金融英语阅读 1 ：“The Market”Is aConcept
Is the market a place? Or a thing? Neither, really. It's a concept. If you are growing tomatoes in your backyard for sale, you are producing for the market. You might sell some to your neighbor and some in your little stand by the roadside and some to the manager of the local supermarket. But in either case, you are producing for the market. Your efforts are being directed by the market. If people stop buying tomatoes, you will stop producing them. If you mow lawns to earn money, you are producing a service for the market. If your father a steelworker or a bricklayer or a truck driver or a dentist or a grocer, he is producing goods or services for the market.
市场是一个地方吗？是一样东西吗？都不是，真的。市场是一个概念。如果你在自家的后院种番茄出售，你是在给市场提供产品。你可以将一些蔬菜卖给邻居，将一些蔬菜摆在路边的小摊上出售，将一些蔬菜卖给当地超级市场的经理，在任何一种情况下，你都是在给市场提供产品。你的努力都是在市场的引导下作出的。如果人们不买你的番茄，你就不会种番茄。如果你割草挣钱，你是在为市场提供劳务。如果你父亲是钢铁工人，或者是瓦匠，或者是卡车司机，或者是牙医，或者是开食品杂货店的，他也正在给市场提供商品或者劳务。
When you spend your income, you are buying things from the market. You may spend money in stores, supermarkets, gas stations, and restaurants. Still you are buying from the market. When the local grocer hires you to drive the delivery truck, he is buying your labor in the labor market.
当你花钱时，你是在市场上购买东西。你可以在商店、超级市场、气站和餐馆花钱，你还是在市场上购买东西。当本地的杂货店雇你开送货车，他是在劳动力市场上购买你的劳动。
The market may seem to be a fuzzy sort of thing. But for each person（or business） who is making and selling something, it's very real. If nobody buys your tomatoes, it won't be long before you get the message. The market is telling you something. It's telling you that you are using your energies and resources in doing something the market doesn't want you to do.
市场似乎是一种含糊不清的东西，但是，对一个正在生产商品的人（或一家企业），它是实实在在的。如果谁也不买你的番茄，不需要很长时间你就会得到信息。市场在告诉你一些道理，他在对你说，你做事所花的精力和使用的资源是市场上所不需要的。
金融英语阅读 2 ：The Money in a Bank
The banks are commercial enterprises and like many other businesses are organized as companies which are owned by shareholders. These shareholders, or their predecessors, provided the money to set up the banks and to enlarge them. This money is known as a bank’s capital. But the shareholders' money is only a small part of the total amount of money which the clearing banks have at their command. Who provided the rest of this enormous sum? The banks' customers. Banks, in effect, borrow from their customers as well as lend to them.
银行是商业企业，它的组织结构和其它企业一样，是由股东共同拥有的公司型组织。这些股东，或者是公司创始人，提供资金设立银行，并扩大资金规模。这笔资金被称为银行的资本金。但是，股东的资金仅仅是资金总额中的一小部分，并由清算银行控制。其余的大量资金由谁来提供呢？由银行的客户来提供。实际上，银行从客户那里借来资金，并向他们提供贷款。
The money which a bank obtains from its customers is generally known as its “deposits” and represents the balances which customers keep on their accounts with their banks. These accounts are of two main kinds: current accounts on which customers can draw cheques but receive no interest, and deposit and savings accounts on which the banks pay interest for the use of the money.
银行从其客户那里得到的钱，一般被称为“存款”，代表客户在银行账户上持有的余额。这些账户主要有两种：一种是活期存款，客户可以对其开出支票，但没有利息，另一种是储蓄存款账户，银行使用账上的资金要支付利息。 Many people --private individuals, manufacturers, traders, companies and official bodies --choose to keep part of heir resources in the form of money. They need to do this mainly because they are continually having to make payments for the goods and services which they are buying and because they want to have resources immediately available. They could meet these requirements by keeping a stock of cash in the form of bank-notes and coin. But while notes and coins are a practical way of carrying out some small transactions, cash payments are a cumbersome, costly and, unfortunately, sometimes a dangerous method of settling most payments, especially if the money has to be sent any distance. It is more convenient, safer and more efficient to settle payments either by cheques drawn on a bank account, or through the banks’ credit transfer. Most of the payments made by businesses and Government in Britain and a large part of the payments made by
private individuals are settled through the clearing banks.
