國(guó)際金融重點(diǎn)翻譯

1、Chapter 11. Balance of payments is the set of accounts recording all flows of value between a nations residents and the residents of the rest of the world during a period of time. 國(guó)際收支是記錄一個(gè)國(guó)家的居民和世界其他國(guó)家的居民在一段時(shí)間內(nèi)的所有價(jià)值流量的一組帳戶。2.The variety of resident and nonresident.- Diplomats, military personnel, to

2、urists, and workers .- A corporation , its foreign branches and subsidiaries .- International institutions .Time dimension 2.居民和非居民的多樣性。 -外交官，軍人，游客和工人。 -公司，其外國(guó)分公司和子公司。 -國(guó)際機(jī)構(gòu)。 時(shí)間維度3. Each transaction has both a credit and a debit itemdouble-entry bookkeeping A credit or positive item is an item for w

3、hich the country must be paid.(for a payment by a foreigner)A debit or negative item is an item for which the country must pay( payments to foreigners). 3.每筆交易都有信用和借記項(xiàng)目 - 雙重記賬 信用或正項(xiàng)目是必須為其支付國(guó)家的項(xiàng)目（由外國(guó)人支付） 借項(xiàng)或負(fù)項(xiàng)目是國(guó)家必須支付的項(xiàng)目（對(duì)外國(guó)人的付款）。4. Current account(1).goods(Merchandise) trade -visible trade(2).Servic

4、es -invisible trade(3).Income (interest, dividends, and profits.)(4).Unilateral transfers .經(jīng)常帳戶 （1）.goods（商品）貿(mào)易-有形貿(mào)易 （2）服務(wù)-隱形貿(mào)易 （3）收益（利息，股息和利潤(rùn)） (4). 單邊轉(zhuǎn)讓5. Financial AccountFinancial account includes items that are nonofficial: (1). Direct investment (2). International portfolio investment (3). Othe

5、r 5.財(cái)務(wù)賬戶財(cái)務(wù)帳戶包括非官方的項(xiàng)目： （1） 直接投資 （2） 國(guó)際證券投資 （3）其他6.Exporting financial assets/positive value/capital imports(+).Importing financial assets/negative value/capital exports(-). 6。 出口金融資產(chǎn)/正值/資本進(jìn)口（+）。 進(jìn)口金融資產(chǎn)/負(fù)值/資本出口（ - ）。7. Goods and services balance（trade balance）8. The current account balanceThe meaning

6、of CA 7.商品和服務(wù)余額（貿(mào)易差額） 8.當(dāng)前帳戶余額 CA的含義9.the net value of flows of financial assets and similar claims (excluding official international reserve asset flows) is the private financial account balance. 9.金融資產(chǎn)和類似債權(quán)（不包括官方國(guó)際儲(chǔ)備資產(chǎn)流動(dòng)）的流動(dòng)凈值是私人財(cái)務(wù)賬戶余額。10. The overall balance should indicate whether a countrys bal

7、ance of payments has achieved an overall pattern that is sustainable over time. 10.總體平衡應(yīng)表明一個(gè)國(guó)家的國(guó)際收支是否已經(jīng)實(shí)現(xiàn)了一段時(shí)間內(nèi)可持續(xù)的總體模式。11.The official settlements balance(B) measures the sum of the current account balance plus the private capital account balance(including the statistical discrepancy). B =CA + FA B

8、 +OR (the flows of official reserve assets)=011.官方結(jié)算余額（B）衡量經(jīng)常項(xiàng)目余額加上私人資本帳戶余額（包括統(tǒng)計(jì)差異）的總和。If B is in surplus, it equals an accumulation of official reserve assets by the country or a decrease in foreign official reserve holdings of the countrys assets如果B是盈余，它等于國(guó)家官方儲(chǔ)備資產(chǎn)的累積或國(guó)家資產(chǎn)的外國(guó)官方儲(chǔ)備的減少12. Official int

9、ernational reserve assets are money-like assets that are held by governments and that are recognized by governments as fully acceptable for payments between them.12.官方國(guó)際儲(chǔ)備資產(chǎn)是由政府持有且由政府承認(rèn)完全可以接受的國(guó)際儲(chǔ)備資產(chǎn)。13.The international investment position is a statement of the stocks of a countrys foreign assets an

