according to the London-based International Coffee Organisation, the group that represents the big producing and consuming https://www.sodocs.net/doc/1510542021.html,anisation)称，在咖啡进口量列欧洲第二的意大利，去年的需求降至每人5.68千克，为6年来新低。

“The four-year economic downturn is hitting the amount of coffee Italians drink,”said Alessandro Polojac, president of Italy’s industry association Comitato Italiano Cafféand chief

executive of the Trieste-based coffee trader

Imperator.

“4年的经济低迷影响了意大利人的咖啡饮用量，”意大利咖啡委员会(Comitato Italiano Caffé)主席、的里雅斯特(Trieste)咖啡贸易商Imperator首席执行官亚历山德罗?波洛贾奇(Alessandro

Polojac)表示。

The story is strikingly different in less distressed parts of the eurozone. In Germany and France, Europe’s other leading coffee importers, consumption is rising strongly. Spain, however, the fifth-largest European importer and another country hard hit like Italy by the crisis, has seen per capita consumption back at 2007 levels.

在衰退程度较低的欧元区国家则是另外一副光景。在欧洲的另外两大咖啡进口国——德国和法国，消费量正在强劲走高。然而，在欧洲第五大咖啡进口国、受危机影响程度与意大利相仿的西班牙，人均消费量已经跌回2007年水

平。

The impact of the downturn is compounding the negative effect of new technologies, including the single-portion coffees such as Nespresso, which cut down on coffee wastage.

经济低迷的影响正加剧新技术（包括单次冲泡的Nespresso）的负面影响，这些技术减少了咖啡浪费。

Mediterraneans are drinking more coffee at home, said Max Fabian, chief executive of Demus, an Italian decaffeinated coffee producer. “A lot of consumption was out-of-home which was expensive, but people have switched,”he said.

意大利脱咖啡因咖啡生产商Demus 首席执行官麦克斯?法比安(Max Fabian)表示，地中海居民现在更多的是在家中饮用咖啡。他表示：“以前很多消费都在家外进行，费用昂贵，但人们改变了做

法。”

The shift to brewing coffee at home has also prompted consumers to opt for cheaper blends, with a lower content of premium arabica beans. In turn, demand for lower-quality robusta beans, which have

a bitter taste, has increased.

转向在家中煮咖啡的做法，还促使消费者选择更廉价的混合咖啡，其中高品质阿拉比卡咖啡豆的含量较少。因此，市场对质量较低味道较苦的罗布斯塔咖啡豆的需求有所增加。

译者/何黎

09月24日06:23 AM法国呼吁给希腊更多时间France seeks more time for Greece

France has said Greece should be given more time to meet the terms of its international bailout, in the clearest call to date by a leading eurozone country for an easing of the stringent conditions

法国已表示应给希腊更多时间，以满足国际纾困所需的条件。迄今为止，这是欧元区主要国家发出的最明确的呼吁，表示要放松价值1740亿欧元纾困方

attached to the €174bn rescue package.案所附加的严厉条件。

Jean-Marc A yrault, the prime minister, taking a clear swipe at those in Germany insisting on a hard line against Athens, warned that a Greek exit from the eurozone would be “unmanageable”and could be “the beginning of the end of the European

project”.

法国总理让-马克?埃罗(Jean-Marc A yrault)明确反对德国对希腊政府的强硬态度，他警告称，如果希腊退出欧元区，可能令局面变得“不可控制”，并可能“揭开欧洲项目崩溃的序幕”。

Mr A yrault told the French news website Mediapart: “We can already offer [Greece] more time?.?.?.?on condition that Greece is sincere in its commitment to reform, especially tax reform.”

埃罗向法国新闻网站Mediapart表示：“我们现在就可以给（希腊）更多时间……只要希腊愿意信守改革承诺，特别是在税务改革方面。”

It was the most explicit call by Paris for relief for Athens, which has informally suggested that it be given an extra two years to meet its reform

commitments.

这是法国迄今为止最明确地呼吁放松对希腊政府的要求。希腊政府已非正式地提议给它额外两年时间履行改革

承诺。

Last week, Christine Lagarde, head of the International Monetary Fund, said such a move should be “considered as an option”but it has faced stiff opposition from Germany and other northern eurozone countries such as Finland.

