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金融英语练习答案 (1)

《金融英语》练习题答案

以下答案仅供参考，不应作为唯一的标准答案。

Unit 1 Finance and Your Career

1. Answer the following questions based on the text

(1)According to Besley and Brigham, the three main areas of finance are financial

markets, investments, and managerial finance (or business finance).

(2)Career opportunities in financial markets include working for financial institutions,

such as banks, insurance companies, savings and loan associations, credit unions, mutual funds, investment banks, etc. Career opportunities in investments involve working for stock brokerage firms, financial institutions, investment companies, or insurance companies. Managerial finance offers the greatest number of jobs and mainly deals with decisions that firms make concerning their cash flows.

(3)Graduates in finance in China can find jobs in both financial and non-financial

areas. Majority of them can and are willing to find jobs in various financial

institutions including banks, insurance companies, securities firms, etc. They can also work in accounting or auditing firms or in the department of finance in

various enterprises. Job opportunities in international trade, administrative

management, human resource management, and even marketing are also available.

Some even start their own small businesses.

(4)Because finance plays an important role in management. For example, strategic

planning cannot achieve its goals without considering how such plans will affect the overall financial well-being of the firm.

(5)It is for the students to answer.

2. Translate the following passages into English

(1)The analysis on the employment of financial graduates in 2007 showed that

financial graduates had chosen the following institutions for their first jobs: a)

commercial banks, including the four large-sized state-owned commercial banks, joint-stock commercial banks, city commercial banks, and the representatives or branches of foreign banks in China; b) securities companies, fund management companies, and securities and futures exchanges; c) trust and investment

companies, financial investment holding companies, investment consulting

companies, and large financial companies; d) financial holding groups, the four assets management companies, financial leasing companies, and guarantee

companies; e) insurance companies and insurance brokerage companies; f)

financial regulatory authorities, such as the People’s Bank of China, China

Banking Regulatory and Supervisory Commission, China Securities Regulatory and Supervisory Commission, and China Insurance Regulatory and Supervisory Commission; g) policy banks, such as the State Development Bank and the

Agricultural Bank of China; h) the social securities fund management centers or bureaus; i) State civil servants in governmental organizations, such as the

departments of public finance, auditing, and customs; j) faculty of the financial departments of higher educational institutions and researchers in research

institutions; k) the securities and financial departments, representatives of

securities affairs, and secretaries to chairmen of the boards of listed companies or companies that will be listed soon.

(2)At present, the qualification examinations of the financial practitioners in China

include: Securities Practitioners Certificate, Certified International Investment Certificate (CIIA), Chartered Financial Analysis (CFA), Sponsor Qualification Certificate, Futures Practitioners Certificate, Insurance Brokerage and Assessment Practitioners Certificate, Financial Planning Analyst, and the Financial English Certificate Test (FECT).

3. Translate the following passages into Chinese

(1)当你报名参加注册金融分析师考试时，你就成为一名应试者。作为应试者，

你需要学习应试指定的课程，然后相继参加三个等级的考试。若你通过了所有这些考试，达到了专业和道德标准，并且成为注册金融分析协会的一名正式会员，你就成为一名注册金融分析师资格证持有者。世界各地的考点均举行各个等级的考试。一级考试在六月和十二月举行，二级和三级考试只在六月份举行。

(2)参加美国注册会计师统一考试的资格由各州会计委员会来确定。通常要求具

有美国学士学位，包括需要多修一个学年且在会计和管理方面有最低资格学时的要求。这项五学年的要求就是著名的“150学时规则”，已经被大多数州的会计委员会所采用，尽管有一些例外。这项强制150学时的要求已经被45个州采纳。

Unit 2 Money

1. Answer the following questions based on the text

(1)The four basic functions of money are medium of exchange, unit of account, store

of value, and standard of deferred payment.

(2)M1 is the narrowest measure of money, including currency, checking account

deposit, and traveler’s checks. These can be used directly as a medium of

exchange. M2 = M1 + other assets, such as money market deposit accounts,

money market mutual fund shares, small-denomination time deposits, savings deposits, overnight repurchase agreements, and overnight Eurodollars. These

assets are extremely liquid because they can be turned into cash quickly at very little cost. M3 = M2 + somewhat less liquid assets, such as large-denomination time deposits, term repurchase agreements ,term Eurodollars, and institutional money market mutual fund shares.

(3)Gold standard is a monetary system in which currencies are pegged to gold and

convertibility is guaranteed. Under gold coin standard, mints freely accept gold from the public and manufacture coins, and gold coin is legal tender. Under gold bullion standard, gold coins do not circulate, but the authorities have agreed to sell gold bullion on demand at a fixed price in exchange for the circulating currency.

(4)In 1944, forty-four countries attended an international conference in Bretton

Woods to restructure international finance and currency relationship. The

conference created a new international fixed exchange rate regime – the Bretton Woods System. With the new regime, the United States defined the value of its dollar in terms of gold, and one ounce of gold was equal to US $35. All other

members had to revalue their currencies in terms of U.S. dollars or gold.

Essentially this was an adjustable peg system with parity set within a band of plus or minus 1 percent of par.

(5)The Smithsonian Agreement placed the G-10 countries on an inconvertible paper

standard, the “dollar standard”. Nine currencies were revalued relative to the U.S.

dollar, making them convertible into the dollar, with the dollar not convertible into gold. As an exception, the Canadian dollar was not pegged to U.S. dollar but

allowed to float.

