刘铁敏《金融专业英语》第2版习题参考答案20Word文档格式.docx

刘铁敏《金融专业英语》第2版习题参考答案20Word文档格式.docx

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—China'

sconsumerpriceindex（CPI）,amaingaugeofinflation,rose2.9percentyear-on-yearin2019,withingovernmenttargetof3percent,officialdatashowedonJan9.Thegrowthpickedupfrom2.8percentinthefirst11months,andwasabovethe2.1-percentannualincreasein2018,accordingtotheNationalBureauofStatistics.InDecember,theCPIclimbed4.5percentyear-on-year,unchangedfromthatinNovember.Thehikewasmainlydrivenbyfoodprices,whichsoared17.4percentyear-on-yearlastmonth,contributing3.43percentagepointstotheincreaseinDecember.Porkpricessurged97percentyear-on-yearinDecember,slowingfromthe110.2-percentgrowthseeninNovember.Pricesofotherkindsofproteinincludingbeef,muttonandpoultrysawslowergrowthlastmonth.Non-foodpricesgained1.3percentlastmonth,fasterthanthe1-percentgrowthinNovember,thebureausaid.TheCPIinurbanandruralareaspostedayear-on-yeargrowthof4.2percentand5.3percent,respectively.ThecoreCPI,whichexcludesfoodandenergyprices,tickedup1.4percentyear-on-yearinDecember,flatwiththatinNovember.ThedatareleasedonJan9alsoshowedthatChina'

sproducerpriceindex,whichmeasurescostsforgoodsatthefactorygate,dropped0.3percentyear-on-yearin2019.M2,abroadmeasureofmoneysupplythatcoverscashincirculationandalldeposits,rose8.7percent.

4.GovernorofthePeople'

sBankofChinaYiGangattendsapressconferenceonthefinancialreformanddevelopmentforthesecondsessionofthe13thNationalPeople'

sCongress（NPC）inBeijing,capitalofChina,March10,2019."

Themonetarypolicywillbereasonableinthematteroftotalamount,nottooeasednortootightened,whichmeansthegrowthrateofM2moneysupplyorsocialfinancingwillbekeptataboutthesamelevelwiththegrowthrateoftheGDPoftheprivateeconomy,"

saidthePBOCgovernor.

5.Explainbyyourownreasons.

II.Checkyourcomprehension.

1.A2.B3.C4.D5.D

III.Cloze

1.D2.A3.F4.B5.G

IV.Translations

1.TranslatetheEnglishtoChinese

（1）Inthedaysofthegoldstandard,thevolumeofmoneyandcreditincirculationwastiedtotheamountofgoldinacountry’svaults.

在金本位时代，流通中的货币和信贷量与一个国家的金库中的黄金数量是挂钩的。

（2）Centralbanksretaintherighttoexpandthevolumeofdomesticcredittokeeppacewiththegrowthofthehomeeconomy.

中央银行保留扩大国内信贷的权利，以跟上国内经济增长的步伐。

（3）Eventually,however,growthintheworld’seconomiestranslatesintoagrowingdemandfordollarassets.

最后，世界经济的增长转化为对美元资产的需求增长。

（4）Themoremoneycentralbanksprint,themoredollarstheyliketoholdinreservetounderpintheircurrency.

中央银行印出越多的美元，他们就喜欢持有越多的美元以巩固其货币储备。

（5）Themorebusinessisdoneacrossborders,themoredollarstradersneedtocovertheirtransactions.

跨越国业务越多的，交易员就需要越多的美元进行交易

2.TranslatetheChineseintoEnglish

（1）美元现在看起来脆弱不堪。

Thedollarisnowlookingfragile.

（2）美元币值维持依靠的并不是美国出口的强劲，而是国外资本的大量流入。

ThevalueofthedollarisnotdependentonstrongexportintheUnitedStates,butalargeinfluxofforeigncapital.

（3）美国，一个资本如此富足的国家，竟然每天需要从国外输入将近20亿美元才能弥补经常项目的巨额赤字。

Asacountrythatissorichincapitalendowment,UntiedStatesneedsinflow2billiondollarsadayabroadtocoveralargedeficitinthecurrentaccount.

（4）大多数经济学家认为，美国如此巨大的外贸赤字会很快抽干别国的储蓄。

MosteconomistsbelievethattheUnitedStatesissohugeforeigntradedeficitwillsoondrawthesavingsofothercountries.

（6）一旦资本流入的来源枯竭，有人估计，美元将会贬值四分之一。

Oncethesourceofcapitalinflowshasdriedup,itisestimatedthatthedollarvaluewillfallby1/4.

Chapter2FinancialMarket

I.Questionsfordiscussion（keypoint）

1.InChina,therearedifferentfunctionsthatthefinancialmarketsperformwhichincludesdeterminationofthepriceswherefinancialmarketshelpinpricediscoveryofvariousfinancialinstruments,mobilizationofthefunds,providinganopportunitytodifferentinvestorstobuyorselltheirrespectivefinancialinstrumentatthefairvaluethatisprevailinginmarket,providingthevarioustypesofinformationtotraders,andthesharingoftherisk,etc.

