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金融英语_刘文国第二版课后练习Exercises 09

Exercises 9

Ⅰ Answer the following questions in English: e

1.Stocks are also referred to as?

a. Securities

b. Equities

c. Shares

d. Dividends

e. A, B, and C

2. Which type of stock typically pays a higher dividend, but whose share price appreciates slower? c

a. Common Stock

b. Stock Options

c. Preferred Stock

d. Commodities

e. None of the above

3. All of these are stock markets except? c

a. NYSE

b. Nasdaq

c. LEAP

d. AMEX

4. What is the fundamental thing that drives stock prices? d

a. Gravity

b. Hype

c. Cash Flow

d. Earnings

5. If someone is considered to be bearish, where do they think the stock market is heading? b

a. Higher

b. Lower

c. Stagnant (flat)

d. None of the Above

6. A market order that executes after a specified price level has been reached is called? b

a. Market Order

b. Stop Order

c. Fill or Kill Order

d. Day Order

7. Historically, what asset has always performed the best over the

long term? e

a. Bonds

b. Options

c. Mutual Funds

d. Index Funds

e. Stocks

8. Does preferred stock holder can get more benefits than common stock holder?. d

a.yes

b.no.

c.they are same

d.no answer

Ⅱ Fill in the each blank with an appropriate word or expression:

1.Risk investors would like their returns to be as possible; however,

this objective is subject to constraints, primary risk.

2.In 1982 the stock market had a very good year, with total returns in

excess of 20 percent on a broad cross-section of common stocks.

Nevertheless, several professionally managed funds managed to lose money that year. As this example shows, marketable securities

offering variable returns across time are risk.

3.The investment decision, therefore, must always be considered in

terms of both risk and return.

4.The risks associated _with stocks can vary widely, and they usually

depend on the company. Purchasing stock in a well-established and profitable company means there is much_ less risk you'll lose your investment, whereas purchasing a penny stock increases your risks substantially.

5.If you use margin, you can also dramatically increase your leverage

in a stock, but this is only recommended for experienced investors.

6.We assume that investors are interested only in the monetary benefits

to be obtained from investing, as opposed to such factors as the

psychic income to be derived from impressing one’s friend s with

one’s financial prowess.

Ⅲ Translate the following sentences and passage into English:

1.组合投资原则，即将风险资金按一定比例投向不同行业、不同企业（项目），或

联合几个风险投资公司共同向一家企业投资。

The principle of portfolio investment is that the venture capital is invested into different industries and different projects, or make a cooperation with other investing companies to invest a company.

2.风险投资主体多元化原则,在美国，风险资金来源相当广泛，既有政府、财团法

人的资金，也有来自大众游资、民间企业和海外的投资，还有养老保险基金的积极参与。

The principle of diversification of venture capital, in American, the

resource of venture capital is quite widespread, it comes from

government, financial institutes, and it can come from privates,

private firms and oversea investment, and pension fund joint venture capital too.

3.创业投资是由专业投资者投入到新兴的、迅速发展的、有巨大竞争潜力的企业

中的一种股权性资本。

Venture investment is an equity capital which professional investors invest to a new, developing rapidly and more competitive firm.

4.随着社会经济的快速发展，如何投资、如何理财已经成为商业人士关注的焦

点。

With society economy high-speed development, how to invest and

finance is the focal point which business men focus on.

5.创业投资以其谋求长期资本收益、分散投资及专业化管理的特点适应了高新技

术产业的资金需求，以其特别的投资方式、合同方式和组织架构部分地解决了信息不对称和激励约束不当所带来的问题.

Venture capital is looking for long term capital return, the

characteristic of diversification of investment and professional

management adapts capital requirements of high-new technical industry, special investing model of venture capital, contract model and frame of organization solve problems of information asymmetry and incentive and restraint mechanisms flaw in partly.