国际货币基金组织(IMF)总裁克里斯蒂娜?拉加德(Christine Lagarde)上周表示，这种要求“可以考虑”，但遭到了德国和芬兰等欧元区北方国家的强烈反

对。

President Fran?ois Hollande has been careful not to cross Angela Merkel on the issue, but Mr

A yrault made clear the frustrations in the new socialist government over the handling of Greece by eurozone leaders, including the German chancellor, criticising them for a “political weakness”and “a

lack of vision”.

法国总统弗朗索瓦?奥朗德(Fran?ois Hollande)在这个问题上一直小心地避免与德国总理安格拉?默克尔(Angela Merkel)作对，但埃罗的话表明，法国的社会党新政府对默克尔等欧元区国家领导者对希腊问题的处理感到失望。埃罗批评欧元区国家领导者“在政治上软弱”，且“缺乏远见”。

译者/吴蔚

2012年09月21日07:02 AM巴西财长：美联储第三轮量化宽松是“汇率战争”Brazil’s finance chief attacks US over QE3

Guido Mantega, Brazil’s finance minister, has

warned that the US Federal Reserve’s “protectionist”move to roll out more quantitative easing will reignite the currency wars with

巴西财长吉多?曼特加(Guido Mantega)警告称，美联储(Federal Reserve)推出更多量化宽松措施的“保护主义”举动，将重新引燃汇率战争，可

potentially drastic consequences for the rest of the

world.

能给世界其它国家带来严重后果。

“It has to be understood that there are consequences,”Mr Mantega told the Financial Times in an interview on Thursday. The Fed’s QE3 programme would “only have a marginal benefit [in the US] as there is already no lack of liquidity?.?.?.?and that liquidity is not going into production.”

“各方必须理解此举会有后果，”曼特加周四在采访中对英国《金融时报》表示。美联储的第三轮量化宽松(QE3)计划在美国“将只会产生微弱作用，因为流动性已经不缺了……而且这种流动性不会流向生产活动”。

He said it was instead depressing the dollar and aimed at boosting US exports.

他表示，相反，这种流动性正在压低美元汇率，意在提振美国出口。

As finance minister under President Dilma Rousseff and former president Luiz Inácio Lula da Silva, Mr Mantega has watched Brazil’s economy move from confident boom to near-stagnation this

year.

在巴西现任总统迪尔玛?罗塞夫(Dilma Rousseff)和前总统路易斯?伊纳西奥?卢拉?达席尔瓦(Luiz Inácio Lula da Silva)手下均担任财长的曼特加，亲眼目睹巴西经济从自信的繁荣变成今年的接

近停滞。

He cited Japan’s decision this week to expand its own QE programme, coming on the heels of the Fed’s decision to launch further QE last week, as evidence of growing global tensions. “That’s a

currency war,”he said.

他指出，美联储上周决定发起QE3计划之后，日本紧随其后，在本周决定扩大该国的QE计划，这证明全球紧张不断加剧。“这是一场汇率战争，”他表

示。

Mr Mantega coined the phrase currency wars two years ago when the second round of QE by the Fed pushed a wall of money abroad, leading to a punishing appreciation of many emerging market currencies, especially Brazil’s.

“汇率战争”这个说法是曼特加在两年前发明的，当时美联储的第二轮量化宽松(QE2)导致资金洪流扑向海外，许多新兴市场国家（尤其是巴西）的货币

出现显著的升值。

The Fed announced last week that it would begin a new programme of unlimited purchases of mortgage-backed securities –nicknamed QE3 –and promised to keep it going until the labour market improved. Combined with its purchases of long-dated Treasuries under “Operation Twist”, this will see the Fed buying a total of $85bn of assets a month for the rest of the year, similar to its

QE2 programme in 2010.

美联储上周宣布发起QE3，即新一轮并且是无上限的资产购买计划，将购入抵押贷款担保证券，并承诺将一直推行这项政策，直至美国劳动力市场状况好转。再加上美联储购入美国长期国债的“扭转操作”(Operation Twist)，这意味着美联储在今年剩余时间每月将购入总共850亿美元资产，与2010年QE2

计划相仿。

The Bank of Japan on Wednesday said it would buy another Y10tn ($128bn) of government bonds, expanding its asset-purchasing programme to Y80tn –an operation aimed in large part at

日本央行(Bank of Japan)周三宣布，将额外购入10万亿日元（合1280亿美元）的国债，从而将其资产购买计划的规模扩大至80万亿日元。这项操作在很

weakening the yen.大程度上是为了压低日元汇率。

Mr Mantega said Brazil had “so far only seen the consequences of a change in expectations”from the launch of QE3 as the resources had not yet been released. “Risk aversion has fallen and animal spirits have increased,”he said.

