【正文】 late the following sentences into English: 1. 利率和匯率在過去的幾個月中劇烈波動，給許多投資者帶來了巨大損失。而這家機(jī)構(gòu)通過明智的套期保值克服了不利因素，仍然獲得了豐厚的利潤。 (override...by) During the past several months, the interest rate and the exchange rate have fluctuated greatly, which has brought enormous loss to many investors. But this institution overrode the adverse factors in the market and still obtained a big profit by wise hedging investments. Unit Three How Bill Gates Invests His Money 2. 證券組合的多樣化可以有效地降低其中各個證券的非系統(tǒng)性風(fēng)險，卻不能消除市場的系統(tǒng)風(fēng)險。 (diversification) The diversification of portfolio can efficiently decrease the nonsystematic risk of individual securities in the portfolio, but it is unable to remove the systematic risk of the market. Unit Three How Bill Gates Invests His Money 3. 從 60年代末到 70年代末資本主義國家嚴(yán)重通脹時期，許多人傾向于把他們的貨幣收入轉(zhuǎn)變?yōu)閷嵨锘虿粍赢a(chǎn)。(convert...into) During the period of high inflation in capitalist countries between the late 1960s and the late 1970s, many people tended to convert their money ines into goods or real assets. Unit Three How Bill Gates Invests His Money 4. 德意志聯(lián)邦銀行的一位董事會成員說，德國央行目前并未面臨降低利率的壓力，而且在作出有關(guān)決定之前，央行需要時間研究有關(guān)經(jīng)濟(jì)數(shù)據(jù)。 (under the pressure of) One of the Bundesbank council members said that the central bank is under no immediate pressure of cutting interest rates and that it needs more time to study the economic data before making a decision. Unit Three How Bill Gates Invests His Money 5. 許多專家認(rèn)為利率會趨向升高，因為雖然現(xiàn)在沒有很多通脹是事實，但是工資的抬高卻很明顯，而且現(xiàn)在整個經(jīng)濟(jì)都處于如此高速的運轉(zhuǎn)之中。 (trend。 gear) Many experts consider that the interest rates would trend higher, because, although it is true that there is not much inflation now, wage inflation is evident and the entire economy is in such a high gear right now. Unit Three How Bill Gates Invests His Money ? Ⅲ . Put the following passage into English: 1987年的股市大崩潰與 1929年的股市大崩潰雖然有許多相似之處，但也有幾點重大區(qū)別，這其中最主要的是金融機(jī)構(gòu)的反應(yīng)。1929年，美聯(lián)儲做出的反應(yīng)是提高利率、緊縮貸款， 這使許多本來可以健康運作的公司由于資金周轉(zhuǎn)問題而倒閉。如果一家公司倒閉并留下大筆債務(wù)，那么許多與之有商業(yè)往來的公司也會遭受同樣的命運。 1987年，金融機(jī)構(gòu)迅速降低了利率，從而保證了足夠的信貸以幫助許多公司渡過難關(guān)。結(jié)果是避免了大面積商業(yè)倒閉的出現(xiàn)，更重要的是經(jīng)濟(jì)并沒有因此而陷入蕭條之中。雖然曾出現(xiàn)一段衰退期（比 30年代的蕭條要輕得多），這主要是由于通貨膨脹的緣故。利率的急劇下降以及金融管制撤消的過快使通貨膨脹加劇，從而使政府不得不重新提高利率，以使經(jīng)濟(jì)增長速度放慢。 Unit Three How Bill Gates Invests His Money For all the similarities between the 1929 and 1987 stock market crashes, there are one or two vital differences. The most important of these was the reaction of the financial authorities. In 1929, the US Federal Reserve reacted to the crash by raising interest rates, effectively clamping down on credit. This caused many otherwise healthy panies to fail simply due to cash flow problems. If one pany failed leaving debts, many others down the line would meet the same fate. In 1987, the authorities were quick to lower interest rates and to ensure that ample credit was made available to help institutions overe their difficulties. There were no widespread business failures and, more importantly, the economy did not enter another depression. There was a period of recession (milder than a 1930sstyle Unit Three How Bill Gates Invests His Money depression), but this was largely due to a resurgence of inflation. The sharp interest rate cuts, and excessively hasty financial deregulation, pushed inflation higher, which in turn forced governments to reverse earlier interest rate cuts, prompting an economic slowdown