许多人——个人、生产厂家、商人、公司和政府机构——选择持有一部分现金资产。这样做的主要原因是他们必须为其所购买的商品和劳务支付款项，想在手头留有现金。他们持有银行钞票和硬币作为现金储备，以满足日常需要。然而，虽然在进行小笔交易时一般都用现钞、硬币支付，但是对大多数结算来说，用现金支付既不方便、费用又高，有时甚至还有风险，这风险尤其存在于异地寄送现金。结算支付既可以用开立支票从其银行户头付账的方式，也可以通过银行贷方划拨，这样做更方便、更安全，而且效率更高。由英国政府和企业作出的绝大部分支付，以及由私人作出的大部分支付都是通过清算银行来进行的。
The main reasons why customers keep money on accounts with commercial banks can be summarized as follows: --the banks provide an efficient and convenient method of making payments（ cheques, bank giros, standing orders etc.）.
--a bank deposit is safer and less troublesome than keeping a stock of cash. A commercial bank undertakes to provide cash on demand to a customer who keeps money on current account, and after a few day’s notice to deposit account customers.
--banks pay interest on deposit and savings accounts.
--banks provide their customers with many other useful services. They will, for example, look after valuables, deal with investments, make payments to businesses and people abroad and provide financial information. --banks will lend money to their customers. For many purposes, “money in the bank” is money in its most convenient form.
客户在商业银行账户上存钱的主要原因可以概括如下：
——银行提供高效便捷的支付方式（支票、银行直接贷记划款单、银行本票等）。
——银行存款比持有现金更安全，麻烦也少。商业银行承诺，有活期存款的客户可以随时提现，也可以在存款客户通知几天以后提现。
——银行对储蓄存款支付利息。
——银行向其客户提供许多其它有用的服务。例如，保管贵重物品，办理投资业务，对国外企业和个人进行支付，以及提供金融信息。
——银行向其客户提供贷款。
金融英语阅读 3 ：财务报表
There are two basic financial statements: the balance sheet and the operations statement. The balance sheet shows the firm's condition on the last day of the accounting period. It shows what the business owns and what it owes to its creditors or its owners. A business is always in a state of equilibrium. In other words, what it owns is equal to what it owes. This is expressed in the fo11owing accounting formula:
基本财务报表有两种：资产负债表和营业状况表。资产负债表显示会计期最后一天的公司财务状况，表明该企业拥有的资产情况和欠债权人或股东的债务情况。一家企业的财务应始终保持平衡状态，换言之，它所拥有的资产与所欠的债务保持相等。这一状况用下列会计公式表示： Assets = Liabilities + Owner's Equity资产=负债+所有者权益
The operations statement is also referred to as a profit and loss statement or an income and expense statement. It shows how much profit or loss was generated by the operations of the firm during the accounting period. In this case, operations may be considered as sales of goods or services. The profit from sales after direct costs for producing the goods or services have been deducted is called gross income or gross profit. While income is produced, however, the business has certain other expenses--indirect costs related to the production of that income, such as general or selling expenses. The balance that is left when these further expenses are deducted is called net income or net profit.
营业状况表是指损益计算书，它表明在该会计期间企业经营所产生的盈利或亏损情况。在这样的情况下，经营被认为是销售产品和劳务。销售减去产品和劳务成本后的收益是毛收入或毛利。可是，企业收入产生的同时，会有一些费用 --与产生收入有关的间接成本，如管理或销售费用，在进一步扣减这些费用后剩下的余额就是净收入或净利润。
Another basic financial statement is the statement of changes in financial position. It is compiled to show an increase or decrease in working capital during the accounting period and how the change arose.
另一种基本财务报表是财务状况变动表，编制这一报表是为了说明在该会计期间流动资金的增加或减少，
以及产生 化的情况。
金融英语阅读 4 ：存款账户
Deposit accounts, together with savings accounts, represent the simplest form of bank account. The customer deposits funds and withdraws them as required. No chequebook is issued on this type of account. Therefore, the formalities of opening an account are simple, Often there is no need for a reference, the customer's name, address and occupation, together with a specimen signature and an initial deposit being all that are needed.