6.投资者可把目光聚焦到正在发售的银行保本基金上，这种在国际市场上大受欢

迎的新型理财品种不但能够提供银行储蓄般的安全感，而且可以利用此次利率上升的机会创造更高的收益；同时，加息导致债券价格下跌，实际上提高了即将入市的银行保本基金的债券投资收益率。

Investors may focus on guaranteed fund issued by bank, it is new

style of financing product which is welcomed in the international

market, it is not only shows the safety like bank deposit, but also make higher return with the interest rate arise, at the same time, rising interest rates will lead to fall of the bond price, and make higher return of guaranteed fund which will be issued by banks.

Ⅳ Translate the following sentences and passage into Chinese:

1. A bull market is when everything in the economy is great, people are

finding jobs, GDP is growing, and stocks are rising. Things are just plain rosy! Picking stocks during a bull market is easier because

everything is going up.

牛市意味着经济发展强劲,工作岗位多,GDP 增长,股票价格上升.前景变得光明.

在牛市期间投资股票将有丰厚收益因为所有物品的价格都将上升.

2.Bull markets cannot last forever though, and sometimes they can lead

to dangerous situations if stocks become overvalued.

牛市不可能永远持续,如果股票价格被高估则牛市就将导致崩盘.

3.If a person is optimistic, believing that stocks will go up, he or

she is called a "bull" and said to have a "bullish outlook."

如果一个人乐观的认为股票价格将上升,他或她被称做”多头”和有一个行情看涨的形象.

4.In investments it is critical to distinguish between an expected

return (the anticipated return for some future period) and a

realized return (the actual return over some past period). Investors invest for the future—for the return they expect to earn—but when the investing period is over, they are left with their realized

returns.

投资学对期望收益(预测的将来某时间段的收益)和已实现收益(过去某时段的实际收到的收益)有严格的区分.投资者投资为将来-他们希望获取的收益-但是在投资周期结束后,他们只得到实际的收益.

5.What investors actually earn from their holdings may turn out to be

more or less than what they expected to earn when they initiated the investment. This point is the essence of the investments process: investors must always consider the risk involved in investing.

投资者在投资期间实际得到的收益与他们初始投资所预想的收益或多或少有差异.投资过程的关键点是:投资者在投资时必须牢记风险的成在.

6.There are three important factors you need to consider before buying

a bond. The first is the person issuing the bond. The second is the

interest (or coupon) you will receive. The third is the maturity

date, the day when the borrower must pay back the principal to the lender.

在投资债券前你要考虑三个重要因素:第一是债券发行人;第二是你将得到的利息 (或折扣);第三是到期时间, 在到期日债券发行人必须将本金退给债券持有人.

