经济术语

A derivative is a security which “derives” its value from another underlying financial instrument, index, or other investment. Derivatives are available based on the performance of stocks, interest rates, currency exchange rates, as well as commodities contracts and various indexes. Derivatives give the buyer greater leverage for a lower cost than purchasing the actual underlying instrument to achieve the same position. For this reason, when used properly, they can serve to “hedge” a portfolio of securities against losses. However, because derivatives have a date of expiration, the level of risk is greatly increased in relation to their term. One of the simplest forms of a derivative is a stock option. A stock option gives the holder the right to buy or sell the underlying stock at a fixed price for a specified period of time.

衍生工具是一种金融工具，它是从其他原生金融工具如指数衍生出来的。衍生工具的获得建立在证券、利率、汇率、商品合同以及各种指数。衍生工具给购买者一个杠杆效用促成以更低的成本购买实际需要的基础工具。那么如果正确使用衍生工具的话，就可以在投资组合中套期保值。可是衍生工具有一个截至日期，所以风险程度很大程度上取决于它的期限。最简单的衍生工具形式是股票期权。股票期权使得持有者有权在特定时期里以一个固定价格买卖底层股票。

Financial Derivatives

【财经】金融衍生性产品：衍生性金融产品, 衍生性金融工具 (指以基础金融工具 (Underlying Instrument) 为前提, 并以基础金融工具为买卖对象, 价格也由基础金融工具的价格变动所决定的金融工具)

金融世界 第十讲 繁荣与萧条

市场经济的兴衰，一如白昼之后是黑夜。澳大利亚的历史经验说明，每一次经济的繁荣之后，随之而来的必然是衰退。其他国家也不例外。

在今天的节目中，我们就跟您谈谈市场经济的繁荣与萧条，英文是： Boom and Bust.

boom 繁荣 bust 萧条 Boom and Bust

您现在听到的是澳大利亚墨尔本房地产拍卖的情景。房地产价格的高低，一直是经济繁荣或衰退的晴雨表。

经济学家早就指出，经济的繁荣与萧条一如潮涨潮落昼夜交替一样自然，澳大利亚就一再经历过经济繁荣与衰退的周期循环。

美国经济学家明斯基解释了经济循环发展的规律。他指出，经济平稳发展时，由于多余资金流入市场，或银行数量增多，银行为market share 也就是占有市场的份额竞争激烈，突然之间市场借贷活动大量增加，利率降低，银行贷款竞争加剧，推动房地产价格猛涨，形成一个危险信号。

接着是购房人行为改变，投机者 speculators 取代传统投资人，大举借贷购买资产，期望物业短期升值转手盈利。人为的炒作使资产价格远远超过本身的价值。一旦银行融资减少，利率上升，房地产和其他资产价格开始下滑，就会出现 asset deflation，资产亏损。大笔举债购买资产的人希望破灭，又纷纷抛售，甚至血本无归，宣布破产。银行贷款无法收回，造成大量坏账。经济迅速进入低潮。仅仅在一九八十年代的萧条中，澳大利亚银行就被迫注销了高达两百亿澳元的坏账。

历史的教训使人们对银行业之间有过多的竞争是否对经济发展有益提出了疑问。澳大利亚金融评论报的塞克斯指出：

It becomes evident that wide open competition in the banking sector does not yield benign results.The temptation always is to retain market share， to go for the highest profit， that is to lend money to the people who are prepared to pay the most for it， and also prepared to pay the highest fees for it， and these will normally be your worst credit risks. In boom times if credit goes out of the window and there is nothing to stop it because the banks are actually competing against each other on evaluating credit worthiness of clients and loosening up the evaluations， then you're going to get a crash of similar proportions again.

金融术语解读

随着这一轮金融危机不断扩大，许多金融术语也越来越多出现在各式媒体的要闻和本地新闻版块，出现在人们的日常交谈中。 根据英国报章（《金融时报》除外）过去一周频繁出现的一些财经、金融术语，在此我们列出一些近期反复见诸媒体的术语，并加以解释。

熊市/牛市（Bear & Bull Market）：

熊市 - 在股价下跌时，投资者为避免更大亏损而争相抛售手中持股，从而形成越跌越抛、越抛越跌的恶性循环。

牛市 - 市道基本呈升势，股价上扬，投资者信心高涨。

债券（bond）：

一种债务证券，或者简单说就是一种\"欠条\"(IOU)。债券上注明债务什么时候必须偿还，借债人（发债券方）必须向债券持有人（债主）支付的利息率。 银行和其他机构投资者或个人投资者都可以买卖债券。

