金融英语阅读
金融英语双语阅读三篇
金融英语双语阅读三篇下面店铺为大家带来金融英语双语阅读，欢迎大家学习!金融英语双语阅读：投资银行业务Investment banking describes the activities of a firm conducted when serving as an intermediary between an issuer of securities and the investing public.Most of these activities are related to what is called “underwriting” whereby an investment bank commits to buy the new issue shares of a company for resale tothe investing public. The majority of investment banks also maintain brokerage and trading operations for institutional and retail clients. As an investment bank,a company can use one of several agreements when assisting a company going through the process of issuing shares to the public. Investment banks will usuallyundertake one of the following arrangements when assisting a company in the issuance of shares: firm commitment, best efforts, or all or none. Not all of thesemethods guarantee that the initial public offering of stock will be successful.投资银行业务描述的是一家公司作为证券发行者和投资大众的中间人进行服务活动。
金融英语阅读
金融英语阅读：支票账户When a bank makes a payment on a check, it cancels the check. That is, it marks the check with some kind of stamp so that the check cannot be used again. Postage stamps are also canceled to indicate that they have been used and cannot be used again.当银行兑付支票时要予以注销，也就是说，银行要用某种戳记盖在支票上，支票就不会再使用了。
邮票也要注销，表明邮票已经用过，不能再用。
If you have a checking account, the bank sends you your canceled checks along with your monthly statement. These checks can be used instead of receipts. They can be used as proof that payment has been made.如果你有支票账户，银行每月把你的付讫支票连同月度清单送给你。
这些支票可以代替收据，当作付款的证据。
If you open an account or if you want to cash a check, you must provide proof of your identity. In the U. S., a driver's license is probably the most frequently used kind of identification. Passports are always acceptable for this purpose. When you open an account, you are asked to fill out a signature card. You must be careful to sign your name exactly as you intend to write it on your checks. The bank compares the signature on your checks with that on your signature card. If there is any doubt about the signature, the bank will refuse to cash the check and will return the check to the endorser.A check must be endorsed before it can be cashed - that is, the person or company to whom the check is made out must sign it on the back.如果你要开户，或想兑现支票，必须提供你的身份证件。
金融英语阅读
金融英语阅读CONTENTSUnit One Adam Smith (1723?790): A Biographical Sketch 1 Unit Two Karl Marx, 1818?883 15Unit Three A history of value Theory 29Unit Four J ohn Maynard Keynes 44Unit Five Alan Greenspan 58Unit Six Money, Finance and Politics 73Unit Seven History of the Basel Committee and Its Membership 90Unit Eight China's Financial System Reform -- Governor's Message 107Unit Nine C hina's Commercial Banking Reform 125Unit Ten The Banking Industry in the United Kingdom 143Unit Eleven The Banking System in the United States 159Unit Twelve Japan's Banking: From Crisis to Reconstruction 177Unit Thirteen The German Banking Industry 194Unit Fourteen The European Central Bank and the Eurosystem 210Unit Fifteen Banking Systems -- Competing on the World Stage 229Unit Sixteen Effective Banking Supervision 245UnitOneAdam Smith (1723?790):A Biographical Sketcha band of 一帮，一伙biographical /7baI玌5grQfIk玪/ adj. of or relating to a bookthat tells what has happened in sb.'s life, written by sb. else 关于一个人生平的；传记的clad /klQd/ adj. wearing a particular kind of clothing 穿衣的synthesis /5sInTIsIs/ n. sth. that has been made by combining different things, or the process of combining things 综合，结合；综合体，综合物foreshadow /f嶚5SQd玌/ vt. to show or say that sth. will happen in the future 预示unquestionably /7胣5kwestS玭玝lI/ adv. used to emphasize that sth. is certainly true 毫无疑问地；无可置疑地；肯定地roam /r玌m/ vt. to walk or travel, usu. for a long time, with no clear purpose or direction 在…漫步；漫游，游历doctrine /5d乲trIn/ n. a set of beliefs that form an important part of a religion or system of ideas 信条；主义；学说；原理betterment /5bet玬玭t/ n. improvement, esp. in sb.'s social and economic position 改善，改进，提高hamper /5hQmp? vt. to make it difficult for sb. to do sth. 妨碍，阻碍；牵制in the strictest sense 从严格意义上说superior to (品质等)优于be intent on (doing) sth. 下决心做某事；专心致志地做某事consist of 由…组成，由…构成place emphasis on 把重点放在starting point 起点，出发点TextAdam Smith was born in 1723 in the small seaport of Kirkcaldy, County Fife, Scotland. The man who was to become the champion of free trade was, ironically, the son of a customs collector. His father having died a few months before his birth, Smith was raised by his mother. At age four, he was kidnappedby a band of passing gypsies. His captivity was, however, short-lived. When pursued by Smith's uncle a few hours later, the gypsies abandoned young Adam bythe side of the road.From his earliest days, Smith distinguished himself as a student. He displayed periods of absent-mindedness as a child, a characteristic that gave him a certain amount of notoriety later in life. At age 14, he entered the University of Glasgow. In 1740, he was awarded a scholarship to study at Oxford University and spent the next six years of his life there.Smith went back to Scotland where he lectured on English literature at Edinburgh University. There he began his friendship with the philosopher David Hume (1711?776).In 1751, Smith returned to Glasgow University where he became professor of logic and, later, professor of moral philosophy. In 1759, he published The Theory of Moral Sentiments. The basic theme of this work was that there existed a social order of natural harmonies in which each person, when left to pursue their own interests, not only attained their best advantage, but also unconsciously promoted the common good. (Smith would go on to develop this theme more fully in The Wealth of Nations.)His The Theory of Moral Sentiments was an immediate success. Smith's reputation as a philosopher became established, with many students wishing to study under him. One person in particular was most taken by Smith's writing and this was Charles Townshend, later to become the Chancellor of the Exchequer (the English equivalent to Treasurer). T ownshend required the services of a tutor for his stepson, the Duke of Buccleuch, and he approached Smith with the offer of ?00 a year plus expenses andpension of ?00 for life.Smith accepted the proposal and resigned his professorship to accompany the Duke and his younger brother to Europe on what was popularly called the Grand Tour. In France, he would meet the philosopher V oltaire and the leading Physiocrats, Quesnay and Turgot. In 1764, Smith began work on a treatise of political economy, a subject upon which he had lectured at Glasgow and discussed with his friend, David Hume. The book was to be called An Enquiry into the Nature and Causes of the Wealth of Nations, but it would be another 12 years before it was finished.In 1766, following the death of the Duke's younger brother, the Tour came