2. Translate the following passages into English

(1)The gold standard began to prevail in the mid-19th century. There were three

variations of gold standard in history: gold coin standard, gold bullion standard, and gold exchange standard. Among them, gold coin standard was the most

typical one.

(2)Under the Bretton Woods System, U.S. dollar could be converted into gold and

other countries carried out an adjustable peg system. They were the two

backbones of the system. The International Monetary Fund (IMF) is the central organization to maintain the normal running of the system. The three functions of IMF are supervising exchange rates, providing international credits, and

coordinating international currencies.

(3)Under the floating exchange rate system, the countries do not stipulate the bands

of exchange rate fluctuations and the central banks are no longer obliged to

maintain the rate caps and floors. The exchange rates freely float and self adjust based on the supply and demand in the foreign exchange markets.

3. Translate the following passages into Chinese

(1)特别提款权（SDR）是国际货币基金组织于1969年设立的，其目的在于支撑

“布雷顿森林体系”下的固定汇率制度。加入该体制的成员国需要官方储备——政府或中央银行持有的黄金或者普遍可接受的外币——在国际外汇市场上购买本国货币来维持其汇率。但是两大储备资产美元和黄金的国际供给证明不足以维持世界贸易扩张和正在进行的金融发展。因此，在国际货币基金组织的支持下，国际社会决定设立一种新的国际储备资产。

(2)贝宝（PayPal）是通过互联网进行支付与资金转移的电子商务平台。贝宝账

户的资金可以从银行账户电子借记，也可以由信用卡提供。一笔贝宝交易的收款人要么要求贝宝支票，确定他们自己的贝宝存款账户，要么要求直接支付到他们的银行账户。

Unit 3 Financial Market

1.Answer the following questions based on the text

(1)Generally speaking, the participants in the financial market can be divided into

borrowers and savers. Savers have excess funds while borrowers have a shortage of funds. From the perspective of investment intention, the participants can be divided into investors and speculators. From the perspective of investment size, the participants can be divided into institutional investors and individual investors.

Institutional investors are banks, insurance companies, retirement funds, hedge funds, or mutual funds.

(2)The primary function of financial market is to channel funds from individuals and

businesses that have surplus funds to individuals, businesses, and governments that have a shortage of funds. Other functions include price determination,

information aggregation and coordination, risk sharing, liquidity, and efficiency.

(3)A debt instrument is a contractual agreement thereby the borrower repays the

lender the principal and interest at regular intervals until the maturity date,

regardless of the success or failure of any investment projects for which the

borrowed funds are used. It can be considered temporary funding. Equity is not a specific contract guaranteeing that cash distributions will be made or that the

investment will be repaid. Equity is more permanent because it has no specific maturity. Equity usually makes dividends to their holders.

(4)Common stock provides the holder voting rights and entitles the holder to a share

of the company’s success through dividend and/or capital appreciation. The return that a common stock holder receives depends on the success of the issuing

company’s performance. A preferred stock holder does not enjoy voting right, but receives a fixed dividend expressed as a percentage of the par value, although the company does not have to pay this dividend if it lacks the financial ability to do so.

(5)The primary market is where new securities are sold to the public. The investment

banker helps the initial sale of securities by underwriting securities and guarantees the sales of part or whole of a corporation’s securities and then sells them to the public.

(6)The over-the-counter market is an intangible one that consists of a network of

brokers and dealers located around the world. Dealers at different locations who have an inventory of securities stand ready to buy and sell securities “over the

counter” to anyone who comes to them and are willing to accept their prices in an over-the-counter market.

2.Translate the following passages into English

(1)The market players of China’s financial markets continued to grow rapidly, with

institutional investors constantly increasing and becoming stronger and

participants more diversified. These have changed the homogeneity of market

participants and improved the market structure. By the end of 2007, the number of institutional investors in the national interbank bond market had reached 7,095, including 2,215 financial institutions and 4,940 non-financial corporations.

(2)The market maker system is a trading system in which the business legal person

with a certain financial strength and credibility in securities market and foreign exchange market keeps providing dealers with bid and ask prices of some kind of financial products, is ready to buy and sell at quoted prices, and assumes the

obligation to maintain the market liquidity and enjoy certain privileges.

Experience in developed countries suggests that the market maker system can

efficiently improve market liquidity and meet market demand. It is one of the

most important systems in the over-the-counter market.

3.Translate the following passages into Chinese

(1)美国财政部的基本职能包括：1）管理联邦财政；2）为美国政府征税聚资并

替政府买单；3）货币职能；4）管理政府账户和公共债务；5）监管国内银行和储蓄机构；6）为国际国内金融、货币、经济、贸易以及税收政策提供建议；

7）执行联邦金融与税收法律；8）调查和起诉逃税、伪造以及造假者。(2)香港联合交易所有限公司是香港交易及结算所有限公司全资拥有的子公司。

为了加强首次公开发行股票申请流程的透明度，联交所于今日出版了相关的指导材料。这些指导材料是为了简化上市申请流程所做的长期努力的一部分，也是由今年六月出版的《有关建议修改股本证券上市有关存档及核对清单规

定的咨询文件》所引起的。与市场参与者的讨论导致了公众咨询，这表示许多人都期望在更多的主题上看到相应的指导。作为回应，联交所编撰了这些指导材料。

Unit 4 Financial Institutions

1.Answer the following questions based on the text

(1)A commercial bank is a financial institution that accepts deposits, makes loans,

and offers related services. It raises funds primarily by issuing checkable deposits, savings deposits, and time deposits.

