国际贸易专业英语

国际贸易专业英语复习范围

檀文茹第三版

I术语配对10×2’=20’

II选词填空10×2’=20’

III英译汉5×3’=15’

IV汉译英5×3’=15’

V阅读理解

i问答题5×3’=15’

ii判断题15×1’=15’

术语配对范围：

选词填空范围：1,3,5,8每一章课后第三题

英译汉范围：每一章ppt中有中文翻译的句子

汉译英范围：1,3,5,8每一章课后第六题

阅读理解：Unit 4、Unit7 课文

术语配对：

UNIT1

division of labor劳动分工

The increasing specialization of occupations and specific tasks within occupations.日益增加的职业专门化和职业内的具体任务。

Free trade自由贸易

Free trade exists when the international exchange of goods is neither restricted nor encouraged by government-imposed trade barriers. Subsequently, the determination of the distribution and level of international trade is left to the operation of market forces. comparative advantage比较优势

The theory of comparative advantage is a key idea in classical liberal economic theory put forward by David Ricardo. It posits that if all countries specialize in producing what they are comparatively best at - i.e. what they are most efficient at producing - and then trade freely with one another, then the world will be better off economically

Factor of production生产要素

A human service or material good that can be used to contribute to the success of a process of production.A constituent element of any production process. Factors of production can be classified as to (1) human (labor) or nonhuman (material) factors, or (2) original or produced factors.

capital intensive资本密集型的

Production methods with a high quantity of capital per worker.

Capital intensitu is the term in economics for the amount of fixed or real capital present in relation to other factors of production,especially labor. At the level of either a production process or the attregate economy, it may be estimater by the capital/labor ratio, such as

from the points along a capital/labor isoquant.

factor intensity要素密度

The relative importance of one factor versus others in production in an industry, usually compared across industries. It is most commonly defined in /by ratios of factor quantities employed at common factor prices, but sometimes by factor shares or by marginal rates of substitution between factors.

Unit 3:

channel of distribution分销渠道

It is a whole set of marketing intermediaries, such as wholesalers and retailers,whojoin together to transport and store goods in their path(or channel) from producers to consumers.

licensing 许可证贸易

A business arrangement in which the manufacturer (the licensor) of a product (or a firm with proprietary rights over certain technology trademarks, etc.) grants permission to some other group or individual to manufacture that product (or make use of that proprietary material, trademark, manufacturing process, patent, etc.) in return for specified royalties or other payment for the firm granting the license.

franchising 特许经营

A legal and commercial relationship between the owner of a trademark or trade name (the Franchisor) and an individual or group who wants to use that identification in business (the franchisee). The Franchisor generally provides business expertise and the franchisee provides a way for the overall business to grow.

product liability 产品责任

The obligation a seller incurs regarding the safety of a product. The liability may be implied by custom or common practice in the field, stated in the warranty, or decreed by law. If injury occurs, various defenses are prescribed by law and judicial precedent. Sellers are expected to offer adequate instructions and warnings about a product's use.

counter trade 对等贸易

Any trade transaction of goods or services without the exchange of money. Forms include barter, buy-back or compensation, counter-purchase, offset requirements, swap, switch, or triangular trade, evidence or clearing accounts.

joint venture合资企业

Joint venture is a type og partial structural integration in which one or more sepatate organizations share combine resources to achieve a stater objective.

foreign direct investment (FDI)外国直接投资

the purchase of land, equipment or buildings or the construction of new equipment or buildings by a foreign company. FDI also refers to the purchase of a controlling interest in existing operations and businesses (known as mergers and acquisitions). Multinational firms seeking to tap natural resources, access lucrative or emerging markets, and keep production costs down by accessing low-wage labor pools in developing countries are FDI investors.

Unit 5:

customs union关税同盟

A union of countries in which free trade exists between member nations and external tariffs

may be erected against all outside countries.

price elasticity 价格弹性

retees to the sensitivity of the quantity supplied or demanded of a commodity as the price of that commodity changes.

sporadic dumping 偶然性倾销

the occasional sale of a commodity at below cost, or at a lower cost abroad than domestically, in an effort to unload an unforeseen and temporary surplus or to create aconsumer interest in the commodity.

predatory dumping 掠夺性倾销

it refers to the use of aggressive (low) oricing to put a competitor out of business, with the intent, once they are gone, of raising prices to gain monopoly profits.

customs valuation海关分类

It is a detailed classification, coding system, and description of goods that enter international trade. The system is used by customs official as a guide in determining which tariff rate applies to a particular import item.