to an abrupt end and Smith returned to Kirkcaldy, taking the lessons learned on his travels with him. There he spent the better part of the next ten years working on his masterpiece.The Wealth of Nations won immediate acclaim. It was encyclopedic. Not only did it cover the then current knowledge of political economy, but it was to provide the starting point for every major scholarly work on the subject for the next 75 years!In 1778, just two years after The Wealth of Nations was published, Smith was appointed Commissioner of Customs for Edinburgh. There he lived with his mother until his death in 1790. Again, it is one of the great ironies that the man who spent so much of his life promoting free trade should have ended his days administering the collection of taxes on imports!As a man, Adam Smith was not regarded as handsome. He had a large nose, bulging eyes anda protruding lower lip. Smith suffered a nervous affliction; his head shook and he had a stumbling manner of speech. He remained a bachelor throughout hislife. "I am a beau in nothing but my books" was the way he described his lack of appeal to the opposite sex. Smith was also notoriously absent-minded. Whilst strolling in his Kirkcaldy garden one Sunday morning clad in his dressing-gown and deep in concentration, he is said to have taken a wrong turn and walked some 25 kilometers along the road to Dunfermline before his thoughts were interrupted by the ringing of church bells!Notes1. David Hume (1711?776)David Hume was born in 1711 to a moderately wealthy family from Berwickshire Scotland, near Edinburgh and was educated by his widowed mother until he left for the University of Edinburgh at the age of eleven. Generally regarded as the most important philosopher ever to write in English, David Hume was also noted as a historian and essayist. His major philosophical works -- A Treatise of Human Nature (1739?740), An Enquiry Concerning Human Understanding (1748) and Concerning the Principles of Morals (1751) -- remain widely and deeply influential. 2. Grand TourIn the 18th century, most educated young men would complete their education with a period of European travel. This so-called Grand Tour, which could last from a few months to as many as eight years, enabled young men to learn about the politics, culture, and art of neighboring lands. Only the very wealthy, with the time and means to travel, could participate.3. V oltaire (1694?778)French philosopher, historian, dramatist and man of letters, whose real name was Francois Marie Arouet. He was born on the 1st of November 1694 at Paris, and was baptized the next day.4. Quesnay (1694?774)Fran鏾is Quesnay, the leading figure of the Physiocrats, trained himself in medicine, rising to become a physician in Louis XV's court and the leader of a sect of enlightenment thinkers known as the Physiocrats.?The working-class boy who could not read until he was 11 was eventually elected to the Academy of Sciences and hailed as the "Confucius of Europe" and "modern Socrates" by his gentlemen-disciples.The basic theme of this work was that there existed a social order of natural harmonies in which each person, when left to pursue their own interests, not only attained their best advantage, but also unconsciously promoted the common good.In France, he would meet the philosopher V oltaire and the leading Physiocrats, Quesnay and Turgot. He learned a lot from his travels.It was encyclopedic. Not only did it cover the then current knowledge of political economy, but it was to provide the starting point for every major scholarly work on the subject for the next 75 years.Adam Smith was a learned scholar who had written many works, among which the most significant one was The Wealth of Nations. As a man, he was not regarded as handsome. He was also notoriously absent-minded.5. Turgot (1727?781)Perhaps the leading economist of 18th century France, his career in economics was brief but brilliant, and in every way remarkable. His contributions were quite distinct and advanced considerably upon Physiocratic theories. But he died rather young, and the time and energy hedevoted to economics was comparatively little.Task One: Discovering the Main IdeasI. Answer the following questions with the information you get from the text.1. What is the basic theme of The Theory of Moral Sentiments?________________________________________________________________ ___________ _________________________________________________________________ ___________ _2. According to the text, what is the contribution made by the Grand Tour to Adam Smith's works?________________________________________________________________ ___________ _________________________________________________________________ ___________ _3. What significance does the great book The Wealth of Nations carry?________________________________________________________________ ___________ _________________________________________________________________ ___________ _4. What kind of person was Adam Smith according to the description given in the text?________________________________________________________________ ___________ _________________________________________________________________ ___________ _II. Decide whether the following statements are true or false according to what you read from the text.( ) 1. At age 14, Adam Smith entered the University of Oxford. In 1740, he was awarded a scholarship to study at GlasgowUniversity and spent the next five years of his life there.( ) 2. According to Adam Smith, there existed natural harmonies in which each person, when left to pursue their own interests, would consciously promote the common good and attain their best advantage as well.( ) 3. In 1764, Smith began work on a treatise of political economy, a subject upon which he had lectured at Glasgow and discussed with his friend, David Hume.( ) 4. In 1778, just six years after The Wealth of Nations was published, Smith was appointed Commissioner of Customs for Edinburgh.( ) 5. Smith suffered a nervous affliction; his head shook and he had a stumbling manner of speech. He remained a bachelor throughout his life.Task Two: Exploring Implied MeaningsParaphrase the following sentences in the text.1. From his earliest days, Smith distinguished himself as a student. He displayed periods of absent-mindedness as a child, a characteristic that gave him a certain amount of notoriety later in life._________________________________________________________________ ___________ _2. Townshend required the services of a tutor for his stepson, the Duke of Buccleuch, and he approached Smith with the offer of ?00 a year plus expenses and pension of ?00 for life.________________________________________________________________ ___________ _________________________________________________________________ ___________ _3. The Wealth of Nations won immediate acclaim. It was encyclopedic.