存款账户，和储蓄账户一起，是银行账户的基本形式，客户按规定存、取款。此种类型的账户不能开支票，所以，开户的手续很简单。一般无需证明人，只需客户的姓名、住址、职业，连同签字样本和开户金额即可。
Payments into a deposit account, which can consist of cash, cheques, postal orders and so on, may be made at the branch where the account is maintained or at any other branch of the bank. Funds may be withdrawn to the amount of the credit balance on the account normally only at the branch where it is maintained, although some banks do permit limited withdrawals at other branches. Withdrawals are subject to the required period of notice --often seven days. But in practice, prior notice is not always insisted upon, provided that the amounts required are not too large.
客户可以用现金、支票、邮局汇款单等，在开户行或任何其他营业网点，向其存款账户上存款。客户一般只能从开户行有贷方余额的账户上取款，虽然有的银行确实允许在其他营业网点限额取款。取款需事先通知，一般要提前七天。但在实际操作中，只要提取的金额不大，并不一定非要提前通知。
No overdrafts are permitted and a customer may generally not draw a cheque on a deposit account. When a deposit account customer has a large bill to pay and does not wish to carry cash, the bank can issue a cheque drawn on an account maintained. Especially for this purpose,the customer's deposit account is debited, the special account credited and a cheque issued to the customer for the amount required. When a customer maintains both a deposit and a current accounts at the same branch, funds can be transferred from one to the other freely, so that if the deposit account funds are required to pay a bill, the appropriate sum may be switched to the current account and a cheque issued.
存款账户不允许透支，客户一般也不开支票从存款账户上取款。当存款账户的客户需要支付一笔大额账单，又不想携带现金，银行可以签发一张从现有账户付款的支票。尤其在这种情况下，可以借记客户的存款账户，贷记专用账户和向客户开出所需金额的支票。当客户在一家营业网点既有存款账户又有往来账户，资金可以从一个账户随意地划拨到另一个账户上，以便在客户要求从其存款账户上支付账单的情况下，所需金额就可
金融英语阅读 5 ：定期一本通
Passbook of time deposits is a method of deposit where by lump-sum deposit and withdrawal time deposits in multiple currencies and maturities are handled in a single passbook.
The minimum amount of Renminbi deposit is RMB50, that of B-type foreign currency deposit is the equivalent of RMB500, and that of C-type foreign currency deposit is the equivalent of RMB50.
定期一本通是在一个存折上办理多种货币和多种期限的整存整取定期储蓄存款的一种存款方式。 人民币存款起存金额50元，乙种外币存款起存金额为不低于人民币500元的等值外币，丙种外币存款起存金额为不低于人民币50元的等值外币
金融英语阅读 6 ：分期付款购物
In Western countries people have been using the installment plan since the first half of the twentieth century. Today, a large proportion of all the families in Great Britain buy furniture, household goods and cars by installment. In the U.S.A., the proportion is much higher than in Great Britain, and people there spend over 10 percent of their income on the installment plan.
在西方国家,人们从二十世纪上半叶以来一直用分期付款的方式购物。今天，很大部分的英国家庭用分期付款的方式购买家具、家用电品和气车。在美国，用分期付款购物的比例高于英国。美国人将其百分之十以上的收入用于分期付款购物。
The goods bought on the installment plan are, in almost every case, goods that will last—radios, television sets, washing machines, refrigerators, motorcars, motorcycles, and furniture.
用分期付款方式购买的商品，几乎都是耐用品，——收音机、电视机、洗衣机、冰箱、汽车、摩托车和家具。 The price of an article bought in this way is always higher than the price that would be paid by cash. There is a charge for interest. The buyer pays a proportion, perhaps one -quarter or
one -third, of the price as a down payment when the goods are delivered to him. He then makes regular payments, weekly or monthly, until the full price is paid up. The legal ownership of the goods remains with the seller until the final payment has been made.
用这种办法购买的物品，其价格要比用现金购买的价格要高，因为要加收利息费用。购买者在拿到货物之前须支付一定比例的价款，也许是四分之一或者三分之—作为定金，以后按期付款，如按周或按月付款，直到付清全部货款。货物的所有权归售货商所有，直到付完全部货款为止。
Installment buying has advantages and disadvantages. In the past, it was easy to find couples who had been saving for years in order to furnish their homes. Now, they don’t have to do that. Installment buying can help couples with small incomes to furnish their homes and start housekeeping. It increases the demand for goods, and in this way helps business and employment.
