unit 1: financial market research financial english

Unit 1:Unit 1:

FinancialFinancial

Market ResearchMarket Research

Financial EnglishFinancial English

Unit 1:Unit 1:

• Overview of Unit 1

• Background information of Unit 1

• Text

• Exercises

• Assignment

Overview of Unit 1Overview of Unit 1

本章旨在本章旨在通过对金融市场以及金融市场中各个重要市场通过对金融市场以及金融市场中各个重要市场概念的分析以及全球经济形势的简要介绍，对金融市场概念的分析以及全球经济形势的简要介绍，对金融市场现状进行了简要的总结概括。通过学习全文，应了解相现状进行了简要的总结概括。通过学习全文，应了解相应的金融市场概念，并了解当今全球的经济局势。应的金融市场概念，并了解当今全球的经济局势。

本章重点难点本章重点难点金融市场基本概念金融市场基本概念

金融市场内的重要市场金融市场内的重要市场

全球经济状况分析全球经济状况分析

本章旨在本章旨在通过对金融市场以及金融市场中各个重要市场通过对金融市场以及金融市场中各个重要市场概念的分析以及全球经济形势的简要介绍，对金融市场概念的分析以及全球经济形势的简要介绍，对金融市场现状进行了简要的总结概括。通过学习全文，应了解相现状进行了简要的总结概括。通过学习全文，应了解相应的金融市场概念，并了解当今全球的经济局势。应的金融市场概念，并了解当今全球的经济局势。

本章重点难点本章重点难点金融市场基本概念金融市场基本概念

金融市场内的重要市场金融市场内的重要市场

全球经济状况分析全球经济状况分析

Overview of Unit 1Overview of Unit 1

After learning this unit, you should acquire:

What is financial market

What are the important components of financial market

Some basic concepts of financial market

The global economic situation nowadays

金融市场金融市场（（ Financial MarketFinancial Market ））是资金供应者和资金需者者是资金供应者和资金需者者

双方通过作用工具进行交易而融通资金的市场，广而言之，双方通过作用工具进行交易而融通资金的市场，广而言之，

是实现货币借贷和资金融通、办理各种票据和有价证券交易是实现货币借贷和资金融通、办理各种票据和有价证券交易

活动的市场。活动的市场。

Background InformationBackground Information


一个完备的金融市场，应包括一个完备的金融市场，应包括三个基本要素三个基本要素：（：（ 11 ）资）资金供应者和资金需求者。包括政府、金融机构、企业事业单金供应者和资金需求者。包括政府、金融机构、企业事业单位、居民、外商等等，即能向金融市场提供资金，也能从金位、居民、外商等等，即能向金融市场提供资金，也能从金融市场筹措资金。这是金融市场得以形成和发展的一项基本融市场筹措资金。这是金融市场得以形成和发展的一项基本因素。（因素。（ 22 ）信用工具。这是借贷资本在金融市场上交易的）信用工具。这是借贷资本在金融市场上交易的对象。如各种债券、股票、票据、可转让存单、借款合同、对象。如各种债券、股票、票据、可转让存单、借款合同、抵押契约等，是金融市场上实现投资、融资活动必须依赖的抵押契约等，是金融市场上实现投资、融资活动必须依赖的标的。（标的。（ 33 ）信用中介。这是指一些充当资金供求双方的中）信用中介。这是指一些充当资金供求双方的中介人，起着联系、媒介和代客买卖作用的机构，如银行、投介人，起着联系、媒介和代客买卖作用的机构，如银行、投资公司、证券交易所、证券商和经纪人等。资公司、证券交易所、证券商和经纪人等。

一个完备的金融市场，应包括一个完备的金融市场，应包括三个基本要素三个基本要素：（：（ 11 ）资）资金供应者和资金需求者。包括政府、金融机构、企业事业单金供应者和资金需求者。包括政府、金融机构、企业事业单位、居民、外商等等，即能向金融市场提供资金，也能从金位、居民、外商等等，即能向金融市场提供资金，也能从金融市场筹措资金。这是金融市场得以形成和发展的一项基本融市场筹措资金。这是金融市场得以形成和发展的一项基本因素。（因素。（ 22 ）信用工具。这是借贷资本在金融市场上交易的）信用工具。这是借贷资本在金融市场上交易的对象。如各种债券、股票、票据、可转让存单、借款合同、对象。如各种债券、股票、票据、可转让存单、借款合同、抵押契约等，是金融市场上实现投资、融资活动必须依赖的抵押契约等，是金融市场上实现投资、融资活动必须依赖的标的。（标的。（ 33 ）信用中介。这是指一些充当资金供求双方的中）信用中介。这是指一些充当资金供求双方的中介人，起着联系、媒介和代客买卖作用的机构，如银行、投介人，起着联系、媒介和代客买卖作用的机构，如银行、投资公司、证券交易所、证券商和经纪人等。资公司、证券交易所、证券商和经纪人等。


金融市场对于一国的经济发展具有多方面的金融市场对于一国的经济发展具有多方面的功能功能：：①融通资金的“媒介器”。通过金融市场使资金供应者①融通资金的“媒介器”。通过金融市场使资金供应者和需求者在更大范围内自主地进行资金融通，把多渠道和需求者在更大范围内自主地进行资金融通，把多渠道的小额货币资金聚集成大额资金来源。②资金供求的的小额货币资金聚集成大额资金来源。②资金供求的“调节器”。中央银行可以通过公开市场业务，调剂货“调节器”。中央银行可以通过公开市场业务，调剂货币供应量，有利于国家控制信贷规模，并有利于使市场币供应量，有利于国家控制信贷规模，并有利于使市场利率由资金供求关系决定，促进利率作用的发挥。③经利率由资金供求关系决定，促进利率作用的发挥。③经济发展的“润滑剂”。金融市场有利于促进地区间的资济发展的“润滑剂”。金融市场有利于促进地区间的资金协作，有利于开展资金融通方面的竞争，提高资金使金协作，有利于开展资金融通方面的竞争，提高资金使用效益。用效益。

金融市场对于一国的经济发展具有多方面的金融市场对于一国的经济发展具有多方面的功能功能：：①融通资金的“媒介器”。通过金融市场使资金供应者①融通资金的“媒介器”。通过金融市场使资金供应者和需求者在更大范围内自主地进行资金融通，把多渠道和需求者在更大范围内自主地进行资金融通，把多渠道的小额货币资金聚集成大额资金来源。②资金供求的的小额货币资金聚集成大额资金来源。②资金供求的“调节器”。中央银行可以通过公开市场业务，调剂货“调节器”。中央银行可以通过公开市场业务，调剂货币供应量，有利于国家控制信贷规模，并有利于使市场币供应量，有利于国家控制信贷规模，并有利于使市场利率由资金供求关系决定，促进利率作用的发挥。③经利率由资金供求关系决定，促进利率作用的发挥。③经济发展的“润滑剂”。金融市场有利于促进地区间的资济发展的“润滑剂”。金融市场有利于促进地区间的资金协作，有利于开展资金融通方面的竞争，提高资金使金协作，有利于开展资金融通方面的竞争，提高资金使用效益。用效益。


资本市场（资本市场（ capital marketcapital market ））亦称“长期金融市亦称“长期金融市

场”、“长期资金市场”。期限在一年以上各种资金场”、“长期资金市场”。期限在一年以上各种资金

借贷和证券交易的场所。资本市场上的交易对象是一借贷和证券交易的场所。资本市场上的交易对象是一

年以上的长期证券。因为在长期金融活动中，涉及资年以上的长期证券。因为在长期金融活动中，涉及资

金期限长、风险大，具有长期较稳定收入，类似于资金期限长、风险大，具有长期较稳定收入，类似于资

本投入，故称之为资本市场本投入，故称之为资本市场

资本市场（资本市场（ capital marketcapital market ））亦称“长期金融市亦称“长期金融市

场”、“长期资金市场”。期限在一年以上各种资金场”、“长期资金市场”。期限在一年以上各种资金

借贷和证券交易的场所。资本市场上的交易对象是一借贷和证券交易的场所。资本市场上的交易对象是一

年以上的长期证券。因为在长期金融活动中，涉及资年以上的长期证券。因为在长期金融活动中，涉及资

金期限长、风险大，具有长期较稳定收入，类似于资金期限长、风险大，具有长期较稳定收入，类似于资

本投入，故称之为资本市场本投入，故称之为资本市场


资本市场的资本市场的参与者参与者

资本市场的资金供应者为各金融机构，如商业银行、储资本市场的资金供应者为各金融机构，如商业银行、储蓄银行、人寿保险公司、投资公司、信托公司等。蓄银行、人寿保险公司、投资公司、信托公司等。