________________________________________________________________ ___________ _4. Again, it is one of the great ironies that the man who spent so much of his life promoting free trade should have ended his days administering the collection of taxes on imports!________________________________________________________________ ___________ _________________________________________________________________ ___________ _Task Three: Talking and DiscussingWork in groups of three or four and have a group discussion on the following topics. Some of them have to be prepared for before the class and some of them should behandled spontaneously.1. What contributions has Adam Smith made to the world economy from your knowledge?________________________________________________________________ ___________ _________________________________________________________________ ___________ _________________________________________________________________ ___________ _________________________________________________________________ ___________ _2. Say something about the famous people mentioned in the text. Summarize their achievements.________________________________________________________________ ___________ _________________________________________________________________ ___________ _________________________________________________________________ ___________ _________________________________________________________________ ___________ _________________________________________________________________ ___________ __________________________________________________________________ ___________ _________________________________________________________________ ___________ _________________________________________________________________ ___________ _3. Do you know about any other famous persons in economics? Say a few words about them.________________________________________________________________ ___________ _________________________________________________________________ ___________ _________________________________________________________________ ___________ _4. Do you think that famous persons are different from ordinary people? What factors have made them successful?________________________________________________________________ ___________ _________________________________________________________________ ___________ ____________________________________________________________________________ _5. How much do you know about The Wealth of Nations?________________________________________________________________ ___________ _________________________________________________________________ ___________ _________________________________________________________________ ___________ _________________________________________________________________ ___________ _________________________________________________________________ ___________ _________________________________________________________________ ___________ _________________________________________________________________ ___________ _________________________________________________________________ ___________ _________________________________________________________________ ___________ _________________________________________________________________ ___________ __Task Four: ClozeI. Fill in the blanks with the words or expressions given to complete the following passage, and make changes if necessary.tax perspective interest i deology regulateinvolve represent intervene welfare redistributionModern industrialized nations today are not typically _____________ of laissez-faire principles, as they usually involvesignificant amounts of government _____________ in the economy. This intervention includes minimum wages, significant ____________ through ________ and ________ programs, government ownership of businesses and ________ of market competition. However, many suggest that President Ronald Reagan of the United States and Prime Minister Margaret Thatcher of the United Kingdom followed a generally laissez-faire __________.In the wake of the rise of the USSR, laissez-faire economics assumed a stronger ___________ edge. In the post-war era, where state regulation and ____________ in the economy reached a peak, to no small extent as part of the Cold War, anti-statist schools of economic thinking enjoyed a surge of ________ and support.II. Fill in the blanks with the sentences given to complete the following passage. Nowadays, something much more general is meant by the expression "invisible hand". An invisible hand process is one in which the outcome to be explained is produced in a decentralized way, with no explicit agreements between the acting agents. The agents' aims are not coordinated nor identical with the actual outcome, which is a byproduct of those aims. This is why the process is called invisible.Adam Smith assumed that consumers choose for the lowest price, and that entrepreneurs choose for the highest rate of profit. He asserted that by thus making their excess or insufficient demand known through market prices, consumers "directed" entrepreneurs' investment moneyto the most profitable industry. .One extremely positive aspect of a market-based economy is that it forces people to think about what other people want. He identified two ways to obtain the help and cooperation of other people, upon which we all depend constantly. The first way is toappeal to the benevolence and goodwill of others. T o do this a person must often act in a servile and fawning way, which Smith found repulsive, and he claimed it generally meets with very limited success. The second way is to appeal instead to other people's self-interest.For Smith, to propose an exchange is to attempt to show another that what you can do, or what you have, can be of use to the other. When you carry out the exchange, it means the other person recognizes that what you can do or that what you have is of value. This is why so much of a person's self-esteem is bound up in their job -- a well-paid job is supposed to be a sign that others value your contribution and find it worth exchanging their own resources for.----------------------------------------------------------------------------------------------------------------A. Government exchange occurs through politics, and influences market decisions through policy.B. The system in which the invisible hand is most often assumed to work is the free market.C. The process should work even without the agents having any knowledge of it.D. Smith saw this as a large part of what was good about the invisible hand mechanism.E. The second essential component is that the process is not intentional.F. Remember that this is the industry producing the goods most highly valued by consumers, so in general economic well-being is increased.G. In political economy, labor is used to mean human activity which produces change, and capital is the means by which thechange from that labor is made greater.Task Five: Understanding Special TermsMatch the following terms with their meanings.