金融专业英语阅读(答案).doc

Lesson One Translate the following passage into Chinese 紧缩性货币政策和扩张性货币政策都涉及到改变一个国家的货币供应量水平。扩张性货币政策增加货币供应量，而紧缩性货币政策会减少货币供应量。 当联邦储备体系在公开市场上购买有价证券，会引起证券价格上涨。债券价格和利率成反比关系。联邦贴现率就是一种利率，因此降低联邦利率实际上就是降低利率。如果联邦储备系统决定降低法定储备要求，那么银行能够进行投资的资金会增加。这会引起投资比如债券价格的上涨，因此利率会降低。无论联邦储备体系用何种方法来增加货币供应量，利率都会降低，债券价格会上涨。 Translate the following sentences into English 1. China would maintain a stable currency and prudent monetary policy, and expected to stay within its growth and inflation targets this year 2.China would also maintain a prudent monetary policy to support economic development while preventing inflationary pressure and financial risks 3. China’s economy continued to grow steadily and rapidly in the first quarter, with investment in fixed assets slowing and domestic consumption accelerating. 4.because of China’s large increase in its trade surplus and foreign exchange reserves in the first quarter, the effectiveness of its monetary policy — used to help control inflation — was facing “serious challenges.” 5. The central bank would seek to further streamline its foreign exchange system to facilitate the orderly outflow of funds. At the same time, it would tighten the management of foreign exchange inflows and settlement. 桾hree l Translation: Translate the following passage into Chinese 1．外汇交易当然是指两种不用货币之间的交易了。每一组货币的交易或“买卖”都包含两个部分。一个是即期市场，在这个市场中支付（交付）需在交易时立即进行（在实际操作中一般是在第二个交易日进行），另一个就是远期市场。远期市场的汇率是在交易的时候就先确定了，但实际的交易，或交付则是在未来的某个特定时间进行的。 2．外汇交易期权是指一种货币和另一种货币在未来进行交付的一个合同，在此合同中，期权的所有者有权力以双方商定的价格买进（或卖出）货币，也可放弃该权力。买进的权力叫看涨期权，卖出的叫看跌期权。为了获取此种权力就需要支付期权费。期权的出售者收到期权费后，如果买方行使期权的话，那么卖方就有义务以先前预定的价格交货或收货。 Translate the following sentences into English 1．As the internationalization of business grows, so too does your companys exposure to exchange rate fluctuations.? The tools and techniques available to help you mange this exposure are developing rapidly but these instruments carry their own particular challenges and risks, and the price for inappropriate hedging strategies can be high. 2. While the