【正文】 fload the students’ pressure, each school is easing student at present.[Exercise 3]China’s rulers have made a promise that most governments could keep without any troubleto slow their country’s economic growth. They have said they want output this year to grow by a mere 9%, rather than the 13% a year achieved in 1992 and 1993. Their reason is inflation, officially estimated (., underestimated) at 25%. This must fall, the government saysand it will, it says, to 10%. The difficulty is that Chinanow, in some way, a market economystill lacks most of the instruments for managing aggregate demand that are taken for granted in other market economies. Although the government does seem to be getting more of a grip on money supply, it is also being forced to cool the economy by decree.中國(guó)政府管理層已做出承諾認(rèn)為，世界上絕大多數(shù)政府都可以毫無(wú)困難地降低其經(jīng)濟(jì)增長(zhǎng)速度。Financial policy and monetary policy should match and coordinate each other.8．The newappointed governor of the Chinese People’s Bank is a hardnosed man of action. 6．Too much bad loans make for the financial institution to be very difficult in management.4．The reform and opening policy paves the way for the prosperous of Chinese economy and national development.2．調(diào)查涉及以下問(wèn)題：支付手段的變化趨勢(shì)，每日終了時(shí)的結(jié)算，流動(dòng)性管理以及銀行業(yè)經(jīng)營(yíng)模式的變化。On my own, I maintain a prudent stand to the application of the financial derivative products in our country.The economy of this country is characterized by low inflation and high growth. 7．Someone maintains the agriculture and the light industry and the heavy industry should be paid the same attention, and can’t be biased toward any one.5．The work of scientific research entails the spirit of tough.3．[Exercise 2]1． 審慎的貨幣政策Fixed parity 對(duì)沖操作The nominal exchange rate 歐盟非核心成員國(guó)A managed float (exchange rate arrangement) 宏觀經(jīng)濟(jì)穩(wěn)定性Budget balance 歐洲經(jīng)濟(jì)貨幣聯(lián)盟EMU reference values金融英語(yǔ)相關(guān)詞匯作者：日期：Unit 1 EMU Has Exchange Rate Policy Implications for Transition Countries Seeking EU Membership[Key Words] European Economic and Monetary Union (EMU) 新匯率機(jī)制IMF’s Fiscal Affairs Department 有管理的浮動(dòng)匯率制An undeclared margin against the deutsche mark 釘緊德國(guó)馬克，保持一個(gè)不公開(kāi)的差額A preannounced crawling peg 對(duì)外經(jīng)常性項(xiàng)目賬戶(hù)The capital account 資本賬戶(hù)Legal reserve requirement systems 法定存款準(zhǔn)備金制度Sterilized intervention 匯率制度Appropriate flanking policies 適當(dāng)?shù)呐涮渍逤ontainment of fiscal imbalances 利率平價(jià)Gold parity 放寬官方波動(dòng)幅度Shadow the Euro unilaterally 單方面暗中釘緊歐元Full capital account liberalization Including convergence toward EMU reference values and adherence to the new exchange rate mechanism (ERM2) created for nonparticipating EU members.2. Albeit4. Also, the currency risk premium, reflected in the interest rate, would fall and eventually vanish.6. And, conversely, participation in a currency area leads to trade expansion and thus to more synchronized cycles.8. At one end of the spectrum, the Czech Republic follows a managed float subordinate to the inflation target set by the central bank.10. The effect is pounded by a surge in foreign direct investment.12. All five countriesto varying degreeswill need to make steady progress toward increased wage flexibility, containment of fiscal imbalances supported by a prudent monetary stance, and financial sector restructuring.14. To preserve credibility, the authorities should declare the country’s mitment to reinstate the former parity following a temporary deviation due to a speculative attack.16. 