( ) 1. Physiocrats A. trade between nations without protective customs tariffs( ) 2. Grand Tour B. referring to social mechanisms that regulate individual and group behavior, in terms of greater sanctions and rewards( ) 3. political economy C. that which benefits society as a whole -- health, safety, and welfare; also known as public good ( ) 4. free trade D. a group of thinkers who believed in an economic theory which considered that the wealth of nations was derived solely from agricultureInformation Related to the TextWith The Wealth of Nations Adam Smith installed himself as the fountainhead of contemporary economic thought. Currents of Adam Smith ran through David Ricardo and Karl Marx in the nineteenth century, and through Keynes and Friedman in the twentieth century.His LifeAdam Smith was born in a small village in Kirkcaldy, Scotland. There his widowed mother raised him until he entered the University of Glasgow at age fourteen, as was the usual practice, on a scholarship. He later attended Balliol College, Oxford, graduating with an extensive knowledge of European literature and an enduring contempt for English universities.He returned home, and after delivering a series of well-received lectures, was appointed to the first Chair of Logic (1751), then Chair of Moral Philosophy (1752), at Glasgow University.He left academia in 1764 to tutor the young Duke ofBuccleuch. For over two years they lived and traveled throughout France and into Switzerland, an experience that brought Smith into contact with contemporaries V oltaire, Jean-Jacques Rousseau, Fran鏾is Quesnay and Anne-Robert-Jacques Turgot. With the life pension he had earned in the service of the Duke, Smith retired to his birthplace of Kirkcaldy to write The Wealth of Nations. It was published in 1776, the same year the American Declaration of Independence was signed and in which his close friend David Hume died. In 1778, he was appointed Commissioner of Customs. This job put him in the uncomfortable position of having to curb smuggling, which, in The Wealth of Nations, he had upheld as a legitimate activity in the face of "unnatural" legislation. Adam Smith never married. He died in Edinburgh on July 19, 1790.His Thoughts on PhilosophyToday Smith's reputation rests on his explanation of how rational self-interest in a free-market economy leads to economic well-being. It may surprise those who would discount Smith as an advocate of ruthless individualism that his first major work concentrated on ethics and charity. Infact, while occupying his chair at the University of Glasgow, Smith's lecture subjects, in order of preference, were natural theology, ethics, jurisprudence, and economics, according to John Millar, Smith's pupil at the time. In The Theory of Moral Sentiments, Smith wrote: "How selfish soever man may be supposed, there are evidently some principles in his nature which interest him in the fortune of others and render their happiness necessary to him though he derives nothing from it except the pleasure of seeing it."At the same time, Smith had a benign view of self-interest.He denied the view that self-love "was a principle which could never be virtuous in any degree." Smith argued that life would be tough if our "affections, which, by the very nature of our being, ought frequently to influence our conduct, could upon no occasion appear virtuous, or deserve esteem and commendation from anybody."To Smith sympathy and self-interest were not antithetical; they were complementary. "Man has almost constant occasion for the help of his brethren, and it is in vain for him to expect it from their benevolence only," he explained in The Wealth of Nations.Charity, while a virtuous act, could not alone provide the essentials for living. Self-interest was the mechanism that could remedy this shortcoming. Said Smith: "It is not from the benevolence of the butcher, the brewer, or the baker, that we can expect our dinner, but from their regard to their own interest."Someone earning money by his own labor benefits himself. Unknowingly, he also benefits society, because to earn income on his labor in a competitive market, he must produce something others value. In Adam Smith's lasting imagery, "By directing that industry in such a manner as its produce may be of greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention."The Wealth of NationsThe five-book series of The Wealth of Nations sought to reveal the nature and cause of a nation's prosperity. The main cause of prosperity, argued Smith, was increasing division of labor. Smith gave the famous example of pins. He asserted that ten workers could produce 48,000 pins per day if each ofeighteen specialized tasks was assigned to particular workers. Average productivity: 4,800 pins per worker per day. But absent the division of labor, a worker would be lucky to produce even one pin per day.Just how individuals can best apply their own labor or any other resource is a central subject in the first book of the series. Smith claimed that an individual would invest a resource, for example, land or labor, so as to earn the highest possible return on it. Consequently, all uses of the resource must yield an equal rate of return (adjusted for the relative riskiness of each enterprise). Otherwise reallocation would result. This idea, wrote George Stigler, is the central proposition of economic theory. Not surprisingly, and consistent with another Stigler's claim that the originator of an idea in economics almost never gets the credit, Smith's idea was not original. French economist Turgot had made the same point in 1766.Smith used this insight on equality of returns to explain why wage rates differed. Wage rates would be higher, he argued, for trades that were more difficult to learn, because people would not be willing to learn them if they were not compensated by a higher wage. His thought gave rise to the modern notion of human capital. Similarly, wage rates would also be higher for those who engaged in dirty or unsafe occupations, such as coal mining and butchering, and for those, like the hangman, who performed odious jobs. In short, differences in work were compensated by differences in pay. Modern economists call Smith's insight the theory of compensating wagedifferentials.Smith used numerate economics not just to explain production of pins or differences in pay between butchers andhangmen, but to address some of the most pressing political issues of the day. In the fourth book of The Wealth of Nations -- published, remember, in 1776 -- Smith tells Great Britain that her American colonies are not worth the cost of keeping. His reasoning about the excessively high cost of