曼特加表示，巴西“迄今只看到（QE3导致的）预期变化所产生的后果”，因为相关资源尚未释放。“风险厌恶情绪已经减弱，‘动物精神’有所抬

头，”他表示。

But continued QE polic ies would hurt trade throughout the world, from emerging economies to developed world exporters such as Germany and

Japan.

但是，持续的量化宽松政策将损害世界各地的贸易，从新兴经济体到德国和日本等发达出口国都会受害。

“Japanese companies were complaining about their strong exchange rate. If a weaker dollar leads to rising trade competition, then that will also force Brazil to adopt measures to stop the real strengthening,”Mr Mantega said.

“日本企业早就在抱怨日元汇率偏高。如果美元走低，导致贸易竞争加剧，那也将迫使巴西采取措施制止雷亚尔走高，”曼特加表示。

He did not spell out what those policies might be. But Brazil has deployed a variety of measures since 2010 to stop the real from strengthening –including a tax on portfolio inflows –some of which have been reversed recently. The real traded on Thursday at R$2.02 to the dollar, around a third weaker than its July 2011 peak of R$1.52.

他没有说明具体将出台什么政策。但巴西自2010年以来已经采取一系列措施以阻止雷亚尔升值（包括对流入巴西的证券投资资金征税），其中一些措施已在近期废止。周四，雷亚尔兑美元的汇率是1美元兑2.02雷亚尔，比2011年7月1美元兑1.52雷亚尔的峰值水平下降三分之一左右。

“I would say today the currency is at a reasonable value, still overvalued against a basket of Brazil’s trading partners, but at current levels [it is] helping make Brazilian companies more

competitive.”

“我认为目前而言雷亚尔处于合理的水平，这个汇率相对于巴西贸易伙伴的一篮子货币仍偏高一些，但这个水平有助于巴西企业提高竞争力。”

Brazil has cut interest rates by 500 basis points over the past year to foster an economic recovery that Mr Mantega said would produce 2 per cent economic growth this year and up to 4.5 per cent next year. He said criticisms that Brazil was protectionist were “a myth”, and that a controversial reduction of quotas of cars imported from Mexico was an example of a legitimate “commercial defence measure”.

巴西在过去一年已经降息500个基点，以保障经济复苏。曼特加称，巴西经济今年将增长2%，明年将增长多达4.5%。他说，有关巴西“保护主义”的批评是“一个神话”，而减少从墨西哥进口汽车配额的有争议做法，只不过是正当“商务防御措施”的一个实例。

“The US, Europe and the UK are more protectionist than Brazil,”he said.“美国、欧洲和英国都比巴西更具有保护主义色彩，”他表示。

译者/和风2012年09月20日06:39 AM中国证券官员展开路演推销本国股市

China hits the road to sell its stock market to foreign investors

Chinese financ ial officials have started a global roadshow to persuade foreigners to invest in the country’s stock market, a highly unusual move that reflects concerns that investors are turning their backs on China as its economy slows.

中国金融官员展开了一场全球“路演”，劝说外国投资者投资中国股市，这一非同寻常的做法反映出有关方面对投资者随着中国经济放缓而纷纷撤离的担

忧。

Officials from the Shanghai and Shenzhen stock exchanges are touring Europe, the US and Japan to meet institutional investors,?according?to?three?people briefed on the programme.

三位消息人士指出，上交所和深交所的官员们正在欧洲、美国、日本访问，

会晤机构投资者。

The attempt to drum up interest in China’s markets is a remarkable U-turn from just a couple of years ago when Beijing restricted overseas investors under a strict quota system, worried they would swamp China with cash.

这一鼓动人们对中国市场感兴趣的努力是一个巨大的转变，就在两年前，中国政府还通过严格的配额体系来限制海外投资者，担忧外资洪流冲击中国。

Foreign institutions were allowed to invest a combined total of no more than $30bn in China’s capital markets until April this year when the limit was lifted to $80bn. The securities regulator hoped the higher ceiling would lead to a big jump in

applications from investors, but it has been

surprised by the relative quiet, according to a

government adviser.

在今年4月份之前，外国机构在中国的投资最多不能超过300亿美元，4月份这一限制被提高到了800亿美元。一位政府顾问表示，证券监管机构本来预计，较高的上限会带来大量的投资申请，但相对冷清的状况令其吃惊。

“They think it is mainly because of the

global economic slowdown, but they also think that China’s own growth prospects are having an impact,”he said. Even before the economy’s current slowdown, Chinese shares had been among the world’s worst investments.