信贷紧缩（credit crunch）：

大银行因为不确定自己有多少资金或者为了自我保护而大幅度减少甚至停止相互贷款，造成可供借贷的资金急剧减少，利率大幅度提高。消费者的按揭贷款和个人贷款因此更加昂贵。

衍生产品/信贷衍生产品（derivatives / credit derivatives）：

通过衍生产品，可以在手里没有某种商品或证券的情况下投资于这种产品/证券。这种投资工具的价值取决于从咖啡价格到利率的各种因素，甚至还受到气候影响。

衍生产品可以起到控制某项投资风险的保险功效。

信贷衍生产品则是以借贷方无力还贷或赖账的风险为基础设计的衍生产品，比如以按揭贷款为基础设计的按揭衍生品，可以在证券市场作为金融产品交易。

入市需谨慎

期货（futures）：

期货合约规定在双方同意的日期和价格买进或卖出一种商品（如原油、玉米等）。它可以用来对冲价格波动风险，或者用于商品价格投机炒作。

对冲/对冲基金（hedging/hedge fund）：

对冲-通过一项投资来减少某一资产价值波动的风险。比如，你持有某只股票。为了减少股价波动风险，你再出售一个这只股票的期货合约，承诺在将来某年某月某日以约定的价格出售现在持有的这只股票。这样对冲之后，即便这只股票价格在约定日期前下跌了，对你也没有伤害，但如果股价升了，你也得不到好处。 对冲基金-私有投资基金，管理资本数额巨大，不受监管，投资者经验丰富。对冲基金利用一系列复杂的投资策略来取得最大回报，其中包括对冲、金融杠杆，以及衍生品交易。

投资银行（investment bank）： 投资银行向、企业和富豪提供金融服务。不同于商业银行的是投资银行不能吸收个人存款，发放按揭贷款等。

杠杆/非杠杆化（Leveraging / De-leveraging）：

利用金融杠杆是指用债务作为投资的补充，目的在于赢利最大化。当然，损失也相应最大化。你在已有资金（或资产）的基础上举债越多，杠杆效应就越大。 非杠杆化：减少举债金额。

流动性（liquidity）：

某种资产的流动性指它转变成现金的难易程度。比如你的银行活期帐户存款的流动性就比你拥有的房产的流动性大。

评级（rating）： 从投资者角度出发，根据证券的投资风险程度给予相应的级别。债券的级别体现了发行这种债券的或企业的偿债能力。最安全的评级是AAA，依次递减到最差级别D，即发债人资无力偿债。

证券/证券化（security/securitization）：

证券 - 本质上来说是一种合约，可以赋予它价值并进行交易。证券种类繁多，最常见的包括股票、债券、按揭债券等。

证券化 - 把某种东西变成证券。比如，把不同的按揭债汇集起来，把它们转换成金融证券，然后到市场上交易。如果最初作按揭买房的人按时偿贷，那么这种基于按揭的证券的买家就有收入。反之就是亏损。

卖空（short selling）：

投资者预计某种资产，比如股票、货币或合约的价格会下跌，便通过经纪向其他投资者借入这种资产再以当前价格卖出，等它的价格跌到某一价位时再买进并归还，从中获取差额收益。

\"裸空\"操作指不借证券就出售这些证券。这种投机行为已在多国受到或禁止。

滞胀（stagflation）：

通货膨胀和经济发展停滞同时并存的现象。这种情况容易使决策者陷入两难处境。

次级抵押贷款（Sub-prime mortgages）：

这种按揭贷款对发放贷款的机构来说风险高，相应的利率也高，因为通常申请获得这类贷款的大都是财务窘迫、低收入或收入不稳定的人。

减计（write-down）： 降低资产账面价值，使它符合下跌后的市场价。比如一个公司的股票价格大跌后，公司的账面资产价值就要减计。

财经报道的主要功能是传递信息（ transaction of information）。及时了解、准确掌握英文财经报道的信息内容，除需具备一定的专业知识外，还应该对这类报道的语言运用规律和特征有所认识。总体而言，英文财经报道从个别字词的选用到全篇内容的陈述都体现了新闻报道贯有的及时、客观、新颖的特点，另外，由于专业上的需求，财经报道在形式和内容两方面又表现出自己独有的特征。下面我们分别从篇章结构、句法形式和遣词造句几个方面介绍英文财经报道的特点及语言运用技巧。

英文财经报道属于一种专业性的新闻报道，因此，其语言运用的最大特征就是专业名词和专业术语多，而且许多常用词被赋予特殊的含义，例如：long（多头）、 short（空头）、 rally（价格回稳）、call（看涨）、 put（看跌）等等。如果不了解这些词在专业上的含义，就可能无法真正彻底读懂有关的报道和消息。

另一方面英文财经报道为了体现新颖、通俗，也经常用一些外来语、俗俚语、口语表达形式以及比较生动、灵活的小词，例如：

\"President Clinton said he is 'confident' Congress will approve „even as the plan continue to draw heavy fire from Republicans and Democrats on Capitol Hill.\"（这里的\" to draw heavy fire\"是俗语，意为“招致猛烈抨击”。）

\"At the same time, Ortiz threw cold water on the idea advanced by several U.S. lawmakers„\"（\"throw cold water\"意为“泼冷水”，也是通俗的表达方式。） \"The weak dollar „ has hammered the earnings of the big exporters at the heart of Japan's economy.\"（ \"hammer\"原本指“用锤子钉„”，是一个很形象的小词，这里转意为“严重影响”。）

\"Clinton has vowed to veto the bill on grounds that it is unfair to America's have-nots.\" （\"have-nots\"是poor \"贫困\"的一种婉转表达方式，常用于口语。） \"The impasse has forced a partial government shutdown and the furlough of hundreds of thousands of federal workers.\"（\"impasse\"（僵局）和 \"furlough\"（休假）都为法语词汇。）