(2)The difference between a savings and loan association and a savings bank lies in

the corporate structure. The savings and loan associations are always structured as “mutual s” or cooperative s.

(3)Life insurance companies sell annuities and provide people with protection against

the possibility of untimely death, illnesses and retirement. Property insurance

involves insurance coverage related to the loss of real and personal property.

Casualty insurance concerns protection against legal liability exposures.

(4)The author divides the securities industry into three tiers. The first tier is the

largest firms, the so-called national full-line firms, which serve as broker-dealers for retail customers and underwriters for corporate customers. The second tier is the national full-line firms that specialize more in corporate finance and are highly active in trading securities. The third tier is those firms which are specialized

investment bank subsidiaries of commercial bank holding companies, specialized discount brokers that effect trades for customers without offering investment

advice or tips, and regional securities firms that concentrate on servicing

customers in a particular region.

(5)An open-end fund is a mutual fund that has no limit on the number of shares it

issues. It issues and redeems shares on demand. The net asset value of shares is determined solely by the changes in prices of the stocks or bonds the fund owns, not the size of the fund itself.

(6)There are three types – sales finance institutions, personal credit institutions, and

business credit institutions. Sales finance institutions specialize in making loans to the customers of a particular retailer or manufacturer. Personal credit institutions specialize in making installment and other loans to consumers. Business credit institutions are companies that provide financing to corporations, especially

through equipment leasing and factoring, in which finance company purchases accounts receivable at a discount from their value from corporate customers.

2.Translate the following into English

(1)The financial tsunami emerged in the second half of 2008 annihilated the five

largest investment banks in the Wall Street. The Bear Stearns Cos, the fifth largest investment bank in the Wall Street and with a history of 85 years, was sold to J.P.

Morgan Chase & Co at low price. The 94-year-old Merrill Lynch was purchased by the Bank of America. The 158-year-old Lehman Brothers declared a

bankruptcy. The 139-year-old Goldman Sachs and the 73-year-old Morgan

Stanley were both turned from investment banks into bank holding companies. (2)China Banking Regulatory Commission (CBRC) was established on April 28,

2003. It is from this year that the Industrial and Commercial Bank of China, the Bank of China, China Construction Bank, and the Bank of Communications

consecutively started all-round joint-stock reforms and successfully listed with stock exchanges. These banks kept constantly narrowing the gap with

international advanced banks in corporate governance, development strategy,

operating performance, etc. By the end of December 2007, the total assets of

financial institutions in the banking industry had increased from RMB 23.7 trillion yuan at the end of 2002 to RMB 52.6 trillion yuan. The ratio of non-performing loans of major commercial banks had decreased from 23.6% at the end of 2002 to

6.7%. The number of banks meeting the capital adequacy requirement had

increased from 8 at the end of 2003 to 136 at the end of September 2007.

Accordingly, the ratio of these banks’ capital to the total capital of the banking sector had increased from 0.6% to 78.9%.

3.Translate the following passages into Chinese

(1)联邦存款保险公司(FDIC)不接受国会拨款，其资金来源于银行和储蓄机构缴

纳的存款保险费和投资美国财政部证券所获得的收益。联邦存款保险公司仅对存款进行保险。它不对银行和存款机构所提供的证券、投资基金以及其他类似的投资进行保险。在这些机构倒闭时，联邦存款保险公司会提供多种解决方案，其中最常用的一种方法就是将破产机构的存款和贷款出售给另外一家机构。破产机构的客户就自动转变为购买存款和贷款机构的客户。在大多数情况下，这种过渡从客户的角度来看是无缝对接。

(2)欧盟委员会于周四（7月23日）发布了一项关于银行接受政府资助的新的指

导方针，其目的在于防止银行部门内部竞争造成的扭曲。自去年9月雷曼兄弟倒闭以来，欧盟成员国内就有大约30家银行接受了政府的资助得以存活，但条件是这些银行要在6个月内提交重组计划。这些接受政府资助的银行同时也要面对一系列的行为限制，以保证国家资助资金不会被用来与其它银行竞争以提供像低价的抵押贷款这样的金融产品。

Unit 5 Money Market

1.Answer the following questions based on the text

(1)Treasury bills, also called T-bills, are short-term obligations backed by U.S.

government with maturities less than one year. Treasury bill is quoted on a

discount basis because of the short maturity. For such short maturity, it will be inconvenient and expensive to set up the arrangements for paying interest in the normal way.

(2)Commercial paper is an unsecured, short-term loan issued by a corporation,

typically for financing accounts receivable and inventories. Due to the easy bank lending market, the highly developed discount market, and the Bank of England’s standing ready to buy many bills, the UK commercial paper market has remained comparatively underdeveloped.

(3)Negotiable certificate of deposit is a time deposit issued by a bank and can be

traded to other investors prior to maturity. It can be redeemed by whoever owns them at maturity.

(4)Federal funds are funds deposited to regional Federal Reserve Banks by

commercial banks, including funds in excess of reserve requirements. The interest rate associated with the overnight loans between banks is known as the Federal funds rate.

(5)Repo is the abbreviation of repurchase agreement. It is an agreement whereby one

firm sells some of its financial assets to another firm with a promise to repurchase the securities at a higher price later. Firms are the major participants in the repo market.