British imperialism is worth repeating, both to show Smith at his numerate best, and to show that simple clear economics can lead to radical conclusions:A great empire has been established for the sole purpose of raising up a nation of customers who should be obliged to buy from the shops of our different producers all the goods with which these could supply them. For the sake of that little enhancement of price which this monopoly might afford our producers, the home-consumers have been burdened with the whole expense of maintaining and defending that empire. For this purpose, and for this purpose only, in the last two wars, more than two hundred millions have been spent, and a new debt of more than a hundred and seventy millions has been contracted over and above all that had been expended for the same purpose in former wars. The interest of this debt alone is not only greater than the whole extraordinary profit, which, it ever could be pretended, was made by the monopoly of the colony trade, but than the whole value of that trade, or than the whole value of the goods, which at an average have been annually exported to the colonies.His Thoughts on EconomicsSmith vehemently opposed mercantilism -- the practice of artificially maintaining a trade surplus in the erroneous belief that doing so increased wealth. The primary advantage of trade, he argued, was that it opened up new markets for surplus goodsand also provided some commodities at less cost from abroad than at home. With that, Smith launched a succession of free trade economists and paved the way for David Ricardo's and John Stuart Mill's theories of comparative advantage a generation later.Adam Smith has sometimes been caricatured as someone who saw no role for government in economic life. In fact, he believed that government had an important role to play. Like most modern believers in free markets, Smith believed that the government should enforce contracts and grant patents and copyrights to encourage inventions and new ideas. He also thought that the government should provide public works, such as roads and bridges, that, he assumed, would not be worthwhile for individuals to provide. Interestingly, though, he wanted the users of such public works to pay in proportion to their use. One definite difference between Smith and most modern believers in free markets is that Smith favored retaliatory tariffs.Retaliation to bring down high tariff rates in other countries, he thought, would work. "The recovery of a great foreign market," he wrote, "will generally more than compensate the transitory inconvenience of paying dearer during a short time for some sorts of goods."Some of Smith's ideas are testimony to his breadth of imagination. T oday, vouchers and school choice programs are touted as the latest reform in public education. But it was Adam Smith who addressed the issue more than two hundred years ago: Were the students upon such charitable foundations left free to choose what college they liked best, such liberty might contribute to excite some emulation among different colleges. A regulation, on the contrary, which prohibited even the independent members of every particular college from leaving it,。
金融英语阅读本
金融英语阅读本Financial English ReadingUnit 1 Money“If you can actually count your money, then you are not really a rich man.”J. Paul Getty, an American oil billionaire.I.What is Money ?As the word money is used in everyday conversation, it can mean many things, but to economists it has a very specific meaning. To avoid confusion, we must clarify how economists' use of theword money differs from conventional usage.Economists define money as anything that is generally accepted in payment for goods or services or in the repayment of debts.Currency, consisting of dollar bills and coins, is one type of money. When most people talk about money, they' re talking about currency. However, to define money merely as currency is much too narrow for economists.Because checks are also accepted as payment for purchases, checking account deposits are considered money as well. An even broader definition of money is often needed. As you can see, there is no single, precise definition of money or the money supply, even for economists.To complicate matters further, the word money is frequently used synonymously with wealth. When people say, "Joe is rich—he has an awful lot of money," they probably mean that Joe not only has a lot of currency and a high balance in his checking account but also has stocks, bonds, four cars, three houses, and a yacht.Economists make a distinction between money and wealth. Wealth includes not only money but also other assets such as bonds, common stock, art, land, furniture, cars, and houses. People also use the word money to describe what economists call income, as in the sentence "Susan would be a wonderful catch; she has a good job and earns a lot of money." Income is a flow of earnings per unit of time. Money, by contrast, is a stock: It is a certain amount at a given point in time.If someone tells you that he has an income of $1 000, you can not tell whether he earned a lot or a little without knowing whether this $1 000 is earned per year, per month, or even per day. But if someone tells you that she has $1 000 in her pocket, you know exactly how much this is.Keep in mind that the money discussed refers to anything that is generally accepted in payment for goods and services or in the repayment of debts and is distinct from income and wealth.II.What does money do?Whether money is shells or rocks or gold or paper, it has three primary functions in any economy: as a medium of exchange, a unit of account, and a store of value（价值的储藏）. Of the three functions, its function as a medium of exchange is what distinguishes money from other assets such as stocks, bonds, and houses.Medium of Exchange (交易媒介)In almost all market transactions in our economy, money in the form of currency or checks is a medium of exchange; it is used to pay for goods and services. The use of money as a medium of exchange promotes economic efficiency by eliminating（节约）much of the time spent in exchanging goods and services.The time spent trying to exchange goods or services is calleda transaction cost, In a barter economy, transaction costs are high because people have to satisfy a "double coincidence of wants"（需求的双重巧合）---they have to find someone who has goods or service they want and who also wants the goods or service they have to offer. Money is therefore essential in an economy it is a lubricant (润滑剂) that allows the economy to run more smoothly by lowering transaction costs, thereby encouraging specialization and the division of labor.Unit of Account（计算单位）The second role of money is to provide a unit of account; that is, it is used to measure value in the economy. We measure the value of goods and services