资金的需求者主要为国际金融机构、各国政府机构、工资金的需求者主要为国际金融机构、各国政府机构、工商企业、房地产经营商以及向耐用消费零售商买进分期付款商企业、房地产经营商以及向耐用消费零售商买进分期付款合同的销售金融公司等。合同的销售金融公司等。

资本市场的资本市场的参与者参与者

资本市场的资金供应者为各金融机构，如商业银行、储资本市场的资金供应者为各金融机构，如商业银行、储蓄银行、人寿保险公司、投资公司、信托公司等。蓄银行、人寿保险公司、投资公司、信托公司等。

资金的需求者主要为国际金融机构、各国政府机构、工资金的需求者主要为国际金融机构、各国政府机构、工商企业、房地产经营商以及向耐用消费零售商买进分期付款商企业、房地产经营商以及向耐用消费零售商买进分期付款合同的销售金融公司等。合同的销售金融公司等。


我国资本市场构成我国资本市场构成

（（ 11 ）国债市场。这里所说的国债市场是指期限在一年）国债市场。这里所说的国债市场是指期限在一年以上、以国家信用为保证的国库券、国家重点建设债券、以上、以国家信用为保证的国库券、国家重点建设债券、财政债券、基本建设债券、保值公债、特种国债的发行财政债券、基本建设债券、保值公债、特种国债的发行与交易市场。与交易市场。

（（ 22 ）股票市场。包括股票的发行市场和股票交易市场。）股票市场。包括股票的发行市场和股票交易市场。

我国资本市场构成我国资本市场构成

（（ 11 ）国债市场。这里所说的国债市场是指期限在一年）国债市场。这里所说的国债市场是指期限在一年以上、以国家信用为保证的国库券、国家重点建设债券、以上、以国家信用为保证的国库券、国家重点建设债券、财政债券、基本建设债券、保值公债、特种国债的发行财政债券、基本建设债券、保值公债、特种国债的发行与交易市场。与交易市场。

（（ 22 ）股票市场。包括股票的发行市场和股票交易市场。）股票市场。包括股票的发行市场和股票交易市场。


（ 3 ）企业中长期债券市场。

（ 4 ）中长期放款市场，该市场的资金供应者主要是不动产银行、动产银行；其资金投向主要是工商企业固定资产更新、扩建和新建；资金借贷一般都需要以固定资产、土地、建筑物等作为担保品。

（ 3 ）企业中长期债券市场。

（ 4 ）中长期放款市场，该市场的资金供应者主要是不动产银行、动产银行；其资金投向主要是工商企业固定资产更新、扩建和新建；资金借贷一般都需要以固定资产、土地、建筑物等作为担保品。

Unit 1:Unit 1:

• Part I: Part I: 1.1 Financial Markets

• Part II: Part II: 1.2 Analysis of Today’s Financial Markets

Financial Market ResearchFinancial Market Research

1.1 Financial Markets1.1 Financial Markets

In economics, a financial market is a In economics, a financial market is a mechanism that allows

people to easily buy and sell (trade) financial securities (such as

stocks and bonds), commodities (such as precious metals or

agricultural goods), and other fungible items of value at low

transaction costs and at prices that reflect the efficient-market

hypothesis.

Text :Text :

Financial markets have evolved significantly over several hunFinancial markets have evolved significantly over several hun

dred years and are undergoing constant innovation to improve dred years and are undergoing constant innovation to improve

liquidity..

Text :Text :

Text :Text :

Both general markets (where many commodities are Both general markets (where many commodities are

traded) and specialized markets (where only one commodity is traded) and specialized markets (where only one commodity is

traded) exist. Markets work by placing many interested buyers traded) exist. Markets work by placing many interested buyers

and sellers in one "place", thus making it easier for them to and sellers in one "place", thus making it easier for them to

find each other. An economy which relies primarily on find each other. An economy which relies primarily on

interactions between buyers and sellers to interactions between buyers and sellers to allocate resources is

known as a market economy in contrast either to a command

economy or to a non-market economy such as a gift economy.

Both general markets (where many commodities are Both general markets (where many commodities are

traded) and specialized markets (where only one commodity is traded) and specialized markets (where only one commodity is

traded) exist. Markets work by placing many interested buyers traded) exist. Markets work by placing many interested buyers

and sellers in one "place", thus making it easier for them to and sellers in one "place", thus making it easier for them to

find each other. An economy which relies primarily on find each other. An economy which relies primarily on

interactions between buyers and sellers to interactions between buyers and sellers to allocate resources is

known as a market economy in contrast either to a command

economy or to a non-market economy such as a gift economy.

Text :Text :

In finance, financial markets In finance, financial markets facilitate –

The raising of capital (in the capital markets); The raising of capital (in the capital markets);

The transfer of risk (in the derivatives markets); The transfer of risk (in the derivatives markets);

International trade (in the currency markets) International trade (in the currency markets)

– – and are used to match those who want capital to those who and are used to match those who want capital to those who

have it.have it.

In finance, financial markets In finance, financial markets facilitate –

The raising of capital (in the capital markets); The raising of capital (in the capital markets);

The transfer of risk (in the derivatives markets); The transfer of risk (in the derivatives markets);

International trade (in the currency markets) International trade (in the currency markets)

– – and are used to match those who want capital to those who and are used to match those who want capital to those who

have it.have it.

Text :Text :

Typically a borrower issues a receipt to the lender

promising to pay back the capital. These receipts are securities

which may be freely bought or sold. In return for lending money

to the borrower, the lender will expect some compensation in the

form of interest or dividends..

Typically a borrower issues a receipt to the lender

promising to pay back the capital. These receipts are securities

which may be freely bought or sold. In return for lending money

to the borrower, the lender will expect some compensation in the

form of interest or dividends..

Text :Text :

DEFINITIONDEFINITION

In economics, typically, the term market means the In economics, typically, the term market means the

aggregate of possible buyers and sellers of a thing and the transa of possible buyers and sellers of a thing and the transa

ctions between them.ctions between them.

DEFINITIONDEFINITION

In economics, typically, the term market means the In economics, typically, the term market means the

aggregate of possible buyers and sellers of a thing and the transa of possible buyers and sellers of a thing and the transa

ctions between them.ctions between them.

Text :Text :

The term "market" is sometimes used for what are more The term "market" is sometimes used for what are more

strictly exchanges, organizations that facilitate the trade in strictly exchanges, organizations that facilitate the trade in

financial securities, e.g., a stock exchange or commodity financial securities, e.g., a stock exchange or commodity

exchange. This may be a physical location (like the NYSE) or an exchange. This may be a physical location (like the NYSE) or an

electronic system (like NASDAQ). Much trading of stocks takes electronic system (like NASDAQ). Much trading of stocks takes

place on an exchange; still, corporate actions (merger, place on an exchange; still, corporate actions (merger, spinoff)

are outside an exchange, while any two companies or people, for

whatever reason, may agree to sell stock from the one to the

other without using an exchange.

The term "market" is sometimes used for what are more The term "market" is sometimes used for what are more

strictly exchanges, organizations that facilitate the trade in strictly exchanges, organizations that facilitate the trade in

financial securities, e.g., a stock exchange or commodity financial securities, e.g., a stock exchange or commodity

exchange. This may be a physical location (like the NYSE) or an exchange. This may be a physical location (like the NYSE) or an

electronic system (like NASDAQ). Much trading of stocks takes electronic system (like NASDAQ). Much trading of stocks takes

place on an exchange; still, corporate actions (merger, place on an exchange; still, corporate actions (merger, spinoff)

are outside an exchange, while any two companies or people, for

whatever reason, may agree to sell stock from the one to the

other without using an exchange.

Text :Text :

Trading of currencies and bonds is largely on a bilateral

basis, although some bonds trade on a stock exchange, and

people are building electronic systems for these as well, similar

to stock exchanges.