2.Translate the following passages into English

(1)Money market is a market where short-term fund is raised. Money market consists

of interbank market, repurchase agreement market, commercial paper market, banker’s acceptance market, short-term government bond market, and certificate of deposit market.

(2)When a security holder has a temporary shortage of funds and if he does not want

to give up his security, he or she may sell the security by repurchase contract and at the same time sign a contract with the buyer to maintain his right to buy the security back at the promised price in a period of time with interest.

(3)Mutual fund is a financial organization that pools money from many small

investors. The fund is run by professional managers and allocates profits

according to the holding time and the number of shares. Money market mutual funds are funds mainly operated in money market.

3.Translate the following passages into Chinese

(1)LIBOR即伦敦银行同业拆放利率是世界上最活跃的利率市场。它是由各个银

行在伦敦货币市场上相互间借贷短期存款的利率所决定的。LIBOR也被用来确定许多其他金融衍生品的价格，包括利率期货、互换和欧洲美元。鉴于伦敦作为全球金融中心的重要性，LIBOR不仅仅适用于英镑，同时适用于世界其他主要货币如美元、瑞士法郎、日元以及加元。

(2)个人、公司以及机构用来存放现金的货币市场基金是这场金融危机的另一个

受害者。随着利率的下降和成本的上升，一些金融公司抽回了资金。这令投资者争先恐后地为他们的资金寻找其他安全且高收益的投资。

Unit 6 Bond Market

1.Answer the following questions based on the text

(1)Foreign bond is a bond that is issued in a domestic market by a foreign entity. For

example, Yankee bond is a bond denominated in U.S. dollars but issued in the United States by foreign banks and corporations.

(2)Individual investors are people, while institutional investors are mutual funds,

brokers, and corporations. Institutional investors have far more impact on the

market since they buy and sell much large volumes of stock.

(3)The major difference lies in the maturities of the instruments. The maturity of

Treasury bill is less than one year, the maturity of Treasury note is from one to ten years, and the maturity of Treasury bond is over ten years.

(4)Both of them are municipal bonds. The difference is whether there are specific

assets or projects as security. General obligation bonds do not have such assets or projects but are backed by the government ability to tax its citizens. Revenue

bonds are used to raise funds for projects that generate revenues and backed by the cash flow of the particular revenue-generating project.

(5)Mortgage bond is backed by fixed assets as security, while debentures are

long-term unsecured bonds that are backed only by the general creditworthiness of the issuer.

(6)In the event of bankruptcy, subordinated debt has claims on assets only after

senior debt has been paid off.

(7)Bonds a bove Moody’s Baa or Standard & Poor’s BBB rating are considered of

investment grade.

(8)A sinking fund is a pool of money set aside by a corporation to help repay a bond

issue. Bond agreement usually requires a company to make periodic interest

payments to bondholders throughout the life of the bond, and then repay the

principal amount of the bond at maturity. In this way, the sinking fund provision is

beneficial to the bondholder.

2.Translate the following passages into English

(1)Municipal bonds are bonds issued by local governments or their authorized

institutions or agencies, including general obligation bonds and revenue bonds.

General obligation bonds are secured by all the future taxes of the local

government as a source of repayment, while revenue bonds are secured by the fees collected from the users of the infrastructure and the fees are calculated based on the construction cost.

(2)Sinking fund is a pool of money that is set aside periodically before the maturity

by the bond issuer to ensure the company to have enough money to repay the

principal to the creditors at maturity. The money is deposited with a selected bank which serves as a trustee to use the money to invest, and the investment returns will add to the fund.

3.Translate the following passages into Chinese

(1)投资者利用债券互换来实现各种收益。互换，即同时售出一项资产和买入另

一项资产，可以用来改变到期日，提升资产组合的信用质量，以及增加货币收入，或者可以用来实现许多其他的目标。最常用的互换是用来节省税款。

任何拥有债券的人，以低于债券购买价卖出债券且同时获得资本收益或其他的收入，而这些收益或收入可能部分或全部由税收损失所抵消，因而可以从税收互换中获益。在这两个步骤中，投资者以低于之前购买价的价格卖出债券，并且同时以相同的价格买入类似的债券。

(2)赎回条款是诸多债务协议的重要组成部分，它赋予发行者在债券到期前的某

一点提前赎回或偿还债券的权利。赎回条款的目的是在合理的程度上保护贷款人在贷款之后不受因借款人引起的不利情况的影响。贷款人通常不会使用赎回条款，除非借款人很快便不能够履行贷款合同的条款。在行使赎回条款时，贷款人经常先控制用于担保贷款的抵押品，至少可以用抵押品来清偿部分欠款。

Unit 7 Stock Market

1.Answer the following questions based on the text

(1)The differences between common stock and preferred stock are as follows: a)

Common stock represents an ownership interest in the firm and its holders vote and receive dividends. The preferred stock is a security with characteristics

in-between a bond and a common stock and its holders do not usually vote unless the firm has failed to pay the promised dividend. b) Preferred stockholders have a greater claim to a company’s assets and earnings. When there are distributions to be made, preferred stockholders must be paid before common stockholders. In the

event that the company goes bankrupt, common stockholders are last in line for the company’s assets. They will not receive any money until after the preferred stockholders are paid out. c) Dividends of preferred stocks are paid at regular

intervals and generally greater than those of common stocks.

