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金融英语 chapter 1 money

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Financial English
金融英语 Cn.liuchang@163.com

Course Structure
? Chapter 1 Money, the Functions of Money and the Financial System ? Chapter 2 The Banking system ? Chapter 3 Interest Rate and Interest Rate Policies ? Chapter 4 Money Market

Course Structure
? Chapter 5 Bond Market ? Chapter 6 Equity Market ? Chapter 7 The Balance of International Payments & Foreign exchange rates ? Chapter 8 International Settlements ? Chapter 9 Insurance Basics

? Financial English courses are developed to provide you with the key skills, tools and terminology(术语) you need to operate in an ever competitive international financial environment. ? Financial English is available both in individual and group training formats.

Benefits
? Financial English course will provide you with: ? - Improve the financial vocabulary ? - Understand basic definitions and business procedures

Benefits
? - Greater confidence when discussing financial documents and data ? - Increased verbal fluency for face-to-face negotiations ? - The confidence to produce professional written reports in English ? - Key financial English terminology

Therefore to
? Prepare for further learning, for example, academic English readings during master program

Requirements
? ? ? ? Attendance Assignment Exam Total 10% 20% 70% 100%

Course Structure
? Chapter 1 Money, the Functions of Money and the Financial System ? Chapter 2 The Banking system ? Chapter 3 Interest Rate and Interest Rate Policies ? Chapter 4 Money Market

Course Structure
? Chapter 5 Bond Market ? Chapter 6 Equity Market ? Chapter 7 The Balance of International Payments & Foreign exchange rates ? Chapter 8 International Settlements ? Chapter 9 Insurance Basics

Chapter 1 Money, the Functions of Money and the Financial System

Professional Terms
? 1.accrued bond interest应计债券利息 ? 在付息日前售出债券,利息不归出售者 所有,不过购买者必须依据上一次付息 日至结算日债券的持有时间按比例给出 售者相应补偿。上次付息日累积的利息 额称为应计利息。 ? 公式:应计利息 = 以小数表示的息票利 率 * 计息期年分数 * 面值。

Professional Terms
? 5.bear operation卖空行为 ? 卖空是指股票投资者当某种股票价格看 跌时,便从经纪人手中借入该股票抛出, 在发生实际交割前,将卖出股票如数补 进,交割时,只结清差价的投机行为。 若日后该股票价格果然下落时,再从更 低的价格买进股票归还经纪人,从而赚 取中间差价。

Professional Terms
? 6.black market黑市 ? 严格地说,黑市、白市的分界线在于是否合法。既然 “black market”非法市场与“white market”合法市场 互为反义。 ? 黑市是未经政府批准而非法形成的,以交易不许上市 的商品或以高于公开市场价格的价格,秘密进行买卖 为其特征的市场。如票证黑市、金银黑市、走私物品 黑市等。 ? 为了逃避国家关于商品价格、汇价及有价证券市价、 利率等的限制而形成的买卖行为,称为黑市交易。 ? 在黑市上进行交易的价格称黑市价格。

Professional Terms
? 7.black money黑钱 ? 黑钱即非法所得,包括:贩毒、走私、 贩卖军火、诈骗、盗窃、抢劫、贪 污、偷税漏税等犯罪所产生的收入

Professional Terms
? 15.capital turnover rate资本周转率 ? 资本周转率又称净值周转率,表示为可变现 的流动资产与长期负债的比例,反映公司清 偿长期债务的能力。 ? 该指标旨在衡量企业自有(经营)资本的运 用程度,即衡量企业资产管理效率的重要财 务比率,在财务分析指标体系中具有重要地 位。这一指标通常被定义为销售收入与股东 权益平均金额之比

Professional Terms
? 16.cash audit现金审核 ? 收付实现制又称现金制或实收实付 制是以现金收到或付出为标准,来 记录收入的实现和费用的发生。 ? 现金收支行为在其发生的期间全部 记作收入和费用,而不考虑与现金 收支行为相连的经济业务实质上是 否发生。

