金融英语技能训练Lecture 8 Central banks.pdfVIP

Lecture 8 Central Banks 中央银行 Learning Objectives  Expand lecture-topic-related vocabulary  Take effective notes on the lecture  Retell information from notes  Accomplish listening tasks  Write an effective lecture summary  Expand reading into lecture topic  Translate an article into Chinese  Discuss topics related to central banks Stage 1 Dictation 1. precursor 2. clearing house 3. Threadneedle Street 4. Napoleon Bonaparte 5. hyperinflation 6. guardian 7. Predecessor 8. regulate 9. bulk 10.foreign exchange intervention 11.fiscal agent 12.foreign exchange reserves 13.service debts 14.redeem debts 15.bail out 16.externality 17.systemic failure 18.bank run 19.lender of last resort 20. monetary policy 21.open-market operations 22.legal reserve requirements Stage 2 Listening Comprehension 1. What are the objectives that the central bank pursues? 2. Why is the Bank of England called “the Old Lady of Threadneedle Street”? 3. How does the US Federal Reserve System operate? 4. What does the central bank do as a fiscal agent? 5. Under what circumstances does the central bank take the role of lender of last resort? 6. What policy instruments does the central bank have? Answers to Listening Comprehension 1. The primary goals to be achieved are 1) price stability or low inflation, 2) high employment and economic growth, and 3) financial stability. 2. Because its main office has been located at Treadneedle Street in London since 1734. 3. It operates through 12 regional Federal Reserve Banks and a Federal Reserve Board. 4. It manages the country’s foreign exchange reserves and gold reserves. It also issues, services, and redeems debts on behalf of the government’s finance ministry or treasury department . 5. It a