金融英语课后题

Unit 1 EMU Has Exchange Rate Policy Implications for Transition Countries Seeking EU Membership [Key Words] European Economic and Monetary Union (EMU) 欧洲经济货币联盟 EMU reference values 欧洲经济货币联盟参考标准 The new exchange rate mechanism (ERM 2) 新汇率机制 IMF’s Fiscal Affairs Department 国际货币基金组织财政部 The currency risk premium 货币风险溢酬 Asymmetric real shocks 非对称性实际冲击 An independent monetary and exchange rate policy 独立的货币汇率政策 Macroeconomic stability 宏观经济稳定性 Budget balance 预算平衡 Synchronized cycles 同步的循环 Biased toward agriculture and industry 偏重于工农业 Non-core EU members 欧盟非核心成员国 A managed float (exchange rate arrangement) 有管理的浮动汇率制 An undeclared margin against the deutsche mark 钉紧德国马克，保持一个不公开的差额 A pre-announced crawling peg 预先公布的缓慢钉紧汇率制度 A currency board arrangement 货币局制度、联系汇率制度 External current account 对外经常性项目账户 The capital account 资本账户 Legal reserve requirement systems 法定存款准备金制度 Sterilized intervention 对冲操作 The nominal exchange rate 名义利率 Exchange rate regimes 汇率制度 Appropriate flanking policies 适当的配套政策 Containment of fiscal imbalances 遏制财政失衡 A prudent monetary stance 审慎的货币政策 Fixed parity 固定平价 Purchasing power parity (PPP) 购买力平价 Interest rate parity (IRP) 利率平价 Gold parity 金平价 Widen the official margins 放宽官方波动幅度 Shadow the Euro unilaterally 单方面暗中钉紧欧元 Full capital account liberalization 资本项目的完全放开 [Notes] 1. Including convergence toward EMU reference values and adherence to the new exchange rate mechanism (ERM2) created for nonparticipating EU members. 2. That is, those that have opted out, or been left out, of EMU. 3. Albeit 4. Entering the EMU currency area entails both cost and benefits for candidate countries. 5. Also, the currency risk premium, reflected in the interest rate, would fall and eventually vanish. 6. An important potential cost of joining a currency area is that it impairs a country’s ability to absorb asymmetric real shocks in the absence of an independent monetary and exchange rate policy. 7. And, conversely, participation in a currency area leads to trade expansion and thus to more synchronized cycles. 8. Their economic structure is only moderately more biased toward agriculture and industry relative to services than that of non-core EU members, except Greece. 9. 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 current macroeconomic situation in these countries is broadly characterized by sustainable growth, underpinned by rapidly increasing labor productivity, and by a deceleration in inflation to low double-digit or high single-digit rates. 11. The effect is compounded by a surge in foreign direct investment. 12. Insufficient financial and enterprise restructuring has rendered the Czech economy vulnerable. 13. All five countries-to varying degrees-will need to make steady progress toward increased wage flexibility, containment of fiscal imbalances supported by a prudent monetary stance, and financial sector restructuring. 14. However, accession countries should exercise caution in widening the band during a period of turbulence in the foreign exchange market. 15. To preserve credibility, the authorities should declare the country’s commitment to reinstate the former parity following a temporary deviation due to a speculative attack. 16. *The other dilemma enters on the requirement of full capital account liberalization while the candidate countries remain vulnerable to destabilizing capital flows prompted by rapid shifts in investor sentiment. [Exercise 2] 1．美国是个移民国家，他号称接纳了那些不愿或不能回到自己祖国去的许多人。 The USA is an immigrant country, which claimed to have accepted many people who have opted out, or been left out, to their countries. 2．科研工作需要具备吃苦耐劳的精神。 The work of scientific research entails the spirit of tough. 3．在全球经济金融化的趋势下，实体经济与虚拟经济越来越不能同步发展。 With the trend of financialization of global economy, the real economy and virtual economy cannot develop synchronize more and more. 4．有人主张农、轻、重并举，不可偏重于其中任何一项。 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．仅仅只用了50多年的时间，金融从属于贸易的局面便被彻底扭转了。 Only in more than 50 years, the situation that finance subordinate to trade is turned totally. 6．该国的经济以低膨胀、高增长为特征。 The economy of this country is characterized by low inflation and high growth. 7．有人担心，广东国投（GITI）的破产会有损于国家的信誉。 Some is worried that the bankrupt of GITI will impaired the credit of the country. 8．我本人对金融衍生产品在我国的应用持谨慎的态度。 On my own, I maintain a prudent stand to the application of the financial derivative products in our country.

