金融英语课件(unit 2)
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金融英语2
– Commercial Paper (CP) (商業本票) (商業本票)
WellWell-known companies often issue their own short-term shortunsecured debt notes, CP, directly to the public, rather than borrowing from the banks (direct vs. indirect finance) CP maturities ranges up to 270 days CP is quite liquid and considered to be a fairly safe asset The yield on CP depends on its time to maturity and 2-7 credit rating
Money Market Instruments
– Repurchase Agreements (repos) (RPs) and Reverse RPs (附買回 (附賣回) 協定) (附買回 附賣回) 協定)
ShortShort-term sales of government securities with an agreement to repurchase the securities at a higher price Dealers in government securities use repos as a form of shortshort-term, usually overnight, borrowing, in which the government securities serve as collaterals for the loan In a reverse repo, the dealer buys government securities from an investor and promise to resell them at a specified higher price on the future date
金融英语Unit_2
Unit Two
Back
Dialog 2
Answer: (D)
W: This is the Credit Card Center of China Construction Bank. What can I do for you? M: I want to apply a Long Credit Card. I don‟t know what documents are needed for the application. W: You are welcome, sir. Just your ID card and your Certificate of Employment will be required. M: Oh, very good. I have brought them with me. Here they are. W: All right. Please fill in the Application Form. Do you have any idea about the card?
deposit slip corporate deposit account credit card account current account 3-year fixed time deposit
活期帐户
3年定期存款 取款凭条 转帐凭条 个人存款证明
withdrawal slip
Continue
Unit Two
Back
4. Give some information about your bank account to prove that your are the holder of the card; 5. Your identity will be verified and the information confirmed by the bank; 6. In several days, usually 7 days, you will be allowed to set a new password or a new bank card / passbook will be issued by presenting the copy of the application and ID card.
金融英语chapter2
Fundamental functions:
• 1.
as banks for the government and for other banks. • 2. monetary policy - either the government's, as in Britain, or their own, if they are independent, as in Germany and the USA. • 3. the money supply. • 4. Fix the minimum interest rate.
Translation
• 储备银行试图在减缓市场冲击力方面
发挥作用，对外汇市场不时进行干预， 目的是要限制它更剧烈的动荡。
Central bank and commercial bank
Commercial banks have to keep a certain amount of their deposits to the central bank. When Commercial banks meet a bank run, central banks act as lender of last resort, but central banks don’t always bail out（ rescue banks in difficulty). Reserve-asset ratio: the minimum percentage of its deposits a bank has to keep in the central bank A bank run= a run on the bank
Riksbank in Sweden (1668)
金融英语Chapter2
❖ Businesses demand loanable funds to invest in long-term (fixed) and short-term assets. The quantity of funds demanded by businesses depends on the number of business project to be implemented. Businesses evaluate a project by comparing the present value of its cash flows to its initial investment, as follows:
• In addition, the market values of securities (such as bonds) held by depository institutions or nondepository institutions are affected as well. Thus, managers of financial institutions attempt to anticipate interest rate movements so that they can capitalize on favorable movements or reduce their institution’s exposure to unfaverable movements.
❖For example, if tax rates on household income are expected to significantly decrease in the future, households might believe that they can more easily afford future loan repayment and thus be willing to borrow more funds. For any interest rate, the quantity of loanable funds demanded by households would be greater as a result of tax law adjustment. This represents an outward shift in the demand schedule.
• In addition, the market values of securities (such as bonds) held by depository institutions or nondepository institutions are affected as well. Thus, managers of financial institutions attempt to anticipate interest rate movements so that they can capitalize on favorable movements or reduce their institution’s exposure to unfaverable movements.
❖For example, if tax rates on household income are expected to significantly decrease in the future, households might believe that they can more easily afford future loan repayment and thus be willing to borrow more funds. For any interest rate, the quantity of loanable funds demanded by households would be greater as a result of tax law adjustment. This represents an outward shift in the demand schedule.