Financial markets can be domestic or they can be

international.

Trading of currencies and bonds is largely on a bilateral

basis, although some bonds trade on a stock exchange, and

people are building electronic systems for these as well, similar

to stock exchanges.

Financial markets can be domestic or they can be

international.

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TYPES OF FINANCIAL MARKETSTYPES OF FINANCIAL MARKETS

The financial markets can be divided into different subtypes:

Capital markets which consist of:

•Stock markets, which provide financing through the

issuance of shares or common stock, and enable the

subsequent trading thereof.

•Bond markets, which provide financing through the

issuance of bonds, and enable the subsequent trading

thereof.

TYPES OF FINANCIAL MARKETSTYPES OF FINANCIAL MARKETS

The financial markets can be divided into different subtypes:

Capital markets which consist of:

•Stock markets, which provide financing through the

issuance of shares or common stock, and enable the

subsequent trading thereof.

•Bond markets, which provide financing through the

issuance of bonds, and enable the subsequent trading

thereof.

Text :Text :

Commodity markets, which facilitate the trading of

commodities.

Money markets, which provide short term debt financing and

investment.

Derivatives markets, which provide instruments for the

management of financial risk.

•Futures markets, which provide standardized forward

contracts for trading products at some future date.

Commodity markets, which facilitate the trading of

commodities.

Money markets, which provide short term debt financing and

investment.

Derivatives markets, which provide instruments for the

management of financial risk.

•Futures markets, which provide standardized forward

contracts for trading products at some future date.

Text :Text :

Insurance marketsInsurance markets, which facilitate the redistri, which facilitate the redistri

bution of various risks. bution of various risks.

Foreign exchange marketsForeign exchange markets, which facilitate the , which facilitate the

trading of foreign exchange. trading of foreign exchange.

Insurance marketsInsurance markets, which facilitate the redistri, which facilitate the redistri

bution of various risks. bution of various risks.

Foreign exchange marketsForeign exchange markets, which facilitate the , which facilitate the

trading of foreign exchange. trading of foreign exchange.

The capital markets consist of primary markets and secondarThe capital markets consist of primary markets and secondar

y markets. Newly formed (issued) securities are bought or sold in y markets. Newly formed (issued) securities are bought or sold in

primary markets. Secondary markets allow investors to sell securitprimary markets. Secondary markets allow investors to sell securit

ies that they hold or buy existing securities.ies that they hold or buy existing securities.

The capital markets consist of primary markets and secondarThe capital markets consist of primary markets and secondar

y markets. Newly formed (issued) securities are bought or sold in y markets. Newly formed (issued) securities are bought or sold in

primary markets. Secondary markets allow investors to sell securitprimary markets. Secondary markets allow investors to sell securit

ies that they hold or buy existing securities.ies that they hold or buy existing securities.

Text :Text :

THE PURPOSE OF FINANCIAL MARKETTHE PURPOSE OF FINANCIAL MARKET

Without financial markets, borrowers would have difficulty fi

nding lenders themselves. Intermediaries such as banks help in this

process. Banks take deposits from those who have money to save. T

hey can then lend money from this pool of deposited money to thos

e who seek to borrow. Banks popularly lend money in the form of

loans and mortgages.

THE PURPOSE OF FINANCIAL MARKETTHE PURPOSE OF FINANCIAL MARKET

Without financial markets, borrowers would have difficulty fi

nding lenders themselves. Intermediaries such as banks help in this

process. Banks take deposits from those who have money to save. T

hey can then lend money from this pool of deposited money to thos

e who seek to borrow. Banks popularly lend money in the form of

loans and mortgages.

Text :Text :

More complex transactions than a simple bank deposit require

markets where lenders and their agents can meet borrowers and

their agents, and where existing borrowing or lending commitments

can be sold on to other parties. A good example of a financial

market is a stock exchange. A company can raise money by selling

shares to investors and its existing shares can be bought or sold.

More complex transactions than a simple bank deposit require

markets where lenders and their agents can meet borrowers and

their agents, and where existing borrowing or lending commitments

can be sold on to other parties. A good example of a financial

market is a stock exchange. A company can raise money by selling

shares to investors and its existing shares can be bought or sold.

Text :Text :

The following illustrates where financial markets fit in the relationship between lenders and borrowers:

Lenders

Individuals

Many individuals are not aware that they are lenders, but almost everybody does lend money in many ways. A person lends money when he or she:

•puts money in a savings account at a bank;

•contributes to a pension plan;

•pays premiums to an insurance company;

•invests in government bonds; or

•invests in company shares.

The following illustrates where financial markets fit in the relationship between lenders and borrowers:

Lenders

Individuals

Many individuals are not aware that they are lenders, but almost everybody does lend money in many ways. A person lends money when he or she:

•puts money in a savings account at a bank;

•contributes to a pension plan;

•pays premiums to an insurance company;

•invests in government bonds; or

•invests in company shares.

Text :Text :

Companies tend to be borrowers of capital. When companies Companies tend to be borrowers of capital. When companies

have surplus cash that is not needed for a short period of time, have surplus cash that is not needed for a short period of time,

they may seek to make money from their cash surplus by lending they may seek to make money from their cash surplus by lending

it via short term markets called money markets.it via short term markets called money markets.

There are a few companies that have very strong cash There are a few companies that have very strong cash

flows. These companies tend to be lenders rather than borrowers. flows. These companies tend to be lenders rather than borrowers.

Such companies may decide to return cash to lenders (e.g. via a Such companies may decide to return cash to lenders (e.g. via a

share buyback.) Alternatively, they may seek to make more share buyback.) Alternatively, they may seek to make more

money on their cash by lending it (e.g. investing in bonds and money on their cash by lending it (e.g. investing in bonds and

stocks.)stocks.)

Companies tend to be borrowers of capital. When companies Companies tend to be borrowers of capital. When companies

have surplus cash that is not needed for a short period of time, have surplus cash that is not needed for a short period of time,

they may seek to make money from their cash surplus by lending they may seek to make money from their cash surplus by lending

it via short term markets called money markets.it via short term markets called money markets.

There are a few companies that have very strong cash There are a few companies that have very strong cash

flows. These companies tend to be lenders rather than borrowers. flows. These companies tend to be lenders rather than borrowers.

Such companies may decide to return cash to lenders (e.g. via a Such companies may decide to return cash to lenders (e.g. via a

share buyback.) Alternatively, they may seek to make more share buyback.) Alternatively, they may seek to make more

money on their cash by lending it (e.g. investing in bonds and money on their cash by lending it (e.g. investing in bonds and

stocks.)stocks.)

CompaniesCompaniesCompaniesCompanies

Text :Text :

BorrowersBorrowers

Individuals borrow money via bankers' loans for short term Individuals borrow money via bankers' loans for short term

needs or longer term mortgages to help finance a house purchase.needs or longer term mortgages to help finance a house purchase.

Companies borrow money to aid short term or long term cash Companies borrow money to aid short term or long term cash

flows. They also borrow to fund modernisation or future business flows. They also borrow to fund modernisation or future business

expansion.expansion.

BorrowersBorrowers

Individuals borrow money via bankers' loans for short term Individuals borrow money via bankers' loans for short term

needs or longer term mortgages to help finance a house purchase.needs or longer term mortgages to help finance a house purchase.

Companies borrow money to aid short term or long term cash Companies borrow money to aid short term or long term cash

flows. They also borrow to fund modernisation or future business flows. They also borrow to fund modernisation or future business

expansion.expansion.

Text :Text :

Governments often find their spending requirements exceed Governments often find their spending requirements exceed

their tax revenues. To make up this difference, they need to borrow. their tax revenues. To make up this difference, they need to borrow.

Governments also borrow on behalf of nationalised industries, Governments also borrow on behalf of nationalised industries,

municipalities, local authorities and other public sector bodies.municipalities, local authorities and other public sector bodies.

Governments borrow by issuing bonds. Government debt Governments borrow by issuing bonds. Government debt

seems to be permanent. Indeed the debt seemingly expands rather seems to be permanent. Indeed the debt seemingly expands rather

than being paid off. One strategy used by governments to reduce than being paid off. One strategy used by governments to reduce

the value of the debt is to influence inflation.the value of the debt is to influence inflation.