分期付款购物有利有弊。过去，人们经常看到一对夫妇为了购买家具布置房间，需要储蓄好多年。现在，他们不用这样做了。分期付款购物可以帮助收入较低的夫妇购买家具布置房间，维持家计。其结果増加了商品需求，这样做有助于企业发展，有助于提高就业水平。
There is, however, the danger that when business is bad, installment buying may end suddenly, making business much worse. This may result in a great increase in unemployment. If the people on the installment plan lost their jobs, they would probably not be able to make their payments. If great numbers of people are not able to pay their installment debts, there is a possibility that businessmen cannot collect their debts and will
therefore lose money. If businessmen lose money or fail to make a satisfactory profit, the possibilities of having a depression are increased. This is why, in some countries, the government controls the installment plan by fixing the proportion of the down payment and the succeeding installments to discourage people from buying more than they can pay for on the installment plan.
然而，也伴随一种危险，即当企业不景气时，分期付款购物会突然中断，使企业更难以为继。这可能导致失业者大量增加。如果购物者失业，也就失去了支付货款的能力。如果有许多购物者无力偿付货款，就会出现一种可能性，即商家收不回债务，就会亏损。如果商家亏损或赚不到一定的利润，市面就可能更加萧条。这就是在有些国家，政府要控制分期付款购物的原因，即规定首付款与其后各期付款的比例劝导人们在分期付款购
物时不要超出自己的支付能力
金融英语阅读 7 ：复式记账法
The basic principle of double entry bookkeeping is that every transaction has a twofold effect. In other words, a value is received and a value is yielded or parted with. Both effects, which are equal in amount, must be entered completely in the bookkeeping records.
复式记账法的基本原理是每笔交易都有借贷双方。换言之，有一项金额收入，就必然有一项金额放弃（支出）。借贷双方金额相等，必须完整地记入账薄。
According to this principle, all transaction affect at least two accounts. Each transaction must be analyzed to determine which accounts are affected, and whether they should be increased or decreased. An entry made on the left hand side or column of an account is called a debit, while an entry made on the right hand side or column is called a credit. Debit, usually abbreviated DR, at one time meant value received, or literally he owes. Credit, usually abbreviated CR, meant value parted with, or literally he trusts, in modern bookkeeping, debit refers only to the left-hand side of account, whereas credit refers to the right-hand side. Some bookkeepers use a far right-hand column to keep an up-to-date balance of the account.
根据这一原理，所有的交易至少涉及两个账目，要对每笔交易进行分析，以确定哪些账目受到影响，金额是增加，还是减少。在账户左边或左边栏目的分录叫借方，在右边或右边栏目的分录叫贷方。借方，一般缩写成 DR，同时意为收到的金额，或者，按照字面意思解释是他所欠的；贷方，一般缩写成 CR，意为支出的金额，或者，按照字面意思解释是他的存款。在现代簿记中，借方仅指账户左边；而贷方指右边。有的账薄在右边再加一栏，记载账户的最新余额。
In double-entry bookkeeping, a book in which both the debit side and the credit side of the transaction are entered is called a journal, while another book used to list all the accounts of an organization is called a ledger. Entries from the journal are transferred to the ledger at regular intervals, usually monthly. This process is called posting.
在复式记账法中，记载交易借贷双方的账薄叫日记账；而另外一本用于记载一个单位所有账目的账薄叫总账。从日记账定期，通常按月，转记到总账上去，这个过程叫过账。
金融英语阅读 8 ：工资发放服务
Payroll services offered by banks have come a long way from when a bank would deliver thousands of RMB by armored van with 2 or more armed security officers to protect the payroll. While this method is still available to companies if they choose, it is not as efficient as the other methods available today, like direct deposit. Payrolls are not only simpler, they are also less expensive to the bank in terms of security and cash handling it also reduces the likelihood of robbery.
自告别银行配备两个或更多全副武装的保安人员协同运钞车押送数以万计的人民币来发放工资的年代以来，银行代发工资的业务已走过漫长的一段路程。然而这种方法至今还有效地存在于公司业务中，如果他们选择的话，但它没有今天所采用的其他方法那样效率高，如直接存取。由银行发放工资不仅简单，而且降低了安全和现金处理方面的费用，也降低了发生抢劫事件的可能性。
金融英语阅读 9 ：国际货币体系
The monetary system of the Western World is based on the agreement on the establishment of the International monetary Fund（IMF）, which was made at Bretton Woods, New Hampshire（USA）, in 1944. The two principal purposes of the IMF are to promote exchange stability and to help member countries overcome temporary difficulties in their balance of payments. Under the IMF system, the US dollar is the key or leading currency.