10、d foreign liabilities at a point in time. 13.國(guó)際投資頭寸是一個(gè)國(guó)家外國(guó)資產(chǎn)和外國(guó)負(fù)債在某一時(shí)點(diǎn)的存貨的說明。Chapter 21.foreign exchange: the trade of one national currency for another. 2.exchange rate: the price at which two national currencies are traded. 1.外匯交換：一種國(guó)家貨幣對(duì)另一種貨幣的貿(mào)易。 2.交換率：兩種國(guó)家貨幣交易的價(jià)格。3. spot exchange rate:the price

11、for immediate exchange 4. The forward exchange rate is the price agreed now for a currency exchange that will occur sometime in the future. 3.現(xiàn)貨匯率：“即期”交換的價(jià)格 4.遠(yuǎn)期匯率是現(xiàn)在為將來某個(gè)時(shí)候發(fā)生的貨幣兌換而商定的價(jià)格。5.Using the foreign exchange market(1).Bank(2).Broker(3).Center bank(4).Enterprise(Company )and Customer5.使用外匯市場(chǎng)（

12、1）銀行（2）經(jīng)紀(jì)人（3）中心銀行（4）企業(yè)（公司）和客戶6.demand for foreign currencysupply of foreign currency.外匯需求供應(yīng)外幣7.floating exchange rate system8.fixed exchange rate system9.appreciation10.depreciation11.devaluation12.revaluation13. arbitrage 7.浮動(dòng)匯率制度 8.固定匯率制度 9.升值 10.折舊 11.估價(jià) 12.重估 13.套利Chapter 31.A net asset position

13、 in the foreign currency is called a long position. 2.A net liability position in a foreign currency is called a short position.3.forward exchange contract1.外幣凈資產(chǎn)頭寸稱為多頭頭寸。2.外幣凈負(fù)債頭寸稱為空頭頭寸。3.正式交換合同4.Hedging is the act of reducing or eliminating a net asset or net liability position in the foreign curr

14、ency Or, Hedging is the act of balancing your assets and liabilities in a foreign currency to become immune to risk resulting from future changes in the value of foreign currency.4.對(duì)沖是指減少或消除外幣凈資產(chǎn)或凈負(fù)債頭寸的行為 或者，對(duì)沖是指以外幣平衡您的資產(chǎn)和負(fù)債，以免對(duì)未來外幣價(jià)值變動(dòng)造成的風(fēng)險(xiǎn)。5.Speculating means taking a long position or a short posi

15、tion in a foreign currency, thereby gambling on its future exchange value.5.定價(jià)是指以外幣持有多頭頭寸或空頭頭寸，從而賭注其未來的匯兌價(jià)值。6.If the future sale of foreign currency will occur at the future spot rate, we have an uncovered international investment.6.如果未來外匯的出售將以未來即期匯率發(fā)生，我們有一個(gè)未披露的國(guó)際投資。7.If the rate at which the future

16、 sale of foreign currency will occur is locked in now through a forward exchange contract, we have a hedged or covered international investment.7.如果未來外匯的出售率將通過遠(yuǎn)期外匯合同鎖定在現(xiàn)在，我們有被套期或有抵補(bǔ)的國(guó)際投資。8.Covered interest arbitrage is buying a countrys currency spot and selling it forward, while making a net profit

17、 from the combination of the difference in interest rates between countries and the forward premium on that countrys currency.8.抵補(bǔ)利差套利是購買一個(gè)國(guó)家的貨幣現(xiàn)貨并向前銷售，同時(shí)通過國(guó)家之間的利率差異和該國(guó)貨幣的遠(yuǎn)期溢價(jià)相結(jié)合而產(chǎn)生凈利潤(rùn)。9.Covered interest parity means the percentage by which the forward exchange value of a currency exceeds its spot v

18、alue equals the percentage point amount by which its interest rate is lower than the other countrys interest rate.9.抵補(bǔ)利息平價(jià)指貨幣遠(yuǎn)期外匯價(jià)值超過現(xiàn)貨價(jià)值的百分比等于其利率低于另一國(guó)家利率的百分點(diǎn)數(shù)。For countries with no capital controls and for comparable short-term financial assets,covered interest parity holds almost perfectly when ac

