金融英語(yǔ)課件：Deterninants of FX Rates

Unit9:DeterminantsofFXRatesFinancialEnglishUnit8TextBankingSupervisionUnit9:RevisionofUnit8

BackgroundinformationofUnit9Unit9ExercisesAssignmentReviewofUnit8 Dictation

ExercisesCheck-up

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Reading

RevisionofTextASpotDictationDictation! Youaregoingtohear5sentences.Eachwillbereadthreetimes.Writedownthesentencesaccordingtowhatyouhear.1. 2. 3. 4. 5.Check-upKeytoDictation:1. Banksareoftendescribedasoureconomy'sengine

.2. Bankingisanindustrythatissubjectbothtomarketcompetitionandconsiderableregulation3. Supervisionrequiresthecollectionandanalysisofinformation

.4. Inreturn,whenthedepositorssufferfromgreatloss,theymayloseconfidenceinthebanks

.5. Akeyfactorofbankingsupervisionistheabilityofthesupervisorstosupervisetheconsolidatedbankingorganization

.DictationII.Fillintheblankswithproperwordsorphrasesgivenbelow

Check-upissuetermnoteholderreputationdealershipcomedueappropriatenegotiable

Bankers’acceptancesareveryoldformofcommercialcredit.Theyprovideamethodwherebyabankmayadditsgoodnameand

tothepromissorynoteofaborrower,therebymakingthe

muchmoremarketablethanitwouldotherwisebe.Specifically,themechanicsoftheoperationtypicallyworklikethis.SupposethatanAmericanexportersellswheattoaChineseimporter.The

ofthesalearethattheChineseimportwillpayforthewheatninetydaysafteritisshipped.

Check-upCheck-upAforavarietyofreasons,however,theAmericanfirmmaywantitsmoneynow,andnotwanttowaitninetydays.Ifso,itmay

adraftonitsbankorderingthebanktopayastipulatedsumofmoneyto

ofthedraftninetydaysfromnow.Alongwiththedraft,theAmericanexporterwillsend

documentsshowingthatthewheathasactuallybeen

.

ClozeWhenthebankreceivesthedraft,togetherwiththedocumentation,itstamps“accepted”acrossthefaceofit.Byacceptingthedraft,thebankhasgivenitsunconditionalguaranteetopaythedraftwhenit

.Thedraftisnowa

,marketableinstrument.ItisreturnedtotheAmericanexporter,whowillsellitthrougharegular

inbanker’sacceptance.(FromFinanceEnglishbyChenJianhui)

Check-up

Bankers’acceptancesareveryoldformofcommercialcredit.Theyprovideamethodwherebyabankmayadditsgoodnameand

tothepromissorynoteofaborrower,therebymakingthe

muchmoremarketablethanitwouldotherwisebe.Specifically,themechanicsoftheoperationtypicallyworklikethis.SupposethatanAmericanexportersellswheattoaChineseimporter.The

ofthesalearethattheChineseimportwillpayforthewheatninetydaysafteritisshipped.

Check-upreputationnotetermsCheck-upAforavarietyofreasons,however,theAmericanfirmmaywantitsmoneynow,andnotwanttowaitninetydays.Ifso,itmay

adraftonitsbankorderingthebanktopayastipulatedsumofmoneyto

ofthedraftninetydaysfromnow.Alongwiththedraft,theAmericanexporterwillsend

documentsshowingthatthewheathasactuallybeen

.

issueholderappropriateshippedClozeWhenthebankreceivesthedraft,togetherwiththedocumentation,itstamps“accepted”acrossthefaceofit.Byacceptingthedraft,thebankhasgivenitsunconditionalguaranteetopaythedraftwhenit

.Thedraftisnowa

,marketableinstrument.ItisreturnedtotheAmericanexporter,whowillsellitthrougharegular

inbanker’sacceptance.(FromFinanceEnglishbyChenJianhui)

comesduenegotiabledealerReviewofUnit8 Dictation

ExercisesCheck-up

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Reading

RevisionofTextAIII.ReadingComprehension1.Supposethatthefractionalreserveis24percent,thus,whenacustomerdeposits1000yuaninabank,itmayimmediatelysetaside_________asareserve.A.24yuanB.120yuanC.240yuanD880yuan