(2)IPO means initial public offering. The market for stock that has recently gone

public is called the IPO market. When a private corporation’s stock is offered to the public for the first time, it needs to use an IPO market.

(3)The commission brokers are individuals employed by brokerage firms that are

members of the NYSE. The floor brokers are independent, freelance brokers who work for themselves rather than for a brokerage firm.

(4)The NYSE is an auction-based market where traders meet on the floor of the

exchange, using person-to-person, telephone orders or electronic orders. The

Nasdaq, on the other hand, is strictly an electronic exchange, an intangible

organization.

(5)Margin requirement is the amount that an investor must deposit in a margin

account before buying on margin or selling short, as required by the Federal

Reserve Board’s Regulation T.

2.Translate the following passages into English

(1)The Shanghai Stock Exchange (SSE), which was founded on November 26, 1990

and came into operation on December 19 at the same year, is a non-profit

corporation directly governed by the China Securities Regulatory Commission (CSRC). The SSE adopts the electronic auction trading mode and the buying and selling of all the listed securities must be made by public bidding through the

mainframe computer. It is the mainframe computer that matches the deals in

accordance with the principal of price-time priority. By the end of December 2007, the SSE possessed 1,125 listed securities and 860 listed companies, with a

combined market capitalization of RMB 26,983.9 billion yuan.

(2)Dow Jones Industrial Average is one of the stock indexes created by Charles Dow,

the founder of The Wall Street Journal and the Dow Jones & Company. It reflects the general trend of the US stock market, covering such industries as finance,

manufacturing, science and technology, entertainment, and retail.

3.Translate the following passages into Chinese

(1)卖空股票涉及使用借入的资金，这就是人们所知的保证金交易。当进行卖空

交易时，你开立一个保证金账户，有了这个账户你就可以用你的投资作为抵押从经纪公司借入资金。当用保证金账户做多的时候，你很难控制损失，因为你必须满足25%的最低维持保证金的要求。如果账户余额低于这个标准，你就会收到追加保证金的通知，你将被迫要么存入更多的现金，要么清算头

寸。

(2)周一美国主要股票指数收盘略高，这是由最后一分钟的买盘拉起的。道琼斯

工业平均指数连续11天增长。周一，由30只股票构成的道琼斯工业平均指数收盘在9,108.51点的更高点位，上涨15.26点，涨幅0.17%。标准普尔500指数收盘在982.18点，增加了2.92点，增幅0.30%。高科技重工业纳斯达克综合指数上涨1.93点，以1,967.89点收关，涨幅为0.10%。

Unit 8 Mortgage Market

1.Answer the following questions based on the text

(1)A mortgage is a pledge of property to secure payment of a debt. It may refer to a

loan secured by a mortgage on real property.

(2)The mortgages are originated by the mortgage originators, such as thrifts,

commercial banks, mortgage bankers, life insurance companies, etc. The possible fees the originators collect include origination fee and servicing fee.

(3)The difference between fixed rate mortgages and adjustable-rate mortgages lies in

that the former’s interest rate and monthly payment do not vary over the life of the mortgage, but the interest rate on the latter is tied to some market interest rate and therefore changes over time.

(4)A balloon mortgage does not fully amortize over the term of the loan, and the

balance will be paid at maturity. The final payment is called balloon payment

because of its large size.

(5)Asset securitization is a financial innovation that uses a mortgage or a pool of

mortgages as collateral for issuing a security or securities. Different from

traditional system for financing the acquisition of assets, it calls for a financial intermediary to originate a loan, retain the loan in its portfolio, and service the loan and obtain funds from the public.

(6)A pass-through is a security that is created when one or more holders of mortgages

from a pool of mortgages sell shares or participation certificates in the pool. It was created because risk-averse investors prefer investing in a pool of mortgages. A pass-through is considered more liquid than an individual mortgage.

(7)Tranche i s a French word meaning “slice” or “portion”. It is used to describe a

security that can be split up into smaller pieces and subsequently sold to investors.

The number of tranches of collateralized mortgage obligations depends on how many maturity classes the CMO is divided into. Usually, tranches with a first lien on the assets of the assets pool are senior tranches and are safer investment, and tranches with either a second lien or no lien are junior notes and more risky

investment.

2.Translate the following passages into English

(1)Asset securitization is the act of transferring the assets that lack liquidity into

securities that can be traded freely in the financial market. For example, the

mortgage originator can sell a mortgage to the investor who wants to put the

mortgage in a pool of mortgages and then issues securities using the pool as

collateral, or the mortgage originator can issue a security using the mortgage as collateral. In either case, once a mortgage is used as collateral to issue a security, the mortgage is securitized.

(2)Adjustable-rate mortgage is a mortgage loan that the interest rate of the balances

is adjusted to the specific benchmark rate according to the loan contract.

Adjustable-rate mortgage allows the borrower to pay a lower down payment if he or she is willing to bear the risk of interest rate fluctuations, so that the borrower can borrow more money in the loan. But the repayment amounts will increase as the lending rate goes up.