19、tual rates are examined empirically.對(duì)于沒有資本控制的國(guó)家和類似的短期金融資產(chǎn)，當(dāng)實(shí)際利率經(jīng)實(shí)證檢驗(yàn)時(shí)，抵補(bǔ)利率平價(jià)幾乎完全。10.uncovered interest parity: when a currency is expected to appreciate by as much as its interest rate is lower than the interest rate in the other country.10.無抵補(bǔ)的利率平價(jià)：當(dāng)一種貨幣預(yù)期升值時(shí)，其利率低于另一國(guó)的利率。If this exchange rate risk

20、is of little or no importance,then we hypothesize the uncovered interest parity will exist.如果這種匯率風(fēng)險(xiǎn)很少或沒有重要性，那么我們假設(shè)存在無抵補(bǔ)利率平價(jià)。Chapter 41.The asset market approach explains exchange rates as being part of the equilibrium for the markets for financial assets denominated in different currencies.1.資產(chǎn)市場(chǎng)法解釋

21、匯率是作為以不同貨幣計(jì)值的金融資產(chǎn)市場(chǎng)均衡的一部分。2.law of one pricelaw of one price: a product that is easily and freely traded in a perfectly competitive global market should have the same price everywhere, once the prices at difference places are expressed in the same currency.一價(jià)定律：在完全競(jìng)爭(zhēng)的全球市場(chǎng)中容易和自由交易的產(chǎn)品應(yīng)該在任何地方具有相同的價(jià)格，一旦

22、不同地方的價(jià)格用相同的貨幣表示。3.purchasing power parity- Absolute Purchasing Power Parity-Relative purchasing power parity-Key Implications of Relative PPP Rate of appreciation of the foreign currency=-fA country with a relatively high inflation rates tends to have an depreciating currencies. 3.購買力平價(jià) -絕對(duì)購買力平價(jià) -相對(duì)

23、購買力平價(jià) -相對(duì)PPP的關(guān)鍵影響 外幣升值率=-f 一個(gè)通貨膨脹率相對(duì)較高的國(guó)家往往有貨幣貶值。4.The monetary approach seeks to explain exchange rates by focusing on demands and supplies for national moneys, since the foreign exchange market is where one money is traded for another.4.貨幣方法試圖通過關(guān)注國(guó)家資金的需求和用品來解釋匯率，因?yàn)橥鈪R市場(chǎng)是一種貨幣交換另一種貨幣的地方。Combining PPP

24、 and the quantity theory equations for two countries, we obtain a basis for the monetary approach to explaining or predicting exchange rates in the long run:結(jié)合PPP和兩個(gè)國(guó)家的數(shù)量理論方程，我們獲得了貨幣方法解釋或預(yù)測(cè)長(zhǎng)期匯率的基礎(chǔ)：5.The rapid, large reaction of the current exchange rate to such news as a change in monetary policy is

25、 called overshooting. The current exchange rate changes by much more than would be consistent with long-run equilibrium.5.當(dāng)前匯率對(duì)貨幣政策變化等新聞的迅速，大反應(yīng)被稱為超調(diào)。 當(dāng)前的匯率變化比與長(zhǎng)期均衡相一致的變化大得多。Chapter 51.Foreign exchange restrictions are called exchange controls.2. A clean float is the polar case of complete flexibilit

26、y. 外匯限制被稱為外匯管制。 干凈匯率在極性情況下完全靈活。3.An exchange rate that is generally floating but with the government willing to intervene to attempt to influence the market rate-is called a managed float(dirty float) 3.通常浮動(dòng)但政府愿意干預(yù)以試圖影響市場(chǎng)利率的匯率 - 被稱為管理浮動(dòng)（dirty float）4.When to change the fixed rate? Never (peg) Seldom

27、 (adjustable peg) Often (crawling peg)4.當(dāng)更改固定費(fèi)率？從不（釘）很少（可調(diào)節(jié)釘）經(jīng)常（爬行栓）5.Defending a fixed exchange rate? (1).Intervention in the foreign exchange market (2).Exchange control (3).Alter domestic interest rates (4).Macroeconomic adjustment (5). To alter the fixed rate value or shift to a floating rate. 5.保留固定匯率？ （1）外匯市場(chǎng)的干預(yù) （2）交換控制 （3）更改國(guó)內(nèi)利率 （4）經(jīng)濟(jì)調(diào)整 （5） 更改固定利率值或轉(zhuǎn)換為浮動(dòng)利率。6.Exchange control incur substantial administrative costs. Efforts to evade them lead to bribery and parallel markets.6.交換控制招致大量行