Governments often find their spending requirements exceed Governments often find their spending requirements exceed

their tax revenues. To make up this difference, they need to borrow. their tax revenues. To make up this difference, they need to borrow.

Governments also borrow on behalf of nationalised industries, Governments also borrow on behalf of nationalised industries,

municipalities, local authorities and other public sector bodies.municipalities, local authorities and other public sector bodies.

Governments borrow by issuing bonds. Government debt Governments borrow by issuing bonds. Government debt

seems to be permanent. Indeed the debt seemingly expands rather seems to be permanent. Indeed the debt seemingly expands rather

than being paid off. One strategy used by governments to reduce than being paid off. One strategy used by governments to reduce

the value of the debt is to influence inflation.the value of the debt is to influence inflation.

Text :Text :

Municipalities and local authorities may borrow in their

own name as well as receiving funding from national

governments.

Public Corporations typically include nationalised

industries. These may include the postal services, railway

companies and utility companies.

Many borrowers have difficulty raising money locally

They need to borrow internationally with the aid of Foreign

exchange markets.

Municipalities and local authorities may borrow in their

own name as well as receiving funding from national

governments.

Public Corporations typically include nationalised

industries. These may include the postal services, railway

companies and utility companies.

Many borrowers have difficulty raising money locally

They need to borrow internationally with the aid of Foreign

exchange markets.

Text :Text :

DERIVATIVE PRODUCTSDERIVATIVE PRODUCTS

During the 1980s and 1990s, a major growth sector in

financial markets is the trade in so called derivative products, or

derivatives for short.

In the financial markets, stock prices, bond prices, currency

rates, interest rates and dividends go up and down, creating risk.

Derivative products are financial products which are used to

control risk or paradoxically exploit risk. It is also called

financial economics.

DERIVATIVE PRODUCTSDERIVATIVE PRODUCTS

During the 1980s and 1990s, a major growth sector in

financial markets is the trade in so called derivative products, or

derivatives for short.

In the financial markets, stock prices, bond prices, currency

rates, interest rates and dividends go up and down, creating risk.

Derivative products are financial products which are used to

control risk or paradoxically exploit risk. It is also called

financial economics.

Text :Text :

1.2 Analysis of Today’s Financial Markets--World

gripped by largest financial crisis in 100 years

1.2 Analysis of Today’s Financial Markets--World

gripped by largest financial crisis in 100 years

Much effort has gone into the study of financial markets and

how prices vary with time. Charles Dow, one of the founders of

Dow Jones & Company and The Wall Street Journal, enunciated

a set of ideas on the subject which are now called Dow Theory. T

his is the basis of the so-called technical analysis method of atte

mpting to predict future changes.

Much effort has gone into the study of financial markets and

how prices vary with time. Charles Dow, one of the founders of

Dow Jones & Company and The Wall Street Journal, enunciated

a set of ideas on the subject which are now called Dow Theory. T

his is the basis of the so-called technical analysis method of atte

mpting to predict future changes.

Text :Text :

One of the tenets of "technical analysis" is that market trends

give an indication of the future, at least in the short term. The

claims of the technical analysts are disputed by many

academics, who claim that the evidence points rather to the

random walk hypothesis, which states that the next change is

not correlated to the last change.

One of the tenets of "technical analysis" is that market trends

give an indication of the future, at least in the short term. The

claims of the technical analysts are disputed by many

academics, who claim that the evidence points rather to the

random walk hypothesis, which states that the next change is

not correlated to the last change.

Text :Text :

The scale of changes in price over some unit of time is

called the volatility. The scale of change, or volatility, depends

on the length of the time unit to a power a bit more than 1/2.

Financial markets are merely tools. Like all tools they

have both beneficial and harmful uses. Overall, financial

markets are used by honest people. Otherwise, people would

turn away from them en masse. As in other walks of life, the

financial markets have their fair share of rogue elements.

The scale of changes in price over some unit of time is

called the volatility. The scale of change, or volatility, depends

on the length of the time unit to a power a bit more than 1/2.

Financial markets are merely tools. Like all tools they

have both beneficial and harmful uses. Overall, financial

markets are used by honest people. Otherwise, people would

turn away from them en masse. As in other walks of life, the

financial markets have their fair share of rogue elements.

Text :Text :

Today’s financial crisis is described the current financial

crisis as an even that occurs once in 100 years. Indeed, the world

has not witnessed such a massive financial collapse for a very

long time already. The bankruptcy of Lehman Brothers will

become the largest bankruptcy in the corporate history of the

United States. USA’s largest insurance company, AIG, also

stands on the brink of collapse. It’s also reported that the market

remains in a state of shock, being unable to realize and cope with

all consequences of the recent events.

Today’s financial crisis is described the current financial

crisis as an even that occurs once in 100 years. Indeed, the world

has not witnessed such a massive financial collapse for a very

long time already. The bankruptcy of Lehman Brothers will

become the largest bankruptcy in the corporate history of the

United States. USA’s largest insurance company, AIG, also

stands on the brink of collapse. It’s also reported that the market

remains in a state of shock, being unable to realize and cope with

all consequences of the recent events.

Text :Text :

The decision of the US financial authorities not to render

support to Lehman Brothers means that the state virtually

makes the investment and bank sector to deal with its

problems alone. Furthermore, the decision of the Federal

Reserve System to keep the interest rate on the level of 2% is

another proof of the fact that the authorities are not ready to

take the risks of the system.

The decision of the US financial authorities not to render

support to Lehman Brothers means that the state virtually

makes the investment and bank sector to deal with its

problems alone. Furthermore, the decision of the Federal

Reserve System to keep the interest rate on the level of 2% is

another proof of the fact that the authorities are not ready to

take the risks of the system.

Text :Text :

It became known that the FRS intended to conduct currency int

erventions to maintain the liquidity of the market. The FRS decided

to invest the additional $50 billion in the national financial system.

Market members were 100% certain that the interest rate would be

reduced, thinking that the two measures would logically supplemen

t each other. As it turns out , they thought it wrong .

It became known that the FRS intended to conduct currency int

erventions to maintain the liquidity of the market. The FRS decided

to invest the additional $50 billion in the national financial system.

Market members were 100% certain that the interest rate would be

reduced, thinking that the two measures would logically supplemen

t each other. As it turns out , they thought it wrong .

Text :Text :

The bankruptcy of Lehman Brothers and the FRS decision

have aggravated the international crisis of liquidity even further.

The financial authorities of world’s largest countries took urgent

measures to hold multi-billion-dollar currency interventions on

their markets with a hope to avoid the crisis. Investors panicked

and started selling their shares, which made European and Asian

stock indexes drop by 2-5 percent.

The bankruptcy of Lehman Brothers and the FRS decision

have aggravated the international crisis of liquidity even further.

The financial authorities of world’s largest countries took urgent

measures to hold multi-billion-dollar currency interventions on

their markets with a hope to avoid the crisis. Investors panicked

and started selling their shares, which made European and Asian

stock indexes drop by 2-5 percent.

Text :Text :

It will obviously take long for the market to realize the It will obviously take long for the market to realize the

consequences of Lehman Brothers bankruptcy. The world consequences of Lehman Brothers bankruptcy. The world

financial system will be different afterwards. financial system will be different afterwards.

The Bank of Japan assigned $25 billion to maintain the The Bank of Japan assigned $25 billion to maintain the

liquidity of the Japanese market. The government of the country liquidity of the Japanese market. The government of the country

also held a special meeting with the participation of the also held a special meeting with the participation of the

chairman of the nation’s central bank and ministers for economy chairman of the nation’s central bank and ministers for economy

and finance. The meeting was held in connection with the and finance. The meeting was held in connection with the

bankruptcy of Lehman Brothers.bankruptcy of Lehman Brothers.

It will obviously take long for the market to realize the It will obviously take long for the market to realize the

consequences of Lehman Brothers bankruptcy. The world consequences of Lehman Brothers bankruptcy. The world

financial system will be different afterwards. financial system will be different afterwards.