in terms of money, just as we measure weight in terms of pounds or distance in terms of miles.Money we use nowadays, no matter in the form of banknotes or coin or electronic money, do not have the same value with the goods and services that it exchanged, but it represent a particular value. That is to say, money we use in the market is fiat money.Fiat money has not only no particular value in use; it doesn't even really have a value in exchange except that which is decreed that it would have.So fiat money is money which is intrinsically worthless. And its value exists by virtue of the fact that it is generally acceptable. And fiat money, needless to say, is one of the most mysterious inventions of the human mind, and no economist has managed to explain exactly why it is that people will generally accept something as valuable when it clearly has no value other than that which it is decreed to have.Store of Value （价值的储藏）Money also functions as a store of value: it is a repository of purchasing power over time. It is an asset. It's something that wecan use to store value away to be retrieved at a later point in time. So we can not consume today, we can hold money instead - and transfer that consumption power to some point in the future.Money is not unique as a store of value; any asset, be it money，stocks, bonds, land, houses, art, or jewelry, can be used to store wealth. Many such assets have advantages over money as a store of value. They often pay the owner a higher interest rate than money, experience price appreciation, and deliver services such as providing a roof over one's head. If these assets are a more desirable store of value than money, why do people hold money at all?The answer to this question relates to the important economic concept of liquidity, the relative ease and speed with which an asset can be converted into a medium of exchange. Liquidity is highly desirable. Money is the most liquid asset of all because it is the mediumof exchange; it does not have to be converted into anything else in order to make purchases. Other assets involve transaction costs when they are converted into money.III.Different Types of MoneyNow, let’s clarify the meaning of some words that are related to “money”. Please look at the following words.These are all different forms of money,Money, Cash, Currency, Reserves, Salary, Wages, Income, Loan, Pension, Fund, Capital, Instalments, Debt, Subsidy, rebate, Deposit, Aid. Stake.What are the exact meaning of these words in English? Now, let’s do some exercises, after that you will have a very clear idea of what they are.Exercise 1Choose the correct alternative to complete each sentence:1. Money in notes(banknotes) and coins is calleda. cashb. capitalc. reserves2. The dollar, the mark and the yen are alla. currenciesb. fundsc. monies3. Money borrowed from a bank is aa. depositb. incomec. loan4. Borrowed money that has to be paid back constitutes aa. debtb. fundc. subsidy5. All the money received by a person or a company is known asa. aidb. incomec. wagesExercise 26. The money earned for a week's manual work is calleda. incomeb. salaryc. wages7. The money paid for a month's (professional) work is aa. loanb. salary8. Money placed in banks and other savings institutions constitutesa. capitalb. deposits c finance9. Money paid by the government or a company to a retired person is aa. pensionb. rebatec. subsidy10. The money that will ultimately be used to pay pensions is kept in aa. budgetb. depositc. fundNow, let’s look at the follow sentence which will tell you the history of salary.Money's got a very colourful history, because a number of things have been used in the place of what we use as money. Feathers, shells, cloth ...salt. In Roman times when the Roman soldiers were paid in salt and that's how we get the word salary, from the Latin sal forsalt.Exercise 311. The money needed to start a company is calleda. aidb. capitalc. debt_12. The money paid to lawyers, architects, private schools, etc. is calledb. instalmentsc. wages13. Regular part payments of debts are calleda. depositsb. loansc. instalments14. Part of a payment that is officially given back is called aa. giftb. instalmentc. rebate15. Estimated expenditure and income is written in aa. budgetb. reservec. statementExercise 416. A person's money in a business is known as his or hera. depositb. fundc. stake17. Money given to producers to allow them to sell cheaply is called aa. loanb. rebatec. subsidy18. Money given to developing countries by richer ones is known asa. aidb. debtc. subsidyIV.Financial System and Financial MarketThe Financial SystemEveryone has some contact with the financial system. We are all aware of financial institutions like banks, building societies, and insurance companies, each providing in its own way for some of our everyday needs. For example, payments facilities through banks, convenient savings and access to home loans from building societies, and car, house, or life insurance. Other financial institutions, such as investment trusts, venture capital companies, and discount houses-to name only a few-are less well-known and carry out more specialized functions. Most people also know something about financial markets, like the Stock Exchange where securities are bought and sold, though comparatively few are directly concerned with their activities. Again, there are other important but less familiar financial markets, like the money market in which large sums are borrowed and lent for very short periods, and the foreign exchange market in which dealings in foreign currencies take place. All these financial institutions and markets fit together into a network which comprises the financial system.Other financial institutions, such as investment trusts, venture capital companies, and discount houses-----to name only a few-----are less well-known and carry out more specialized functions.Most people also know something about financial markets, like the Stock Exchange where securities are bought and sold, though comparatively few are directly concerned with their activities. Again, there are other important but less familiar financial markets, like the money market in which large sums are borrowed and lent for very short periods, and the foreignexchange market in which dealings in foreign currencies take place. All these financial institutions and markets fit together into a network which comprises the financial system.The quality of the services provided by the financial system affects the performance of the economy as a whole. The most basic function of any financial system is to facilitate payments in the economy. Normally the responsibility for providing the necessary facilities falls on the note-issuing authority-the government or the central bank-and the commercial banking system. Satisfactory payments facilities are something which we