西方世界的货币体系是根据1944年在美国新罕布什尔州布雷顿森林制定的关于建立国际货币基金组织协议而形成的。国际货币基金组织的两个主要宗旨是促进汇率稳定和帮助会员国克服国际收支方面的暂时困难。在国际货币基金组织体系下，美元是关键货币。
Each member country of the IMF undertakes to establish a parity of its currency in terms of gold and the US dollar and to keep fluctuations of the dollar exchange rate --or, more exactly, the spot rate within the limits of the band or fluctuation margin. Originally, the band was 2 per cent（1 per cent on either side of the parity）; in December 1971 it was widened to 4.5 per cent（2.25 per cent on either side）, the upper and the lower intervention point. Each member country's central bank must, if necessary, buy or sell dollars to keep the dollar rate from falling below the lower or rising above the upper intervention point. In this manner, the other currencies, among themselves, cannot deviate
from one another by more than double the fluctuation margin , or 8 per cent.
国际货币基金组织的每一个成员国承担着稳定本国货币与黄金和美元平价的责任，并使美元汇率——或者，更准确地说——美元现汇汇率的波动限制在规定的幅度内。最初，波动幅度为2%（在平价上下各1%）；1971年12月，这一波幅扩大为2.25%，即上下干预点。每个成员国的中央银行在必要时应买进或抛售美元，使美元汇率下降的幅度不低于最低点，或者上升的幅度不超过最高点。以这样的方式，其他货币之间相互偏离的幅度不能超过波动幅度的两倍，或者说，不能超过8%。
The parities can be changed if need be, but changes in excess of 10 per cent require the approval of the Fund. Parity changes have to be made to correct an imbalance resulting from a permanent improvement or deterioration of a country's competitive position. If, for example, a country has a lower rate of inflation than the other countries, its exports will increase and its imports decline. The growing demand for the currency of this country will cause its external value to appreciate, but since under a system of fixed or pegged parities，exchange rate fluctuation are limited----a point will be reached from which the currency will become increasingly undervalued. If, on the other hand, a country has a higher inflation rate than the other countries, the opposite will be true and the currency of this
如果需要，平价可以调整，但调整幅度超过10%，须经基金组织批准。进行平价调整的目的是为了纠正由于永久性地改善一国的竞争状况，或一国竞争地位恶化而造成的国际收支失衡。比如，如果一国的通货膨胀率低于其他国家，该国的出口将会增加，进口将会下降。对该国货币需要的增加将使其货币的对外价值上涨，但是，因为在固定汇率或钉住关键货币的制度下，外汇汇率的波动是受到限制的 ——上涨到某一点后，该货币就会不断贬值。另一方面，如果一个国家的通货膨胀率高于其他国家，就会出现相反的情况，该国的货币就会不断的升值。这种国际收支不平衡的状况会因为投机活动而进一步加深，即由于价值高估的货币大量流入货币价值低估的国家所造成。因此，提高低估货币的价值和/或降低高估货币的价值，最终成为必然
金融英语阅读 10 ：汇款
Remittances are part of a bank's international services and are divided into two categories, inward and outward. An inward remittance is where a foreign bank sends funds to a domestic bank with an
instruction for the bank to pay the funds to the payee. An outward remittance is where a domestic bank sends funds to its' overseas branches, subsidiaries or correspondent banks with an instruction for the receiving bank to pay a certain amount to the nominated payee. Inward and outward remittances are usually carried out by a mail transfer, demand draft（DD）, or telegraphic transfer（TT）. The TT and the DD are the most common methods used. A telegraphic transfer is the quickest and most efficient remittance method available.
汇款是银行国际业务的一部分，它分为两种，汇进和汇出。汇进是指外国银行将资金汇到国内银行并指令该银行付款给收款人的汇款。汇出是指国内银行将资金汇到它的国外分行、子公司或相关银行并指令收款银行付一定金额的款项给指定收款人的汇款。汇进和汇出通常是通过信汇来完成的，即期汇票（DD）或电汇（TT）。TT和 DD是用得最多的方法。电汇是最快，也是最高效的汇款方法。
金融英语阅读 11 ：汇票
Bills of exchange, also referred to as bills, are essentially a short term credit instrument that can be used by a company either for financing or investment. Bills can be issued for any term up to a year and are generally issued for periods of less than 6 months. Companies issue bills because they are a convenient form of borrowing. The difference between bills and a standard loan is that bills held by the bank can sold to investors. Bills with terms of 30 days to 90 days are the easiest to trade? Bills are usually an ideal loan because a company generally will not run into any problems within 3 to 6 months.