The Bank of Japan assigned $25 billion to maintain the The Bank of Japan assigned $25 billion to maintain the

liquidity of the Japanese market. The government of the country liquidity of the Japanese market. The government of the country

also held a special meeting with the participation of the also held a special meeting with the participation of the

chairman of the nation’s central bank and ministers for economy chairman of the nation’s central bank and ministers for economy

and finance. The meeting was held in connection with the and finance. The meeting was held in connection with the

bankruptcy of Lehman Brothers.bankruptcy of Lehman Brothers.

Text :Text :

The ministers decided to coordinate all further steps in the

financial field with the USA and the EU. The collapse of Lehman

Brothers will evince a restricted influence on the Japanese

financial market, although it does can affect the economy of

Japan on the whole in the future.

The stock indexes of Japan, Hong Kong, South Korea,

Taiwan and the Philippines dropped by over 4 percent.

The ministers decided to coordinate all further steps in the

financial field with the USA and the EU. The collapse of Lehman

Brothers will evince a restricted influence on the Japanese

financial market, although it does can affect the economy of

Japan on the whole in the future.

The stock indexes of Japan, Hong Kong, South Korea,

Taiwan and the Philippines dropped by over 4 percent.

Text :Text :

The European Central Bank invested $70 billion euros, which The European Central Bank invested $70 billion euros, which

was 700 million euros more than the amount invested by the bank was 700 million euros more than the amount invested by the bank

on September 12, 2001 after the terrorist attacks in New York. on September 12, 2001 after the terrorist attacks in New York.

The Bank of England offered market members 20 billion The Bank of England offered market members 20 billion

pounds, although the demand was evaluated at 60 billion. pounds, although the demand was evaluated at 60 billion.

The European Central Bank invested $70 billion euros, which The European Central Bank invested $70 billion euros, which

was 700 million euros more than the amount invested by the bank was 700 million euros more than the amount invested by the bank

on September 12, 2001 after the terrorist attacks in New York. on September 12, 2001 after the terrorist attacks in New York.

The Bank of England offered market members 20 billion The Bank of England offered market members 20 billion

pounds, although the demand was evaluated at 60 billion. pounds, although the demand was evaluated at 60 billion.

Text :Text :

The British FTSE dropped by 3.43 percent to 5025.60 point

s. The German index DAX Xetra 30 dropped by 1.57 percent to

5968.90. The French CAC 40 closed with a reduction of 1.96 pe

rcent on the level of 4087.40. The composite European index D

ow Jones Stock 600 lost 2.64%, to 263.54 points.

The British FTSE dropped by 3.43 percent to 5025.60 point

s. The German index DAX Xetra 30 dropped by 1.57 percent to

5968.90. The French CAC 40 closed with a reduction of 1.96 pe

rcent on the level of 4087.40. The composite European index D

ow Jones Stock 600 lost 2.64%, to 263.54 points.

Text :Text :

The Finance Ministry of the Russian Federation will assign

the additional 350 billion rubles to maintain the liquidity of the

Russian market. The bankruptcy of the USA’s fourth largest

investment bank and the collapse of the US financial market

triggered a sudden reduction of Russian stocks too.

The Finance Ministry of the Russian Federation will assign

the additional 350 billion rubles to maintain the liquidity of the

Russian market. The bankruptcy of the USA’s fourth largest

investment bank and the collapse of the US financial market

triggered a sudden reduction of Russian stocks too.

Text :Text :

The prices of Russia’s liquid shares reduced by 8-30.6

percent. RTS and MICEX, Russia’s two major stock exch

anges, were forced to close the tender one hour ahead of s

cheduled time. The RTS index dropped by 11.47%, to 113

1.12. The MICEX index reduced by 17.45%, to 881.17 poi

nts .

Such a large financial collapse has not been happening

in Russia after the default of 1998.

The prices of Russia’s liquid shares reduced by 8-30.6

percent. RTS and MICEX, Russia’s two major stock exch

anges, were forced to close the tender one hour ahead of s

cheduled time. The RTS index dropped by 11.47%, to 113

1.12. The MICEX index reduced by 17.45%, to 881.17 poi

nts .

Such a large financial collapse has not been happening

in Russia after the default of 1998.

Text :Text :

Russia’s Finance Ministry will reportedly assign 350 billion

more rubles to maintain the liquidity on the home market. The

total sum of the financial support thus makes up 825 billion

rubles or 33 billion dollars, which is quite comparable with the

amount invested by the US Federal Reserve System.

Russia’s Finance Ministry will reportedly assign 350 billion

more rubles to maintain the liquidity on the home market. The

total sum of the financial support thus makes up 825 billion

rubles or 33 billion dollars, which is quite comparable with the

amount invested by the US Federal Reserve System.

Text :Text :

Russian experts say that the economic potential of the nation Russian experts say that the economic potential of the nation

will let the country survive the financial crisis without will let the country survive the financial crisis without

considerable losses. The Russian economy today is a lot bigger considerable losses. The Russian economy today is a lot bigger

than it used to be ten years ago. Most likely, Russia will than it used to be ten years ago. Most likely, Russia will

experience a depression during two or three years. Others say, experience a depression during two or three years. Others say,

though, that the growing bubble of Russia’s prospering oil though, that the growing bubble of Russia’s prospering oil

economy will begin to deflate.economy will begin to deflate.

Russian experts say that the economic potential of the nation Russian experts say that the economic potential of the nation

will let the country survive the financial crisis without will let the country survive the financial crisis without

considerable losses. The Russian economy today is a lot bigger considerable losses. The Russian economy today is a lot bigger

than it used to be ten years ago. Most likely, Russia will than it used to be ten years ago. Most likely, Russia will

experience a depression during two or three years. Others say, experience a depression during two or three years. Others say,

though, that the growing bubble of Russia’s prospering oil though, that the growing bubble of Russia’s prospering oil

economy will begin to deflate.economy will begin to deflate.

Text : Language PointsText : Language Points

mechanismmechanism n. An instrument or a process, physical or mental, n. An instrument or a process, physical or mental,

by which something is done or comes into being by which something is done or comes into being 机制机制

eg. planned economy and market eg. planned economy and market mechanism mechanism

计划经济与市场机制计划经济与市场机制

the price formation the price formation mechanism mechanism

改革价格形成机制改革价格形成机制

transmission transmission mechanismmechanism of monetary policy of monetary policy

货币政策传导机制货币政策传导机制

mechanismmechanism n. An instrument or a process, physical or mental, n. An instrument or a process, physical or mental,

by which something is done or comes into being by which something is done or comes into being 机制机制

eg. planned economy and market eg. planned economy and market mechanism mechanism

计划经济与市场机制计划经济与市场机制

the price formation the price formation mechanism mechanism

改革价格形成机制改革价格形成机制

transmission transmission mechanismmechanism of monetary policy of monetary policy

货币政策传导机制货币政策传导机制


securitysecurity n. A document indicating ownership or creditorship;

a stock certificate or bond. 有价证券：标明所有权和债权的文件；股票证书或证券 eg. listed security and unlisted security

上市证券与非上市证券 analysis of security quotation

证券行情分析

securitysecurity n. A document indicating ownership or creditorship;

a stock certificate or bond. 有价证券：标明所有权和债权的文件；股票证书或证券 eg. listed security and unlisted security

上市证券与非上市证券 analysis of security quotation

证券行情分析


commoditycommodity n. an article of trade or commerce, especially an agric

ultural or mining product, that can be transported 一种贸易或商业物品。尤指农业或矿产品，能够运输 eg. links of commodity circulation

商品流通环节

process of process of commoditycommodity circulation circulation

商品流通过程商品流通过程

commoditycommodity circulation within commercial sector circulation within commercial sector

商业部门内部的商品流通商业部门内部的商品流通

commoditycommodity n. an article of trade or commerce, especially an agric

ultural or mining product, that can be transported 一种贸易或商业物品。尤指农业或矿产品，能够运输 eg. links of commodity circulation

商品流通环节

process of process of commoditycommodity circulation circulation

商品流通过程商品流通过程

commoditycommodity circulation within commercial sector circulation within commercial sector

商业部门内部的商品流通商业部门内部的商品流通


fungiblefungible a. returnable or negotiable in kind or by substitution

可代替的 eg. Debt securities issued by the four statutory bodies or governmen

t-owned corporations are fungible with Exchange Fund paper.