are inclined nowadays to take for granted, but productive economic activity is dependent on their existence, and indeed on traders having reasonable access to short-term credit facilities.A properly developed and smooth-running financial system can do much more for the economy. It raises the levels of saving and investment and provides incentives for the allocation of the available resources to those uses where they are likely to give the highest returns. The financial system thus facilitates effective capital accumulation, one of the major engines of economic growth, and it is the saving/investment aspect which will be the focus of our attention.How well a country's financial system satisfies users' needs is a matter for public concern. By their very nature financial institutions attract criticism: bankers would not be doing their jobs if they did not turn down some requests for loans and those who are denied funds sometimes feel hard done by and are vociferous in their complaints. The control which financial institutions wield over very substantial sums of money also attracts the attention of governments, partly because they may see irresistible opportunities to secure cheap finance for favoredborrowers (notably governments themselves), and partly in view of the economic power attached to control of finance.Any evaluation of the financial system should be founded on an understanding of its functions within the economic system as a whole, and the means by which these can be carried out. This must be complemented by knowledge of users' requirements, of the behavior of institutions, and of market practices. Moreover, institutions and markets cannot be viewed in isolation, for it may not be important that one category of financial institution makes no provision for certain needs if these can be satisfied elsewhere in the system. What matters are not the shapes of the individual pieces, but how well the jigsaw fits together and the quality of the picture that emerges? The participants in the system Just now we talked about three aspects of financial system:1. What comprises a financial system. a financial system.=Financial institutions + financial market2. The most basic function of any financial system isA. It facilitates payments in the economy.B. It raises the levels of saving and investment and provides incentives for the allocationof the available resources to those uses where they are likely to give the highest returns.。
金融英语银行双语阅读
金融英语银行双语阅读推荐文章金融英语双语阅读三篇热度：银行业务双语阅读热度：金融英语双语阅读两篇热度：金融英语双语阅读：成本会计系统热度：金融财经双语阅读：《西方银行增加发行人民币债券》热度：下面店铺为大家带来金融英语银行双语阅读，欢迎大家学习!银行双语阅读：活期存折和储蓄存款The savings deposit is a method of deposit that sets no limits on maturity date, time and amount of deposit or withdrawal. According to the different methods of deposit or withdrawal, there are four types of savings deposits: current passbook deposit, current check deposit, time-demand optional deposit, debit card deposit and notice deposit, etc.活期储蓄存款是指不确定存期、客户可随时存取款、存取金额不限的一种储蓄方式。
按其存取款方式，活期储蓄存款又可分为活期存折存款、活期支票存款、定活两便存款、借记卡及通知存款等。
I. Definition定义Current passbook deposit is defined as one that does not have definite term with the minimum amount of 1 RMB yuan in the account; that the depositors can make deposits or withdrawals at any time without subject to amount limits after you are issued a deposit passbook by the savings office.活期存折储蓄存款是指不确定存期，起存金额为1元人民币，开户后由储蓄机构发给存折，凭存折存取款，存取金额不受限制的一种储蓄方式。
金融英语阅读教程课后练习题含答案
金融英语阅读教程课后练习题含答案学习金融英语是一个不断提高自己的过程，需要我们不断阅读、理解并练习。
本文将为大家提供几道关于金融英语阅读的课后练习题，希望大家可以通过这些题目进一步掌握金融英语的核心概念。
练习题1.Which of the following describes a bear market in finance?• A. High stock prices• B. Low stock prices• C. Consistently steady stock prices2.What is the definition of a bond?• A. A type of stock• B. An investment that represents a loan made by an investor to a borrower• C. A type of currency3.What is the role of a stockbroker?• A. They lend money to individuals or businesses• B. They help investors buy and sell stocks and other securities• C. They are responsible for printing and distributing financial statements to investors4.What is the difference between a stock and a mutual fund?• A. A stock represents ownership in a single company; a mutual fund is a collection of stocks and other investments• B. A stock is a type of bond; a mutual fund is a type of stock• C. A stock is a type of currency; a mutual fund is a type of commodity5.What is the purpose of the Department of the Treasury?• A. To regulate the stock market• B. To collect taxes and manage government finances• C. To oversee the Federal Reserve答案1.B. A bear market is characterized by a drop in stock pricesover a sustned period of time.2.B. A bond is a debt security that represents a loan made byan investor to a borrower, typically a corporate or government entity.3.B. Stockbrokers help investors buy and sell stocks, bonds,and other securities. They also provide advice and research to help clients make informed investment decisions.4.A. Stocks represent ownership of a single company, whilemutual funds are a collection of investments, including stocks.5.B. The Department of the Treasury is responsible forcollecting taxes and managing the finances of the federalgovernment. They also oversee the production of currency andmanage the national debt.总结以上是几道关于金融英语阅读的练习题及其答案。
金融英语阅读：银行业务
In China one of the most important services that a modern bank provides is the savings business. With a regular passbook savings account you have opened in a bank, you will be able to draw money whenever you need it. All banks pay interest on savings accounts. If you keep your money in the bank for a certain period of time, you can get a higher interest rate by buying a savings certificate. The longer the period, the higher the interest rate. 在中国，现代银⾏所提供的最重要的业务之⼀就是储蓄存款。
有了银⾏开⽴的普通储蓄账户存折，你就可以随时取款。
所有银⾏都对储蓄存款⽀付利息。
如果你购买了⼀张储蓄存单，把钱存放在银⾏⼀段时间，你就会得到较⾼的利率。
期限越长，利率越⾼。
Another service that banks in the big cities provide is safe-deposit boxes, where you can keep important papers and valuables. As a rule, you should fill out a signature card and pay some fee. Then you will get a key to your box, and the bank will keep another key. With your genuine signature and these two keys, you can open your box. 在⼤城市的银⾏⾥，有另⼀种服务就是保管箱业务，在那⾥你可以存放有价证券和贵重物品。
chapter 1 金融英语阅读
They are the backbones of China's banking system, whose reform has great meaning for the economic reform, development and stability.
The Banking Industry in China
By the end of the chapter, students should be able to know about
➢ the development of the banking industry in China
➢ the structure of the central banking system
Monetary base 货币基础
Also termed the high-powered money, usually, the currency and central bank deposits that together provide the base for the money supply under fractional reserve banking. It is often used as a guide for the central bank’s money control ability and monetary policy.
