金融專(zhuān)業(yè)英語(yǔ)考題總結(jié)-

China’sFinancialSystemDescribethefinancialsystemofChina.(Writedownthreeinstitutions’nameofeachsectoroptionally.)簡(jiǎn)單描述中國(guó)的金融體系。China’sfinancialsystemconsistsofbanking,non-bankingfinancialsectors,financialmarketsandregulatorycommissions.BankingincludesPBC(ThePeople’sBankofChina),policybanks,state-ownedbanksandothercommercialbanks.Andamongthem,policybankscontainCDB(ChinaDevelopmentBank),EXIMBC(TheImport-ExportBankofChina),ADBC(AgriculturalDevelopmentBankofChina);State-ownedbankscontainBC(BankofChina),ICBC(IndustrialandCommercialBankofChina),ABC(AgriculturalBankofChina),CCB(ChinaConstructionBank);OthercommercialbankscontainsBComm,CiticBank,Everbright,Huaxia,Minsheng,GuangdongD(GuangdongDevelopmentBank),ShenzhengD,Merchants,Xingye,PudongD,Hengfeng,Zheshang,UrbanCommmercial,RuralCommercial,andsoon.Non-bankingfinancialsectorsincludesFinancialAssetManagementCO.whichmanagenon-performingassetsofthebig4banks:ICBC’sHuarong,ABC’sChangcheng,BC’sDongfang,CBC’sXinda;InsuranceCo.;TrustInvest.;SecuritiesCo.;FinancialLeasing;UrbanCC;RuralCC;Investmentfund;Postalsavingsandotherinstitutions.Financialmarketsincludemoneymarket,stockmarket,bandmarket,futuresmarket,VC/PEandrealestate.RegulatorycommissionincludesCBRC(ChinaBankingRegulatoryCommission),CSRC(ChinaSecuritiesRegulatoryCommission),CIRC(ChinaInsuranceRegulatoryCommission),SAFE(StateAdministrationofForeignExchange),andsonon.ShortHistoryofModernFinanceWhenisthewatershedyearofmodernfinance?Nineteenfifty-twoisthewatershedyearformodernfinance.現(xiàn)代金融的分水嶺是1952年。Whoisthefounder/MilestoneCharacterofmodernfinance?HarryMarkowitz（哈里?馬克維茨）.現(xiàn)代金融的鼻祖是哈里?馬克維茨。Before1945,themacrofinanceisconcernedwiththemonetarysystem,andafter1945,itpaysmoreattentiontofinancemarket.1945年以前宏觀金融關(guān)注的是貨幣制度，1945年以后更多關(guān)注的是金融市場(chǎng)。Whatisthecommoncharacteristicofmacrofinanceandmicrofinance?宏觀金融和微觀金融的共同特點(diǎn)是什么？Spiralofsilenceandepidemiology.Keywords：Monetarist貨幣主義學(xué)派NewKeynesianschool新凱恩斯主義學(xué)派Spiralofsilence沉默的螺旋Assetmispricing資產(chǎn)誤定價(jià)Mediasentiment媒體情感Animalspirit非理性的動(dòng)物精神Epidemiology流行病學(xué)Inflationexpectation通脹預(yù)期Media媒體三、MoneyMarketWhatismoneymarket?什么是貨幣市場(chǎng)？Themoneymarketisactuallyacollectionoffinancialmarketsinwhichinvestorstradefinancialinstrumentsthatareconsideredtobe“justasgood”asmoney.Howmanytypesofinstrumentsinmoneymarket?Pleaselistthreeitemsatleast.在貨幣市場(chǎng)中有幾種操作工具？至少寫(xiě)出三種。-UnitedStatesTreasurybills(T-bills)(國(guó)債)-Federalagencysecurities(fromagenciesliketheFederalNationalMortgageAssociation—FannieMae)(聯(lián)邦機(jī)構(gòu)證券)-Commercialpaper(商業(yè)匯票)-Repurchaseagreements(Repos)(回購(gòu))-Negotiablecertificatesofdeposit9口$可轉(zhuǎn)讓定期存單)-Federalfunds(銀行間拆借資金)-Short-termmunicipalsecurities(短期市政證券)Whyarethosefinancialinstrumentsasgoodasmoney?為什么金融工具可以發(fā)揮與貨幣一樣的效能？Becausetheymeetthefollowingthreerequirements:Theyaregenerallyextremelyliquid——youcaneasilybuyandsellthem;(Whyaretheyliquid)Theyareconsideredtobequitesafebecausetheyareissuedbystrong,credit-worthyinstitutions(LiketheU.S.Government);(Whyaretheysafe?)Theycarryverylittlepriceriskbecauseoftheirshort-termexpirations；(Whyaretheylowpricerisk?)Howmanyfundinginstitutionsthatinvolvedinthemoneymarket?卷入貨幣市場(chǎng)的融資機(jī)構(gòu)有哪些？Forexample,governmentagency,U.S.Treasury,banks,GSE(Government-sponsoredentities),largecorporations,andsoon.Whatismoneymarketfunds?什么是貨幣市場(chǎng)基金？Moneymarketfundsarelikemutualfunds.Whenyouinvestinamoneymarketfund,youareactuallybuyingsharesinthatfund.Typically,moneymarketfundmanagerstrytokeepthepriceofeachshareinthefundequalto$1.Soifyouarelookingtoinvest$1,000inamoneymarketfund,youaremostlikelygoingtoown1,000sharesinthatfund.Whatarethemoneymarketaccounts?