他说：“他们认为这主要是因为全球经济放缓，但认为中国自身的增长前景也有影响。”即使是在中国经济此轮放缓之前，中国股票也是世界最糟糕的投

资之一。

The Shanghai Composite Index, the country’s main stock index, dropped 14 per cent in 2010 and 23 per cent in 2011. It has retreated a further 6 per

cent this year.

2010年，中国主要股指上证综指下跌14%，2011年跌幅为23%，今年迄今

进一步下跌6%。

Foreign investors and analysts say that a big part of the problem is that China’s stock market operates like a rigged casino, with rampant insider trading and weak corporate governance. Guo

Shuqing, who was appointed China’s chief securities regulator late last year, has set out to reform the country’s markets.

外国投资者和分析师表示，主要的问题是，中国股市就像一个受到操纵的赌场，内幕交易猖獗，公司治理不力。去年被任命为中国证监会主席的郭树清已着手对中国股市进行改革。

译者/王慧玲

2012年09月19日06:19 AM沙特可能增产以压低油价Saudis try to bring oil price down with

Saudi Arabia has offered its main customers in the US, Europe and Asia extra oil supplies through to the end of the year, a sign that the largest crude exporter is worried about the impact of rising prices on the global economy.

沙特阿拉伯提出在年底前向美国、欧洲、亚洲的主要客户提供额外石油供应，这个迹象表明全球最大原油出口国担忧油价上涨对全球经济的影响。

The Group of Seven finance ministers last month called on oil exporters to expand production. Saudi Arabia initially reacted coolly, saying that

supply and demand were balanced. But the kingdom has recently taken steps to bring down prices, consulting refiners and offering extra oil.

上个月七国集团(G7)财长们呼吁石油输出国增产。沙特最初反应冷淡，称供需是平衡的。但沙特最近已采取措施以压低油价，与炼油厂磋商，提出可供

应额外石油。

“The current price is too high,” a Gulf-based oil official told the Financial Times. “We would like to see oil prices back to $100 a

barrel.”

海湾地区一位石油官员告诉英国《金融时报》：“目前油价过高，我们希望油价回落到每桶100美元。”

The price of Brent, the global oil benchmark, rose 33 per cent from mid-June to a peak of $117.95 a barrel on Friday. On Monday it fell almost $4 in just four minutes. It fell further

yesterday to $112.70.

6月中旬以来，全球油价基准布伦特原油价格上涨33%，上周五涨到每桶117.95美元的高位。周一，该价格在4分钟内降低近4美元。昨日，该价格进一步降至112.70美元。

Saudi Arabia last launched a similar round of consultations with refiners in March, weeks before it boosted production to a 30-year high of 10m

barrels a day. Riyadh is now evaluating the

response from refiners.

3月份，沙特也曾与炼油厂展开类似磋商，几周后，该国将产量提高到每天1000万桶这一30年高位。目前利雅得方面正在评估炼油厂的答复。

Saudi Arabia last month produced 9.9m b/d but the official said Riyadh was again pumping

上个月沙特每天的石油产量是990万桶，但有关官员指出，沙特目前的日

about 10m b/d: “We are consulting our clients about their oil needs and telling them we are ready

to supply more.”产量再度接近1000万桶：“我们正在与客户就他们的石油需求协商，告诉他们我们准备供应更多石油。”

Opec delegates said Riyadh was trying to bring prices down. “The Saudis are actively managing the market,”said an oil official from an African Opec nation. “They supplied a little less when prices dropped to $90 over the summer and they will supply more now that prices are above

$115.”

石油输出国组织欧佩克(OPEC)代表指出，沙特试图压低油价。“沙特正在积极地管理市场，”OPEC某非洲成员国的一名石油官员说，“当夏季油价下降到90美元的时候，他们的供应稍有减少，目前油价高于115美元，他们将供应更

多的石油。”