美國(guó)是個(gè)移民國(guó)家，他號(hào)稱(chēng)接納了那些不愿或不能回到自己祖國(guó)去的許多人。 在全球經(jīng)濟(jì)金融化的趨勢(shì)下，實(shí)體經(jīng)濟(jì)與虛擬經(jīng)濟(jì)越來(lái)越不能同步發(fā)展。 僅僅只用了50多年的時(shí)間，金融從屬于貿(mào)易的局面便被徹底扭轉(zhuǎn)了。 有人擔(dān)心，廣東國(guó)投（GITI）的破產(chǎn)會(huì)有損于國(guó)家的信譽(yù)。[Exercise 3]The fist days and weeks of the Euro were heady times for many in the banking industry, particularly for those involved in clearing and settlement.歐元誕生之初，許多銀行，特別是那些清算業(yè)務(wù)量比較大的銀行都存在著如何適應(yīng)的問(wèn)題。After 8 weeks of live experience for the participants in EBA Euro Clearing System, also known as EURO1, EBA Clearing met not only heads of payments but also treasures, backoffice operators, organization managers, IT consultants and correspondent bankers.對(duì)EBA歐元清算系統(tǒng)（也稱(chēng)為EUROI）的參與者進(jìn)行8周的實(shí)地調(diào)查后發(fā)現(xiàn)，EBA清算公司不僅遇到了支付量很大的客戶(hù)，而且遇到了諸如擁有巨額財(cái)富的人、后臺(tái)操作者、組織管理者、IT顧問(wèn)和其他銀行家之類(lèi)的客戶(hù)。Unit 4 China Needs the Big Money[Notes]1. But, if there’s to be an increase in the number of entrants to the market, it will have to be matched by a rise in the number of share buyers.3. The assetmanagement panies of the four major stateowned banks will have to adopt various strategies to offload the assets on their books.5. The demise of the quota system for candidates for listing may well bring a growing number of panies to the market…7. Portfolio9. That would give them the liquidity they lack in the Bshare market and introduce another set of hardnosed investors.11. Showing the benefits China could gain from easing the entry of foreign investors. 經(jīng)濟(jì)問(wèn)題不能一蹴而就，而必須采用分階段的方式來(lái)逐步解決。 對(duì)這方面的問(wèn)題我們必須考慮的長(zhǎng)遠(yuǎn)一些。 自從這種新的衍生產(chǎn)品問(wèn)世以來(lái)，我們就一直在追蹤觀察市場(chǎng)的反應(yīng)。 舊有規(guī)章的停止使用意味著它已經(jīng)不適應(yīng)于新的形式。他們已表示希望本年度GDP增長(zhǎng)僅為9％，而不是1992年和1993年所達(dá)到的13%。盡管該國(guó)政府似乎確實(shí)對(duì)貨幣供應(yīng)量進(jìn)行了更多的控制，但是它也正被迫以行政手段來(lái)為整個(gè)經(jīng)濟(jì)進(jìn)行降溫。 and so on.從任何尺度上來(lái)看，中國(guó)都是總量很大而又仍然非常貧窮。Unit 6 A Capital Roles for All[Text]P42倒數(shù)第一段 至 P45倒數(shù)第三段另外，新興市場(chǎng)銀行經(jīng)常遭受他們國(guó)家的投融姿周期所帶來(lái)的一系列風(fēng)險(xiǎn)。實(shí)際上許多銀行更加關(guān)注的是評(píng)判其自身的風(fēng)險(xiǎn)特征并估計(jì)在正常時(shí)期和合理壓力下應(yīng)付不利后果所需的資本數(shù)量。從理想上看，這些分析將引領(lǐng)有關(guān)經(jīng)濟(jì)戰(zhàn)略、風(fēng)險(xiǎn)特征和未來(lái)資本需求的統(tǒng)一決策過(guò)程。透明度的缺乏阻礙了資本經(jīng)常性和有效的流動(dòng)，減少或毀壞資本的價(jià)值。最近，資本監(jiān)管的首要工具是由巴塞爾協(xié)定頒布，在1988年被巴塞爾銀行監(jiān)督委員會(huì)修改的最小資本金率。資本監(jiān)督的基礎(chǔ)是銀行評(píng)估其總資本充足性與其風(fēng)險(xiǎn)特征和資本水平與結(jié)構(gòu)戰(zhàn)略的程序。P45倒數(shù)第三段Keynes’s theory do not always hold true for all economic problems. 香港媒體盛傳，上海為建立國(guó)際金融中心勢(shì)必要與香港一爭(zhēng)高下。The carry out of Chinese reform and opening policy has implemented the great repercussion around the world.股市和房地產(chǎn)的過(guò)度投機(jī)必將招致重大的損失。Most recently, the horror hedge fund of LongTerm Capital Management provides a good example of the volatility of markets. These types of nonnormal behavior in capital markets will keep even the best risk managers of the wo