金融专业英语阅读(答案)

Lesson One Translate the following passage into Chinese 1.紧缩性货币政策和扩张性货币政策都涉及到改变一个国家的货币供应量水平。扩张性货币政策增加货币供应量，而紧缩性货币政策会减少货币供应量。 2.当联邦储备体系在公开市场上购买有价证券，会引起证券价格上涨。债券价格和利率成反比关系。联邦贴现率就是一种利率，因此降低联邦利率实际上就是降低利率。如果联邦储备系统决定降低法定储备要求，那么银行能够进行投资的资金会增加。这会引起投资比如债券价格的上涨，因此利率会降低。无论联邦储备体系用何种方法来增加货币供应量，利率都会降低，债券价格会上涨。 Translate the following sentences into English 1. China would maintain a stable currency and prudent monetary policy, and expected to stay within its growth and inflation targets this year 2.China would also maintain a prudent monetary policy to support economic development while preventing inflationary pressure and financial risks 3. China’s economy continued to grow steadily and rapidly in the first quarter, with investment in fixed assets slowing and domestic consumption accelerating. 4.because of China’s large increase in its trade surplus and foreign exchange reserves in the first quarter, the effectiveness of its monetary policy — used to help control inflation — was facing “serious challenges.” 5. The central bank would seek to further streamline its foreign exchange system to facilitate the orderly outflow of funds. At the same time, it would tighten the management of foreign exchange inflows and settlement. —Three Translation: Translate the following passage into Chinese 1．外汇交易当然是指两种不用货币之间的交易了。每一组货币的交易或“买卖”都包含两个部分。一个是即期市场，在这个市场中支付（交付）需在交易时立即进行（在实际操作中一般是在第二个交易日进行），另一个就是远期市场。远期市场的汇率是在交易的时候就先确定了，但实际的交易，或交付则是在未来的某个特定时间进行的。 2．外汇交易期权是指一种货币和另一种货币在未来进行交付的一个合同，在此合同中，

金融英语习题

1. Usually the low interest rate currency trades at a ______ to the high interest rate currency in the forward market. A. premium B. par C. discount D. bar 2. Which of the following statements about standby letters of credit is true？______. A. They can serve as a guarantee to a buyer against a seller defaulting B. They are contrary to the general rule that letters of credit may only be used for the actual movement of goods C. They are unlike a tender bond in their legal standing and method of operation D. They are unlike a tender bond with its fixed expiry date 3. The most liquid of all assets is ______. A. the stock of commercial banks B. M 1 C. intelligence D. the debt of major corporations 4. Beta and standard deviation differ as risk measures in that beta measures ______. A. only unsystematic risk，while standard deviation measures total risk B. only systematic risk，while standard deviation measures total risk C. both systematic and unsystematic risk，while standard deviation measures only unsystematic risk D. both systematic and unsystematic risk，while standard deviation measures only systematic risk 5. What information would you find in a statement of cash flows that you would not be able to get from the other two primary financial statements？______. A. Cash provided by or used in financing activities B. Cash balance at the end of the period C. Total liabilities due to creditors at the end of the period D. Net income 6. An analyst estimates that a stock has the following probabilities of return depending on the state of the economy： State of economyProbabilityReturn Good 0.1 15% Normal 0.6 13% Poor 0.3 7%The expected return of the stock is ______. A. 7.8% B. 11.4% C. 11.7% D. 13.0% 7. According to the rules of debit and credit for balance sheet accounts ______. A. increases in asset，liability，and owner’s equity accounts are recorded by debits B. decreases in asset and liability accounts are recorded by credits C. increases in asset and owner’s equity accounts are recorded by debits D. decreases in liability and owner’s equity accounts are recorded by debits 8. Individuals will accept the medium of exchange in return for goods and services only if they are confident that ______. A. the inflation rate is zero B. it possesses intrinsic value C. they can pass it on to others D. they can exchange it for gold 9. When a country’s currency appreciates，the country’s goods abroad become ______ and foreign goods in that country become ______. A. cheaper... more expensive B. more expensive... cheaper C. cheaper...cheaper D. more expensive... more expensive 10. A US company is bidding for a contract in China. Its Chinese customer asks for a