译者/王慧玲

英汉对照金融词汇.doc

ABC1 社交等级abnormal return 异常回报 absolute return 绝对回报acceptances 认购 accepting house 承兑商行accounting rate of return ARR会计收益率accounting standards 会计标准 accrual principle 权责发生制accruals 应付款项 accrued interest 应计利息，待付利息acid test ratio 酸性测试比率acquisition 收购 acquisitive growth 收购增长

active investing 积极投资 activist shareholder 维权股东 actuary 保险精算师adjusted EPS 调整后每股收益adjusted operating profit 调整后营运利润adjusted present value 调整后净现值administrative receivership 接管人 adverse opinion 否定意见 adverse selection （保险业）反向选择advertising elasticity 广告弹性 advisory broking 咨询经纪 affinity fraud 关联欺诈行为agency cross 交叉代理

agency theory 代理理论algorithmic trading 算法交易 all or nothing order 最低限量交易allotment 分配 alpha fund 阿尔法基金alternative investments 另类投资American options 美式期权 annual effective rate AER 实际年利率annual general meeting 年度股东大会annual report 年度报告 annuity 年金 arbitrage 套利 arbitrage pricing theory APT套利定价理论

中英双语美文欣赏---英语美文欣赏10(中英双语)

英语美文欣赏10 Melancholy Music Can Make Us Feel Better 听悲伤的歌会让心情变好 We've all turned to melancholy music to make us feel better at some point in our lives, but why does doubling down on the sadness help drag us out of the mire? 我们都曾在生命中的某些时刻通过听悲伤的歌来让自己好受一些，但是为什么更多的悲伤反而会让我们走出低谷呢？ A new study sheds light on what's going on inside our brains when we match our music to our feels, and it looks like sad music can be enjoyable - rather than simply depressing - because it triggers positive memories that can help to lift our mood. 一项新的研究阐明了当我们将所听的音乐与心中感受配对的时候我们大脑里到底发生了什么。其结果显示：悲伤的音乐也能带来愉悦（而非简单地令人低落），因为它能通过触发积极的回忆来使我们的心情变好。 Psychologist Adrian North from Curtin University in Australia says there are two groups of possible explanations for why we enjoy listening to sad music like this: one from social psychology, and one from cognitive neuroscience. 澳大利亚科廷大学的心理学家阿德里安·诺斯说，对于我们为什么这么享受悲伤的歌曲这一点，有两派可能的解释：一派来自社会心理学，一派来自认知神经科学。 In terms of social psychology, one way of thinking about this is that we feel better about ourselves if we focus on someone who's doing even worse, a well-known process known as downward social comparison. Everything's going to be okay, because this person is having an even worse day than you are. 从社会心理学这一派来讲，有一种思路是：当我们把注意力集中在一个比我们过得还惨的人身上时，我们会觉得好受些，这个过程就是著名的下行社会比较。一切都会好起来的，因为这个人比你过得更惨。 Another hypothesis from social psychology is that people like to listen to music that mirrors the tone of their current life circumstances – the songs act as a sort of tuning fork for our own situations, and they resonate with us. 社会心理学这一派的另一个假说是：人们喜欢听那些能反映自己现在生活境况基调的音乐，这些歌对于我们的境况来讲起到了类似音叉的作用，他们与我们产生了共鸣。 You Don’t Lack Reason But Action 你不缺道理，缺的是行动力 If you ask me what are the things that people should not do no matter how, the

常用金融英语词汇的翻译知识讲解

常用金融英语词汇的 翻译

常用金融英语词汇的翻译 acquiring company 收购公司 bad loan 呆帐 chart of cash flow 现金流量表 clearly-established ownership 产权清晰 debt to equity 债转股 diversity of equities 股权多元化 economy of scale 规模经济 emerging economies 新兴经济 exchange-rate regime 汇率机制 fund and financing 筹资融资 global financial architecture 全球金融体系 global integration, globality 全球一体化，全球化 go public 上市 growth spurt （经济的）急剧增长 have one's "two commas" 百万富翁 hedge against 套期保值 housing mortgage 住房按揭 holdings 控股，所持股份 holding company 控股公司 initial offerings 原始股 initial public offerings 首次公募 innovative business 创新企业 intellectual capital 智力资本 inter-bank lending 拆借 internet customer 网上客户 investment payoff period 投资回收期 joint-stock 参股 mall rat 爱逛商店的年轻人 means of production 生产要素 (the)medical cost social pool for major diseases 大病医疗费用社会统筹mergers and acquisitions 并购