财经报道用词的另一个突出特点是形容经济数据及市场变动的词通俗、形象，例如，读者经常可以看到这样的市场收市情况描述：„“end high高价收盘 /low

低价收盘/down收市价格下跌/steady收市价格持稳/firm收市价位稳定/soft收市价位偏弱/quite交易不活跃/mixed价格走势不明朗”。此外，形容价格走势的动词十分丰富，下面是一些报道中常见的表示“上升”和“下降”的动词： 表示“上升”的动词 表示“下降”的动词 rise上升 fall下降 jump跳升 drop下落 skyrocket爆涨 dump狂泻 surge急涨 plunge猛跌 soar剧增 retreat回落 climb攀升 dive下跌 spurt突升 tumble急落 advance上涨 decline下降 inch up缓升 slip下滑 notch up升高 shed跌落 fly飞升 dip下降 rebound反弹 roll back回落 gain增长 lose降低

综上所述，英文财经报道一方面体现了新闻报道的时效性、客观性，另一方面又具有很强的专业性，其语言运用有一定的特点和规律，熟悉了解这些语言特征有助于读者更及时、更有效地获取有关的财经信息。

银行“压力测试”

据报道，银监会上个月指示银行进行新一轮压力测试，评估住房价格下跌50%-60%的情况下可能对银行产生的影响。这是迄今为止中国银行系统进行的最为严格的一次压力测试。

请看相关报道：

China's banking regulator told lenders last month to conduct a new round of stress tests to gauge the impact of residential property prices falling as much as 60 percent in the hardest-hit markets, a person with knowledge of the matter said.

据知情人士透露，中国银监会上个月指示银行进行新一轮压力测试，以评估在楼市遭受重创、房价暴跌60%的情况下对银行产生的影响。

在上面的报道中，stress test指的是“压力测试”。金融领域里的压力测试是指将整个金融机构或资产组合置于某一特定的（主观想象的）极端市场情况下，如假设利率骤升100个基本点，某一货币突然贬值30%，股价暴跌20%等异常的市场变化，然后测试该金融机构或资产组合在这些关键市场变量突变的压力下的表现状况，看是否能经受得起这种市场的突变。Stress test也可以用来指剧烈运动之前、期间以及之后对心脏功能进行的压力测试。

如果一个人长期under stressful conditions（处在紧张状态下），他最后可能会stressed-out（筋疲力尽）。但是现代社会中每个人都要承受不同程度的压力，一个人的stress tolerance（抗压能力）显得很重要，有的企业在选拔人才时会采用stress interview（压力面试，提难性问题的面试）。

“实体经济”VS “虚拟经济”

最新经济数据显示，来势汹汹的金融危机已经殃及很多国家的实体经济。许多国家都在试图通过减税等力求将金融危机对实体经济的不利影响降到最低。央行最近发布的报告指出，受此次金融危机影响，全球实体经济可能遭受较大冲击。

请看《中国日报》的报道：

Paul Krugman, this year's Nobel economics laureate, points out: \"Even if the (US) rescue now in train succeeds in unfreezing credit markets, the real economy has immense downward momentum.\"

今年诺贝尔经济学奖获得者保罗?克鲁格曼指出：“即使美国已经出台的‘救市’可以成功解冻信贷市场，实体经济也会受到巨大冲击。”

那么什么是real economy（实体经济）呢？Real economy是与fictitious economy（虚拟经济）相对应的一个概念，是指物质的、精神的产品和服务的生产、流通等经济活动。实体经济始终是人类社会赖以生存和发展的基础。而虚拟经济是指相对于实体经济的虚拟资本的经济活动。虚拟资本一般指以有价证券形式（如债券、股票）存在的未来预期收益的资本化。在实体经济系统中产生的风险，例如产品积压、企业破产，都会传递到虚拟经济系统中，导致其失稳；虚拟经济中的风险，例如股票指数大落、房地产价格猛跌、银行呆账剧增和货币大幅贬值等，也会对实体经济造成严重影响。

Real在此处指“现实的，实际的”。The reforms focused on the real economy and ignored the country's increasingly unstable debt.（改革集中在实体经济上，而忽视了该国越发不稳定的债务。）

另外，很多人喜欢玩儿的“室内网球”叫做real tennis。我们购物时，总希望淘到real bargain（便宜货）。

而fictitious则指“虚拟的，假想的”，如：a fictitious story（虚构的故事）；fictitious transactions（买空卖空）。A fictitious person是虚拟之人、假想之人 指依法律创立的公司等实体。

个人综合消费贷款

Personal comprehensive consumer loan is referred to the RMB loan provided to the borrower by the bank, used for designated concrete consumption.

It can be divided into 4 levels as 6-month, 1-year, 2-year and 3-year. The loan varies from 2,000 Yuan to 500,000 Yuan. Personal comprehensive consumer loan features wide consumption uses, high loan line, flexible loan term, etc. It's the ideal choice for a wide range of consumers for achieving the aim of \"pay thefuture fortune in advance and enjoy advancing life\".

The loan line should be more than 2,000 Yuan and less than 500,000 Yuan and the detailed loan line will be determined by bank according to borrower's credit status and the guarantee offered.

The term of the loan can be divided into 4 levels, such as 6-month, 1-year, 2-year and 3-year.