3.Translate the following passages into Chinese

(1)这次危机可以归咎于那些许多年来一直充斥着住房和信贷市场的各种因素。

导致危机的原因包括：房屋所有者主要因可调利率抵押贷款利率的重新设定而丧失了偿还抵押贷款的能力，借款人的力不从心，掠夺性的贷款，在经济繁荣时期的投机和住房的超量建设，高风险的抵押产品，过高的个人和公司债务水平，分散乃至隐藏抵押违约风险的金融产品，货币政策，国际贸易失衡，以及政府监管（或者缺乏政府监管）等。

(2)2-28贷款是可调利率抵押贷款，其利率基于伦敦银行同业拆借利率且在前两

年是固定不变的。在余下的28年中，该贷款利率将会调整，通常每6个月调整一次，并且在之后的几年会显著增长。这种贷款提供给那些信用较低的客户。

Unit 9 Foreign Exchange Market

1.Answer the following questions based on the text

(1)Foreign exchange market is a worldwide decentralized over-the-counter market

for the trading of currencies.

(2)The participants in foreign exchange market include banks, commercial

companies, central banks, hedge funds, investment management firms, retail

foreign exchange brokers, and other participants like the non-bank foreign

exchange companies.

(3)A spot contract represents a binding commitment for an exchange of funds with

normal settlement and delivery in one or two business days from trade date. A

forward contract is an agreement made today for an obligatory exchange of funds at some specified time in the future.

(4)It is an agreement between two parties to exchange two currencies at a certain

exchange rate at a certain time in the future. For example, if a company knows that it will need British pounds in the future and another company knows that it will need U.S. dollars, they agree to swap the two at the agreed-upon exchange rate. This eliminates the risk that the exchange rate will change in a way that is disadvantageous to one party or the other.

(5)Arbitrage is the simultaneous, or nearly simultaneous, purchase of securities in

one market for sale in another with the expectation of a risk-free profit. Suppose that the exchange rates (after taking out the fees for making the exchange) in

London are ￡5 = $10 = ￥1,000 and the exchange rate in Tokyo are ￥1,000 = $12 = ￡6. Converting ￥1,000 to $12 in Tokyo and converting $12 into ￥1,200 in London, for a profit of ￥200, would be arbitrage.

2.Translate the following passages into English

(1)Foreign exchange market is a market where participating financial institutions like

banks, self-management brokers, and large multinational corporations are linked by the intermediaries or telecommunication systems and all kinds of currencies are traded. They may be tangible, such as exchanges or bourses, and intangible, such as the interbank foreign exchange market trading through telecommunication systems.

(2)Arbitrage has become a major means of trading in international financial markets,

and due to its stable profits, the risk of arbitrage is relatively low. Majority of

large funds have adopted arbitrage or partial arbitrage to trade in futures or

options markets. With the standardization and development of China’s futures

market and the diversification of listed products, the market contains a large

number of arbitrage opportunities and arbitrary has hence become an effective

way for some large institutions to participate in the futures market.

3.Translate the following passages into Chinese

(1)本年度美元对美国六大贸易伙伴国的货币交易均处于最低水平，因为预期全

球经济正在摆脱二战以来最严重的萧条，降低了对安全的需求。在报告显示上个月新房销售量是8年来的最大值之后，美元对欧元的交易触及7周的低点。由于分析师两年来首次提升美国公司利润估值，鼓励了日本投资者到海外寻求更高的投资回报，日元对其主要对手货币的比率下降。

(2)在进行外汇交易时，通常是将两种货币组合起来进行交易。进行交易的货币

通常是但并不总是高价值的货币。在进行美元对新加坡元的交易时，通常的做法是买入或卖出一笔固定数目的美元，如1,000,000美元。在平仓时，进行

相反的交易，即卖出或者买入1,000,000美元。在这两次交易中，利润或亏损将明显反映在贷记和借记的新加坡元的数目上。

Unit 10 Exchange Rate Regimes

1.Answer the following questions based on the text

(1)Dollarization means the use of foreign currency as the national currency.

(2)Under a fixed peg system, the country pegs its currency at a fixed rate to another

currency or a basket of currencies of its major trading or financing partners,

weighted to reflect the geographical distribution of trade, service, or capital flows.

The rate may fluctuate within a narrow bank of plus or minus 1% around the rate.

Under a crawling peg system, the currency is adjusted periodically in small

amounts at a fixed rate or in response to changes in selective quantitative

indicators. The rate of crawl can be set to generate inflation-adjusted changes in the exchange rate, or it can be set at a preannounced fixed rate and/or below the projected inflation differentials.

(3)The trilemma is that a country can achieve only two of the following goals:

exchange rate stability, full financial integration, and monetary independence. (4)It is hard to say which one is better. It depends. The fixed exchange rate system

can help establish the credibility of a program to bring down inflation. The risk is that the peg will become unsustainable if confidence in the authorities’ willingness or ability to maintain it is lost. A flexible exchange rate provides greater room for maneuver in a variety of ways. The danger here is that it will probably be harder to establish a credible policy to control inflation, and the expectations of higher inflation often become self-fulfilling.

(5)It depends. In a world of floating exchange rates among the major currencies, it is

more likely to have a single currency peg if the peg is to the currency of the

dominant trading partner. By pegging to a currency basket instead, a country can reduce the vulnerability of its economy to fluctuation in the values of the

individual currencies in the basket.

2.Translate the following passages into English

(1)Our country has carried out a managed floating system based on market supply

and demand and adjustable to a basket of currencies since July 21, 2005. RMB no longer pegs to the single U.S. dollar, but has formed into a more flexible exchange rate regime. The P eople’s Bank of China declares the closing prices of dollar and other currencies against RMB in the interbank foreign exchange market after the market is closed every day. These prices will be used as middle prices of the

currencies against RMB for the next day.