金融术语中英文对照

Back-door listing 借壳上市 Back-end load 撤离费；后收费用 Back office 后勤办公室 Back to back FX agreement 背靠背外汇协议 Balance of payments 国际收支平衡；收支结余 Balance of trade 贸易平衡 Balance sheet 资产负债表 Balance sheet date 年结日 Balloon maturity 到期大额偿还 Balloon payment 期末大额偿还 Bank, Banker, Banking 银行；银行家；银行业 国际结算银行 Bank for International Settlements (BIS) Bankruptcy 破产 Base day 基准日 Base rate 基准利率 Basel Capital Accord 巴塞尔资本协议 Basis Point (BP) 基点；点子 一个基点等如一个百分点（%）的百分之一。 举例：25个基点=0.25% Basis swap 基准掉期 Basket of currencies 一揽子货币 Basket warrant 一揽子备兑证 Bear market 熊市；股市行情看淡 Bear position 空仓；空头 Bear raid 疯狂抛售 Bearer 持票人 Bearer stock 不记名股票 Behind-the-scene 未开拓市场

Below par 低于平值 Benchmark 比较基准 Benchmark mortgage pool 按揭贷款基准组合 Beneficiary 受益人 Bermudan option 百慕大期权 百慕大期权介乎美式与欧式之间，持有人有权在到期日前的一个 或多个日期执行期权。 Best practice 最佳做法；典做法 Beta (Market beta) 贝他(系数)；市场风险指数 Bid 出价；投标价；买盘 指由买报出表示愿意按此水平买入的一个价格。 Big Band 金融改革 Bill of exchange 汇票 Bills department 押汇部 Binary 二元制；二进法（只有两个可能的结果） Binary option 二元期权 又称数字期权或非全有即全无期权。如果基础工具满足预先确定 的启动条件，二元期权将支付一个固定金额，在其他情形下则不 支付任收益。 BIS 国际结算银行 (Bank for International Settlements的英文缩写) Blackout period 封锁期 Block trade 大额交易；大宗买卖 Blue chips 蓝筹股 Blue Sky [美国] 蓝天法；股票买卖交易法 Board of directors 董事会 Bona fide buyer 真诚买家 Bond market 债券市场，债市 Bonds 债券，债票 Bonus issue 派送红股 Bonus share 红股；红利股票 Book close date 截止过户日期 Book closure period 停止过户期间 Book value 帐面值 Bookbuilding 建立投资者购股意愿档案；建档；询价圈购

80篇中英双语美文

>01 The Language of Music A painter hangs his or her finished picture on a wall, and everyone can see it. A composer writes a work, but no one can hear it until it is performed. Professional singers and players have great responsibilities, for the composer is utterly dependent on them. A student of music needs as long and as arduous a training to become a performer as a medical student needs to become a doctor. Most training is concerned with technique, for musicians have to have the muscular proficiency of an athlete or a ballet dancer. Singers practice breathing every day, as their vocal chords would be inadequate without controlled muscular support. String players practice moving the fingers of the left hand up and down, while drawing the bow to and fro with the right arm -- two entirely different movements. Singers and instrumentalists have to be able to get every note perfectly in tune. Pianists are spared this particular anxiety, for the notes are already there, waiting for them, and it is the piano tuner's responsibility to tune the instrument for them. But they have their own difficulties: the hammers that hit the strings have to be coaxed not to sound like percussion, and each overlapping tone has to sound clear. This problem of getting clear texture is one that confronts student conductors: they have to learn to know every note of the music and how it should sound, and they have to aim at controlling these sounds with fanatical but selfless authority. Technique is of no use unless it is combined with musical knowledge and understanding. Great artists are those who are so thoroughly at home in the language of music that they can enjoy performing works written in any century. 01 音乐的语言 画家将已完成的作品挂在墙上，每个人都可以观赏到。作曲家写完了一部作品，得由演奏者将其演奏出来，其他人才能得以欣赏。因为作曲家是如此完全地依赖于职业歌手和职业演奏者，所以职业歌手和职业演奏者肩上的担子可谓不轻。一名学音乐的学生要想成为一名演奏者，需要经受长期的、严格的训练，就象一名医科的学生要成为一名医生一样。绝大多数的训练是技巧性的。音乐家们控制肌肉的熟练程度，必须达到与运动员或巴蕾舞演员相当的水平。歌手们每天都练习吊嗓子，因为如果不能有效地控制肌肉的话，他们的声带将不能满足演唱的要求。弦乐器的演奏者练习的则是在左手的手指上下滑动的同时，用右手前后拉动琴弓--两个截然不同的动作。歌手和乐器演奏者必须使所有的音符完全相同协调。钢琴家们则不用操这份心，因为每个音符都已在那里等待着他们了。给钢琴调音是调音师的职责。但调音师们也有他们的难处：他们必须耐心地调理敲击琴弦的音锤，不能让音锤发出的声音象是打击乐器，而且每个交叠的音都必

