第一节

Financial system

金融系统

一、Terminology 术语

（一）Financial system: markets & institutions through which funds flow between lenders and borrowers

金融系统：使资金能在贷款人和借款人之间流动的市场和机构

Major functions 主要功能:

-channel household savings to corporate sector 将家庭储蓄引导到企业部门

-allocate investment funds among firms 在企业之间分配投资基金

-allow temporal smoothing of consumption 允许消耗的时间平滑

-enable households and firms to share risks 使家庭和企业能够分担风险

从外到内：金融市场、非银行机构、银行、中央银行

（二）Central bank 中央银行

A central bank, or monetary authority is an institution that manages the currency, money supply, and interest rates of a state or formal monetary union and oversees their commercial banking system.

中央银行或货币当局是一个管理国家或正式货币联盟的货币、货币供应和利率并监督其商业银行系统的机构。

In contrast to a commercial bank, a central bank possesses a monopoly on increasing the monetary base in the state, and also generally controls the printing of the national currency which serves as the state‘s legal tender (同义：fiat money).

与商业银行相比，中央银行在增加国家货币（流通）基础方面拥有垄断权，通常还控制作为国家法定货币的国家货币的印刷。

A central bank also acts as a lender of last resort to the banking sector during times of financial crisis.

在金融危机时期，中央银行也是银行业的最后贷款人。

（三）Financial institutions 金融机构（financial intermediaries）

The group of major commercial and public organizations engaged in exchanging, lending, borrowing and investing money.

从事货币交换、借贷和投资的主要商业和公共组织集团。

Two broad categories (两大类)

1. Depository institutions 存款机构

-Commercial banks 商业银行

-Savings institutions 储蓄机构

for households and individuals by providing mortgage and lending services

为家庭和个人提供抵押贷款服务

-Credit unions 信用合作社

non-profit organizations composed of members with a common bond, e.g. Labor union, church, university, or even residential area

由具有共同纽带的成员组成的非营利组织，如工会、教会、大学，甚至居民区

2. Non-depository insititutions 非存款机构

-Insurance companies 保险公司

-Pension funds 养老基金

-Finance companies 金融公司

issue commercial paper or stocks or borrowing from banks, and they borrow in large amounts but often lend in small amounts

发行商业票据或股票或从银行借款，他们借入大量资金，但通常借出少量资金

-Mutual funds 共同基金

-Securities exchange 证券交易所

（四）Financial Market 金融市场 Classification 分类

1. By maturity: 按到期日

-money markets 货币市场

-capital markets 资本市场

2. By time of delivery: 按交货日

-spot markets 现货市场

-futures markets 期货市场

3. By issuance: 按发行方式

-primary markets 一级市场

-secondary markets 二级市场

4. By types of financial assets: 按金融资产类型

-stock market 股票市场

-bond market 债券市场

-mortgage markets 抵押贷款市场

-consumer credit markets 消费信贷市场

-foreign exchange markets 外汇市场

二、Key Concepts 关键概念

1. building society 房屋互助协会：

A financial institution owned by its members as a mutual organization. Building societies offer banking and related financial services, especially savings and mortgage lending.

由其成员作为共同组织拥有的金融机构。建筑协会提供银行和相关金融服务，尤其是储蓄和抵押贷款。

2. payment facilities 支付工具:

means of payment including credit cards, checks, traveler’s checks, letters of credit, and payment orders such as documents against payment and documents against acceptance

付款方式，包括信用卡、支票、旅行支票、信用证和付款单，如付款凭证和承兑凭证

3. investment trust (company)投资信托公司:

a financial intermediary that pools the funds of individuals and invests those funds in securities such as stock, bonds and money market instruments

汇集个人资金并将这些资金投资于股票、债券和货币市场工具等证券的金融中介机构

4. venture capital company风险投资公司:

a financial intermediary that supports and promotes investments and technological development in firms by temporarily holding shares in the capital of those firms