(2)The floating exchange rate regime can be divided into free floating and managed

floating. Free floating means that the monetary authorities hardly intervene in the foreign exchange market and the exchange rate fluctuates with market supply and demand. Managed floating means that the monetary authorities take various

measures and means to influence the foreign exchange market and make the

exchange rate conducive to their economic development.

3.Translate the following passages into Chinese

(1)实行钉住汇率制的国家往往具有不成熟的资本市场和薄弱的监管机构。因此

钉住汇率制可以帮助他们在这样的条件下创造稳定。要维持浮动汇率制必须有一个更强大的制度和成熟的市场。当一国被迫对货币贬值时，它也被要求进行某种形式的经济改革，如提供更高的透明度，以努力巩固其金融机构。

(2)与中央银行不同，货币局并不持有那些可以赚取利息和产生利润的银行存款。

因此，货币局不是银行体系的最后贷款人：如果一家银行要倒闭，货币局是不会解救它的。尽管商业银行不一定被要求持有甚至1%的准备金以抵补债务（对存款的提取），但是一些人认为，在传统的货币局制度下，很少看到有商业银行破产。

Unit 11 Federal Reserve System

1.Answer the following questions based on the text

(1)The seven-member Board of Governors is the head of the Federal Reserve System.

The seven governors are appointed by the President but have to be confirmed by the Senate. They serve non-renewable 14 years, with one governor’s term expiring every other January. This design is intended to insulate the governors from the

political pressures.

(2)The responsibilities of the Board members include: a) to formulate monetary

policy; b) to set reserve requirements and effectively control over the discount rate by the “review and determination” process; c) to regulate and supervise banks that are members of the Federal Reserve System, bank holding companies,

international banking facilities in United States, Edge Act and agreement

corporations and so on; d) to ensure the smooth functioning and continued

development of t he nation’s vast payment system; and e) to be responsible for the development and administration of regulations that implement major federal laws governing consumer credit.

(3)Edge Act Corporation means a subsidiary of a bank or a bank holding company or

financial holding company that is chartered by the Federal Reserve under Section 25A of the Federal Reserve Act, as amended in 1916, to engage in foreign

banking activities. Agreement Corporation means a financial institution chartered

by a state to engage in international banking services and the institution “agrees”

with the Federal Reserve Board to limit its activities to those allowed an Edge Act corporation.

(4)The FOMC itself does not carry out securities purchases or sales; instead, it issues

directives to the trading desk at the Feral Reserve Bank of New York, where the manager for domestic open market operations supervises those who execute the purchases and sales of the government or agency securities. The manager

communicates daily with the FOMC members and their staffs concerning the

activities of the trading desk.

(5)The primary responsibilities of Federal Reserve Banks include: a) clearing checks;

b) issuing new currency; c) withdrawing damaged currency from circulation; d)

administering and making discount loans to banks in their districts; e) evaluating proposed mergers and applications for banks to expand their activities; f) acting as liaisons between the business community and the Federal Reserve System; g)

examining bank holding companies and state-chartered member banks; h)

collecting data on local business conditions; and i) using their staffs of

professional economists to research topics to the conduct of monetary policy. (6)Discount window is an instrument of monetary policy that allows eligible

institutions to borrow money from the central bank, usually on a short-term basis, to meet temporary shortages of liquidity caused by internal or external disruptions.

Institutions like commercial banks, mutual savings banks, savings and loan

associations, and credit unions that subject to reserve requirements set by the Fed, are allowed to use the window.

(7)Since no interest was paid on reserves deposited at the Federal Reserve banks, it

was costly to be a member of the system, and as the interest rates rose, the relative cost of membership rose, and thus more and more banks left the system.

2.Translate the following passages into English

(1)Three tools can be used by the Fed to adjust and control the U.S. economy. First,

t he Fed buys and sells American Treasury securities to curb inflation or stimulate deflation. When it buys securities, money supply will increase; when it sells

securities, money supply will decrease. The deals happen virtually every day.

Second, the Fed may require commercial banks to reserve a certain percentage of money as “reserve”. The reserve can be vault cash or deposited in special account of the Fed’s “reserve settlement”. As banks cannot use reserves, the Fed can

change the reserve requirement ratio to guide banks to lend more or less money to the market. Third, the Fed will set a discount rate at which banks can borrow

money from the Fed. Banks can turn to the discount window of the Fed for loans

so that they will have more funds for lending.

(2)Eur opean Central Bank is the world’s first central bank to manage a supranational

currency. Independence is its distinctive feature. Neither does it accept the

directives of the EU governing body, nor is it subject to the supervision of

governments of EU members. It is the only qualified institution that is allowed to issue the euro within the European Union. When it was established, there were 11 members within the euro zone. By the end of January 2009, the number of euro zone members had increased to 16.

3.Translate the following passages into Chinese

(1)国际清算银行是促进国际货币和金融合作的经济组织，是一家为各国中央银

行服务的银行。国际结算银行主要作为促进各国中央银行和国际金融机构之间研讨和政策分析的论坛、经济与货币研究的中心、在金融交易中的中央银行的主要对手方、以及与国际金融业务联系的代理人或受托人等，来实现其职能。

(2)在合适的情况，各中央银行与相关监管当局合作，将采取最有效的步骤来促

使国内市场私营部门未来两年内有令人满意的行为。此外，在适当或可行的情况下，各中央银行将落实或寻求实现各国支付系统的关键性的提升，并将考虑采取其他措施，以促进为降低私营部门风险而做出的努力。这使人们认识到可能需要公共当局鼓励单个银行和行业团体的行动，并与这些团体合作以取得及时的并且是整个市场的进步。

Unit 12 Financial Futures

1.Answer the following questions based on the text

(1)A future contract is a standardized, transferable, exchange-traded contract that

requires delivery of a commodity, bond, currency or stock index at a specified price on a specified future date. Financial futures are futures contract based on financial instruments, such as Treasury bonds, certificates of deposit, currencies or indexes.