什么是貨幣市場(chǎng)賬戶？Moneymarketaccountsarejustlikeanyothersavingsorcheckingaccountyoumightopenatyourbank.Whenyouputmoneyintoamoneymarketaccount,youaredepositingitwithyourbank,orotherfinancialinstitution.Youarenotbuyingsharesinafundorinvestingdirectlyinanymoney-marketassets.四、LIRORWhatdoesLIBORstandfor?LIBOR的全拼是什么？LIBORstandsforLondonInterbankOfferedRate.What’sthedefinitionofLIBOR?LIBOR的定義？LIRORistheaverageinterestratethatbankschargewhentheymakeshort-termunsecuredloanstootherbanks.WhoisresponsibleforandundertakethecalculationofLIBOR?Andwhatistheworkingprocessofcalculation?誰(shuí)負(fù)責(zé)計(jì)算LIBOR利率？怎么計(jì)算？TheLIBORiscalculatedbytheBritishBankers'Association(BBA,英國(guó)銀行家協(xié)會(huì))whosurveys16differentmajorbanksandasksthemwhatratetheyarechargingotherbankstoborrowmoney.Oncetheyhavecompiledtheresults,theytakeanapproachsimilartothejudgeswhoscoreOlympicdivingtake---theythrowthefourhighscores(orrates)andthrowoutthefourlowscoresandthenfindtheaverageoftheremainingeightscores.(Conciseexpression:TheBritishBankers'AssociationisresponsibleforcalculatingLIBOR.Andtheycalculatetheaverageofthemiddleeightscores.)WhatdoesariseLIBORtellus?LIBOR利率上升意味著什么？WhenLIBORisrising,ittellsusoneoftwothings:1)ittellsusthatinterestratesingeneralarerisingandthusLIBORisalsorising,and/or2)ittellsusthatlendingbanksbelievethebankstheyarelendingtohaveahigherriskofdefaultingontheloansothelendingbankhastochargeahigherinterestratetooffsetthisrisk.(Conciseexpression:1)ingenerally,theinterestratesarerising;2)higherdefaultingrisk.)五、TEDSpread泰德利差WhereisthenameofTEDcomefrom?TED的名字是怎么得來(lái)的？TheTEDspreadconsistsoftwofinancialinstruments:the3-monthTreasuryBillandtheEurodollarfuturescontract.Investorssimplytookthe“T”fromT-billandcombineditwith“ED”,whichisthetickersymbolfortheEurodollarfuturescontractontheChicagoMercantileExchange(CME,加哥商品交易所)，andtheycameupwith“TED”.WhatdoesTEDmeasure?AndhowTEDSpreadiscalculated?TED度量了什么？它是怎么計(jì)算出來(lái)的？sTheTEDspreadmeasuresthedifferencebetweentheyieldonthe3-monthTreasuryBill(T-bill)andthevalueoftheEurodollarfuturescontract whichisbasedonthe3-monthLIBORrate.TocalculatetheTEDspread,yousimplysubtracttheyieldonthe3-monthT-bill(whichisunsecure)loansfromthevalueoftheEurodollarcontract(whichisriskfree).WhenTEDspreadincreasing，whatdoesittellus?當(dāng)TED利差增大時(shí)，說(shuō)明了什么？WhentheTEDspreadisincreasing,ittellsuseitherthatbanksbelievetheotherbankstheyarelendingtohaveahigherriskofdefaultingontheloanssotheyarechargingahigherinterestratetooffsetthisriskorthatinvestorsareflockingtobuyT-billsbecausetheybelievethestockmarketisfaltering.Italsotellsusthatthecreditmarketsarenotfunctioningassmoothlyastheycouldeb—whichissignofpotentialeconomiccontraction.(Conciseexpression:ahigherdefaultingrisk;signofpotentialeconomiccontraction.)六、OvernightIndexSwaps(OIS)PleasewriteoutthefullnameofOIS.請(qǐng)全拼OIS.OvernightIndexSwap.What’stheworkingprocessoftheOIS?OIS的運(yùn)作機(jī)制是什么？TocreateanOIS,weneedtohavetwofinancialinstitutions.Oneinstitutionhasanovernightinterestrateandtheotherinstitutionhasafixedshort-terminterestrate.Thetwoinstitutionsagreetoswapeachother’sobligations.Soattheendofaspecifiedperiod,whoeverendsuppayinglessinterestwillmakeupthedifferencetotheotherinstitution.(Conciseexpression:whoeverendsuppayinglessinterestwillmakeupthedifferencetotheotherinstitution.)WhatdoesLIBOR-OIStellus?LIBOR-OIS告訴我們什么信息？Liquidityriskpremium.(流動(dòng)性風(fēng)險(xiǎn)溢價(jià))Whatdoestheovernightindexswaptellus?隔夜指數(shù)掉期說(shuō)明什么？Byitself,theovernightindexswapratedoesn’ttellusmuch---otherthanwhattheovernightrateis.However,whenyoucombinetheovernightindexswapratewithanotherindicator,likeLIBOR,andcreateaspreadliketheLIB