【正文】 司發(fā)行的股票并不符合在紐約股票交易所上市的標(biāo)準(zhǔn) ， 或者在其它要求較低的交易所上市的必要條件 。 Lesson Eight ? ● Words and Expressions ? settle account 結(jié)帳 credit the account 貸 (借 )記帳戶 ? foreign charter在聯(lián)邦政府注冊(cè) ? joint venture 合資企業(yè) consortium 財(cái)團(tuán) (復(fù)數(shù)consortia) equity position 權(quán)益 ,股本 ? ptroller of the currency discount window ? takeover merger合并 ? ● TEXT ? The relationship between banks is primarily for settling customer payments, but it can extend to providing limited credit for each other’s customers and to setting up contacts between local business people and the clients of the correspond banks. ? 銀行同業(yè)關(guān)系主要是為顧客辦理結(jié)算 ， 但是代理行卻能擴(kuò)大到彼此為顧客提供有限的信用 ，并為當(dāng)?shù)厣倘伺c代理行顧客之間建立聯(lián)系 。 ? Generally, foreign branches are subject to both local banking rules and the rules at home, but because they can benefit from loopholes, the extra tier of regulations is not necessarily onerous. ? 一般來(lái)說(shuō) ， 外國(guó)分支行要受到當(dāng)?shù)胤ㄒ?guī)和本國(guó)法規(guī)雙重約束 ， 擔(dān)因?yàn)樗麄兡茔@空子而獲利 ， 使得這些規(guī)章的繁瑣條文 ， 不一定具有法律的約束力 。 ? There would probably be far more extensive foreign branch works of the large international banks were it not for legal limitations imposed by local governments to protect local banks from aggressive foreign petition. ? 假如本地政府不施加各種法律限制以保護(hù)本地銀行免受?chē)?guó)外競(jìng)爭(zhēng) ， 那么個(gè)大國(guó)際銀行的國(guó)外分支網(wǎng)絡(luò)可能更加擴(kuò)展 。 ? There is no longer a rule that states that foreignbankowned EdgeAct corporation will be permitted only if the directors of those corporations are U. S. citizens. ? 關(guān)于外國(guó)銀行開(kāi)設(shè)愛(ài)法治公司 ， 只有這些公司的董事是美國(guó)公民的條件下才能被批準(zhǔn) ， 這樣的法規(guī)已不復(fù)存在了 。 Lesson Nine ? ● Words and Expressions ? risk diversification 風(fēng)險(xiǎn)分散化 ? arbitrage 套匯 interest parity 利息平價(jià) ? liquidity squeeze 資金流動(dòng)性 ,流動(dòng)資金 ? flexible exchange rate system 浮動(dòng)匯率制 ? fixed exchange rate system固定匯率制 ? hot money 游資 liquidity crisis 清 償 危 機(jī) floating rate 浮動(dòng) (匯 )率 credit rating 信用等級(jí) ? mitment fee 承擔(dān)費(fèi) insolvent 破產(chǎn)者無(wú)力償還者 ? interest parity 利息平價(jià) operating cost 經(jīng)營(yíng)成本 ? offshore deposit 離岸存款 ? ● TEXT ? The practice of keeping bank deposits denominated in a currency other than that of the nation in which the deposit is held has also spread to such nonEuropean international moary centers as Tokyo, Hong Kong , Singapore Kuwait. ? 經(jīng)營(yíng)用存款所在國(guó)以外貨幣計(jì)值的存款 ， 這種作法業(yè)擴(kuò)展到哪些非歐洲的國(guó)際金融中心 ， 例如東京 ， 香港 ，新加坡和科威特 。 ? Since Eurocurrencies are, for the most part, time rather than demand deposits, they are money substitutes or near money rather than itself, according to the usual narrow definition of money(which includes only currency in circulation and demand deposits.) ? 由于歐洲貨幣當(dāng)中大部分是定期存款而不是活期存款 ，按照一般狹義的貨幣定義 （ 只包括流通中貨幣和活期存款 ） ， 他們屬于代用貨或者準(zhǔn)貨幣 ， 而不是貨幣本身 。 ? Perhaps more significant than if Eurocurrencies are or are not money and if Eurobanks can or cannot create money is the fact that Eurocurrencies and Eurobanks do increase international liquidity. ? 歐洲貨幣和歐洲市場(chǎng)確實(shí)增加了國(guó)際資金流動(dòng)性 ， 這點(diǎn)比之歐洲貨幣是否是貨幣 ， 歐洲市場(chǎng)能否創(chuàng)造貨幣等問(wèn)題更為重要 。 ? The new rules exempted foreign deposits in United States banks from federally interest rate ceilings and reserve and insurance requirements. ? 新的法規(guī)豁免了美國(guó)銀行的外國(guó)存款收到聯(lián)邦政府規(guī)定利率上線 ， 準(zhǔn)備金和保險(xiǎn)率等限制 。 ? 5 、 These are mediumterm financial instruments falling somewhat between shortterm Eurocurrency bank loans and longterm Eurobonds that corporations, banks, and countries can use to borrow funds in a currency other than the currency of the nation in which the notes are sold. ? 這些是中期金融工具，其期限介于短期銀行貸款和長(zhǎng)期歐洲債券之間，因此，公司， 銀行和各國(guó)都可以用他來(lái)籌措資金，這些資金均為出售債券所在國(guó)的貨幣意外的貨幣。 ? Because of the size and rapid growth of the Eurocurrency, Eurobond, and Eurocredit markets, and the resulting integration of domestic and international financial markets, we are truly approaching the situation in which all banking functions and markets are viewed globally. ? 由于歐洲貨幣、歐洲債券和歐洲信用市場(chǎng)的巨大規(guī)模，發(fā)展迅速，并由此導(dǎo)致國(guó)內(nèi)市場(chǎng)和國(guó)際市場(chǎng)的結(jié)合，我們確實(shí)正在走向這樣的境界：一切銀行職能和金融市場(chǎng)都可以看作是全球性的 ? These balances are usually borrowed or lent by major international banks, international corporations, and governments when they need to acquire or invest additional funds. ? 這些余額經(jīng)常是由主要的國(guó)際銀行 ， 國(guó)際公司和政府在需要獲取和進(jìn)行額外投資時(shí)借入和貸出 。 ? The Federal Reverse System Regulation Q put a ceiling on the interest rte that Unites States member banks could pay on deposits, to levels that were often below the rates paid by European banks. ? 聯(lián)邦儲(chǔ)備體系 Q條例給美國(guó)會(huì)員銀行存款利率設(shè)立了上線 ， 這個(gè)上線經(jīng)常低于歐洲銀行支付的利率 。 ? Another important reason is that international corporation often find it very convenient to hold balances abroad for short period in the currency in which they need to make payment. ? 另外一個(gè)重要原因時(shí)國(guó)際公司經(jīng)常發(fā)現(xiàn)在較短時(shí)間內(nèi)持有他們想要進(jìn)行支付的國(guó)外資金余額時(shí)非常便利的。 ? Thus, Eurobanks do not, in general, create money, but are essentially financial intermediaries bringing together lenders and borrowers, and operating more like domestic savings and loan associations than like mercial banks in the United States. ? 這樣歐洲銀行通常不創(chuàng)造貨幣，而是將借款方和貸款方聯(lián)系在一起的中介，他的運(yùn)作比美國(guó)的商業(yè)銀行更像時(shí)國(guó)內(nèi)的儲(chǔ)蓄貸款協(xié)會(huì)。 ? 1 For example, large firms that cannot borrow domestically because of credit restrictions often can and do borrow in the Eurocurrency market, thus frustrating the government effort to restrict credit to fight domestic inflationary pressures. ? 比如 ， 通常由于信貸約束不能從國(guó)內(nèi)借款的大公司經(jīng)常可以從歐洲貨幣市場(chǎng)借入 ， 者使得政府限制信貸已消除給那通貨膨脹壓力的努力受挫 。 Lesson Ten ● Words and Expressions ? Aid institution 援助機(jī)構(gòu) ? creation of money 創(chuàng)造貨幣 ? external financial obligation 對(duì)外金融債務(wù) ? the par(equal)value system 平價(jià)制度 ? irresistible bargain 不能討價(jià)還價(jià)的合同交易 ? potential borrower 潛在借款者 ? the pensatory financial facility 補(bǔ)償性融資貸款辦法 ? standby arrangement 備用信貸安排 ? longstanding inefficiencies 長(zhǎng)期性的低效率 ? quota subscription 認(rèn)繳的份額 membership fee會(huì)員費(fèi) ? a line of credit 信貸額度 ? the General Arrangements to Borrow借款總協(xié)定 ? betteroff countries 富裕國(guó)家 financial integrity財(cái)務(wù)