由四家法定机构或政府持有公司发行的债务证券可以与外汇基金票据及债券互换。

fungiblefungible a. returnable or negotiable in kind or by substitution

可代替的 eg. Debt securities issued by the four statutory bodies or governmen

t-owned corporations are fungible with Exchange Fund paper.

由四家法定机构或政府持有公司发行的债务证券可以与外汇基金票据及债券互换。


hypothesishypothesis n. A tentative explanation that accounts for a set of facts and can be tested by further investigation; a theory. 前提：对一系列事实进行说明的暂时解释，它能被进一步的调查检验；一个理论 eg. a working definition, hypothesis, theory 暂定的定义、假设、理论

to assert as a to assert as a hypothesishypothesis. .

假设假设 ;; 假定作为一个假设提出假定作为一个假设提出

hypothesishypothesis n. A tentative explanation that accounts for a set of facts and can be tested by further investigation; a theory. 前提：对一系列事实进行说明的暂时解释，它能被进一步的调查检验；一个理论 eg. a working definition, hypothesis, theory 暂定的定义、假设、理论

to assert as a to assert as a hypothesishypothesis. .

假设假设 ;; 假定作为一个假设提出假定作为一个假设提出


liquidityliquidity n. available cash or the capacity to obtain it on demand

流动性 eg. Hong Kong’s financial markets are characterized by a high degr

ee of liquidity.

香港金融市场的特色是资金流动性高。 These bonds are largely held by financial institutions for trading

and liquidity management purposes.

这些债券大部分由金融机构持有，以用作买卖及管理流动资金的需要。

liquidityliquidity n. available cash or the capacity to obtain it on demand

流动性 eg. Hong Kong’s financial markets are characterized by a high degr

ee of liquidity.

香港金融市场的特色是资金流动性高。 These bonds are largely held by financial institutions for trading

and liquidity management purposes.

这些债券大部分由金融机构持有，以用作买卖及管理流动资金的需要。


allocateallocate v. to distribute according to a plan; allot 分配，分派 eg. They will allocate fund for housing. 他们将拨出经费建房。 We allocate 10% of revenue to publicity. 我们拨出１０％的营业收用于广告宣传。 allocate of money for a particular purpose

为某一特别目的拨钱

allocateallocate v. to distribute according to a plan; allot 分配，分派 eg. They will allocate fund for housing. 他们将拨出经费建房。 We allocate 10% of revenue to publicity. 我们拨出１０％的营业收用于广告宣传。 allocate of money for a particular purpose

为某一特别目的拨钱


gift economygift economy

A gift economy is an economic system in which the preval

ent mode of exchange is for goods and services to be given with

out explicit agreement upon a quid pro quo. Typically, this occur

s in a cultural context where there is an expectation either of reci

procation—in the form of goods or services of comparable value,

or of political support, general loyalty, honor to the giver, etc.—

or of the gift being passed on in some other manner. 礼品经济

gift economygift economy

A gift economy is an economic system in which the preval

ent mode of exchange is for goods and services to be given with

out explicit agreement upon a quid pro quo. Typically, this occur

s in a cultural context where there is an expectation either of reci

procation—in the form of goods or services of comparable value,

or of political support, general loyalty, honor to the giver, etc.—

or of the gift being passed on in some other manner. 礼品经济


facilitatefacilitate v. to make easy or easierv. to make easy or easier 帮助帮助 , , 促进促进

eg. Tractors and other agricultural machines greatly eg. Tractors and other agricultural machines greatly facilitatefacilitate far far

ming. ming.

拖拉机及其它农业机械大大方便了农业耕作。拖拉机及其它农业机械大大方便了农业耕作。

These systems aim to protect and These systems aim to protect and facilitatefacilitate legitimate trade. legitimate trade.

这些制度旨在保障和利于正当工商业的经营。这些制度旨在保障和利于正当工商业的经营。

facilitatefacilitate v. to make easy or easierv. to make easy or easier 帮助帮助 , , 促进促进

eg. Tractors and other agricultural machines greatly eg. Tractors and other agricultural machines greatly facilitatefacilitate far far

ming. ming.

拖拉机及其它农业机械大大方便了农业耕作。拖拉机及其它农业机械大大方便了农业耕作。

These systems aim to protect and These systems aim to protect and facilitatefacilitate legitimate trade. legitimate trade.

这些制度旨在保障和利于正当工商业的经营。这些制度旨在保障和利于正当工商业的经营。


dividenddividend n. n. 红利红利 , , 股息股息 ; ; 债息债息 ; ; 利息利息 ; ; 被分成几股的一笔被分成几股的一笔

资金资金

eg. A stock price ex eg. A stock price ex dividenddividend. .

不包括股息的股票价格不包括股息的股票价格

These shares yield a These shares yield a dividenddividend of 10%. of 10%.

这些股票有一成的股利。这些股票有一成的股利。

dividenddividend n. n. 红利红利 , , 股息股息 ; ; 债息债息 ; ; 利息利息 ; ; 被分成几股的一笔被分成几股的一笔

资金资金

eg. A stock price ex eg. A stock price ex dividenddividend. .

不包括股息的股票价格不包括股息的股票价格

These shares yield a These shares yield a dividenddividend of 10%. of 10%.

这些股票有一成的股利。这些股票有一成的股利。


aggregateaggregate v. constituting or amounting to a whole; totalv. constituting or amounting to a whole; total 聚集聚集 , ,

集合集合 , , 合计合计

eg. The money collected will eg. The money collected will aggregateaggregate a thousand dollars. a thousand dollars.

进帐总额将达一千美元。进帐总额将达一千美元。

aggregateaggregate v. constituting or amounting to a whole; totalv. constituting or amounting to a whole; total 聚集聚集 , ,

集合集合 , , 合计合计

eg. The money collected will eg. The money collected will aggregateaggregate a thousand dollars. a thousand dollars.

进帐总额将达一千美元。进帐总额将达一千美元。


spinoffspinoff n. n. 将子公司股票分配给母公司股东将子公司股票分配给母公司股东

currencycurrency n. Money in any form when in actual use as a mediu n. Money in any form when in actual use as a mediu

m of exchange, especially circulating paper moneym of exchange, especially circulating paper money 货币货币

spinoffspinoff n. n. 将子公司股票分配给母公司股东将子公司股票分配给母公司股东

currencycurrency n. Money in any form when in actual use as a mediu n. Money in any form when in actual use as a mediu

m of exchange, especially circulating paper moneym of exchange, especially circulating paper money 货币货币


bilateralbilateral a. Affecting or undertaken by two sides equally;

binding on both parties 双边的，双方的：由双方共同影响或承担的；双方受约束的 eg. Among the 135 WTO members, 37 have requested for bilate

ral talks with China.

在世贸组织 135 个成员中，有 37 个成员要求与中国进行双边谈判。

bilateralbilateral a. Affecting or undertaken by two sides equally;

binding on both parties 双边的，双方的：由双方共同影响或承担的；双方受约束的 eg. Among the 135 WTO members, 37 have requested for bilate

ral talks with China.

在世贸组织 135 个成员中，有 37 个成员要求与中国进行双边谈判。


intermediaryintermediary n. acting as a mediator or an agent between persons o

r things 中间人 ; 媒介 eg. Conducts of intermediary institutions are being standardized to

better serve foreign invested enterprises.

规范中介机构的行为，引导中介机构更好地为外商投资企业服务。

intermediaryintermediary n. acting as a mediator or an agent between persons o

r things 中间人 ; 媒介 eg. Conducts of intermediary institutions are being standardized to

better serve foreign invested enterprises.

规范中介机构的行为，引导中介机构更好地为外商投资企业服务。


loanloan n. a sum of money lent at interest.n. a sum of money lent at interest. 贷款：附利息借出的一贷款：附利息借出的一

笔钱笔钱

eg. Do you accept eg. Do you accept loanloan, both private loan and government - to - go, both private loan and government - to - go

vernment vernment loanloan? ?

你们是否接受私人或政府间贷款你们是否接受私人或政府间贷款 ? ?

loanloan n. a sum of money lent at interest.n. a sum of money lent at interest. 贷款：附利息借出的一贷款：附利息借出的一

笔钱笔钱

eg. Do you accept eg. Do you accept loanloan, both private loan and government - to - go, both private loan and government - to - go

vernment vernment loanloan? ?