Unit 8:

trade creation 贸易创造

An creation is an economic term related to international economics in which trade flows are redirected due to the formation of a free trade area or a customs union.

trade diversion 贸易转移

An economic term related to international economics in which trade is diverted from a more efficient exporter towards a less efficient one by the information of afrdd trade agreement or a customs union.

economic union经济同盟

A type of trade bloc which is composed of a common market with a customs union. The participant countries have both common policies on product regulation, freedom of movement of goods, services and the factors of production (capital and labour) and a common external trade policy.

英译汉：

UNIT 1

This model is based far more explicitly than the Ricardo model on the idea { that a general equilibrium is established in the economies, [ in which the equilibria in the various sub-markets are, (in principle), inter-related: if the balance shifts in one sub-market, this affects the balance in other sub-markets]. }

explicitly=clearly

意译：这个模型比李嘉图的模型更加具体，因为在经济体中建立了一般均衡的概念，原则上，分市场的均衡是相互联系的：如果一个分市场的均衡发生改变，就会影响其他分市场的均衡。

However, in contrast to Ricardo's model, there are simultaneous changes on the markets in the factors of production as a result of the emphasis on general equilibrium.

factors of production 生产要素

意译：然而，HOS模型和李嘉图模型不同的是，由于强调一般均衡，认为生产要素在市

场上会同时发生改变。

A fundamental criticism of the HOS model was that it assumes that the sectors can be arranged in order of capital-intensity and that this arrangement is universal, i.e. the same in all countries.

对于HOS模型的基本批判是其假设不同部门是按照资本密集的顺序划分的，而且这种划分具有普遍性，即对于所有国家都一样。

It should be clear that if, (as some people think), factor reversal is fairly widespread, there is essentially no foundation for the idea [that hitherto prevailed in trade theory, ] namely that [ countries have a comparative cost advantage by nature, (i.e. because of prevailing conditions of supply,) in a range of goods and services which can be specifically and objectively specified in a universal manner.]

There is essentially no foundation for the idea that...

ex. There is essentially no foundation for the idea that paper books will eventually be replaced by e-books.

...idea that hitherto prevailed in..., namely that...

ex. ...idea that hitherto prevailed in China, namely that women are inclined to face prejudice when hunting jobs.

应该弄清楚一点，如果像有人认为的那样，要素反向广泛存在，那么这种国际贸易理论的流行观点就毫无根基——即因为供应环境不同，对于那些可以被明确客观划分为不同要素密集型产品的货物和服务来说，每一个国家都会有天然的比较成本优势。

The idea is that it is not so much national factors –( or, if you like, locational factors )– that explain in which goods a strong competitive position can be developed, but rather factors relating to specific sectors or companies.

基本观点是，产品的竞争能力的强弱并不由国家因素，或者说地区要素决定，而是由国家的特定行业或公司水平决定。

If at that stage another supplier, say Thailand, wants to penetrate the market, the only way to achieve it is by launching production in that country straight away on a massive scale of at least 600,000 units because it is only if production exceeds 600,000 units that Thailand can undercut Japan’s unit production costs for 875, 000 calculators ( we assume that the average cost curve in both countries is constantly falling) .

如果这时另一供应商，比如泰国，想在这时候打入该市场，仅有的办法是立即在本国开始大量生产，生产规模至少达到600000台，因为只有生产规模超过600000台，泰国才能比日本生产875000台计算器的成本低（假设两国平均成本曲线不断下降）。

If the industry were to be transferred in this way, then in view of the size of the market it is clear that Japan will also loose the remaining production to Thailand, [which produces more cheaply and will eventually be producing 1,000,000 units].

如果行业按照这个思路转变转变，考虑到该产业的市场规模，如本也会把剩余生产量转给泰国，计算器的生产成本更加低，产量最终超过1000000台。

UINT 2

The import structure is quite similar to the export structure, and in the flow of international trade, imports move toward a balance with export.

进口和出口结构十分类似，在国际贸易流动中，进口和出口推动了贸易均衡。

The import merchant today is represented by the import trading company( that specializes

in the products it imports) and their particular distribution patterns.