金融英语_刘文国第二版课后练习Exercises 06

Exercise six Ⅰ Answer the following questions in English: 1.How many common methods to express a foreign exchange rate? There are two common methods to express a foreign exchange rate. The most widely used method expresses the amount of any currency that is required to buy one U.S. dollar. Another common way of quoting rates is simply the reverse of the first method. Under this second method, the foreign exchange rate is expressed in terms of the US dollar amount that can be exchanged for one unit of foreign currency. 2.What is foreign exchange? Foreign exchange consists of trading one type of currency for another. Unlike other financial markets, the FX market has no physical location and no central exchange. It operates "over the counter" through a global network of banks, corporations and individuals trading one currency for another. The FX market is the world's largest financial market, operating 24 hours a day with enormous amounts of money traded on a daily basis. 3.How does Stop Order work? Stop orders can be used to enter the market on momentum or to limit the potential loss of a position. Stop orders are extremely important in foreign currency trading and should be used by all traders that want to participate in the currency markets. Just like for limit orders, when placing a stop order a trader must specify for how long that order is to remain active. 4.What do you think about single currency system? Is it possible to establish single currency system in the world now? The single currency system is good and it will benefit following: Currency stability Tourism Business benefits Cheaper mortgage and lower interest rates It is impossible to establish single currency system in the world now because there are too many factors such as economy, politics and labor migration. 5.What is Limit Order? A limit is an order to buy or sell a currency at a specified price or better. In a limit order, the currency trader not only specifies

英文版国际金融试题和答案

PartⅠ.Decide whether each of the following statements is true or false (10%)每题1分，答错不扣分1. If perfect markets existed, resources would be more mobile and could therefore be transferred to those countries more willing to pay a high price for them. ( T ) 2. The forward contract can hedge future receivables or payables in foreign currencies to insulate the firm against exchange rate risk. ( T ) 3. The primary objective of the multinational corporation is still the same primary objective of any firm, i.e., to maximize shareholder wealth. ( T ) 4. A low inflation rate tends to increase imports and decrease exports, thereby decreasing the current account deficit, other things equal. ( F ) 5. A capital account deficit reflects a net sale of the home currency in exchange for other currencies. This places upward pressure on that home currency’s value. ( F ) 6. The theory of comparative advantage implies that countries should specialize in production, thereby relying on other countries for some products. ( T ) 7. Covered interest arbitrage is plausible when the forward premium reflect the interest rate differential between two countries specified by the interest rate parity formula.( F ) 8．The total impact of transaction exposure is on the overall value of the firm. ( F ) 9. A put option is an option to sell-by the buyer of the option-a stated number of units of the underlying instrument at a specified price per unit during a specified period. ( T ) 10. Futures must be marked-to-market. Options are not. ( T ) PartⅡ:Cloze (20%)每题2分，答错不扣分 1. If inflation in a foreign country differs from inflation in the home country, the exchange rate will adjust to maintain equal( purchasing power ） 2. Speculators who expect a currency to ( appreciate ) could purchase currency futures contracts for that currency. 3. Covered interest arbitrage involves the short-term investment in a foreign currency that is covered by a ( forward contract ) to sell that currency when the investment matures. 4. （Appreciation/ Revalue ）of RMB reduces inflows since the foreign demand for our goods is reduced and foreign competition is increased. 5. ( PPP ) suggests a relationship between the inflation differential of two countries and the percentage change in the spot exchange rate over time. 6. IFE is based on nominal interest rate ( differentials ), which are influenced by expected inflation. 7. Transaction exposure is a subset of economic exposure. Economic exposure includes any form by which the firm’s ( value ) will be affected. 8. The option writer is obligated to buy the underlying commodity at a stated price if a ( put option ) is exercised 9. There are three types of long-term international bonds. They are Global bonds , ( eurobonds ) and ( foreign bonds ). 10. Any good secondary market for finance instruments must have an efficient clearing system. Most Eurobonds are cleared through either ( Euroclear ) or Cedel. PartⅢ:Questions and Calculations (60%)过程正确结果计算错误扣2分 1. Assume the following information: A Bank B Bank Bid price of Canadian dollar $0.802 $0.796 Ask price of Canadian dollar $0.808 $0.800 Given this information, is locational arbitrage possible?If so, explain the steps involved in locational arbitrage, and compute the profit from this arbitrage if you had $1,000,000 to use. (5%) ANSWER: Yes!One could purchase New Zealand dollars at Y Bank for $.80 and sell them to X Bank for $.802.With $1 million available, 1.25 million New Zealand dollars could be purchased at Y Bank.These New Zealand dollars could then be sold to X Bank for $1,002,500, thereby generating a profit of $2,500. 2. Assume that the spot exchange rate of the British pound is $1.90.How will this spot rate adjust in two years if the United Kingdom experiences an inflation rate of 7 percent per year while the United