汇票，也叫票据，主要指一种可用作公司筹资或投资的短期信用票据。汇票的使用期限可以是一年以内的任何期限，但通常在六个月以内。公司签发汇票是因为它们是借款的捷径之一。汇票与正常贷款之间的差异在于银行可将持有的汇票卖给投资者。期限为30到90天的汇票最容易出手。汇票通常是最理想的贷款，因为公司一般在3到6个月的时间内出问题的几率很低。
金融英语阅读 12 ：货币的演变
Today anyone will accept money in exchange for goods and services. People use money to buy food, furniture, books, bicycles and hundreds of other things they need or want. When they work, they usually get paid in money.
今天，人人都愿意接受货币，用以换回商品和劳务。人们用货币购买他们所需要的或想得到的食品、家具、书籍、自行车及其它数百种商品。在工作中人们得到的报酬通常是货币。
Most of the money today is made of metal or paper. But people used to use all kinds of things as money. One of the first kinds of money was shells. Shells were not the only things used as money. In China, skin, sheep, corn, cloth and knives were used. In the Philippine Islands, rice was used as money for a long time. Elephant tusks, monkey tails, and salt were used as money in parts of Africa.
现在，大多数货币是用金属或纸张制作的,但人类曾经使用各式各样的商品作为货币。最初出现的货币中有一种是贝壳。
充当货币的商品不仅仅是贝壳。在中国古代，兽皮、山羊、玉米、棉布和刀等都充当过货币；在菲律宾群岛，稻谷在很长一段时间里都充当货币；象牙、猴尾巴、盐等在非洲部分地区也充当过货币。
Cattle were one of the earliest kinds of money. Other animals were used as money, too. The first metal coins were made in China. They were round and had a square hole in the center. People strung them together and carried them from place to place.
牛是最早的货币形式之一，其它的牲畜也充当过货币。 最早的金属货币是由中国铸造的，它们呈圆形，中间有一个方孔。人们将金属铸币用绳子穿起来，随身携带。
Different countries have used different metals and designs for their money. The first coins in England were made of tin. Sweden and Russia used copper to make their money. Later, countries began to make coins of gold and silver.
各国用各种不同的金属铸造货币并绘上各种不同的图案。英国最早的货币是用锡铸造的，瑞典和俄罗斯的货币是用铜铸造的，后来各国开始用金银铸造货币。
But even gold and silver were inconvenient if you had to buy something expensive. Again the Chinese thought of a way to improve money. They began to use paper money.The First paper money looked more like a note from one person to another than the paper money used today. Money has had an interesting history from the days of shell money until today.
但若要购买贵重的商品，即使用金银铸币也很不方便。于是，中国人想出了一个改进货币的方法，并开始
使用纸币。与其说最初的纸币类似我们现在使用的纸币，还不如说它更象一张李四写给张三的便条。 从贝壳货币时代至今，货币有一段非常有趣的演变史
金融英语阅读 13 ：货币的职能
What is money? Anything which performs the functions of money is monoy. Money's essential characteristic is that it is generally acceptable. When people generally refuse to accept something as money, it is not money.
什么是货币?任何有货币功能的商品就是货币。货币的基本特征是它被普遍接受。当人们普遍拒绝接受某种商品作为货币时，它就不是货币。
We can identify four important functions by money. First, money serves as a medium of exchange. Money simplifies the exchange of goods by providing a mutually acceptable item for exchange. Second, money provides a measure of value. Money provides a convenient yardstick by which to express the value of other goods. Third, money acts as a store of value. Money provides a neat, orderly form of wealth that may be temporarily held before it is spent on services or consumption goods. Fourth, money as a standard of deferred payments performs the function of establishing a future value or obligation in definitive terms.
货币有四大职能。第一，货币充当一种交易双方都愿意接受的媒介物，简化了商品交换，执行流通手段职能。第二，货币作为一种价值标准，可用来表现商品的价值，并能够衡量商品价值量的大小，执行价值尺度职能。第三，货币在支付劳务或消费品之前，被当作一般财富储藏起来，执行储藏手段职能。第四，货币用来表现商品的未来价值，或明确债权债务关系，执行支付手段职能。
The ideal money is something universally acceptable, easily stored and transported, and highly divisible. Precious metals have commonly been used as money for these reasons. The intrinsic value of gold and silver, the ease with which they can be carried, and the simplicity of weighing out any desired amount have promoted the use of these commodities.
