金融英語課件chapter2

金融英語課件chapter22024/3/11金融英語課件chapter2China

cutsrates,lowersreserveratioChina'scentralbankMondaycutthecostofbankloans,thefirsttimesince2002,andloweredtheproportionofmoneylendersmusthaveasreserves,thefirstsuchmoveinnineyears,tokeeptheeconomyfromslidingfurther.Thebenchmarklendingratewillbeloweredby0.27percentagepointto7.20percentfromTuesday.金融英語課件chapter2金融英語課件chapter2China

cutsrates,

lowersreserveratioHowever,benchmarkdepositratesremainunchangedwiththeone-yearratetobekeptat4.14percent,aproofthatthecentralbankersarekeepinganeyeoninflation.金融英語課件chapter2China

cutsrates,lowersreserveratioThe1percentagepointcutfromthereserverequirementratioof17.5percentdoesnotapplytothefivebiggestbanks(theIndustrialandCommercialBankofChina,theAgriculturalBankofChina,theBankofChina,theChinaConstructionBank,theBankofCommunications)andthePostalSavingsBank,thePeople'sBankofChina(PBOC)saidonitswebsite.金融英語課件chapter2StockssinkamidWallStcrisis

USstockssufferedtheirbiggestone-daydeclineonMondaysincethemarketreopenedaftertheterroristattacksofSeptember11,2001,asinvestorssoughtthesafetyofcashandgovernmentdebtfollowingthehistoriccollapseofLehmanBrothersandtheemergencysaleofMerrillLynchtoBankofAmerica.金融英語課件chapter2StockssinkamidWallStcrisis

TheunprecedentedchangesonWallStreet-whichwasalsogrippedbyrisingfearsaboutthehealthofAIG,thegiantinsurer-leftinvestorsmoreconcernedwithpreservingtheircapitalthaningeneratingreturns.Yieldsonshort-datedgovernmentdebtcollapsed,fallingfarbelow1percent,amidfrenziedbuying金融英語課件chapter2StockssinkamidWallStcrisis

TheFederalReservebattledaferociousstormintheovernightmoneymarket,wherethefederalfundsratebrieflyhit6percent-threetimesthetargetrateof2percent-asfinancialinstitutionsscrambledtoraisecash.TheFedinjectedatotalof$70bninliquidity,beforethefedfundsratefinallyfellbacklater.金融英語課件chapter2AgendatodayStock(commonv.spreferred)DerivativesFinancialinstrumentsininternationalmarkets金融英語課件chapter2StockAshare(alsoreferredtoasequityshares)ofstockrepresentsashareofownershipinacorporation金融英語課件chapter2CategoryofstockCommonPreferred/preferential金融英語課件chapter2PreferredstockAhybrid金融英語課件chapter2FeaturesPrioritytoassetsandearningsParvalueCumulativedividendsconvertibility金融英語課件chapter2Commonstock金融英語課件chapter2FeaturesResidualvalueDividendsnotobligatedNomaturity/perpetuityControlofthefirmPreemptiveright金融英語課件chapter2TwotypeofstockcompaniesPubliclyheldPrivatelyheld金融英語課件chapter2AdvantagesofissuingC.SNotlegallyboundtopaydividendsNorepaid“principal”Morefundstoberaisedthandebt金融英語課件chapter2disadvantagesofissuingC.SDilutionofownershipMorenewshareholdersshareprofitMorecostlyDividendsarenottaxdeductible金融英語課件chapter2ComparisonofPSandCSvotingright---CSgetpaidaguaranteeddividendatapre-determinedinterestrate---PSprioritydistributionofthecompany'sassets金融英語課件chapter2DerivativesFinancialassetswhosevaluesdependonthevaluesofotherassets,suchasstocksorbonds.(underlyingassets)金融英語課件chapter2DerivativesForwardFuturesOptionsAndswaps金融英語課件chapter2ForwardsAtransactioninwhichaselleragreestodeliveraspecificcommoditytoabuyeratsomepointinthefuture.金融英語課件chapter2FuturesStandardizedforwardcontractsAstandardized,transferable,exchange-tradedcontractthatrequiresdeliveryofacommodity,bond,currency,orstockindex,ataspecifiedprice,onaspecifiedfuturedate.金融英語課件chapter2Anexample金融英語課件chapter2OptionsAright,notanobligation金融英語課件chapter2ExercisepriceCost(premium)Spotmarketprice金融英語課件chapter2OptionsEuropeanAmerican金融英語課件chapter2OptionsInthemoneyOut-ofthemoney金融英語課件chapter2CalloptionsPutoptions金融英語課件chapter2Whichfinancialinstrumentisbest?金融英語課件chapter2FinancialinstrumentsininternationalmarketsAmericandepositoryreceiptsForeignd