2.Ifthefractionalreserveratiois12percent,andtheoriginaldepositis1000yuan,howmuchnewmoneywillbecreatedinthesystem(Unit:yuan)?A.8333.33B.73333.33C.6666.66D120ReadingComprehension3.Assumeyourbankhaslentallofitsavailablefundsbasedonareserveof12percentandthereisanewreserverequirementof25percent,itmustimmediately___________tobuilditsreservestomeetthenewreserverequirement.A.attractnewdepositsB.makenewloansC.takebankdepositsD.setasidelessmoney

ReadingComprehension4.IftheFedissuesachangerequiringthat20percentofdepositsbesetasideasareservecomparedtotheformer30percent.Thenthenewmaximummoneyincirculationwill__________.becomelessB.becomemoreC.notchangeD.be10percent

ReadingComprehension5.Loansmadeagainstthe________arekeyfactorinbankingandcurrentfractionalreservedepositmoneyexpansionactivities.A.requirementB.fractionalreserveC.theamountofdepositsD.bankingregulationsReviewofUnit8 Dictation

ExercisesCheck-up

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Reading

RevisionofTextA

Text:BackgroundInformation

外匯是國(guó)際貿(mào)易的產(chǎn)物，是國(guó)際貿(mào)易清償?shù)闹Ц妒侄巍Ｍ鈪R（Foreign

Exchange）即國(guó)外匯兌，“匯”是貨幣異地轉(zhuǎn)移，“兌”是貨幣之間進(jìn)行轉(zhuǎn)換，從動(dòng)態(tài)上講，外匯就是把一國(guó)貨幣轉(zhuǎn)換成另一國(guó)貨幣，并在國(guó)際間流通用以清算因國(guó)際經(jīng)濟(jì)往來(lái)而產(chǎn)生的債權(quán)債務(wù)。從靜態(tài)上講外匯又表現(xiàn)為進(jìn)行國(guó)際清算的手段和工具，如外國(guó)貨幣，以外幣

計(jì)價(jià)的各種證券。

Text:BackgroundInformation

外匯匯率是用一個(gè)國(guó)家的貨幣折算成另一個(gè)國(guó)家的貨幣的比率、比價(jià)或價(jià)格；也可以說，是以本國(guó)貨幣表示的外國(guó)貨幣的"價(jià)格"。由于國(guó)際間的貿(mào)易與非貿(mào)易往來(lái)，各國(guó)之間需要辦理國(guó)際結(jié)算，所以一個(gè)國(guó)家的貨幣，對(duì)其他國(guó)家的貨幣，都規(guī)定有一個(gè)匯率，但其中最重要的是對(duì)美元等少數(shù)國(guó)家貨幣的匯率。

Text:BackgroundInformation基本理論1）國(guó)際平價(jià)條件a）購(gòu)買力平價(jià)(PPP)b）利率平價(jià)(IRP)c)費(fèi)雪效應(yīng)2）國(guó)際收支模式3）資產(chǎn)市場(chǎng)模式4）美元和美國(guó)資產(chǎn)市場(chǎng)(略)

Text:BackgroundInformation

本章旨在通過介紹外匯、匯率的定義，決定匯率的三種理論、匯率的決定因素、以及金融工具讓學(xué)生重溫外匯有關(guān)知識(shí)。在政治、經(jīng)濟(jì)社會(huì)生活中，存在著許多因素會(huì)引起貨幣幣值和外匯供求狀況發(fā)生變化，進(jìn)而引起匯率發(fā)生變動(dòng)，在這眾多因素中，我們主要從三個(gè)方面來(lái)談：經(jīng)濟(jì)因素，政治因素以及市場(chǎng)心理預(yù)期。本章重點(diǎn)外匯和匯率，學(xué)生重點(diǎn)掌握外匯和匯率的概念及外匯的決定因素。