你们是否接受私人或政府间贷款你们是否接受私人或政府间贷款 ? ?


mortgagemortgage n. a loan of money which you get from a bank or a build n. a loan of money which you get from a bank or a build

ing society in order to buy a house. ing society in order to buy a house. 抵押抵押

eg. to buy a house on eg. to buy a house on mortgagemortgage/ to / to mortgagemortgage a house a house

按揭购房按揭购房

lending policies of lending policies of MortgageMortgage Banks Banks

抵押银行的借贷政策抵押银行的借贷政策

mortgagemortgage n. a loan of money which you get from a bank or a build n. a loan of money which you get from a bank or a build

ing society in order to buy a house. ing society in order to buy a house. 抵押抵押

eg. to buy a house on eg. to buy a house on mortgagemortgage/ to / to mortgagemortgage a house a house

按揭购房按揭购房

lending policies of lending policies of MortgageMortgage Banks Banks

抵押银行的借贷政策抵押银行的借贷政策


premiumpremium n. The amount paid or payable, often in installments, n. The amount paid or payable, often in installments,

for an insurance policy.for an insurance policy. 保险费保险费

eg. You can pay either an annual eg. You can pay either an annual premiumpremium of 360 or twelve monthl of 360 or twelve monthl

y y premiumpremium of 32. of 32.

你可一次性付你可一次性付 360360英镑的年度保险费，也可按月付，交英镑的年度保险费，也可按月付，交 1212

个月的，每月付个月的，每月付 3232英镑。英镑。

premiumpremium n. The amount paid or payable, often in installments, n. The amount paid or payable, often in installments,

for an insurance policy.for an insurance policy. 保险费保险费

eg. You can pay either an annual eg. You can pay either an annual premiumpremium of 360 or twelve monthl of 360 or twelve monthl

y y premiumpremium of 32. of 32.

你可一次性付你可一次性付 360360英镑的年度保险费，也可按月付，交英镑的年度保险费，也可按月付，交 1212

个月的，每月付个月的，每月付 3232英镑。英镑。


tenettenet n. an opinion, doctrine, or principle held as being true by a pn. an opinion, doctrine, or principle held as being true by a p

erson or especially by an organization. erson or especially by an organization. 宗旨：一个人尤指一个组宗旨：一个人尤指一个组

织所坚信的信念、理念或原则织所坚信的信念、理念或原则

eg. We shall pay you an agency commission of 5% on eg. We shall pay you an agency commission of 5% on tenettenet value value

of all sale against order received through you. of all sale against order received through you.

我方愿以贵公司所接获订单纯利的我方愿以贵公司所接获订单纯利的 5%5% 作为付给贵方的代作为付给贵方的代

理佣金。理佣金。

tenettenet n. an opinion, doctrine, or principle held as being true by a pn. an opinion, doctrine, or principle held as being true by a p

erson or especially by an organization. erson or especially by an organization. 宗旨：一个人尤指一个组宗旨：一个人尤指一个组

织所坚信的信念、理念或原则织所坚信的信念、理念或原则

eg. We shall pay you an agency commission of 5% on eg. We shall pay you an agency commission of 5% on tenettenet value value

of all sale against order received through you. of all sale against order received through you.

我方愿以贵公司所接获订单纯利的我方愿以贵公司所接获订单纯利的 5%5% 作为付给贵方的代作为付给贵方的代

理佣金。理佣金。


volatilityvolatility n. something that is likely to change suddenly and unex n. something that is likely to change suddenly and unex

pectly. pectly. 短暂短暂 ; ; 反复无常反复无常

eg. eg. VolatilityVolatility of capital flows can unsettle an otherwise perfectly s of capital flows can unsettle an otherwise perfectly s

ound system, as we are vividly reminded by the recent turmoil in thound system, as we are vividly reminded by the recent turmoil in th

e Asian currency markets. e Asian currency markets.

资金流动不稳定的情况，可以把一个在其他方面完全稳健资金流动不稳定的情况，可以把一个在其他方面完全稳健

的制度动摇，最近亚洲货币市场发生的风暴，就清楚提醒我们的制度动摇，最近亚洲货币市场发生的风暴，就清楚提醒我们

这一点。这一点。

volatilityvolatility n. something that is likely to change suddenly and unex n. something that is likely to change suddenly and unex

pectly. pectly. 短暂短暂 ; ; 反复无常反复无常

eg. eg. VolatilityVolatility of capital flows can unsettle an otherwise perfectly s of capital flows can unsettle an otherwise perfectly s

ound system, as we are vividly reminded by the recent turmoil in thound system, as we are vividly reminded by the recent turmoil in th

e Asian currency markets. e Asian currency markets.

资金流动不稳定的情况，可以把一个在其他方面完全稳健资金流动不稳定的情况，可以把一个在其他方面完全稳健

的制度动摇，最近亚洲货币市场发生的风暴，就清楚提醒我们的制度动摇，最近亚洲货币市场发生的风暴，就清楚提醒我们

这一点。这一点。


en masseen masse adv. in one group or body; all together adv. in one group or body; all together 全体地全体地 , , 一同一同

地地

eg. Prime Minister Yoshiro Mori's Cabinet resigned eg. Prime Minister Yoshiro Mori's Cabinet resigned enen massemasse Tues Tues

day morning, formally opening the way for Mori to announce a neday morning, formally opening the way for Mori to announce a ne

w Cabinet that will oversee a sweeping restructuring of Japan's burew Cabinet that will oversee a sweeping restructuring of Japan's bure

aucracy. aucracy.

日本首相森喜朗的内阁周二上午进行总辞，为森喜朗宣布日本首相森喜朗的内阁周二上午进行总辞，为森喜朗宣布

新内阁名单正式开启了一条路。新内阁名单正式开启了一条路。

en masseen masse adv. in one group or body; all together adv. in one group or body; all together 全体地全体地 , , 一同一同

地地

eg. Prime Minister Yoshiro Mori's Cabinet resigned eg. Prime Minister Yoshiro Mori's Cabinet resigned enen massemasse Tues Tues

day morning, formally opening the way for Mori to announce a neday morning, formally opening the way for Mori to announce a ne

w Cabinet that will oversee a sweeping restructuring of Japan's burew Cabinet that will oversee a sweeping restructuring of Japan's bure

aucracy. aucracy.

日本首相森喜朗的内阁周二上午进行总辞，为森喜朗宣布日本首相森喜朗的内阁周二上午进行总辞，为森喜朗宣布

新内阁名单正式开启了一条路。新内阁名单正式开启了一条路。


shareshare n. any of the equal parts into which the capital stock of a corn. any of the equal parts into which the capital stock of a cor

poration or company is divided. poration or company is divided. 股份：一个合作公司或公司的股股份：一个合作公司或公司的股

票资金被分成相等部分的任一份票资金被分成相等部分的任一份

eg. The company was formed with 200,0000 eg. The company was formed with 200,0000 sharesshares. .

该公司由该公司由 200200万股组成。万股组成。

shareshare n. any of the equal parts into which the capital stock of a corn. any of the equal parts into which the capital stock of a cor

poration or company is divided. poration or company is divided. 股份：一个合作公司或公司的股股份：一个合作公司或公司的股

票资金被分成相等部分的任一份票资金被分成相等部分的任一份

eg. The company was formed with 200,0000 eg. The company was formed with 200,0000 sharesshares. .

该公司由该公司由 200200万股组成。万股组成。


deflatedeflate v. To reduce the amount or availability of (currency or crediv. To reduce the amount or availability of (currency or credi

t), effecting a decline in prices.t), effecting a decline in prices. 紧缩：减少（通货或信贷）的数紧缩：减少（通货或信贷）的数

额或可获得性，导致价格下降额或可获得性，导致价格下降

eg. to eg. to deflatedeflate the self-importance of. the self-importance of.

使…有自知之明使…有自知之明

The unforgettable debate quip that can The unforgettable debate quip that can deflatedeflate a candidacy is th a candidacy is th

e worst nightmare of any presidential hopeful. e worst nightmare of any presidential hopeful.