金融英语第二单元 货币政策
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3. Special Term
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Reserve requirement：准备金 Deposit reserve requirement ratio: 法定存款准 备金率 存款机构依法必须存放于金库或中央银行的存款比 例。降低或提高法定存款准备金率会影响货币供应 量。降低法定存款准备金率可使银行增加贷款，而 提高法定存款准备金率会迫使银行减少贷款。
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2. Vocabulary & Phrase
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State-owned commercial banks: 国有商业银行 Consumer credit: 消费信贷，是金融创新的产物， 是商业银行陆续开办的用于自然人（非法人或组织 ）个人消费目的（非经营目的）的贷款。 Down payment ratio: 首付比率 例：Down payment ratio of loans for purchasing commercial houses: 购商品房首付比 率
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3. Special Term
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Open market operation: 公开市场操作
中央银行进行公开市场操作，主要旨在控制货币供给以配 合当下的货币政策。当央行认为货币供给过紧时，可藉由 公开市场操作释出资金，反则会回笼资金以免市场上资金 过度浮滥。公开市场操作主要是透过买卖短期政府债券进 行，买卖的方式有两种：一是单纯的买入或卖出(outright purchase or sale，买断或卖断)；二是回购交易(repo or reverse repo)。央行进行正回购交易是回笼货币的操作， 指央行以政府债券为抵押向商业银行借入资金；逆回购则 相反，是央行接受债券为抵押向商业银行借出资金，是释 出货币的操作。
金融英语Unit2
财政部长TG在《华盛顿邮报》中写到深层次的金融危机已 接近尾声。但是他指出，国家在没有找到那些原因之前必 须牢记2008年那个濒临崩溃的银行系统。 他告诉美国社会在华盛顿的新闻编辑，没有人质疑新的金 融保护政策。现在的争论的中心是怎样设计一个可以让大 的金融公司在不伤害实体经济的情况下倒闭的金融体系。
Review
Definition of Market：
• The aggregation of possible buyers and sellers of a thing and the transactions between them. • Market---Exchanges
• （a Physical Location or an electronic system )
• 奥巴马总统在他3月份医疗改革胜利后转战金融系统改革 • 4月14日，他在白宫会见来自两个党派的国会领导。 （congressional leaders） • 他说在某些领域民主党（democrats）和共和党 （Republicans）是可以达成共识的。
Listening Practice
• unfetter [,ʌn‘fetə] vt. 释放；使自由； • sour [‘sauə] vt. 使失望；使变酸 • bail out 抢救，救援 bailouts紧急救助
民主党反对这个法案。 3月，经证实，参议院（ Senate Banking Committee）银行委员会颁布了它自 己的法案，该法案建议在美国央行美联储成立一个 新的部门代替建立一个独立的消费者代理处。该条 例将更有可能造成将来的救市而不是减少它。
Listening Practice
两种国会的措施都需要一个监管金融衍生品的系统。这些条 约将用于不同的目的，包括投资和损失保护。巨大的不规 范的衍生品市场的估值在600万亿美元。 政府求助那些被认为“太大而不能破产”的银行，激怒了公 众，重新点燃了保守主义的浪潮。 茶党也反对新的医疗法律，要求更低的税收和更少的政府干 预。 4月15日，只要美国公民还应该缴纳联邦税收，他们就反对 设立一个税收日。
Review
Definition of Market：
• The aggregation of possible buyers and sellers of a thing and the transactions between them. • Market---Exchanges
• （a Physical Location or an electronic system )
• 奥巴马总统在他3月份医疗改革胜利后转战金融系统改革 • 4月14日，他在白宫会见来自两个党派的国会领导。 （congressional leaders） • 他说在某些领域民主党（democrats）和共和党 （Republicans）是可以达成共识的。
Listening Practice
• unfetter [,ʌn‘fetə] vt. 释放；使自由； • sour [‘sauə] vt. 使失望；使变酸 • bail out 抢救，救援 bailouts紧急救助
民主党反对这个法案。 3月，经证实，参议院（ Senate Banking Committee）银行委员会颁布了它自 己的法案，该法案建议在美国央行美联储成立一个 新的部门代替建立一个独立的消费者代理处。该条 例将更有可能造成将来的救市而不是减少它。
Listening Practice
两种国会的措施都需要一个监管金融衍生品的系统。这些条 约将用于不同的目的，包括投资和损失保护。巨大的不规 范的衍生品市场的估值在600万亿美元。 政府求助那些被认为“太大而不能破产”的银行，激怒了公 众，重新点燃了保守主义的浪潮。 茶党也反对新的医疗法律，要求更低的税收和更少的政府干 预。 4月15日，只要美国公民还应该缴纳联邦税收，他们就反对 设立一个税收日。
金融英语 2
Key to the questions:
1. A financial market is a mechanism that allows people to easily buy and sell (trade) financial securities (such as stocks and bonds), commodities (such as precious metals or agricultural goods), and other fungible items of value at low transaction costs and at prices that reflect the efficient-market hypothesis. 2. The raising of capital ;the transfer of risk and international trade.
Revision of Unit 1
Review of Unit 1 • Exercises Check-up
Question & Answer
Sentence Translation
Question &Answer
Answer the following questions according to the text in Unit 1 1. What is the financial market? 2. What does financial market facilitate? Check-up
will let the country survive the financial crisis without considerable losses. The Russian economy today is a lot bigger than it used to be ten years ago. 4. Hedge funds, credit default swaps, can be legitimate
金融英语2ppt课件
brokers and advisers; regulators
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Savers and investors：
The end-users of the financial system are the savers, whose current spending is less than their income and who have money available to lend to others;
expenditures by firms enable households and firms to share risks
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The participants in the financial system:
savers; investors and other borrowers; financial intermediaries;
In between lie the financial institutions and ney flows smoothly from savers through institutions and/or markets to investors is an important function of the financial system.
➢All these financial institutions and markets fit together into a network which comprises the financial system.