Text:BackgroundInformation本章重點(diǎn)難點(diǎn)通過本章學(xué)習(xí)，學(xué)生應(yīng)該掌握:什么是外匯?什么是匯率?決定匯率的理論匯率的決定因素Unit9:Unit9Foreignexchangemarket

PartI:

9.1ForeignexchangeandforeignexchangeratesReadingSkillPartII:9.2TheoriesofforeignexchangeratePartIII:9.3DeterminantsofFXrates

ListeningText

TextListeningTextDeterminantsofFXRates

Listencarefullytothefirstpartofthetextandthentrytotranslateit.DeterminantsofFXRates9.1ForeignexchangeandforeignexchangeratesForeignexchangerefersto

currencyandmoneyclaims,suchasbankbalancesandbankdrafts,whichisexpressedintheequivalentvalue

inforeignmoney.Foreignexchangeisacommodity,anditspricefluctuatesinaccordancewith

supply;exchangeratesarepublisheddailyintheprincipalnewspapersoftheworld.ThetermForeignexchangeisalsousedtorefertotransactionsinvolvingtheconversionofmoneyofonecountryintothatofanotherortotheinternationaltransferofmoneyandcreditinstruments.Text:Theuseofforeignexchangearisesbecausedifferentnationshavedifferentmonetaryunits,andthecurrencyofonecountrycannotbeusedformakingpaymentsinanothercountry.Becauseoftrade,travel,andothertransactionsbetweenindividualsandbusinessenterprisesofdifferentcountries,itbecomesnecessarytoconvertmoneyintothecurrencyofothercountriesinordertopayforgoodsorservicesinthosecountries.Text:

Ordinarily,andwithoutgovernmentrestrictions,therateofexchange,orthepriceofthecurrencyofonecountryintermsof

thatofanother,willdependonoverallsupplyanddemandandontherelativepurchasingpowerofthetwocurrencies,thatis,onthecompetitivepositionofthetwocountriesinworldmarket.Changesofforeignexchangeratesarenotoriouslyhardtoforecast.Anyfactorthatchangestheexpectedreturnsondomesticorforeigndepositswillleadtochangesintheexchange.TextB:

Text:LanguagePointsreferto指的是，引用，談及Thatremarkreferstosomeoneelse.

那句話是指另一人說的。Thisobviouslyrefers

totheNile.

這里說的顯然是尼羅河。Heusuallyrefershispupilstothisdictionary.

他平常叫學(xué)生查這本字典。

Text:LanguagePointsequivalentvalue

等值,當(dāng)量值,等效值,換算值

equivalent

adj.相等的,相當(dāng)?shù)?相同的

Yetthiswassmallerthantheconcurrentdeclineof4.3percentinGDPinvalueterms,duetoanetfactorincomeinflowtoTianjinequivalenttoabout1.9percentofGDPinthatyear.

不過，這個(gè)跌幅已較同期以價(jià)值計(jì)算本地生產(chǎn)總值的4.3%跌幅為小，因?yàn)樵撃晏旖蛴邢喈?dāng)于本地生產(chǎn)總值約1.9%的對(duì)外要素收入流動(dòng)凈值。

beequivalentto

相等[當(dāng)]于...,等(同)于,與...等效

Whatis￡5equivalenttoinFrenchfrancs?

5英鎊相當(dāng)于多少法國(guó)法郎？

inaccordancewith與...一致,依照Foreignexchangeisacommodityanditspricefluctuatesinaccordancewithsupplyanddemand.外匯是一種商品，它的價(jià)格隨著供求的變化而上下浮動(dòng)。Heactedin

accordance

withhisbeliefs.

他按照自己的信念行事。Text:LanguagePoints

Text:LanguagePointsinvolvevt.使卷入;包括;包含;涉及Allthesequestionsinvolvepolicyandtactics.