(2)Long position means the situation in which an investor purchases the financial

futures and holds them in anticipation of a price increase. Short position means the situation where the investor promises to sell a certain quantity of a good at a particular price in the future.

(3)Currency futures are traded via exchanges, such as the Chicago Mercantile

Exchange, but the currency markets are traded via currency brokers and are

therefore not as controlled as the currency futures. As currency futures are based upon the exchange rates of two currencies, they are settled in cash, in the

underlying currency.

(4)IMM is the abbreviation of International Monetary Market, a division of Chicago

Mercantile Exchange.

(5)An interest rate future contract is a future contract whose underlying assets are

different interest-bearing instruments like T-Notes, T-Bills, T-Bonds, deposits, and so on. By selling interest rate futures, known as short hedging, an investor can protect himself against an increase in interest rates; by buying interest rate futures, known as long hedging, an investor can protect himself against a decline in

interest rates.

(6)Stock index futures, or index futures, are futures contracts where the underlying

commodity is a stock index, such as the Dow Jones or the FTSE100. “Tick” is the minimal increment that futures contracts move in.

2.Translate the following passages into English

(1)Bonds futures, as a kind of interest rate futures, is a standardized contract whereby

both parties promise to buy and sell a specified quantity of certain interest rate related products at the agreed price on a future date. The interest rate related

products are usually medium to long-term bonds. The commodity mix of bonds futures in CBOT is the most complete one, including short, medium, and

long-term U.S. Treasury bond futures contracts. Its shortest contract is 2 years and the longest 30 years, and the 10-year contract is of the largest trading volume. (2)Investors in stock investments are faced with two risks: systematic risks and

non-systemic risks. Investors can better avoid non-systemic risks by investment portfolios, but cannot effectively avoid the stock market decline caused by

systemic risks. Stock index futures allows investors in the stock market and stock index futures market to do the opposite operations to offset the risks of price

fluctuation.

3.Translate the following passages into Chinese

(1)在芝加哥交易所有两种交易方法：公开喊价和电子平台。公开喊价的方法是

由在交易所的交易池内的交易员喊出订单、报价以及特定商品的数量。交易员身穿不同颜色的马夹来表示他们在场内的不同职能（交易商、跑单者、芝加哥交易所的员工等）。他们通常会运用复杂的手势。交易池是交易所内较低的区域以便于沟通，并且根据交易量的情况可以升降。

(2)由于对未来12个月通胀的低估，巴西的利率期货收益率下降，促使经济学家

下调明年年末基准利率的预测。在隔夜利率期货市场，2011年1月到期的合约收益率下降4个基点，即0.04个百分点，在纽约时间下午5:01至9.77%。

根据彭博数据，于2011年1月到期的当地货币零息债券收益率下降4个基点至9.87%。

Unit 13 Financial Statements

1.Answer the following questions based on the text

(1)A balance sheet consists of three parts: assets, liabilities, and shareholder’s equity.

(2)An income statement can be divided into operating section, non-operating section,

irregular items, and earnings per share.

(3)It is an accounting technique used by firms to assess the profits earned by their

investments in other companies. The firm reports the income earned on the

investment on its income statement and the reported v alue is based on the firm’s share of the company assets. The reported profit is proportional to the size of the equity investment. This is the standard technique used when one company has significant influence over another, usually 20-50% in associate companies.

(4)The most commonly used format for the cash flow statement is to divide it into

three sections: cash flows from operating activities, cash flows from investing activities, and cash flows from financing activities.

(5)The direct method and the indirect method. Under the direct method, you are

basically analyzing your cash and bank accounts to identify cash flows during the period. But under the indirect method, you are basically analyzing your income and expense accounts, and working capital.

2.Translate the following passages into English

(1)The formation of accounting is influenced by its environment. Different countries

have different accounting systems as they have different political, economic, and cultural systems. A country’s accounting system evolves as a response to the

country’s demand for accounting information. In many European countries, the government regulation requires that enterprises announce detailed information of training and employment policies, while the United States has no similar

requirement.

(2)Cash flow statement reflects the inflows and outflows of cash and cash

equivalents of an enterprise in a certain accounting period. It is one of the three basic financial statements which expresses the increase and decrease of cash

(including bank deposits) in a fixed period (usually monthly or quarterly). It

mainly reflects the impacts of various items in the balance sheet on cash flows, and can be divided into the three categories as operating, investing and financing according to their uses.

3.Translate the following passages into Chinese

(1)金融行动特别工作组是一个政府间的跨国机构，其宗旨是发展和推动国内国

际政策，以打击洗黑钱及恐怖分子筹资的活动。金融行动特别工作组监控各成员国在实施必要措施上的进展，审核它们检查洗钱及恐怖分子筹资活动的

《金融英语》教学大纲

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）

高一英语必修一试卷含答案适合测试

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