《金融专业英语》习题答案

Chapter One Functions of Financial Markets 一．Translate the following sentences into Chinese. 1.China’s banking industry is now supervised by the PBC and CBRC. In addition, the MOF is in charge of financial accounting and taxation part of banking regulation and management. 目前中国银行业主要由中国人民银行和银监会进行监管。此外，财政部负责银行业监管的财务会计及税收方面。 2.Currently Chinese fund management companies are engaged in the following business: securities investment fund, entrusted asset management, investment consultancy, management of national social security funds, enterprise pension funds and QDII businesses. 目前中国的基金管理公司主要从事以下业务：证券投资基金业务、受托资产管理业务、投资咨询业务、社保基金管理业务、企业年金管理业务和合格境内机构投资者业务等。 3.China's economy had 10% growth rate in the years before the world financial crisis of 2008. That economic expansion resulted from big trade surpluses and full investment. Now China is seeking to move away from that growth model. The country is working to balance exports with demand at home. 在2008年世界经济危机之前的那些年，中国经济增长速度曾达到10%。这一经济增长源于巨额贸易盈余和大量投资。中国现在正在寻求改变这一增长模式。中国正致力于平衡出口和国内需求。二．Translate the following sentences into English 1.中国商业银行监管的程序是市场准入监管、市场运营监管和市场退出监管。 Regulatory procedures of China’s commercial banks are market access regulation, market operation regulation and market exit regulation. 2.国务院关于推进资本市场改革开放和稳定发展的若干意见。 Some opinions of the State Council on promoting the reform, opening and steady growth of the capital market 3.只有建立合理的股权结构，才能保证公司取得好的经营业绩。 Only establishing reasonable ownership structure can guarantee perfect corporate performance. 4.该公司股票暴跌，被伦敦交易所摘牌。 The company’s stock nosedived and it was delisted from the London exchange.

金融英语原文

金融英语原文 A Guide To Loan Payment Protection Insurance Loan payment protection insurance can be taken out at the time of borrowing, lenders will in fact try to push the cover with their loans to grab back profits and make up for the cheap loan. Of course this is one of the dearest ways of protecting the money you are borrowing against the fact that you might be unable to work due to an accident or sickness. It would also provide you with an income if you should become unemployed due to redundancy. So when taking on a loan or credit card always make sure that you choose to cover the borrowing by buying it independently. High street lenders at one point would sometimes add cover onto the borrowing without you being aware of what you were taking on. However for the most part this has changed since the intervention by the Financial Services Authority. It is always worthwhile making sure that it hasn't been added onto the loan you are taking out. Policies taken with a standalone provider are one of the cheapest ways to protect your borrowing and in order to get the cheapest loan payment protection insurance quote you have to compare with several providers. The premium that is charged for the protection is based on the amount that you wish to cover each month up to a certain amount and your age. Age based insurance makes payment protection products affordable for all. The amount you insure against is what you would receive if you should become incapacitated or unemployed. You can protect not only your loan repayments but also any credit card debts you have. As more and more people turn to using "plastic" to get by, covering your borrowings is essential. When the policy would payout and for how long would all depend on the provider you chose to go with. Therefore it is essential to read the small print