這些問題，都涉及政策和策略。Hewasinvolvedinworkingoutaplan.他專心致志地制訂計(jì)劃。Don'tinvolvemeinyourmistakes.

別把我牽連進(jìn)你的錯(cuò)誤里。

Text:LanguagePointsconvert（可）轉(zhuǎn)變?yōu)?；兌換為；轉(zhuǎn)而使用

Atwhatratedoesthedollarconvertintopounds?美元以什么匯率兌換成英鎊？JohnhasconvertedtoBuddhism.約翰改信佛教。Heconvertedassetsintocashbeforehewentabroad.他在出國(guó)前把資產(chǎn)轉(zhuǎn)化成了現(xiàn)金。

Text:LanguagePointsconversionn.轉(zhuǎn)變Yourcaserequiresalicenseforconversionandoutgoingremittance.您這種情況要求有換匯和會(huì)出許可。HehasundergoneareligiousconversionafterhewenttoAmerica.

他來(lái)到美國(guó)后，經(jīng)歷了一次宗教信仰的轉(zhuǎn)變。Text:LanguagePointsintermsof根據(jù),按照,用...的話,在...方面Paymentismadein

terms

ofcash

.款項(xiàng)以現(xiàn)金支付。Youcouldthinkofitin

terms

ofaninvestment.

你可以從投資的角度來(lái)考慮那件事。Text:LanguagePoints

notoriouslyad.臭名昭著的,聲名狼藉的

Manyexistingretailershavedoneanotoriouslypoorjobofutilizingcustomerinformationtodate．

迄今，很多現(xiàn)有的零售商在利用顧客信息方面做得極其差。

Tosome,suchextravagantspendingonthenotoriouslyfickleyoungmightseemoutrageous.

有些人反對(duì)花很多錢給小毛孩買奢侈品，認(rèn)為是種浪費(fèi)。

Onethreatthatisnotoriouslydifficulttoquantifyistheillegalpettrade.

一個(gè)眾所周知的難以確定的威脅來(lái)自非法寵物交易。TextB:ReadingSkillCheck-up1. Hiscreditisgoodforonly

￡50.

A)goodopinionofothers

B)reputationcomingfromtheapprovalorgoodopinionofothers C)asumofmoney

availableforaperson'suse

TextB:ReadingSkill1. Hiscreditisgoodforonly

￡50.

A)goodopinionofothers

B)reputationcomingfromtheapprovalorgoodopinionofothers C)asumofmoney

availableforaperson'suse

TextB:ReadingSkillCheck-up2. Thebankrefusedfurthercreditstothecompany.A)reputationcomingfromtheapprovalorgoodopinionofothers B)beliefinthetruth,reliability,quality,etc,ofsomeoneorsomething

C)thesumofmoneythatabankmakesavailabletoaclient

TextB:ReadingSkill2. Thebankrefusedfurthercreditstothecompany.A)reputationcomingfromtheapprovalorgoodopinionofothers B)beliefinthetruth,reliability,quality,etc,ofsomeoneorsomething

C)thesumofmoneythatabankmakesavailabletoaclient

TextB:ReadingSkillCheck-up3.Thebankreceivesdraftspayableatsightatanytime

。A)billofexchangeB)anallowanceonmerchandisesoldbyweightC)agroupoflivestockseparatedfromtherestoftheherd

TextB:ReadingSkill3.Thebankreceivesdraftspayableatsightatanytime

。A)billofexchange

B)anallowanceonmerchandisesoldbyweightC)agroupoflivestockseparatedfromtherestoftheherd

TextB:ReadingSkill

A)tobringintoorholdinequilibrium

B)beequalto

C)tohavethedebitandcredittotalsequal

A)calmnessofmind B)harmonyinthepartsofawhole C)astateofequilibrium

Check-up4.Shebalancesherselfonthebalancebeamwithasinglearm.

TextB:ReadingSkillA)tobringintoorholdinequilibrium B)beequalto

C)tohavethedebitandcredittotalsequal

A)calmnessofmind B)harmonyinthepartsofawhole

C)astateofequilibrium

4.Shebalancesherselfonthebalancebeamwithasinglearm.