通过临时持有企业资本的股份来支持和促进企业投资和技术发展的金融中介机构

5. venture capital 风险资本:

is risk money, funds which are invested for the initial risks of a new and potentially rapidly growing company or a newly developed growth product. It is used for the risk expenses which cannot usually be financed by a bank loan

是风险资金，用于投资于一家新的、可能快速增长的公司或一种新开发的增长产品的初始风险。用于通常无法通过银行贷款融资的风险支出

6. discount house 贴现行:

a financial intermediary that specialize in buying and selling bills of exchange and other commercial papers at less than the face value

专门以低于票面价值的价格买卖汇票和其他商业票据的金融中介机构

7. securities 有价证券:

documents that have some value or represent something of value, e.g. share certificate, bond certificate, life insurance policy, etc.

具有一定价值或代表一定价值的文件，如股票证书、债券证书、人寿保险单等。

8. money market 货币市场:

market that caters for borrowing and lending of funds for 1 year or less满足1年或1年以下资金借贷需求的市场

三、Language Points 知识点

1. All these financial institutions and market fit together into a network which comprises the financial system. (Para. 1)所有这些金融机构和市场结合在一起，形成了一个包括金融系统的网络。

comprise:

（1）vt. to consist of or to make up of:由...组成

e.g. The ninth district is comprised of (= consists of) 15 cities and towns, including Boston.第九区由包括波士顿在内的15个城镇组成。

vt. to have as parts or members, or to be those parts or members作为（成为）部分或成员

e.g. Manufacturing comprises (=make up of)14% of the state’s economy.制造业占该州经济的14%

2. 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 facilities. (Para. 2)令人满意的支付便利是我们现在倾向于认为理所当然的事情，但生产性经济活动取决于它们的存在，实际上取决于贸易商是否能够合理地获得短期便利。

incline 倾向: vt. & vi. (cause to) have a certain tendency

take sb./sth. for granted 认为...理所应当: to expect someone or something to be always available to serve in some way without thanks or recognition; to value someone or something too lightly.期望某人或某事总是以某种方式提供服务，而不需要感谢或认可；过于轻视某人或某事。

e.g. Most of us take our freedom for granted我们大多数人认为我们的自由是理所当然的

have/gain access to 有机会: to succeed in entering a place or in seeing someone or something成功地进入一个地方或见到某人或某事

e.g. You gain access to your data by typing in a user name and password.您可以通过输入用户名和密码来访问您的数据。

3. 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. (Para. 4)从本质上讲，金融机构会招致批评：如果银行家不拒绝一些贷款请求，他们就不会做好自己的工作，而那些被拒绝提供资金的人有时会感到很难过，并大声抱怨。

turn down : (1) refuse; reject 拒绝 (2) decrease the volume of sth. 减少某物的体积

feel hard done by: feel that you have been treated unfairly 感到自己受到了不公平的待遇

e.g. I'm feeling hard done-by because I’ve been taking care of the kids all week and Steve's been out every night.我感到很难过，因为我整个星期都在照顾孩子，而史蒂夫每天晚上都在外面。

vociferous: adj. making, given to, or marked by noisy and vehement outcry; blatant; vehement大声的：制造、给予或以嘈杂和强烈的抗议为特征的；明目张胆的激烈的

4. 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 favored borrowers (notably governments themselves), and partly in view of the economic power attached to control of finance. (Para. 4)金融机构对巨额资金的控制也吸引了政府的注意，部分原因是他们可能看到了为受青睐的借款人（尤其是政府本身）获得廉价融资的不可抗拒的机会，部分原因也是由于金融控制所附带的经济权力。

wield 行使: vt. to exercise (authority or influence, for example) effectively 有效地行使（例如，权力或影响力）

favored 受宠的: treated or thought of with great kindness or partiality以极大的善意或偏袒对待或考虑

四、翻译训练

1. Today satisfactory payment facilities offered by the banks are so crucial in our daily life that we accept them readily without proper appreciation. However, to make economic activity productive, we depend not only on the existence of these payment facilities but also on business firms who are able to get short-term credit in the money market.