The loan interest rate is implemented in accordance with the loan interest rate stipulated by the People's Bank of China for the corresponding period. If the loan term is shorter than 1 year, the contract interest rate will be implemented; If the loan term is longer than 1 year, it will be counted on grades and the regulation of legal interest rate will start from the beginning of next year, and the new interest rate shall be implemented in accordance with corresponding interest rate.

个人综合消费贷款是银行向借款人发放的用于指定消费用途的人民币贷款。

款期限分6个月、1年、2年、3年四个档次，贷款限额为2000元至50万元。个人综合消费贷款具有消费用途广泛、贷款额度较高、贷款期限灵活等特点，是广大消费者实现\"预支未来财富，享受超前生活\"的理想选择。

贷款额度最低为2000元，最高为50万元，由银行根据借款人资信状况及所提供的担保情况确定具体贷款额度。

贷款期限分6个月、1年、2年、3年四个档次。

贷款利率按照中国人民银行规定的同期贷款利率计算。在贷款期间如遇利率调整时，贷款期限在1年（含）以下的，按合同利率计算；贷款期限在1年以上的，实行分段计算，于下一年年初开始，按相应利率档次执行新的利率。

个人汽车消费贷款

Personal auto loan is the RAM guarantee loan granted by bank to the borrower who applies for purchase of auto, featuring simple transaction procedure, various guarantee forms and high loan line, etc. Personal auto loan will help you realize your auto purchase dream and fully improve your life quality.

If the guarantee is made by means of hypothecation, or the bank or the insurance company assumes the joint and several liability, the loan line shall be no more than 80% of auto funds;

If the guarantee is made by means of pledge of the auto or other properties, the loan line shall be no more than 70% of auto funds;

If the guarantee is made by the third party （except the bank and the insurance company）, the loan line shall be no more than 60% of auto funds.

The loan usually lasts 3 years and no longer than 5 years.

The loan interest rate is implemented in accordance with the loan interest rate stipulated by the People's Bank of China for the corresponding period. If the loan term is shorter than 1 year, the contract interest rate will be implemented; If the loan term is longer than 1 year, it will be counted on grades and the regulation of legal interest rate will start from the beginning of next year, and the new interest rate shall be implemented in accordance with corresponding interest rate.

个人汽车消费贷款是银行向申请购买汽车的借款人发放的人民币担保贷款。具有办理手续简便快捷、担保形式多样、贷款额度高等特点。个人汽车消费贷款助您实现购车梦想，全面提高生活品质。

以质押方式担保的，或银行、保险公司提供连带责任保证的，贷款最高额可达到购车款的80%；

以所购车辆或其他财产抵押担保的，贷款最高额可达到购车款的70%；

以第三方（银行、保险公司除外）保证方式担保的，贷款最高额可达到购车款的60%。

汽车消费贷款一般为3年，最长不超过5年（含）。

汽车消费贷款按照中国人民银行规定的同期贷款利率计算。在贷款期间如遇利率调整时，贷款期限在1年（含）以下的，按合同利率计算；贷款期间在1年以上的，实行分段计算，于下一年年初开始，按相应利率档次执行新的利率

金融英语基础辅导-基本面分析

Fundamental Analysis

Analysis of basic financial information of a company in order to predict the future price movements of its stock.

基本面分析：分析公司的基本信息，以预测其股价将来的变动。

Undervalued

A security selling below its intrinsic value or below the market price which analysts determine it should have.

低估：证券价格低于其真实价值或分析师认为其应当具有的市场价值。

Growth Investor

An investor who buys stocks for future growth and not for quick profits on undervalued companies. 成长型投资者：购买股票是为了将来的增长而不是取得被低估公司的短期盈利的投资者。

Value Investor

An investor who buys stock in companies which are undervalued in relation to their intrinsic or “real” value.

价值型投资者：购买价格相对于其真实价值被低估的股票的投资者。

Buy and Hold

Buying for long-term growth and profits regardless of intermediate fluctuations of the price of the security in the market.

长期持有：为长期增长和利润而购买股票，不论其间市场的波动。

Quantitative Analysis

The use of company-specific numerical data when analyzing value. 定量分析：分析价值时使用针对不同公司的数字信息。

Qualitative Analysis

Analysis of intangible factors such as management effectiveness or market innovation when determining value.

定性分析：确定价值时分析管理效果、市场革新等不可见因素。

P/E (Price Earnings Ratio)

The price of a stock divided by its earnings per share. A low P/E usually indicates good value; a high P/E, an overvalued stock.

P/E(市盈率)：股价除以每股收益的值。低市盈率的股票表示价值较高，高市盈率股票往往被高估。

金融英语基础辅导-技术分析

Technical Analysis

The study of markets and securities based on historic price. 技术分析：根据证券的历史价值研究市场。

Moving Average

Price average that, for a specific period (e.g., 30 days), picks up the price for the latest day and drops the price for the earliest day.