TextB:ReadingSkillCheck-up5.Everycitizenmayclaimtheprotectionofthelaw.A)totake

B)tocallfororneed;

C)assertone'stitleorrightto

TextB:ReadingSkill5.Everycitizenmayclaimtheprotectionofthelaw.A)totake

B)tocallfororneed;

C)assertone'stitleorrightto

ListeningLanguagePoints

GuessingUnknownWordsandExpressionsTextListeningText9.2Theoriesofforeignexchangerate

Listencarefullytothesecondpartofthetextandthentrytotranslateit.9.2TheoriesofforeignexchangerateInafixedexchangerate

regime,FXratesaredecidedbyitsgovernment.ThefollowingtheoriesexplainthefluctuationsinFXratesinafloatingexchangerateregime.Text:INTERNATIONALPARITYCONDITIONSInternationalparityconditions,viz.:Purchasingpowerparity,Interestrateparity,DomesticFishereffect,InternationalFishereffect.Thoughtosomeextent

theabovetheoriesprovidelogicalexplanationforthefluctuationsinexchangerates,yetthesetheoriesfalterastheyarebasedon

challengeableassumptions(e.g.,freeflowofgoods,servicesandcapital)whichseldomholdtrueintherealworld.

Text:BALANCEOFPAYMENTSMODELThismodel,however,focuseslargelyon

tradablegoodsandservices,ignoringtheincreasingroleofglobalcapitalflows.Itfailedtoprovideanyexplanationforcontinuousappreciationofdollarduring1980sandmostpartof1990sinfaceofsoaringUScurrentaccountdeficit.Text:ASSETMARKETMODELItviewscurrenciesasanimportantassetclassforconstructinginvestmentportfolios.Assetspricesareinfluencedmostlybypeople’swillingnesstoholdtheexistingquantitiesofassets,whichinturndependsontheirexpectationsonthefutureworthoftheseassets.Theassetmarketmodelofexchangeratedeterminationstatesthat“theexchangeratebetweentwocurrenciesrepresentsthepricethatjustbalancestherelativesuppliesof,anddemandfor,assetsdenominatedinthosecurrencies.”

Text:NoneofthemodelsdevelopedsofarsucceedtoexplainFXrateslevelsandvolatilityinthelongertimeframes.Forshortertimeframes(lessthanafewdays)algorithmcanbedevisedtopredictprices.Largeandsmallinstitutionsandprofessionalindividualtradershavemadeconsistentprofitsfromit.Itisunderstoodfromabovemodelsthatmanymacroeconomicfactorsaffecttheexchangeratesandintheendcurrencypricesarearesultofdualforcesofdemandandsupply.

Text:Theworld'scurrencymarketscanbeviewedasahugemeltingpot:inalargeandever-changingmixofcurrentevents,supplyanddemandfactorsareconstantlyshifting,andthepriceofonecurrencyinrelationtoanothershiftsaccordingly.Noothermarketencompasses(anddistills)asmuchofwhatisgoingonintheworldatanygiventimeasforeignexchange.Text:InternationalParity

ConditionsExchangeratesareinfluencedbyinterestratesandinflationrates,andtogether,theyinfluencemarketsforexchangeratesinthefuture,knownasforwardrates.Thelinkagesamongthesevariablesarecalled

ParityConditions.ParityConditionsarekeyrelationshipsusedtopredictmovementsinexchangerates.