Professional Terms
? 23.cash position现金头寸 ? 头寸又作头衬,意即款项或资金额度, 通常指收支相抵后的差额。收大于支叫 多头寸,支大于收叫少头寸。 ? 货币头寸又称现金头寸,是指商业银行 每日收支相抵后,资金过剩或不足的数 量。货币头寸是同业拆借市场重要的交 易工具,是由金融管理当局实行存款准 备金制度引起的

Professional Terms
? 25.common trust fund共同信托基金 ? 信托投资基金也叫投资信托,即集合 不特定的投资者,将资金集中起来,设 立投资基金,并委托具有专门知识和经 验的投资专家经营操作,使中小投资者 都能在享受国际投资的丰厚报酬不同的 减少投资风险。共同分享投资收益的一 种信托形式,基金投资对象包括有价证 券和实业。

Professional Terms
? 28.derived deposit派生存款 ? 派生存款指银行由发放贷款而创造出的存款。 是原始存款的对称,是原始存款的派生和扩 大。是指由商业银行发放贷款、办理贴现或 投资等业务活动引申而来的存款。派生存款 产生的过程,就是商业银行吸收存款、发放 贷款,形成新的存款额,最终导致银行体系 存款总量增加的过程。用公式表示:派生存 款=原始存款×(1÷法定准备率-1)

Professional Terms
? 34.equalization fund(外汇)平衡基 金 ? 外汇平准基金一般由外汇、黄金和 本国货币等构成,当某一时期外汇 汇率持续上升、本币汇率持续下跌 时,就通过平准基金在外汇市场上 卖出外汇,买进本币;反之则卖出本 币,买入外汇,以此稳定汇率。

Professional Terms
? 44.fund liability基金负债 ? 基金单位净值=(总资产-总负债) /基金单位总数 ? 其中,总资产指基金拥有的所有资 产,包括股票、债券、银行存款和其他 有价证券等;总负债指基金运作及融资 时所形成的负债,包括应付给他人的各 项费用、应付资金利息等;

Professional Terms
? 45.fund obligation基金负担
? 基金负担或称基金总数是指当时发行在 外的基金的总量

Professional Terms
? 58.monetary ease银根松动 ? 银根monetary situation 指金融市场上的 资金供应。因中国1935年法币改革以前 曾采用银本位制,市场交易一般都用白 银,所以习惯上称资金供应为银根。 ? 银根有紧松之分,判断依据是资金供需 状况。如果市场上资金供不应求,称为 “银根紧俏”或“银根紧”;市场上资 金供过于求,称为“银根松疲”或“银 根松”

Professional Terms
? 62.money credit货币信用 ? 信用货币是由国家法律规定的,强 制流通不以任何贵金属为基础的独 立发挥货币职能的货币。目前世界 各国发行的货币,基本都属于信用 货币。 ? 货币信用指货币的发行和流通中引 起的信用活动。

Professional Terms
? 铸币税(Seigniorage) ? 也称为“货币税”。发行货币的组织或 国家的政府可以不需任何补偿地用纸制 货币向自己的居民换取实际经济资源, 从中攫取发行货币所产生的特定收益。 这部分由货币发行主体垄断性地享受 “通货币面价值超出生产成本”的收益, 就被定义为“铸币税”。

Professional Terms
? 66.near money准货币 ? 准货币(quasi-money)----又叫亚货币或近似货 币,是一种以货币计值,虽不能直接用于流 通但可以随时转换成通货的资产。准货币虽 不是真正意义上的货币,但因可随时转化为 现实的货币,故对货币流通有很大影响,是 一种潜在货币。 ? 准货币主要由银行定期存款、储蓄存款以及 各种短期信用流通工具等构成,如国库券储 蓄存单、外汇券、侨汇券、金融卡等。

Professional Terms
? 67.neutral money中介货币 ? 两国间进行贸易时不使用当地货币, 如巴西雷亚尔和阿根廷比索,而用 美元作为中介货币。

Professional Terms
? 73.soft currency软货币 ? 硬货币和软货币是相对而言的,软 货币是指汇率不稳定且有下降趋势 的货币.

Part 1 Money

? ? ? ?

1.Origin of Money 2.Definition of Money 3.Functions of Money 4.Forms of Money

Questions
? ? ? ? ? What is money? When did money appear? What are the functions of money? What are the types of money? How can we measure money?