翻译：如今，银行提供的令人满意的支付便利在我们的日常生活中至关重要，以至于我们在没有适当升值的情况下就很容易接受它们。然而，要使经济活动富有成效，我们不仅依赖于这些支付设施的存在，还依赖于能够在货币市场获得短期信贷的商业公司。

2. 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.

翻译：从本质上讲，金融机构会招致批评：如果银行家不拒绝一些贷款请求，他们就不会做好自己的工作，而那些被拒绝提供资金的人有时会感到很难过，并大声抱怨。

3. 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 favored borrowers (notably governments themselves), and partly in view of the economic power attached to control of finance.

翻译：金融机构对巨额资金的控制也吸引了政府的注意，部分原因是他们可能看到了为受青睐的借款人（尤其是政府本身）获得廉价融资的不可抗拒的机会，部分原因也是由于金融控制所附带的经济权力。

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第二节

The Participants in the system

系统内的参与者

一、five groups of participants in the financial system 五类成员

-savers 储蓄者

-investors and other borrowers 投资者和其他借款人

-financial intermediaries 金融中介机构

-brokers and advisors 经纪人和顾问

-regulators 监管机构

*Notes: mortgage 抵押；on installment 分期付款 cf.； installation 安装

二、broker vs. dealer 经纪人和交易商的区别

-Brokers act as “go-betweens”; they do not actually own financial assets; they charge a commission for their service.

-经纪人充当“中间人”；他们实际上并不拥有金融资产；他们为自己的服务收取佣金。

-Dealers buy and sell financial assets; their income depends on bid-ask spread.

-交易商买卖金融资产；他们的收入取决于买卖价差。

三、Key Concepts

1. money transmission facilities 资金汇送工具 : financial means that facilitate the flow of funds 促进资金流动的金融手段

facilitate 使…变得容易: vt. make sth. easy or easier

eg.facilitate payments 便利支付

payment facilities 支付工具

***Similar expressions 相似表达辨析

transmission 传输：the act or process of sending out an electronic signal or message or of broadcasting a radio or television program.发送电子信号或信息或广播电台或电视节目的行为或过程。

eg. If we had better cooperation and coordination, we could find it earlier and figuer out the human-to-human transmission earlier,"Zhong Nanshan said.如果我们有更好的合作和协调，我们可以更早地发现它，更早地解决人与人之间的传播，”钟南山说。

transfer 转移、调动：the act of moving sb./sth. from one place, group or job to another.将某人/某物从一个地方、群体或工作转移到另一个地方的行为

eg.That Asian countries are major recipients of remittances is no secret, but apart from intercontinental transfer, the domestic market within Asia, especially in the southeast, is also opening up as more people cross borders within the region for education and in search of jobs.

亚洲国家是汇款的主要接收国，这已经不是什么秘密了，但除了洲际汇款外，随着越来越多的人在该地区跨境接受教育和寻找工作，亚洲国内市场，尤其是东南部的国内市场也在开放。

transaction 交易：a piece of business that is done between people, especially an act of buying or selling.

eg.Visa International has asked its global financial member institutions to stop international transaction through the China UnionPay system from Aug 1 amid intensifying competition in the sector, the official China Securities Journal reported on Thursday.

据官方的《中国证券报》周四报道，由于该行业竞争加剧，Visa国际组织已要求其全球金融成员机构从8月1日起停止通过中国银联系统进行的国际交易。

trans-:across, beyond, through

四、Language Points

1. Economic transactions such as the donation of face masks should be recorded as the current transfer in the International Balance of Payments.
2. Moreover, while there is nothing to prevent savers and investors from dealing directly with each other if they wish, the existence of financial institutions makes direct contact unnecessary, since both groups can deal with the intermediating institutions.