2005South-WesternPublishingInterestRateParityIfinterestratesinEuropewerehigherthantheywereintheUS,noonewouldinvestintheUSsolongastheythoughttheEuroanddollarwouldbestable.Theequilibriumconditionisknownasinterestrateparity.Lete0bethecurrentexchangeratepriceforaforeigncurrency.Anapproximationofthisparityconditionisgivenas:(f90–e0)/e0=[rUS-rEMU]

InterestRateParitySupposeinterestratesintheEuropeare1%for90days,andonly.5%intheUS.WewouldexpectthevalueoftheEuromustfalltomakeinvestinginbothcountriesendupwiththesamereturn.Usingtheformulaabove,theleftsideistheexpectedforwarddiscount.(f90–e0)/e0=-.005,orahalfpercentexpecteddropintheEurooverthenext90days(3months).TheFischerEffectDomesticinterestrates,

r,arethesumofarealreturn,

i,andanexpectedchangeinthepricelevel,Ex(%DCPI),whichisthe

inflationrate.r=i+Ex(%DCPI)Itisoftenpresumedthatrealreturnsbecomeequalworldwide.Inthatcase,theFisherEffectcanbeusedtoexaminedifferencesintwocountry’sinterestrates.FortheexampleoftheUSandtheEMU,wehave:[rUS-rEMU]=Ex(%DCPI)US-Ex(%DCPI)EMUThisequationisknownasthe

internationalfishereffect.InternationalFischerEffectSincedifferencesininflationratestendtoleadtodifferencesininterestrates,wecanusedifferencesininterestsratespredictchangesinexchangerates.[et–e0]/e0=[rUS-rEMU]

SupposethattheleftsideoftheaboveequationisthepercentagechangeinthevalueoftheEuromeasuredindollars.WhentheUShashigherinterestrates,theEurorisesinvalue.WheninterestratesarehigherinEurope,theEurowilldeclineinvalue.DiagramofParityConditionsExchangeRateForecasts

DifferencesinInterestRates

InternationalFischerEffectDifferencesinInflationRatesForwardRatePremiumorDiscountInterestRateParityFisherEffect

PurchasingPower ParityText:LanguagePointsfixedexchangerate固定匯率

What’stheexchangerate?

兌換率是多少？

Thenote-issuingbanksmayissuecurrencynotesonlybysurrenderingnon-interest-bearingUSdollarbackingatafixedexchangerateof7.80.

發(fā)鈔銀行必須按7.8的固定匯率交出無(wú)息美元保證，才可發(fā)行流通紙幣。Text:LanguagePoints

fluctuationn.

波動(dòng),上下移動(dòng),徘徊;漲落;Themarketsteadiedafterlastweek’sfluctuation.

繼上周的波動(dòng)之后，市場(chǎng)穩(wěn)定下來(lái)了。

Thewidepricefluctuationintheinternationalmarketreducebusinessdifficult.

國(guó)際市場(chǎng)上大幅度的價(jià)格波動(dòng)使得生意很難做。

Text:LanguagePointstosomeextent某種程度上,(多少)有一點(diǎn)

Nationaleconomicgrowthacceleratedtosomeextent.

國(guó)民經(jīng)濟(jì)增長(zhǎng)速度有所加快。Thecriticismistosomeextentjustified.

這一批評(píng)在一定程度上是有道理的。Text:LanguagePoints

basedonvt.

（與on,upon連用）根據(jù)；基于

Advertisementsbasedonthesefactshavebeenprintedinnewspapersandmagazinesbuthavenothelpedmuch.

根據(jù)這些情況擬定的廣告詞登載在報(bào)紙和雜志上,但是效果不大。

Thisnewsreportisbasedentirelyonfact.

這篇新聞報(bào)導(dǎo)是完全根據(jù)實(shí)際情況寫成的。Text:LanguagePointsholdtrue適用,有效

Ibelievethoseprincipleshold

trueforeveryone,everywhere.

我相信，這些道理在任何地方、對(duì)任何人都是至理名言。

Theprincipleofequalitycitedinthisbookdoesnothold

trueinthatpartoftheworld.

他書中的平等原則在世界那一地區(qū)并不適用。Text:LanguagePoints

focuson集中與…I'dliketofocusontwopoints.

我這里主要講兩點(diǎn)。Youshouldfocusyourattentiononyourwork.