Question
? When you buy a pair of jeans or a CD, for example, you never wonder whether the merchant will accept the bills and coins in your wallet as payment. ? But suppose money didn't exist. How would you pay for the things you want to buy?

1.Origin of Money
? Barter ? —exchange goods with goods. ? Such as: ? Goat, stone, ox, salt, shell,peal, jade,iron,…… ? ? ? ? Disadvantages of Barter Deterioration Indivisibility Inefficient and Protracted (rate of exchange) ? Double coincidence of wants ? silver, gold overcame such shortcomings

Commodity money — Precious metals like gold and silver

13 century A.D.
Expensive Risky Turnover of funds slow
Exchange for GBP1,250.00 Beijing,1 April,2003

Paper currency (fiat money) Bill of exchange Promissory Note Cheque/check

At sight pay to the order of DEF Co.the sum of Pounds one thousand two hundred and fifty only To XYZ Bank, London For ABC Co., Beijing (signature)

End of 18 century
Foreign exchange bank

Evolution of Money
? Paper currency (fiat money) ( intrinsically worthless) — Fiat money has not only no particular value in use; it doesn’t even really have a value in exchange except that which is decreed that it would have. ? Checks —18th century ? Electronic means of payment —credit card.

? Question 1: ? ——What is money? see p1,p9 ? Money can be described as any commodity or token that is generally acceptable as a means of payment for goods or services or in the repayment of debt. ? 货币是普遍作为支付手段接受的任何一种商 品或符号。 ? Can you list some kinds of money? ? —— Paper cash, coins

2.Definition of Money

2.Definition of Money
? Question 2: ? ——Do you know currency and money? ? Currency—consisting of dollar bills and coins, is one type of money. ? And there are other types of money are not currency, such as check, saving deposits.

? Question 3: ? ——Do you know the difference between wealth and money? ? — Wealth means great amount of property, money, etc. ? (1)In the private sense, all property which has a money value. ? (2) In the public sense, all objects, esp. material objects, which have economic utility. ? Can you list some kinds of wealth do not belong to money? ? — Art, houses, stocks, bonds, cars, jewels……

2.Definition of Money

? Question 4:

2.Definition of Money

? ——Do you know the difference between income and money? ? —Income is a flow of earnings per
unit of time; ? —Money is a stock: it is a certain amount at a given point in time.

Additional question
? What is difference between revenue and income?

? — For corporations, revenues minus
cost of sales, operating expenses, and taxes, over a given period of time.

Functions of money

? Medium of exchange ? Unit of account ? Store of value

Medium of exchange
? In almost all market transactions in our economy, money in the form of currency or checks is a medium of exchange; it is used to pay for goods and services. ? The use of money as a medium of exchange promotes economic efficiency by eliminating much of the time spent in exchanging goods and services.

Medium of exchange
? The time spent trying to exchange goods or services is called a transaction cost. In a barter economy, transaction costs are high because people have to satisfy a “double coincidence of wants”—they have to find someone who has goods or service they want and who also wants the goods or service they have to offer.

Medium of exchange
? Money is therefore essential in an economy it is a lubricant that allows the economy to run more smoothly by lowering transaction costs, thereby encouraging specialization and the division of labor.

Unit of account
? The second role of money is to provide a unit of account; that is, it is used to measure value in the economy. We measure the value of goods and services in terms of money, just as we measure weight in terms of pounds or distance in terms of miles.

Store of value
? Money also functions as a store of value: it is a repository of purchasing power over time. It is an asset. It’s something that we can use to store value away to be retrieved at a later point in time. So we can not consume today, we can hold money instead—and transfer that consumption power to some point in the future.

? Is money the only choice we have to store value?

? They often pay the owner a higher interest rate than money, experience price appreciation, and deliver services such as providing a roof over one's head.

? If these assets are a more desirable store of value than money, why do people hold money at all?

Liquidity
? The relative ease and speed with which an asset can be converted into a medium of exchange.

Liquidity
? Liquidity is highly desirable. ? Money is the most liquid asset of all because it is the medium of exchange; it does not have to be converted into anything else in order to make purchases. ? Other assets involve transaction costs when they are converted into money.