翻译：此外，虽然没有什么可以阻止储户和投资者在愿意的情况下直接相互交易，但金融机构的存在使直接接触变得没有必要，因为这两个群体都可以与中介机构打交道。

3. Sharp expansions or contractions of activity in financial markets are often associated with booms and slumps in the economy at large, and the intimate connection between money, credit and economic stability compels countries to curb the expansion of credit in some periods and to stimulate it in others. Economic controls may also be required to guard against monopolistic structures or practices in the financial system.

翻译：金融市场活动的急剧扩张或收缩往往与整个经济的繁荣和衰退有关，而货币、信贷和经济稳定之间的密切联系迫使各国在某些时期遏制信贷扩张，在另一些时期刺激信贷扩张。还可能需要进行经济控制，以防范金融系统中的垄断结构或做法。

4. 过去，消费者借贷和支出的显著增长会使中央银行提高利率来抑制通货膨胀

翻译：In the past, a rapid rise in consumer borrowing and spending would cause a central bank to push up interest rates to curb inflation.

5.发展中国家应该积极采用金融体系上的审慎监管来稳定其金融体系并减小其对外界危机的脆弱性

翻译:Developing countries should act unilaterally to adopt prudential regulations to stabilize their financial systems and to reduce their vulnerability to external shocks.

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第三节

Financial instruments

一、Key Concepts

（一）IOU--asset and liability 金融要求权--资产和负债

-dividends 股息

-interest payments 利息支付

-other compensating services其他补偿服务

（二）Some financial instruments 一些金融工具

deposits 存款

loans 贷款

ordinary shares 普通股

**

Common stock 普通股

-represents the ownership of corporations. The owners of the common stock of a firm are the owners of the firm. The extent of ownership by any person is relative to the total number of shares of common stock outstanding.

代表公司的所有权。公司普通股的所有者就是公司的所有者。任何人的所有权范围是相对于已发行普通股的总数。

Preferred stock 优先股

-the owners of preferred stock are paid dividends before any dividends can be paid to the common stockowners.

在向普通股所有者支付任何股息之前，优先股所有者将获得股息。

（三）derivative instruments 衍生金融工具

securities whose value is based on /derived from the value of equity and debt

价值基于权益和债务价值的证券

-forwards 远期(合同)

-futures 期货 commodities to be bought or sold at an agreed price for delivery at a specified future date (soybean futures)以约定价格在未来某一特定日期交货的商品（大豆期货）

-options 期权 the right to buy or sell property at an agreed price: the right but not the obligation to buy or sell a property at a fixed price on or before a given date.以约定价格买卖财产的权利：在指定日期当日或之前以固定价格买卖房产的权利，但不是义务。

-swaps 互换/掉期

（四）risk（risk and return）风险和收益

The variability of returns from an investment. The greater the variability (in dividend fluctuation or security price, for example), the greater the risk. Because investors are generally averse to risk, investments with greater inherent risk must promise higher expected yields.投资回报的可变性。可变性越大（例如股息波动或证券价格），风险就越大。由于投资者普遍厌恶风险，因此具有更大内在风险的投资必须承诺更高的预期收益率。

（五) liquidity 流通性/变现力

the ease with which an asset can be converted into cash at close to the published market price.以接近公布的市场价格将资产转换为现金的容易程度

（六）maturity 偿还期

the date of scheduled repayment of an obligation预定偿还债务的日期

二、Language in Use

HONG KONG, Nov 11 (Reuters) - Falling home prices and sales are pressuring liquidity and margins of Chinese property developers, raising concerns that smaller companies may be pushed to the brink of collapse. Cash is harder to come by and profits are shrinking.

香港，11月11日（路透社）-房价和销售额的下跌给中国房地产开发商的流动性和利润率带来了压力，引发了人们对小型公司可能被推向崩溃边缘的担忧。现金越来越难获得，利润也在缩水。

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