2.Thecapitalmarketisafinancingmarketforlong-termfunds,andthecurrencymarketisashort-termfinancingmarket.1.DifferentfeaturesThecharacteristicsofthecapitalmarketare:

thetradingfinancialinstrumentshavealongperiod;

thetransactionismainlytomeetthedemandandsupplyoflong-terminvestmentfunds;

theamountofcapitalborrowingandlendingislarge;

themarkettradingtoolsareriskyandspeculative.Thecurrencymarketreferstoamarketthatusesfinancialinstrumentswithamaturityoflessthanoneyearasamediumforshort-termfinancing.Itischaracterizedbyashorttransactionperiodandrelativelylowrisk.2.Differentfunctions.Thecapitalmarketistoraisefundsandallocateresources.Thecurrencymarketadjustssurplusandshortageoffundstomeetshort-termfinancingneeds.3.Thesub-marketsaredifferent.Thebroadcapitalmarketincludestwoparts,oneisthebank'

smediumandlong-termdepositandloanmarket,andtheotheristhesecuritiesmarket,includingthebondmarketandstockmarket;

thenarrowcapitalmarketreferstothemarketforissuingandcirculatingstocks,bonds,fundsandothersecurities,Collectivelyreferredtoasthesecuritiesmarket.Thecurrencymarketismainlycomposedofsub-marketssuchasinter-banklending,commercialpaper,treasurybills,andrepurchaseagreements.

3.Therearesimilaritiesbetweenoptionsandfutures.Botharebasicon-marketderivativesandbothhaveriskmanagementfunctions.However,optionsandfuturesarequitedifferentintermsoftherightsandobligationsofbuyersandsellers,thecharacteristicsofriskandreturn,themarginsystemandthenumberofcontracts.Rightsandobligations:

Therightsandobligationsofbuyersandsellersofoptionsarenotequal,whiletherightsandobligationsofbuyersandsellersoffuturesareequal.Bothbuyersandsellersoffutureshaveassumedtheobligationtoperformthecontractandmustdeliverontheexpirydate.Foroptions,onlythesellerundertakestheobligationtoperformthecontract,andthebuyeronlyenjoystherightsbutnottheobligations.Bybuyingandsellingoptions,investorscanseparaterightsandobligationstoachievethepurposeofflexibleinvestmentandriskmanagement.Risk-returncharacteristics:

Therisk-returncharacteristicsofoptionsandfuturesaredifferent.Thereturnofoptionsandthereturnoftheunderlyingassetarenon-linear,andthereisnofixedproportionalrelationshipbetweenthetwo;

whilethereisafixedproportionalrelationshipbetweenthereturnoffuturesandthereturnoftheunderlyingasset.Marginsystem:

Themarginsystemforoptionsandfuturesisdifferent.Inoptiontransactions,thesellerisobligedtopayadepositasaperformancebond,andthebuyeronlyenjoystheright,sothereisnoneedtopayadeposit.Bothbuyersandsellersoffuturesbeartheobligationtoperformthecontract,sobothpartiesneedtopayadeposit.Numberofcontracts:

Thenumberofoptioncontractsismuchgreaterthanthatoffuturescontracts.Therearemultiplecontractsofcallandputoptionswithdifferentexercisepricesineachcontractmonthofoptions,whilethereisonlyonecontractineachcontractmonthoffutures.

4.Uncertain.Ineconomicsandfinance,riskaversionisthebehaviorofhumans（especiallyconsumersandinvestors）,whenexposedtouncertainty,toattempttoreducethatuncertainty.Itisthereluctanceofapersontoacceptabargainwithanuncertainpayoffratherthananotherbargainwithamorecertain,butpossiblylower,expectedpayoff.Forexample,arisk-averseinvestormightchoosetoputhisorhermoneyintoabankaccountwithalowbutguaranteedinterestrate,ratherthanintoastockthatmayhavehighexpectedreturns,butalsoinvolvesachanceoflosingvalue.

1.D2.D3.C4.C5.B6.D7.C8.B

1.B2.F3.D4.C5.G

IV.Translation

1.TranslateEnglishtoChinese

（1）Chinaisinthetransitionfromaplannedeconomytomarketeconomicsystem,thereforeitseconomicdevelopmentdoesnotdisplayclearcyclesasthematuredeconomiesdo.

中国正处于由计划经济向市场经济体制转变的过渡期，经济发展并没有明确表现为成熟的经济周期。

（2）Inthematuredmarketeconomies,duetotheobviouscyclesineconomicgrowth,theadjustmentofinterestratealsoshowaperiodicfeature,thatis,raisingtheinterestrateinoneperiodandcuttingtherateinanother.

在成熟的市场经济中，由于经济增长周期明显，利率的调整也表现出周期性的特征，即在一个时期内提高利率，另一时期则削减利率。

（3）ThepatternofeconomiccyclesinChinaisnotyetthatstable,soit’snotappropriatetosaythatwehaveenteredacertainperiod.

中国经济周期的模式还没有那么稳定，所以我们已经进入了一段确定性的时期这一说法是不恰当的。

（4）Thecentralbank’sdecisiononraisingtheinterestratewillbebasedontheclosemonitoringofthechangingeconomicandfinancialsituation.

中央银行关于提高利率的决定，将基于对不断变化的经济和金融状况的密切监测。

（5）Withregardtothe“negativeinterestrate”,weshallunderstandthatinterestratepolicyisnotmeanttoensurethattherealinterestrateispositiveatanyparticularpointoftime.Instead,itdependsonvariousfactors.

关于“负利率”，我们会明白，利率政策并不是为了确保实际利率在任何特定时间内都是正的。

相反，它取决于各种因素。

2.TranslateChinesetoEnglish

（1）在货币供应总量大体适度的情况下，结构方面存在某些问题有一定的必然性。

Inthecaseofthetotalamountofmoneysupply,therearesomecertainproblemsinthestructure.

（2）在金融运行中，我们要求业界坚持区别对待，有保有压的方针，特别是注重改善对小企业的信贷服务。

Intheoperationofthefinancialsector,wehavereq