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What really happened at LivingSocial?Yesterday morning, news leaked that the company had raised $110 million in new financing. Seemed to be a long-awaited hallelujah moment for the daily deal company, particularly after investor (AMZN) significantly wrote down its LivingSocial investment in recent quarterly earning reports.But the storm clouds came quickly, when a research group called PrivCo claimed that the financing actually was convertible debt that wiped out the value of founder and employee liquidity and included a whole rash of onerous terms. PrivCo also claimed that the round was "emergency" round of funding that staved off imminent bankruptcy.Multiple investor sources took issue with the PrivCo report during background conversations earlier this morning, and now Fortune has obtained a memo that LivingSocial CEO Tim O'Shaughnessy just issued to employees. Here it is, in its entirety:Hey folks,In light of a recent report on our financing round that contained significant inaccuracies and errors, I wanted to provide some additional details on yesterday's round.If you've seen some of that misinformation, here's the real story:This was not an emergency round. We received our first term sheet on December 23rd, nearly two months ago, and this has been an organized,thought-out process.This was an equity round, not a debt infusion.There was no re-pricing of investor shares from previous rounds.There were no "double-digit" cash dividends. (Typical of many financing rounds, including our own past rounds, there was a nominal 3% dividend for a class of shares.)There is no "4x liquidation preference." (Once again, typical of almost all venture rounds, there is a liquidation preference, but it slides up or down based on a key metric and gets nowhere near 4x.)Two of the three investors listed on the PrivCo site as participating in the round didn't participate, and one isn't even an investor in the company. On valuation, people always seem to be overly enamored with market value, which has puzzled me because as a private company, there is no liquid market on which to buy and sell shares, so a valuation is established without any degree of market efficiency. In short, it's an educated guess between the company and a set of investors at one particular snapshot in time.But nevertheless here goes. Yes, this was a down round, which I'm sure is not a shock to anyone. Our main comp in the market is down significantly from when we last fundraised. In this round, we sold 7.5% of the company for $110mm. Although there were some bells and whistles associated with those shares, as mentioned above, this should give yousome idea of the current valuation of the company.So how does this round impact employee stock? In short, some, but not much. Basically, the preference stack is a little higher now. At any valuation over $1B, though, we clear that stack by quite a bit. For comparison, our major competitor's market cap is now $3.9B. In the event of an IPO, all preferred stock becomes common stock, and the preference stack goes away.We are a company that does over half a billion in revenue. If we stay diligent, we hope to turn the corner to become profitable soon. Thanks to this round, we have significantly more capital to be able to be opportunistic and drive the future growth of the business.Hopefully this will help clear up any questions you may have or get on yesterday's round. Now it's back to executing on our plan.This is a pretty damning indictment of PrivCo, which regularly distributes information on private company financings. I managed to reach PrivCo CEO Sam Hamadeh, but said he'd call me right back. Hasn't happened yet. Will update if and when I hear from him.UPDATE: Just got off the phone with Hamadeh, who is standing by his original report. He says O'Shaughnessy is misleading his own employees, and that classifying the round as "equity" is a technicality given all of the debt-like provisions PrivCo continues to believe were attached. He also says that PrivCo spoke with a LivingSocial spokesman prior topublishing, and sent him a draft of the report with a request for any needed corrections. When nothing came back four hours later, PrivCo published."I don't think the real story here is the details of the financing," Hamadeh said. "It's what's going to happen to the little guys, all of the merchants who are really the company's unsecured creditors, if LivingSocial goes bankrupt... You'll see that we were right in six or nine months."Worth noting that if O'Shaughnessy really misled his investors -- in a memo that almost certainly was vetted by company attorneys -- he would be opening both himself and the company to major liabilities.But have no fear. There is indeed a way to settle this he-said/he-said once and for all -- find the filing that LivingSocial sent to the Delaware Division of Corporations. Check back shortly...UPDATE II: I have just begun skimming through LivingSocial's charter filing with Delaware. It's long, but this round clearly was preferred stock (i.e., equity). This is in stark contract to what PrivCo reported, when it claimed that "EQUITY or stock was NOT issued today."Moreover, the filing says that participants "shall be entitled to receive cumulative dividends at the rate of three percent." Again, PrivCo had claimed "Double-digit annual cash dividends."The filing does not identify investors in the new round, but Fortune has learned that they included existing backers Amazon and Revolution.Among those insiders not participating were Grotech Ventures, Lightspeed Venture Partners and T. Rowe Price.Also worth noting that I spoke with a source close to the company, who tells me that the competing term sheet was at the same valuation as what insiders offered, but that company decided to stick with its current investors. The prospective investor was said to be a "familiar name," but not a venture capital firm. That same source insists LivingSocial was not days or weeks away from a bankruptcy filing, adding that it had around $28 million in cash at its February low point and was on plan to steadily increase that number even without the new financing. Had that figure not increased, and had no new investment been forthcoming, it still could have survived for several more months.Words:hallelujah 奇迹的long-awaited 期待已久的onerous 繁重的，苛刻的imminent 危急的，迫切的thought-out 深思熟虑的nominal 名义上的indictment 诉状，控告vet 审核，审查attorney 代理人，律师backer 支持者，赞助者insider知情人，了解内幕的人Terms:write down 贬低（地位、重要性等）quarterly earning report 季度业绩报告convertible debt 可转换债务wipe out 消除a whole rash of 大量的stave off 避开，挡开take issue with 提出质疑in light of 按照，根据liquidation preference 残余财产分配优先key metric 关键指标communication executive 传媒主管be enamored with 迷恋，醉心于bells and whistles 虚饰之物，浮华的装饰turn the corner 拐弯，转危为安in stark contract to 截然不同cash dividends 现金股利venture capital firm 风险投资公司Sentence Analysis:1. But the storm clouds came quickly, when a research group【called PrivCo】claimed that the financing 【actually】was convertible debt （that wiped out the value of founder and employee liquidity and included a whole rash of onerous terms）.但乌云很快笼罩过来，一家名为PrivCo的研究机构称，这轮融资其实附带着大量的苛刻条款、消除创始人和员工股份价值的可转换债务。