移动平均数：一种价格综合指数，在一定期间(比如30天)选用最近一天的价格，排除最早一天的价格。

Support Level

The level at which a stock price stops falling due to market demand. 支撑线：股价由于市场需求停止跌落的一条线。

Resistance Level

The level beyond which a stock price cannot rise due to selling pressure in the market. 阻力线：股价由于市场抛售压力停止上涨的一条线。

Volume

Total number of shares of a security traded in a certain period. 成交量：一定时期证券交易的总成交额。

Breakout

When a stock rises above its resistance level and continues to rise at a rapid pace. 突破：股价突破阻力线继续快速上涨。

Top Out

The end of a period of increase in a stock price or market level which signals it will begin to fall. 上升乏力

上涨期间的尾部，显示它将开始回落。

Chart Pattern

Graphic illustration of price performance using historic data that is used to predict the next price move. 技术图形

通过使用历史数据预测下一次股价波动的图示。

金融英语基础辅导-股票

Stock

Ownership of a corporation represented by shares usually in the form of certificates. 股票：股份公司股份的所有权证明，通常为证书形式。

Dividend, Stock

Money paid on a per share basis to shareholders from a company. 红利：公司按每股分配给股东的利润。

Stock, Common

A class of stock which gives its holder the right to vote at shareholder meetings but does not guarantee payment of dividends.

普通股：赋予股东在股东会议上的表决权，但不保证支付红利的股票。

Stock, Preferred

Pays a fixed dividend and has priority over common stock regarding claims to assets of a corporation in a liquidation or bankruptcy. 优先股：能够取得固定红利，并在公司破产或被清算时对剩余资产较普通股而言享有优先分配权的股票。

Stock, Cumulative Preferred

Preferred stock whose dividends, if not paid for any reason, will accumulate until they are paid.

累积优先股：如果没有支付红利，那么红利将累计到下次分配时补足的优先股。

Stock, Non-cumulative Preferred

Preferred stock whose dividends do not accrue until paid. If a dividend is missed for any reason, it will never be paid.

非累积优先股：如果公司没有分配红利，那么这些红利不会累积到下一次。

Voting Rights

The right of common shareholders to vote for the election of officers of a corporation as well as on other issues regarding its operations.

表决权：普通股股东就公司管理人员选举和其它事项表决的权利。

Signature Guarantee Seal

A raised seal affixed to the back of a certificate of stock to verify an endorsement signature when transferring ownership of shares.

签名担保印章：转让股份时盖在股票证书背面，用以证明背书签名的凹凸印章。

金融英语基础辅导-Exports出口

Exports are either raw materials or manufactured goods. Raw materials are products of the land, such as cotton, timber or rubber. Some raw materials, such as iron ore, come from mines. These raw materials are often exported by the countries that produce them to other countries where they are made into manufactured goods.

出口货物既有原材料,也有制成品.原材料是从土里长出来的产品,如棉花、木材或橡胶；有些原材料，如铁矿等，是从矿山里开采出来的。这些原材料往往从原产地国家出口到生产制成品的国家。

Some countries produce food for export, for example, meat, sugar, or cereals such as wheat and maize. These countries are agricultural countries. An agricultural country needs fertile land and a good climate. A cold, dry climate is not suitable for agriculture.

有些国家生产食物出口，例如肉类、糖等，或者是小麦、玉米等谷物。这些国家属于农业国，农业国需要肥沃的土地和宜人的气候。寒冷干燥的气候对农作物的生长不适宜。

A country which produces manufactured goods is known as an industrialized country. An industrialized country cannot always produce enough food for its own needs. In this case, it does not export foodstuffs. Instead it has to import them. It relies on exports of manufactured products and pays for imports with the money it earns from the exported goods.

生产制成品的国家被称为工业化国家，一个工业化国家生产的食物往往不能满足本国的需要。在这种情况下，它就不会出口食物，而是进口食物。这样的国家依赖制成品的出口，并用出口挣得的钱支付进口费用。

金融英语基础辅导-CentralBank银行

Easy Monetary Policy

A policy issued by a Central Bank to assist economic growth usually achieved by reducing short-term interest rates.

宽松货币：为帮助经济增长，由银行发布的，通常通过降低短期利率来实现。

Tight Monetary Policy

A policy issued by a Central Bank to fight against inflation usually achieved by increasing short-term interest rates.

紧缩货币：为抵抗通货膨胀，由银行发布的，通常通过增加短期利率来实现。

Inflation

The consistent increase in the prices of goods and services in the economy, resulting in a reduction in the purchasing power of money.

通货膨胀：金融方面产品和服务价格稳定增长，由此引起的货币购买力的降低。

Consumer Confidence

Optimism over the state of the economy shown by assessing consumer saving and spending activity. 消费者信心：通过评估消费者存款和消费的活跃性所显示的对财政状况的乐观态度。

Financial Stability

A state that exists where the financial system is able to withstand shocks without impairing savings and the processing of payments. 金融稳定：金融系统在没有削弱储蓄和处理付款的情况下能抵抗冲击所具有的状态。

中国增持美国国债令民族主义者不解

中国继续稳步增持美国国债，这令中国那些更具民族主义色彩的媒体很不安。这些媒体一直对投资于他们认为面临汇率贬值和通胀危机的美国持批评态度。

美国财政部本周三公布的最新国际资本数字显示，中国在7月份购买净购买了152.6亿美元的美国国债，6月份的购买额为266.3亿美元。该数据并不令人市场感到意外。图表显示，虽然每月的数字波动很大，但中国购买美国国债的趋势近几个月来并没有很明显的变化。