常用金融术语(中英对照)

金融 资产组合(Portfolio) ：指投资者持有的一组资产。一个资产多元化的投资组合通常会包含股票、债券、货币市场资产、现金以及实物资产如黄金等。 证券投资(Portfolio Investment) ：国际收支中、资本帐下的一个项目，反映资本跨国进行证券投资的情况，与直接投资不同，后者涉及在国外设立公司开展业务，直接参与公司的经营管理。证券投资则一般只是被动地持有股票或债券。 投资组合经理(Portfolio Manager)：替投资者管理资产组合的人，通常获授权在约定规下自由运用资金。共同基金的投资组合经理负责执行投资策略，将资金投资在各类资产上。 头寸(Position) ：就证券投资而言，头寸是指在一项资产上做多(即拥有)或做空(即借入待还)的数量。 总资产收益率(ROTA) ：资产收益率是企业净利润与平均资产总额地百分比，也叫资产回报率（ROA），它是用来衡量每单位资产创造多少净利润的指标。其计算公式为：资产收益率＝净利润/平均资产总额×100%；该指标越高，表明企业资产利用效果越好，说明企业在增加收入和节约资金使用等方面取得了良好的效果，否则相反。 整批交易(Round Lot Trade) ：指按证券和商品在市场最普遍的交易单位(例如100股为一单位)进行的交易。 交易回合(Round Turn)：指在同一市场上通过对两种证券或合约一买一卖，或一卖一买的交易两相抵消。通常在计算手续费时会提及交易回合。 缩略语 有资产担保的证券(ABS) 国际外汇交易商协会(ACI) 现货(Actuals) 亚洲开发银行(ADB) 美国预托证券(ADR) 非洲开发银行(AFDB) 年度股东大会(AGM)

股票词汇中英文对照

Accounts payable 应付帐款 Accounts receivable 应收帐款 Accrued interest 应计利息 Accredited Investors 合资格投资者；受信投资人 指符合美国证券交易委员(SEC)条例，可参与一般美国非公开(私募)发行的部份机构和高净值个人投资者 Accredit value 自然增长值 ACE 美国商品交易所 ADB 亚洲开发银行 ADR 美国存股证；美国预托收据；美国存托凭证 [股市] 指由负责保管所存托外国股票的存托银行所发行一种表明持有人拥有多少外国股票(即存托股份)的收据。ADR一般以美元计价和进行交易，及被视为美国证券。对很多美国投资者而言，买卖ADR 比买卖ADR所代表的股票更加方便、更流动、成本较低和容易。 大部份预托收据为ADR；但也可以指全球预托收(GDR) ，欧洲预托收据(EDR) 或国际预托收据(IDR) 。从法律和行政立场而言，所有预托收据具有同样的意义。 ADS 美国存托股份 Affiliated company 关联公司；联营公司 After-market 后市 [股市] 指某只新发行股票在定价和配置后的交易市场。市场参与者关注的是紧随的后市情况，即头几个交易日。有人把后市定义为股价

稳定期，即发行结束后的30天。也有人认为后市应指稳定期过后的交易市况。然而，较为普遍的是把这段时期视为二级市场 AGM 周年大会 Agreement 协议；协定 All-or-none order 整批委托 Allocation 分配；配置 Allotment 配股 Alpha (Market Alpha) 阿尔法；预期市场可得收益水平Alternative investment 另类投资 American Commodities Exchange 美国商品交易所 American Depository Receipt 美国存股证；美国预托收据；美国存托凭证(简称“ADR ”参见ADR栏目) American Depository Share 美国存托股份 Amercian Stock Exchange 美国证券交易所 American style option 美式期权 Amex 美国证券交易所 Amortization 摊销 Amsterdam Stock Exchange 阿姆斯特丹证券交易所 Annual General Meeting 周年大会 Antitrust 反垄断 APEC 亚太区经济合作组织(亚太经合组织) Arbitrage 套利；套汇；套戥