如今的进口商，大多是专门经营进口货物、拥有特定经销模式的进口贸易

The imort structure is quite similar to the export structure, and in the flow of international trade, imports move toward a balance with export.

进口和出口结构十分类似，在国际贸易流动中，进口和出口推动了贸易均衡。

There are of two types: (1) commission houses that strictly serve as agents for local consumers buying abroad and making all delivery arrangements but assuming no financial responsibility, and (2) resident representatives of foreign exporters performing the selling and distributing function for the foreign exporters.

他们分为两类：（1）严格履行代理业务的代理行，他们只为当地消费者进行国外采购、安排货物运输，但不承担任何财务责任；（2）外国出口商在当地的代表，为外国出口商销售和派送产品。

Many benefits arise from the latter in the marketing, distribution, and servicing areas.

通过兼并，全资公司可以获得（海外这家公司已有的）营销市场、分销渠道和服务领域的诸多便利。

获益句式：Many benefits arise from…

Technology licensing is a contractual arrangement 【in which the licenser's patents, trademarks, service marks, copyrights, or know-how may be sold or otherwise made available to a licensee for compensation ( negotiated in advance between the parties)】.

被动语态

技术许可是许可人和被许可人签订的契约安排，许可人将其专利、商标、服务商标、版权、专有技术卖给或允许被许可人使用，后者支付给前者一笔事先谈判好的报酬。Such compensation (known as royalties), may consist of a lump sum royalty, a running royalty(royalty based on volume of production), or a combination of both.

Royalty 许可费、特许使用权费

Lump sum 一次付清

A running royalty 浮动许可费

这种报酬，又叫许可费，包括一次付清的总费用、浮动费用（基于产量多少而浮动的许可费）或两者组合的费用。

Companies frequently license their patents, trademarks, copyrights, and know-how to a foreign company 【that then manufactures and sells products based on the technology in a country or group of countries ( authorized by the licensing agreement)】.

What dos e “technology” mean in this sentence?

企业通常将自己的专利、商标、版权和专有技术授予国外企业，允许其在当地或其他国家，制造和销售基于这些技术的产品。

A technology licensing agreement usually enables a firm to enter a foreign market quickly, yet it poses fewer financial and legal risks than owning and operating a foreign manufacturing facility or participating in an overseas joint venture.

enable sb. to do sth.

pose a threat/risk/danger 带来、引起、造成

技术许可洗衣通常能够使企业迅速进入国外市场，同时相比建立国外生产基地和参与海外合资经营，技术许可的财务和法律风险更低

Licensing also permits firms to overcome many of the tariff and non-tariff barriers (that frequently hamper the export of domestic manufactured products).

克服v：overcome, conquer, defeat, frustrate, surmount, get over, vanquish, fight…

阻碍/限制v.：restrain, impede, hinder, halter, obstruct, limit, block, baffle, bar, di scourage…许可证贸易还能使企业克服那些经常影响本国制造品出口的关税和非关税壁垒。

For these reasons, licensing can be a particularly attractive method of exporting for small companies or companies with little international trade experience, although licensing is profitably employed by large and small firms alike.

使用；雇佣：engage, employ, use, hire, utilize, apply…

因为这些原因，尽管有经验的大公司和小公司也常使用许可贸易来盈利，对于小公司或是缺乏国际贸易经验的公司来说这种方式则是有着特别吸引力的出口方式。

In considering the licensing of technology, it is important to remember that foreign licensees may attempt to use the licensed technology to manufacture products that are marketed in the exporters’ market or third countries in direct competition with the licenser or its other licensees.

考虑技术许可时需要记住的是，国外被许可人可能试图使用转让的技术生产产品并在出口商的市场或在第三方国家销售，跟许可人和其他被许可人直接竞争

In many instances, licensers may wish to impose territorial restrictions on their foreign licensees, depending on antitrust laws and the licensing laws of the host country.

很多情况下，许可人希望依赖东道国的反垄断法或许可证合同法对国外被许可人设定(销售)地域限制

Such governments, for example, may prohibit royalty payments (that exceed a certain rate) or contractual provisions【barring the licensee from exporting products ( manufactured with or embodying the licensed technology) to third countries】.

provision 条款

比如，这些政府可能会限制超出一定比率的许可费的支付或者是对于禁止被许可人使用被许可技术生产出的产品向第三方国家出口的合同条款加以限制。

In many instances licensors should also retain qualified legal counsel in the host country in order to obtain advice on applicable local laws and to receive assistance in securing the foreign government’s approval of the agreement.