民族主义倾向明显的《环球时报》似乎不知道该如何处理这条消息。这篇报道的记者写道，美国财政部的国际资本数据让人雾里看花，而学者意见分歧很大。文章称中国国内的普遍看法是国内外投资者都可能会减持美国国债，同时带有怀疑口吻地指出，一些学者坚持，购买美国国债依然是中国的现实选择。

中国曾公开对美国的财政和货币可能损害他们所持美国资产的价值表示担忧。但这些讲话并不能真实反映他们在债券市场上的行为，看来主要是对诸如《环球时报》中表达的那种公众意见的反应。公众主要是对购买美国国债的价值持怀疑态度。

众说纷纭的公众意见背后的现实是，中国别无选择。因为尽管今年有所下降，但中国仍存在巨大的贸易顺差，它需要为每月的巨额外汇收入找到一个去处。美国的债券市场仍然是最好，也是唯一现实的选择。如果中国真的想要减少美国国债的购买额，就必须采取措施减少贸易顺差的规模。最显而易见的手段是，让人民币再度升值。大多数经济学家认为，在中国出口依旧低迷之际，这样做的可能性不大。

因此，中国的投资战略自2008年年中以来实际上并没有发生太多转变。当时中国的外汇储备管理当局似乎对联邦机构债券的安全性感到恐惧。由于收益率相对较高，中国一直在购买这类债券。自那时起，中国一直减持机构债券，而将大部分新资金投入到了美国国债之中。 近几个月来，美国国债市场的主要变化不是来自中国。中国的购买额虽然仍很高，但在美国国债市场上的重要性却相对下降了，因为看重债券安全性的其它买家也在介入，比如美国家庭。这让美国能够大规模提高债券发售量，同时又不必支付更高的利息。

China Keeps Buying Treasurys, Confusing NationalistsHoldings, but Total Foreign Demand Grows

China's government is continuing to steadily buy U.S. Treasury debt. And that's pretty disconcerting for the more nationalist corners of the Chinese media, who are regular critics of investing in a nation they often say is poised for a currency collapse and inflationary crisis.

The latest Treasury International Capital figures released Wednesday show China buying a net $15.26 billion in Treasury debt in July, after buying $26.63 billion in June. The data was not surprising to the marketl. While the monthly figures can be volatile, the trend in China's U.S. debt purchases hasn't really changed much in recent months, as the chart below shows.

The reliably nationalist Global Times seemed unsure how to handle the news. The TIC figures 'confused many people, and academics were divided on the government's

actions,' the reporter assigned to cover the story wrote. The piece cites the conventional wisdom within China that 'both foreign and domestic investors are likely to cut their U.S. bond holdings' while noting skeptically that 'some scholars insisted that purchasing U.S. bonds is a good option for China.'

Chinese officials have themselves publicly expressed worries about what U.S. fiscal and monetary policies will do to the values of their holdings. But those statements have been a poor guide to its actual behavior in the bond market. Such comments seem to be mostly a response to public opinion, of the kind reflected in the Global Times, that is generally skeptical of the value of buying U.S. debt.

The reality behind the noisy public debate is that China has little choice. Because the nation still runs a large trade surplus although a smaller one this year it has to find somewhere to put large amounts of foreign currency every month. The U.S. debt market remains the best and only real option. If China really wanted to cut back on its purchases of U.S. debt, it would have to take steps to reduce the size of its trade surplus: most obviously, letting its currency appreciate again. Most economists think that's unlikely to happen while China's exports remain depressed.

So China's investment strategy actually hasn't shifted much since mid-2008. That's when the managers of the nation's foreign exchange reserves seemed to have gotten spooked about the safety of federal agency debt, which they had been buying because of its higher yields. Since then China has consistently unloaded agency bonds and put most of its new money into Treasurys.

The big change in the Treasury market in recent months hasn't come from China. China's purchases, while obviously large, have become relatively less import in the Treasury market as other buyers eager for the safety of government debt have stepped in. That's enabled the U.S. government to massively ramp up its debt sales without having to pay higher interest rates

金融英语基础辅导-品牌化和形象

Branding

The process by which a company differentiates itself and its products in the market place.

品牌化：公司把自己和它的产品和市场上的其他相区分的过程。

Image

A popular perception usually created through mass media. 形象：一般通过大众传媒塑造的公众形象。

Logo

An image or statement which reflects the character of a company or a company product.

标识：反映公司或产品特点的形象或文字。

Brand Identity

The promise of performance, quality, features, or service support made by a company through its advertising.

品牌识别：公司通过广告作出的有关质量、性能、特点和售后服务的保证。

Brand Image

How a consumer perceives a product or company through branding. 品牌形象：消费者通过品牌化对产品或公司的印象。

Corporate Identity

Perception consumers have of a company created by its logo, design, and visual image.

企业识别：消费者通过公司的标识、设计和视觉形象确立的对公司的印象。

Consumer Perception

Mental image consumers have of a company or product due to the company’s branding and advertising efforts. 消费者认知：由于公司的品牌化和广告投放，使消费者对公司或公司产品在大脑中产生的映象。

Perceived Benefit

A benefit a consumer thinks they are getting when buying a product. 认知收益：消费者认为购买某产品能带来的收益。

希腊债务危机最新进展(视频)

Greece Rejects Partial Default On Its Debt

希腊拒绝部分债券延期

Greece rejects any form of partial default on its debt, according to finance minister Evangelos Venizelos. Europe correspondent Alex Rossi reports.

