刘铁敏《金融专业英语》第2版习题参考答案20Word格式.docx
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刘铁敏《金融专业英语》第2版习题参考答案20Word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
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