你應(yīng)把注意力集中在你的工作上。Text:LanguagePointscapitalflows資本流動(dòng)

Short-termcapitalflowsincludethenormaleverydayreceiptsandpaymentsarisingoutofinternationaltradeandfinance.

短期資本流動(dòng)包括在國(guó)際貿(mào)易和國(guó)際金融中發(fā)生的日常收入和支出。

TheabsenceofanyrestrictionsoncapitalflowsintoandoutofChinaisanotherimportantfactor.

此外，資金可以自由流入和流出中國(guó)，也是一項(xiàng)重要的因素。

capitalflow資本流動(dòng)

tradeflow貿(mào)易流量

orderflow訂單量Text:LanguagePoints

appreciationn.漲價(jià),增值

Thegrowingdemandforthecurrencyofthiscountrywillcauseitsexternalvaluetoappreciate.對(duì)一國(guó)貨幣不斷增加的需求將造成該貨幣對(duì)外升值。depreciatevi.

使跌價(jià),貶值Ifthedomesticinflationisexpectedtoincrease,thedomesticcurrencywilldepreciate.如果預(yù)期本國(guó)通脹上升，那么本幣將貶值。Text:LanguagePoints

currentaccountdeficit經(jīng)常帳赤字

deficitn.赤字

Oneofthemainfunctionsofbanksistotakeindepositfromsurplusregions.

銀行的主要功能之一是從資金剩余地區(qū)吸收存款然后貸給資金缺乏地區(qū)。

Somecountriesarerunningstaggeringbudgetdeficitsintheworldnow.

目前，世界上一些國(guó)家正面臨預(yù)算赤字。Text:LanguagePoints

viewas

將…看作beviewedas被看作是Heviewedlawyersastherealenemy.

他認(rèn)為律師是真正的敵人。

Allthesearenowviewed

asnecessaries.

這些現(xiàn)在都看作是必需品了。Text:LanguagePoints

portfoliosn.組合

Asthefundmanagerpoolsthefundsfrommanyinvestors,hecaninvestinadiversifiedportfoliothatofferslowerrisk.

負(fù)責(zé)管理基金的專業(yè)經(jīng)理會(huì)集合許多投資者的資金，組成一個(gè)風(fēng)險(xiǎn)分散的投資組合。

Aportforliomanagercanhedgeagainstanincreaseinthepurchasepriceofbondsusinginterestratefutures.

有價(jià)證券管理者可以用利率期貨來(lái)防范因債券買價(jià)升高而帶來(lái)的損失。

volatilityn.不穩(wěn)定性,暫時(shí)性

Therefore,investorsshouldbemindfulofthevolatilityofthestockmarket.

因此，投資者應(yīng)小心股票市場(chǎng)波動(dòng)。

Interestratesandfinancialmarketvolatilitywouldremainhighduetothemarketuncertainty.

市場(chǎng)前景不明朗，亦會(huì)令利率持續(xù)高企，金融市場(chǎng)持續(xù)波動(dòng)。

Text:LanguagePointsText:LanguagePoints

ever-changing變幻無(wú)窮

Shefeastedhereyesontheever-changingsceneryofrarebeauty.

她盡情觀賞那變幻無(wú)窮的、難得一見的美景。

Videoconferencingiswellpositionedtohelpcompanieswhohaveaheavyrelianceonimmediateemployeecommunicationstomeetthisneedintheever

changingworkingenvironment.

在不斷變化的工作環(huán)境中，電視會(huì)議被完全定位成幫助那些與雇員即時(shí)通信依賴性很高的公司，以滿足其通信需求。

ListeningText

TextListeningText9.3DeterminantsofFXrates Listencarefullytothethirdpartofthetextandthentrytotranslateit.9.3DeterminantsofFXratesSupplyanddemandforanygivencurrency,andthusitsvalue,arenotinfluencedbyanysingleelement,butratherbyseveral.Theseelementsgenerallyfallinto

threecategories:economicfactors,politicalconditionsandmarketpsychology.