希腊债务危机已经不能再拖，而要彻底解决这块“毒瘤”，欧元区一方面要让希腊债务有序重组，另一方面要通过注资银行和加强欧央行最后贷款人角色将危机传染效应最小化。希腊表示，拒绝任何形式的部分债券延期，希腊出路是债务重组，银行增资，欧央行破财？

新闻背景：

希腊财长维尼泽洛斯(EvangelosVenizelos)周二(7月12日)表示，希腊准备申请新的救助计划，而下一笔贷款资金需要在9月15日之前到位。维尼泽洛斯称，为了获取更多援助，希腊已经准备推出新的撙节措施及私有化方案。目前共有36种不同的情形正在被检验。他表示，希腊债务形势依然严峻，该国必须专注于当前的改革方案以终结这场国家级别的大冒险。

投资巨鳄、索罗斯基金管理公司索罗斯表示，希腊正朝着违约不断迈进，或至少会经历一次货币贬值，而欧盟领导人将被迫接受债务危机外溢的\"B计划\"。\"希腊正接近无须违约和货币贬值......希腊违约可能将不能避免，但市场未必会陷入无序的混乱。尽管部分外溢效应无法躲避，欧元区其他国家还是需要扎紧篱笆墙。这也意味着要强化欧元区，或借助扩大欧元债券发售广度和建立欧元存款保险机制框架的方式来达成。\"

Greece has been talked about. You’ve heard that they’d rejected the deal. That is something we would like to know a little bit more about. And also fears over Italy.

Yes, great fear’s over Italy. There is a growing sense of urgency really here within the European Union. They’ve called another meeting here for Friday. This is an emergency meeting coming after the Italian assets are now being targeted by the market. There was a real risk now, of this contagion from Greece for all to see the effect it has caused on Portugal, Ireland as well, spreading to bigger Europe zone scalp, Italy of course.

We know that the Italian finance minister, he left this meeting early heading back to Rome to try to sort out the austerity package to try to get things moving again. It seems to have some effects on the market, but still a great deal of volatility.

The problem that Italy faces of course is that it has this enormous pile of debt, the cost of borrowing is rising, it’s having to force through the austerity package. And the

political instability in the country, we all know the scandals and the criminal cases surrounding the Silvio Berlusconi(意大利贝卢斯科尼). People start to scratch their heads. They are looking around the other country, like Greece, and thinking, perhaps, just perhaps, Italy might not be able to dig itself out of this mess. Now the effect on the rest of the Euro zone of course would be absolutely catastrophic. But it is not just an economic crisis. It is also a political crisis of the European Union and the single currency.

Wheeling back of course to Greece, they’ve been discussing the second bail-out. they are now seriously, according to my sources within the Europe Union, looking at the possibility of a default. They won’t call it that. What they are trying to do is roll over(延期付款) Greek debts, trying to get another preferable rate on the cost of that borrowing. And just basically defer the payment. But what’s happened so fat is the markets haven’t been reassured by that tactic. What the EU’s elites are doing at the moment is treating something called sovereignty crisis, bail out the country, give them more money and then hope they can get things on track at a later day.

But actually what the market is doing is looking at that„ I would say„well. It doesn’t seem like a very fitting solution to the magnitude of the problems. So I think there is an enormous problem that EU has to grapple with.(努力克服) Ii is not like they go way, they’ve got this from the meeting on Friday. But I suppose just watch this at space room.

新兴经济体推动世界经济转变（视频）

Is Indonesia worthy of BRIC?

Should Indonesia be considered among the top emerging economies in the world? CNN's Andrew Stevens reports.

印度尼西亚跻身世界新兴经济体！快速崛起的新兴经济体将推动世界经济的转变。中国、印度、巴西、俄罗斯、韩国及印尼，将成为未来世界的六大新兴经济体，其总体经济规模在2025年将超过世界的一半。CNN记者安德鲁?史蒂文报道！

I'm at the World Economic Forum in Indonesia, being held for the first time in this country. Now, Indonesia is a big story at the moment. It's got a young but secure democracy, a growing economy and a government that's open for business. Remember, this is the world's fourth most populous country. But what I want to know is whether this country should be considered for membership of that most exclusive of economic clubs, the BRIC countries.

BRIC is the brainchild of Goldman Sachs' Jim O'Neill, who coined the phrase in 2001 to describe the big emerging powerhouses -- Brazil, Russia, India and China. They now account for 45 % of the world's population, a quarter of the land mass and about a quarter of global economic output.

So where does Indonesia fit into all this?

Well, it's a member of Goldman's other club, the N 11, or the Next 11, which are countries with BRIC-like qualities. But does it deserve a place at the top table? We put that question to some delegates here at the WEF.

“I think Indonesia should. I think they've got the … the growth potential, a 240 million person economy that could actually grow faster than it is now. You … you've got to think about it. This is a strategically important market.”

“And so I would definitely say it falls in that group of BRICS that, by the way, account for 80 percent of the global growth.”