那些人们津津乐道的令候选人感到灰心丧气的讽刺挖苦，那些人们津津乐道的令候选人感到灰心丧气的讽刺挖苦，

对于任何有可能成为总统的人，都是一场噩梦。对于任何有可能成为总统的人，都是一场噩梦。

deflatedeflate v. To reduce the amount or availability of (currency or crediv. To reduce the amount or availability of (currency or credi

t), effecting a decline in prices.t), effecting a decline in prices. 紧缩：减少（通货或信贷）的数紧缩：减少（通货或信贷）的数

额或可获得性，导致价格下降额或可获得性，导致价格下降

eg. to eg. to deflatedeflate the self-importance of. the self-importance of.

使…有自知之明使…有自知之明

The unforgettable debate quip that can The unforgettable debate quip that can deflatedeflate a candidacy is th a candidacy is th

e worst nightmare of any presidential hopeful. e worst nightmare of any presidential hopeful.

那些人们津津乐道的令候选人感到灰心丧气的讽刺挖苦，那些人们津津乐道的令候选人感到灰心丧气的讽刺挖苦，

对于任何有可能成为总统的人，都是一场噩梦。对于任何有可能成为总统的人，都是一场噩梦。

ExercisesExercises

Paraphrase the following expressions or abbreviations and translate them into Chinese

1. security 6. share

2. commodity 7. NASDAQ

3. liquidity 8. CEB

4. dividend 9. ADBC

5. spinoff 10. CBRC

1. security 6. share

2. commodity 7. NASDAQ

3. liquidity 8. CEB

4. dividend 9. ADBC

5. spinoff 10. CBRC

Check-upCheck-upCheck-upCheck-up Check-upCheck-upCheck-upCheck-up

Exercises-KeysExercises-Keys

1. security: a document indicating ownership or creditorship; a stock certificate or bond. 有价证券：标明所有权和债权的文件；股票证书或证券

2. commodity: an article of trade or commerce, especially an agricultural or mining product, that can be transported 一种贸易或商业物品。尤指农业或矿产品，能够运输

3. liquidity: available cash or the capacity to obtain it on demand 流动性

4. dividend: 红利 , 股息 ; 债息 ; 利息 ; 被分成几股的一笔资金

5. spinoff: 将子公司股票分配给母公司股东

1. security: a document indicating ownership or creditorship; a stock certificate or bond. 有价证券：标明所有权和债权的文件；股票证书或证券

2. commodity: an article of trade or commerce, especially an agricultural or mining product, that can be transported 一种贸易或商业物品。尤指农业或矿产品，能够运输

3. liquidity: available cash or the capacity to obtain it on demand 流动性

4. dividend: 红利 , 股息 ; 债息 ; 利息 ; 被分成几股的一笔资金

5. spinoff: 将子公司股票分配给母公司股东

Exercises-KeysExercises-Keys

6.6. share: any of the equal parts into which the capital stock of a share: any of the equal parts into which the capital stock of a

corporation or company is divided. corporation or company is divided. 股份：一个合作公司或股份：一个合作公司或

公司的股票资金被分成相等部分的任一份公司的股票资金被分成相等部分的任一份

7.7. NASDAQNASDAQ : National Association of Securities Dealers A: National Association of Securities Dealers A

utomated Quotationsutomated Quotations 全美证券商协会自动报价系统全美证券商协会自动报价系统

8. NYSE: = New York Stock Exchange 8. NYSE: = New York Stock Exchange 纽约证券交易所纽约证券交易所

9. FRS: = Federal Reserved System 9. FRS: = Federal Reserved System 联邦储备系统联邦储备系统

10. EU10. EU : =European Union : =European Union 欧盟欧盟

6.6. share: any of the equal parts into which the capital stock of a share: any of the equal parts into which the capital stock of a

corporation or company is divided. corporation or company is divided. 股份：一个合作公司或股份：一个合作公司或

公司的股票资金被分成相等部分的任一份公司的股票资金被分成相等部分的任一份

7.7. NASDAQNASDAQ : National Association of Securities Dealers A: National Association of Securities Dealers A

utomated Quotationsutomated Quotations 全美证券商协会自动报价系统全美证券商协会自动报价系统

8. NYSE: = New York Stock Exchange 8. NYSE: = New York Stock Exchange 纽约证券交易所纽约证券交易所

9. FRS: = Federal Reserved System 9. FRS: = Federal Reserved System 联邦储备系统联邦储备系统

10. EU10. EU : =European Union : =European Union 欧盟欧盟

ExercisesExercises

Fill in the blanks with the proper words

concerned stock come up with everyone economics

global hand collapsed avoided show

ExercisesExercises

The ________ financial crisis, brewing for a while, really

started to ________ its effects in the middle of 2007 and into

2008. Around the world ________ markets have fallen, large

financial institutions have ________ or been bought out, and

governments in even the wealthiest nations have had to

________ rescue packages to bail out their financial systems.

The ________ financial crisis, brewing for a while, really

started to ________ its effects in the middle of 2007 and into

2008. Around the world ________ markets have fallen, large

financial institutions have ________ or been bought out, and

governments in even the wealthiest nations have had to

________ rescue packages to bail out their financial systems.

Check-upCheck-upCheck-upCheck-up

ExercisesExercises

On the one hand many people are ________ that those

responsible for the financial problems are the ones being bailed

out, while on the other ________, a global financial meltdown

will affect the livelihoods of almost ________ in an increasingly

inter-connected world. The problem could have been ________,

if ideologues supporting the current ________ models weren’t

so vocal, influential and inconsiderate of others’ viewpoints and

concerns.

On the one hand many people are ________ that those

responsible for the financial problems are the ones being bailed

out, while on the other ________, a global financial meltdown

will affect the livelihoods of almost ________ in an increasingly

inter-connected world. The problem could have been ________,

if ideologues supporting the current ________ models weren’t

so vocal, influential and inconsiderate of others’ viewpoints and

concerns.

Check-upCheck-upCheck-upCheck-up

ExercisesExercises

The global financial crisis, brewing for a while, really

started to show its effects in the middle of 2007 and into

2008. Around the world stock markets have fallen, large

financial institutions have collapsed or been bought out, and

governments in even the wealthiest nations have had to come

up with rescue packages to bail out their financial systems.

The global financial crisis, brewing for a while, really

started to show its effects in the middle of 2007 and into

2008. Around the world stock markets have fallen, large

financial institutions have collapsed or been bought out, and

governments in even the wealthiest nations have had to come

up with rescue packages to bail out their financial systems.

ExercisesExercises

On the one hand many people are On the one hand many people are concernedconcerned that those that those

responsible for the financial problems are the ones being bailed responsible for the financial problems are the ones being bailed

out, while on the other out, while on the other handhand, a global financial meltdown will , a global financial meltdown will

affect the livelihoods of almost affect the livelihoods of almost everyoneeveryone in an increasingly in an increasingly

inter-connected world. The problem could have been inter-connected world. The problem could have been avoidedavoided, if , if

ideologues supporting the current ideologues supporting the current economicseconomics models weren’t so models weren’t so

vocal, influential and inconsiderate of others’ viewpoints and vocal, influential and inconsiderate of others’ viewpoints and

concerns.concerns.

On the one hand many people are On the one hand many people are concernedconcerned that those that those

responsible for the financial problems are the ones being bailed responsible for the financial problems are the ones being bailed

out, while on the other out, while on the other handhand, a global financial meltdown will , a global financial meltdown will

affect the livelihoods of almost affect the livelihoods of almost everyoneeveryone in an increasingly in an increasingly

inter-connected world. The problem could have been inter-connected world. The problem could have been avoidedavoided, if , if

ideologues supporting the current ideologues supporting the current economicseconomics models weren’t so models weren’t so

vocal, influential and inconsiderate of others’ viewpoints and vocal, influential and inconsiderate of others’ viewpoints and

concerns.concerns.

ExercisesExercises

Topic for discussionTopic for discussion

Facing the economic crisis, Facing the economic crisis, what do you think is the what do you think is the

best investment strategy?best investment strategy?

Facing the economic crisis, Facing the economic crisis, what do you think is the what do you think is the

best investment strategy?best investment strategy?

AssignmentsAssignments

1.1. Review the Text .Review the Text .

2.2. Keep in mind the special teKeep in mind the special te

rms learned in this Unit.rms learned in this Unit.

3.3. Do exercises in the book.Do exercises in the book.

unit 1: financial market research financial english

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