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Major functions: channel household savings to corporate sector allocate investment funds among firms Allow smooth consumption by households and
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Savers and investors：
The end-users of the financial system are the savers, whose current spending is less than their income and who have money available to lend to others;
expenditures by firms enable households and firms to share risks
.
6
The participants in the financial system:
savers; investors and other borrowers; financial intermediaries;
In between lie the financial institutions and ney flows smoothly from savers through institutions and/or markets to investors is an important function of the financial system.
➢All these financial institutions and markets fit together into a network which comprises the financial system.
.
5
Major functions: channel household savings to corporate sector allocate investment funds among firms Allow smooth consumption by households and
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Languagemaximal 最大的 Points 1. minimal adj. 最小的，极微的
e.g. Fortunately, the storm only did minimal damage to the farmer’s crops. 2. enforce vt. 实施，执行；强迫，迫使 enforce the law 执行法律 enforced education 强迫教育，义务 教育 3. assume vt. ①假定，假设，设想 assume this to be true 假定这个是真的 we must assume him to be innocent until he is proved guilty. 尚 未证实他有最，就得假定他无辜。 ②承担，担任，接受 ＝undertake assume office 就职，assume responsibility承担责任 He assumes his new responsibilities next month. 他下个月承担 新任务。 ③ 装作，装出，假装assume ignorance 假装不知情
Background knowledge
The classification of money supply in the IMF: ① M0 = the cash outside the banking system ② M1 = M0 + demand deposits ③ M2 = M1 + saving deposits + time deposits + government bonds
《金融专业英语》
Finance English Unit Two
Unit Two Part A The Fractional Reserve
教学目的与要求（Teaching targets）： help students get some knowledge about the Fractional Reserve and the important function of the fractional reserve deposit money expansion activities in the banking system; study some specialized words and expressions related to the fractional reserve deposit money expansion activities; some new basic English vocabulary 教学重难点(Emphases and difficult points） some important vocabulary: fractional reserve, minimal, enforced, assume, deduct, rein in, call in, reserve requirement, conversely, fractional reserve, fractional reserve, deposit money expansion activities, fractional reserve ratio, reserve requirement, money supply；
1. Let’s assume the fractional reserve ratio is 12%. Person A comes to deposit $1000 in Bank 1. 2. Bank 1 sets out $120 as a reserve and deposits in the central bank. 3. Bank 1 is free to lend out $880, which is all borrowed by Person B.
the explanation of the text
Banks may lend more money than they have on deposit, just as traders used to do when they issued more receipts for coins than they had in safekeeping. 银行贷出 去的钱可能会超过存款的数目，就像商人以前经常做的那 样。 Assume that the fractional reserve ratio is 12 percent. Thus, when a customer deposits $1 000 in a bank, it may immediately set aside $ 120 as a reserve. 假设部分准备 金比率是12%.这样,如果你在所在地银行存入1000美元,它 会立即留出120美元作为准备金.
Background knowledge
a1(1- qn) a1 1000 1000 1. lim ----------- = -------- = ----------- = --n→∞ 1- q 1-q 1-0.88 0.12 2. fractional reserve（部分准备金）：Under the commercial banking system, the central bank must retain a part from the deposits as the fractional reserve according to the strictly enforced government regulations, and the rest deposits in the commercial banks can be lent out.
introduction to the knowledge with English sentences
4. Person B deposits the $880 in Bank 2, and Bank 2 will deposit 12% of the $880 ($105.6) in the central bank again as a reserve. 5. The money supply rises. If the process continues to its limit, a total of $8333.33 circulates in the system. 6. After deducting the original $1000 of Person A, $7333.33 of new money is being used in the community and represents a net increase in the money supply.
deposits $1000
$120
Central bank Set out Central bank
Pa
B1
Loan $880 out Deposite $880 Pbon to the knowledge with English sentences
Detailed explanation:
M2 is the most often used reference to money supply. M2是衡量 货币供应量最常用的标准。在这个句子中，过去分词“used”做定 语，修饰“reference”；reference的意思是“衡量标准；参照物； 参考资料。 Much attention is focused on the rate at which the money supply grows because money growth influences inflation, unemployment, and general economic activity.货币供应增长率得以密切注视，因 为货币增长影响到通货膨胀、失业，以及总的经济活动。“at which the money supply grows”是一个定语从句，修饰the rate。 The Federal Reserve System tracks three measures of the money supply and reports on them weekly.联邦储备系统跟踪统计 三种货币供应量，并每周公布依次。
Unit Two Part B The Three Ms
教学目的与要求（Teaching targets）： help students get some knowledge about the three measures of the money supply in the Federal Reserve System; study some specialized words and expressions related to the three kinds of money supply; some new basic English vocabulary 教学重点(Emphases and difficult points） Some words and expressions: currency, demand deposits, checking accounts, medium of exchange, time deposit, money market deposit accounts(MMDA), non-institutional money market mutual funds(MMMF), financial innovations, as of, monetary aggregates; How to distinguish the three measures of money supply---M1, M2 and M3. And get to know the content of each one.