获得：obtain, retain, acquire, earn, gain, procure, get, win, attain, receive…

大多数情况下，许可人应该在东道国保有合格的法律顾问，通过他们了解当地的适用法律，同时在获取国外政府对于合同的批准的事项上获得其帮助。

Moreover, the local partner may bring to the joint venture {its knowledge of the customs and tastes of the people, an established distribution network, and valuable business and political contacts}.

此外，当地合作伙伴对当地居民的习惯和爱好的了解，已经建立的销售网络以及有价值的商业和政治关系都可以给合资企业带来便利。

Having local partners also decreases the foreign status of the firm and may provide some protection against discrimination or expropriation, should conditions change.

Should conditions change=if conditions should change

拥有地方合作伙伴还可以降低企业的外资成分，并且当环境发生变化时可以使企业避免歧视或罚没等情况发生。

A loss of effective managerial control can result in reduced profits, increased operating costs, inferior product quality, and exposure to product liability and environmental litigation and fines.

引起：result in, cause, lead to, give rise to, bring about, induce, drive, boost, stimulate, triger, initiate, raise, create, set off, start, produce, pose…

失去有效管控将可能导致利润减少，运营成本增加，产品质量偏低，产品责任暴露和环境诉讼与罚款。

UNIT 5

The economic significance of a customs area lies essentially in the movement of goods within the area without payment of tariffs or duties .

界定关税区在经济生活中的重要性在于，在关税区内流动的货物不被征收关税。

A specific rate will, moreover, discourage imports of the cheaper grade within a class of products as compared with the more expensive variety .For example, a specific rate of ＄20 a pair on shoes will discourage imports valued at ＄10 a pair to a greater extent than those valued at ＄25 a pair.

a class of products同类产品

从量税也会限制同种商品中廉价品的进口。例如，20美元一双鞋的从量税会使进口国更多的限制进口一双价值10美元的鞋子而非25美元的鞋。

Compound duties frequently apply to manufactured goods containing raw materials that are on the dutiable list.

dutiable list应税名单

复合税通常针对应税名单上的制成品和原材料来征收

In such cases the specific portion of the duty —known as a compensatory duty – is levied to offset the duty that grants protection to the raw materials industry , while ad valorem portion of the duty affords protection to the finished goods industry.

这种情况下复合税里的从量部分（也叫补偿型关税）的征收就是为了弥补国内生产商对于本国原材料行业的保护；而其中的从价部分则是对成品工业的保护。

In recent decades, specific duties have given way to ad valorem duties in response to worldwide inflation and the growing importance of international trade in manufactures. ?让步/取代句式…have given way to ...in response to/due to…

?ex. In recent years, traditional business have given way to e-business in response to the rapid development of internet technology.

?近几十年，由于国际通货膨胀以及制成品在国际贸易中越来越重要的地位，从量税让步于从价税。

?The lowering of tariffs has been compared to the draining of a swamp:The lower water level has revealed all sorts of stumps and snags ( non-tariff barriers)that still make the swamp(沼泽) difficult to cross.

?water level类比tariffs

?stumps and snags类比non-tariff barriers

?关税的降低好比沼泽的排水系统：随着水平面的降低，越来越多的树桩和暗礁（非关税壁垒）突显，仍然是的沼泽地难以穿越。

?We look first at quantitative trade restrictions, (the more visible kind of non-tariff

barrier, )and then offer a brief review of the many other kinds of non-tariff barriers to international trade in goods and services.

?我们先来看看贸易数量限制这一越来越明显的非关税壁垒，再来回顾一下国际贸易中货物和服务的其他非贸易壁垒。

?Quantitative trade restrictions are used chiefly to afford protection to domestic producers or to bring about adjustment of a disturbed balance of payments .

?贸易数量限制主要用于保护国内的生产者或者调整失衡的国际收支。

? A bilateral or multilateral quota tends to minimize pressure by domestic importers upon their own government and to increase cooperation by foreign exporters, thus enhancing the successful operation of the system.

?双边或多边配额意在减少双方国内进口商的压力，增加和国外出口商的合作，从而使该机制成功运转。

?Complicated and obscure tariff nomenclatures (coupled with ambiguous rules of classification) give customs authorities plenty of opportunity for arbitrary classification .