“Definitely, yes. Standard Chartered has just issued a Super-Cycle Report where it has suggested that Indonesia will be the fifth largest economy in the world by 2020.”

Certainly, there’s a lot of support here for Indonesia, but let's now take a look at some of the numbers.

In sheer economic size, Indonesia has a long way to go. China is still the big beast of

the BRICs, weighing in at a $5.8 trillion economy. Russia is the smallest at $1.5 trillion. Indonesia is still less than half of Russia, at just over $700 billion. On economic growth, it fits the bill. Forecast growth is 6.4% this year and rising, compared with a similar average rise for the BRICs. And the size of the population fits, as well.

I put the question to the BRIC godfather himself, Jim O'Neill. He says the key criteria for entry is, quote, \"an economy that is already or likely to become 3 to 5 percent of global GDP.\" He says for Indonesia to do that, it would require years of consecutive 10% growth.

Indonesia's investment minister thinks O'Neill is overdue for a visit to look at how and how fast Indonesia is growing.

“If he comes to Jakarta, he'll see what I'm talking about. And I think we certainly deserve to be a BRIC or a BRICI member.”

A lot, though, will depend on this man, President Susilo Bambang Yudhoyono, to lay a bedrock for the country's long-term growth. He faces tough challenges, from building a new infrastructure network, to tackling what the WEF calls widespread corruption. But what is impossible to ignore is the sense of optimism and confidence this country has at the moment.

Andrew Stevens, CNN, Jakarta.

brainchild the ~ (of sb) an idea or invention of one person or a small group of people

weigh in (at sth) to have your weight measured, especially before a contest, race, etc

bedrock the basic ideas, features, or facts on which something is based

BRICI 这个词我没有查到，不过猜想应该是在BRIC基础上加了Indonesia

super-cycle

The report defines a super-cycle as “a period of historically high global growth, lasting a generation or more, driven by increasing trade, high rates of investment, urbanisation and technological innovation and characterised by the emergence of large, new economies, first seen in high catch-up growth rates across the emerging world.” The world has seen two such super-cycles before. The first ran from 1870 until 1913, the eve of the First World War. The second began with the end of the

Second World War and lasted until the oil crisis in 1973. The current super-cycle started at the turn of the 21st century and is likely to extend until at least 2030. It will unlock the growth potential in emerging markets, especially across the populous economies of India, China, Indonesia, the Middle East, Africa and Latin America. Hundreds of millions of people are likely to enter the global workforce, driving urbanisation, high rates of investment and technological innovation. While earlier super-cycles were driven by the comparatively small populations in the West, the current super-cycle will involve 85 per cent of the world population.

上面是我在渣打银行的网页上查到的，详见：

http://www.standardchartered.com/media-centre/press-releases/2010/documents/20101115/index.html

英国银行陷入信贷危机 （视频）

Bank Of England 'Risks Losing Credibility'

The Bank of England is in danger losing its credibility, the outgoing Monetary Policy Committee member Andrew Sentance has told Sky News.

货币委员会成员Andrew Sentance告诉天空新闻台,英国银行正陷入信任危机。英国财政部计划修改信贷担保项目的实施规则，计划缩减金融危机期间向银行业提供的援助力度。

新闻背景：

英国银行鹰派安德鲁森坦斯（Andrew Sentance）近日表示，如果不能有效控制通货膨胀，将会危害英国央行的信誉，并导致未来必须进行更大幅度的加息。他在讲话中再次重申了对通货膨胀全球推动因素不会走向温和的看法，并称货币应该开始收紧。

This is the man who wanted your mortgage to go up last summer. Andrew Sentance says it’s bad for the economy that the base rate of interest is so low because it makes inflation worse. Since June of last year, he’s tried but failed to convince his fellow decision-makers at the Bank of England to increase the interest rate. And having run out of time to do so, he’s told Sky News of his fears that the public will lose faith in the bank.

\"The person on the street, people going out doing their shopping, are experiencing inflation. And if inflation does not come down in the way that the bank is suggesting, and I think that this is a big risk if that’s the case. Eh…Then that’s going to have a serious knock-on effect on the credibility of the bank’s commitment to its inflation target.\"

The Bank of England’s interest rate has been at the record low 0.5% since March of 2009. Meanwhile inflation has reached 4.5 %, more than double the rate of price rises, which is considered normal for a healthy economy. And while the Bank is supposed to increase borrowing costs to bring the rate of inflation down, it’s not done so because the economy is barely growing.

Before leaving the Bank of England, Andrew Sentance did win two other members of its monetary policy committee over to his camp calling for an increase in the interest rate. But a clear majority still think the time is wrong for a rate rise. Now that it's all changed in the committee, the attention turns to what the new member Ben Broadbent will do. But so far, he’s giving nothing away.

\"You could be forgiven for pursuing Dr. Sentence’s line of argument, worrying that

this... his higher spot reading so-called might persist into the future. On the other hand, you know there are huge risks in both directions still.\"

Sentance says that the Bank of England is sticking with policy for a different time, but his views are now on the outside. Others also on the outside who know how the bank works don’t expect an increase in borrowing costs until next year.

由whiteclover在 整理的生词： borrowing cost: phr n. 借款成本

now that: conj. 由于

spot: a. Of, relating to, or being a market in which payment or delivery is immediate