Additional question

? Among all of functions, which is basic function? And which is derivative?

Simply speaking
? Money is a medium of exchange accepted by the community, meaning it's what people buy things with and sell things for. ? Money provides a standard for measuring value (unit of account), so that the worth of different goods and services can be compared.

? money is a store of value that can be saved for later purchases.

The Monetary Aggregates
? M0 现金(currency—paper money and coins) ? M1 狭义货币供应量=M0+活期存款 (demand deposit) ? M2 广义货币供应量=M1+定期存款 (time deposit)+储蓄存款(savings deposit)+其他存款+货币市场共同基金 ? M3=M2+大额定期存款和期限存款

M0 现金(currency—paper money and coins)

? The bills and coins that we use today are known as currency. ? 我们今天所用的纸币和硬币通称 为现金。

? Deposits at banks and other financial institutions are also money because they can be converted into currency and because they are used to settle debts. ? 在银行和其他金融机构的存款也 是货币,因为它们可以变为现金和 用于结清债务。

M1 狭义货币供应量=M0+活期存款(demand deposit) ? M1 consists of currency and traveler’s checks plus checking deposits owned by individuals and businesses and it does not include currency held by banks,and it does not include currency and checking account owned by the government. ? M1包括个人与企业拥有的现金和旅行支票 加支票存款,M1不包括银行持有的现金,也 不包括政府所拥有的现金和支票存款。

M2
? M2 consists of M1 plus savings deposits,time deposits,money market mutual funds,and other, deposits. ? M2包括M1加储蓄存款、定期存 款、货币市场共同基金,以及其他 存款。

M3
? M3, which consists of M2 plus large—scale time deposits and term deposits. ? M3包括M2加大额定期存款和期限存款。 ? 大额定期存款存款单有一定的最低额,例如 美国的美元可转让存款单为10万美元,伦敦 的英镑可转让存款单为5万英磅,金额的最小 单位为千,故又称大额存单。 ? 期限存款的期限一般较长,如教育储蓄等

Part 2 Financial System
? 1.What does comprise a financial system? ? A financial system = ? Financial institutions ? + ? Financial market

Indirect Finance Funds
Financial intermediaries

Funds

Funds
Financial Markets

Lender-Savers 1.Households 2.Business firms 3.Government Funds 4.foreigners

Borrower-Spender 1. Business firms 2.Government 3. Foreigners Funds 4.Households

Direct Finance

Part 2 Financial System
? The primary role of a financial system is to bring together economic agents with surplus financial resources, such as households, and those with net financial needs, such as companies and governments.

Part 2 Financial System
? The parties can be brought together directly or indirectly. ? The most basic function of any financial system is to facilitate payments in the economy.

Part 2 Financial System
? It raises the levels of saving and investment and provides incentives for the allocation of the available resources to those uses where they are likely to give the highest returns.

Financial system participants ? The participants in the financial system can be classified into five broad groups: savers,investors and other borrowers, financial intermediaries,brokers and advisers,and regulators. ? 金融体系的参与者大体上可以分为5类: 储蓄者、投资者和借款者、金融中介机 构、经纪人和专家、管理者。

Part 2 Financial System
? The most important thing to evaluate the financial system: treat financial system as a whole, don’t separate institutions from markets.

2.Financial Institution
? Central Bank ? Commercial Bank ? Saving bank ? Development bank ? Investment bank ? Mortgage bank ? Agriculture bank ? Policy Bank ? Non-financial institution

financial intermediaries
? All financial intermediaries make a profit from the spread between the interest rate they pay on deposits and the interest rate at which they lend. ? 所有金融中介机构都从它们支付 的存款利率和它们的贷款利率之间 的差额中获取利润。

? Financial intermediaries provide four main services that people are willing to pay for: Creating liquidity,Minimizing the cost of obtaining funds,Minimizing the cost of monitoring borrowers and Pooling risk. ? 金融中介机构提供了4种人们愿意为之支付 的主要服务:创造流动性;使获得资金的成 本最小;使监督债务人的成本最小;分摊风 险。

思考题
? What are the functions of money? ? Which function do you think is most important? ? What is financial system? ? Direct fiance and indirect finance,which one do you think is more important now?



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