?机会句式…give ...sb…plenty of opportunity for /to…

?表达某人或某类人因为某个原因而可以（有机会）做某事

?ex. The rapid economic development of China gives increasingly large number of teenagers considerable opportunity for higher education.

?由于关税属于表达复杂模糊，分类模棱两可，因此海关当局有很多操控海关分类的机会。

?Article 6 of the GATT stipulates that two criteria must be met for the legitimate(合法的) application of anti-dumping duties by member states: “ sales at less than fair value”( sales abroad at prices lower than in the country of origin) and “ material injury ”

to a domestic industry.

?GATT General Agreement on Tariff & Trade 关贸总协定

?GATT第六条规定，成员国在征收反倾销税时，必须达到两大法律标准：一是“售价比公允价值低”（商品在国外的售价比在原产国售价低），二是对本国产业的“实质损害”。

?Now at least governments must publicize large procurement contracts and accept foreign bids . Governments, however, are still not required to make public[ the winner’s bid price or its ba sis for selecting the winning bid].

?现在政府至少要公布大型的购买合同，接受国外竞标。然而政府仍旧不被要求公布中标者的标价或选择中标者的原因。

?Local-content laws not only restrain imports but also are among the performance requirements [commonly imposed on foreign investors by host governments in developing countries].

?当地成分条款不仅限制进口，也是发展中国家东道国政府对外国投资者普遍的绩效要求之一。

UNIT 8

?In addition, the partner countries usually agree on rules of origin,[ that is, a definition of what constitutes a product (manufactured within the FTA) and, therefore, one that is eligible to receive duty-free and other preferential trade treatment].

–What does “one” refer to?

?It refers to “a product”.

?另外，成员国通常会就原产地规则达成一致，原产地规则是指自贸区内产品的生产构成，该产品因而符合免税和其他一些特惠贸易待遇。

?Rules of origin prevent products from nonmembers entering an FTA market over the lowest tariff wall.

?原产地规则防止非成员国的产品以最低的关税进入自贸区市场。

?Most FTA also include procedures on the settlement of disputes arising among members and rules on the implementation of border controls, such as product safety certification and sanitary and phytosanitary(植物检疫的) requirements.

?大多数自贸协议也包括成员国之间的争端解决程序以及实施边境管制的规则，比如产品安全认证和卫生及植物检疫要求。

?

?The 1989 FTA between the United States and Canada was formed arguably for this purpose.

–Arguably 可认为地

?He is arguably the best student.

?1989年美国和加拿大组成的自贸区可能就是出于这种原因。

?It is an issue that economists have long studied and debated.

–争议句式It is an issue that …sb…have long debated.

?这是经济学家一直研究和争论的问题。

?

?In the most cases, it appears that FTAs lead to both trade diversion and trade creation with the net effects determined by the structure of the FTA.

?大多数情况下，自贸区似乎既导致贸易创造也导致贸易转移，它的净效应要由自贸区的结构决定。

?Any advantage, favor, privilege, or immunity granted by any contracting party to any product originating in or destined for any other country shall be accorded immediately and unconditionally to the like product originating in or destined for the territories of all other contracting parties.

?一成员方对于原产于或运往其他成员方的产品所给予的利益、优惠、特权或豁免都应当立即无条件地给予原产于或运往所有任一成员方的相同产品

?Furthermore, Article XXIV requires the elimination of tariffs and other trade restrictions be applied to “substantially all the trade between the constituent territories in products( originating in such territories)”.

?再有，第24款还要求对“实际上所有成员国界内生产的产品间的贸易”去除关税及其他贸易限制.

汉译英：

UNIT 1

1、通过国际贸易，可以使消费者和贸易国获取本国没有的商品和服务。（get access/be exposed to）

Consumers and countries can be exposed to goods and services they cannot have access to in their own countries through international trade./Trading globally gives consumers and countries the opportunity to be exposed to goods and services not available in their own

countries.

2、通过国际贸易，富裕国家可以更高效的使用其劳动力、技术或资本等资源。（allow/enable）

International trade allows wealthy countries to use their resources--whether labor, technology, or capital--more efficiently./...to use their resources, such as labor, technology and capital, more efficiently.