Text:ECONOMICFACTORSThesefactorsinclude:economicpolicyandeconomicconditions.Economicpolicyisdisseminatedbygovernmentagenciesandcentralbanks,whichcomprisesgovernmentfiscalpolicy(budget/spendingpractices)andmonetarypolicy(themeansbywhichagovernment'scentralbankinfluencesthesupplyand"cost"ofmoney,whichisreflectedbythelevelofinterestrates).

Text:Economicconditionsaregenerallyrevealedthrougheconomicreports,andothereconomicindicators,whichincludegovernmentbudgetdeficitsorsurpluses,balanceoftradelevelsandtrends,inflationlevelsandtrends,economicgrowthandhealth,aswellasproductivityofaneconomy.

Text:Governmentbudgetdeficitsorsurpluses:Themarketusuallyreactsnegativelytowideninggovernmentbudgetdeficits,andpositivelytonarrowingbudgetdeficits.Theimpactisreflectedinthevalueofacountry'scurrency,.Text:Balanceoftradelevelsandtrends:Thetradeflowbetweencountriesillustratesthedemandforgoodsandservices,whichinturnindicatesdemandforacountry'scurrencytoconducttrade.Surplusesanddeficitsintradeofgoodsandservicesreflectthecompetitivenessofanation'seconomy.Forexample,tradedeficitsmayhaveanegativeimpactonanation'scurrency.Text:Inflationlevelsandtrends:Typicallyacurrencywilllosevalueifthereisahighlevelofinflationinthecountryorifinflationlevelsareperceivedtoberising.Thisisbecauseinflationerodespurchasingpower,thusdemand,forthatparticularcurrency.However,acurrencymaysometimesstrengthenwheninflationrisesbecauseofexpectationsthatthecentralbankwillraiseshort-terminterestratestocombatrisinginflation.

Text:Economicgrowthandhealth:Reportssuchasgrossdomesticproduct(GDP),employmentlevels,retailsales,capacityutilizationandothers,detailthelevelsofacountry'seconomicgrowthandhealth.Generally,themorehealthyandrobustacountry'seconomy,thebetteritscurrencywillperform,andthemoredemandforittherewillbe.Text:Productivityofaneconomy:

Increasingproductivityinaneconomyshouldpositivelyinfluencethevalueofitscurrency.Itsaffectsaremoreprominentiftheincreaseisinthetradedsector.Text:POLITICALCONDITIONSInternal,regional,andinternationalpoliticalconditionsandeventscanhaveaprofoundeffectoncurrencymarkets.ExpectationsofwarbetweenIndiaandPakistancannegativelyinfluencethevalueofcurrenciesoftwonations.Text:Allexchangeratesaresusceptibletopoliticalinstabilityandanticipationsaboutthenewrulingparty.Politicalupheavalandinstabilitycanhaveanegativeimpactonanation'seconomy.Forexample,destabilizationofcoalitiongovernmentsinIndia,PakistanandThailandcannegativelyaffectthevalueoftheircurrencies.

Text:Similarly,inacountryexperiencingfinancialdifficulties,theriseofapoliticalfaction

thatisperceivedtobefiscallyresponsiblecanhavetheoppositeeffect.Also,eventsinonecountryinaregionmayspurpositiveornegativeinterestinaneighboringcountryand,intheprocess,affectitscurrency.Text:MARKETPSYCHOLOGYMarketpsychologyandtraderperceptionsinfluencetheforeignexchangemarketinavarietyofways:Text:Flightstoquality:Unsettlinginternationaleventscanleadtoa"flighttoquality,"withinvestorsseekinga"safehaven".Therewillbeagreaterdemand,thusahigherprice,forcurrenciesperceivedasstrongerovertheirrelativelyweakercounterparts.TheSwissfranchasbeenatraditionalsafehavenduringtimesofpoliticaloreconomicuncertainty.

Text:Long-termtrends:Currencymarketsoftenmoveinvisiblelong-termtrends.Althoughcurrenciesdonothaveanannualgrowingseasonlikephysicalcommodities,businesscyclesdomakethemselvesfel