英语阅读(中英文对照)文章汇总

双语阅读文章汇总（一） 一、冰淇淋居然可以高温不化 Ice cream that doesn't melt! Japanese scientists create a recipe that includes a secret strawberry extract to keep the treat cool in warm weather 日本科学家发明了不会融化的冰激凌，还能在炎热的天气里保持凉爽的口感 Japanese scientists have come up with a cool solution to stop ice cream melting before you've had time to finish it. 近日，日本科学家们找到了防止冰激凌融化的好方法。 C (82.4 F) weather and still tas The ice cream retains its original shape in 28° tes 'cool',according to the report. 据报道，这种冰激凌在28度的温度中不仅不会融化，还能保持清凉的口感。 A strawberry extract stops the oil and water from separating so quickly whic h means the icecreams (pictured) stay frozen - even if you blow a hair dryer at them, reports suggest 报道称，冰淇淋不会融化是由于一种叫做草莓提取物的物质，它减缓了水油分离的速度，使得冰激凌即使是在吹风机的吹拂下依旧保持形状。 The company created the ice creams by accident. 这种冰激凌的产生完全是出于意外。 A pastry chef tried to use the strawberry extract to create a new kind of con fectionery in orderto use strawberries that were not the right shape to be sold . 甜点师本想用这种草莓提取物创造一种新型甜品，以试图把因品相不好而无法顺利出售的草 莓利用起来。 He realised the cream would solidify when put in contact with the strawberry extract. 他发现可以使用草莓提取物来减缓冰激凌融化的速度。

英语美文100篇·中英文对照,附带美图

谈一场恋爱就像读一本新书 Starting a new book is a risk, just like falling in love. You have to commit to it. You open the pages knowing a little bit about it maybe, from the back or from a blurb on the front. But who knows, right? Those bits and pieces aren’t always right. 读一本新书恰似坠入爱河，是场冒险。你得全身心投入进去。翻开书页之时，从序言简介直至封底你或许都知之甚少。但谁又不是呢？字里行间的只言片语亦不总是正确。 Sometimes people advertise themselves as one thing and then when you get deep into it you realize that they’re something completely different. Either there was some good marketing attached to a terrible book, or the story was only explained in a superficial way and once you reach the middle of the book, you realize there’s so much more to this book than anyone could have ever told you. 有时候你会发现，人们自我推销时是一种形象，等你再深入了解后，他们又完全是另一种模样了。有时拙作却配有出色的市场推销，故事的叙述却流于表面，阅读过半后，你方才发觉：这本书真是出乎意料地妙不可言，这种感受只要靠自己去感悟！ You start off slow. The story is beginning to unfold. You’re unsure. It’s a big commitment lugging this tome around. Maybe this book won’t be that great but you’ll feel guilty about putting it down. Maybe it’ll be so awful you’ll keep hate-reading or just set it down immediately and never pick it up again. Or maybe you’ll come back to it some night, drunk or lonely — needing something to fill the time, but it won’t be any better than it was when you first started reading it. 你慢慢翻页，故事开始缓慢展开，而你却依旧心存犹疑。阅读这样的巨著需要百分之百的投入。或许它并不是你想象中的伟大的作品，奈何半途弃读会使你觉得不安。又或许，故事真的很烂，你要么咬牙苦读下去，要么立刻放弃束之高阁。抑或某个酒醉或孤寂的夜晚，你又重新捡起这本书来——但只为打发时光。不管怎样，它并没有比你初次阅读时好多少。

金融英语词汇表

unit one division of labor 劳动分工 commodity money 商品货币 legal tender 法定货币 fiat money 法定通货 a medium of exchange交换媒介 legal sanction法律制裁 face value面值 liquid assets流动资产 illiquidl assets非流动资产 the liquidity scale 流动性指标 real estate 不动产 checking accounts,demand deposit,checkable deposit 活期存款time deposit 定期存款 negotiable order of withdrawal accounts 大额可转让提款单money market mutual funds 货币市场互助基金 repurchase agreements 回购协议 certificate of deposits存单 bond 债券 stock股票 travelers'checks 旅行支票 small-denomination time deposits小额定期存款 large-denomination time deposits大额定期存款 bank overnight repurchase agreements 银行隔夜回购协议 bank long-term repurchase agreements 银行长期回购协议 thrift institutions 存款机构 financial institution 金融机构 commercial banks商业银行 a means of payment 支付手段 a store of value储藏手段 a standard of value价值标准 unit two reserve 储备 note 票据 discount贴现 circulate流通 central bank 中央银行 the Federal Reserve System联邦储备系统 credit union 信用合作社 paper currency 纸币 credit creation 信用创造 branch banking 银行分行制 unit banking 单一银行制

高中课外阅读-英语美文欣赏50(中英双语)

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