3、于当地企业不同，跨国企业都是在全国范围内从事经营活动。

Multinational firms, as opposed to local ones, undertake their business operations on a global basis.

4、近年来，中国的对外贸易呈现高速、稳定的增长。（register）

For recent years, China has registered fast and sustained growth in foreign trade volumes. 5、在全球化的市场条件下，企业面临着与国内外企业的激烈的竞争。(given)

Given a global world market, firms find themselves in fierce competition with domestic and foreign players./...,companies face fierce competition with domestic and foreign ones.

UNIT 3

1.第二次世界大战以后，出现了各种跨国经营活动，比如商品和劳务贸易、对外直接投资和技术转让等。（such as）

After the Second World War, there emerged various forms of cross border business activities such as trade in goods and services,foreign direct investment and technology transfer, etc./..., various forms of multinational business activities emerged, such as ...

2.如果一个国家没有外汇储备，没有贷款，也不能通过谈判达成其他协定，那么唯一的选择就是易货贸易。（in the absence of）

In the absence of exchange reserves or credit, or the possiblity of negotiating other types of agreement, the only alternative is barter.

3.在签订许可证协议之前，许可方应全面了解被许可方国家有关知识产权的法律法规。（enter into）

Before entering into a licensing agreement,the licensor should have a thorough knowledge of the laws and regulations concerning/about the intellectual property rights in the licensee's country.

4.在逐步实现适应全球化的同时，企业提议通过从海外想国内市场引进产品的手段来获得更高利润。（move toward）

Increasingly, firms are obtaining more profits by introducing products in foreign and their domestic markets as they move toward greater globalization of their operations.

5.毋庸置疑，海外投资的高利润是跨国公司致力于对外直接投资的主要动力。（there is noquestion）

There is no questions that high returns on overseas investments are a major motive/main power/force for multinational companies to engage in foreign direct investment

UNIT 5

1、多年来各国间已经达成反对单方面地实施商品配额的协议。（impose on）

For many years, there has been an agreement among nations against imposing quotas unilaterally on goods.

2、保护性关税旨在人为地提高进口商品的价格，以保护国内产业不受国外竞争的损害。

（be intended to）

A protective tariff is intended/aims to artificially inflate/raise prices of imports and "protect" domestic industries from foreign competition.

3、政府采购政策也是贸易壁垒，因为这些政策通常对国内厂商有利，而严格限制政府机构采购进口商品。（favor）

Government procurement policies also are trade barriers because they usually favor domestic manufacturers and severely restrict/restrain purchase of imported goods by government agencies/organizations.

4、自由贸易是一个经济概念，指国家之间销售产品无关税的征收或其它贸易壁垒。（referto）

Free trade is an economic concept referring to the selling of products between countries without tariffs or other trade barriers.

5、海关及其他行政手续包含各种政府政策和程序，不是对进口加以歧视，就是对出口加以支持。（discriminate against）

Customs and other administrative formalities involve a variety of government policies and procedures that either discriminate against imports or favor/support/subsidize exports. UNIT 8

1、自贸区可以被用来保护本地出口商在与外国公司的竞争中获胜，这些外国公司可能享有其他自贸区的优惠待遇。（lose out to）

FTAs may be used to protect local exporters from losing out to foreign companies that might reveive preferential treatment under other FTAs.

2、据说自贸区会降低经济福利因为资源被从一个高效率的生产者转移到了一个低效率的生产者。（divert to）

FTAs are said to reduce economic welfare because resources are diverted from an efficient producer to a less efficient producer.

3、他们会买美国的电视机并更赚钱，但是墨西哥的整体经济会恶化。（better off/worse off）

They will buy the U.S. TVs and be better off, yet Mexican economy as a whole will be worse off.

4、这会使来自自贸区外的外国投资增加，因为公司都寻求在自贸区的边界内建厂以便利用特惠贸易协定。（take advantage of）

This will increase foreign direct investment from outside the FTAs because/as firm seek to locate operations/business within the borders of the FTAs to take advantage of preferential trade agreements/arrangements.

5、中国购买的除美国以外的大部分债务，都局限于深度债券市场，即日元，英磅或者欧元。（be confined to）

Most of China's buying of debt aside from the U.S. / The debt that China bought other than that from U.S. is likely to be confined to the deepest bond markets, namely those denominated in yen, sterling or Euros.