理想的货币是被普遍接受的一般等价物，便于储藏和携带，而且易于分割。贵金属由于具备了这些条件，所以一直在充当货币。金银本身的内在价值，携带方便、计量简捷，使之从众多商品中分离出来成为货币
金融英语阅读 14 ：货币兑换
If you travel outside your native country, you need to change your own country's money for the money of the country you are visiting. You can exchange money at a bank or at an office of a tourist agency. Wherever you go, exchanging money puts you in touch with international finance.
如果你到国外去旅行，你需要把本国的货币兑换成所去国家的货币。你可以到银行或一家旅行社去兑换货币。无论你走到哪里，兑换货币使你接触到国际融资活动。
Centuries ago, gold coins were used as money because gold is inherently valuable. Today, money is printed on paper. Gold is no longer used as money. Each country uses its own money --currency, with names such as pound, mark, peso, lira, dollar, franc, yuan, and so on. If people with one national currency want to pay for something in another currency, they have to change their money into the other money. International finance is concerned with exchange rates between the moneys of various countries. Deciding the rate for the international exchange of money is one of the most complex aspects of international banking. International finance is also concerned with the monetary system underlying the exchange rate.
几个世纪以前，由于金币本身具有价值而作为货币使用。今天，纸币出现，黄金不再当作货币使用。各国使用本国的货币 ---货币的名称有，比如，英镑、马克、比索、里拉、美元、法郎、元等等。如果，持有一国货币的人想购买以另一国货币标价的商品，他就必须把一种货币兑换成另一种货币。国际金融涉及到各国货币之间的兑换汇率问题。决定国际货币兑换的比率是国际银行业面临的最复杂的问题之一。国际金融还涉及到以外汇汇率为基础的货币体系问题
金融英语阅读 15 ：家居装修贷款
Loans for refurbishing houses refer to Renminbi consumer loans granted by the lender to borrowers to facilitate their own house refurbishing. The length of maturity of a loan for refurbishing houses is usually one to three years, with the longest not exceeding five years inclusive. The specific length of maturity depends on the nature of the borrower. The corresponding lending rate stipulated by the People's Bank of China applies to that on loans for refurbishing houses. If the length of maturity is within one year inclusive, interest amount shall be computed in accordance with the contracted
interest rate, and the interest rate shall remain unchanged in case of adjustment of the legal interest rate; if the term is over one year, the interest rate shall be subject to interest rate adjustment, if any, made by the People's Bank of China. The ceiling of a loan for refurbishing houses shall not exceed 80% of the total house refurbishing amount.
家居装修贷款是指贷款人向借款人发放的用于借款人自用家居装修的人民币消费贷款。家居装修贷款期限一般为一至三年，最长不超过五年（含五年），具体期限根据借款人性质分别确定。家居装修贷款利率执行中国人民银行规定的相应档次贷款利率。贷款期限在一年以内（含一年），按合同约定利率计息，遇法定利率调整时，利率不变；贷款期限在一年以上的，遇法定利率调整，则按人民银行关于利率调整的规定进行利率调整。家居装修贷款的最高金额不得超过家居装修工程总额的80%。
金融英语阅读 16 ：交易媒介的产生
I am a fisherman. I just caught a boat-load of fish, and I want to exchange all these fish for a new suit. Without an “exchange medium”, his is very difficult to do. But with an exchange medium, it's easy.
我是打鱼的，刚捕了一船鱼。我想用这船鱼换一套新衣服。在没有“交易媒介”的情况下，这笔交易很难做成；有了交易媒介，这笔交易就很容易做。
What will I accept as a medium to help me exchange my fish for a new suit? I'll accept anything for my fish--I don't care what it is--so long as I am sure the suit-seller will accept it in exchange for a suit. If there is any doubt about whether or not the suit-seller will accept it for a suit, then I will not accept it for my fish. If I think he might not accept it, then I will not accept it.
我原意接受的物品作为交换媒介，它能帮我用这船鱼换回一套衣服。我愿意用这船鱼换任何物品—我不介意它是何物—只要我能肯定卖衣服的人原意接受它，我能用它换到一套衣服；如果对这一点有怀疑，我就不会用这船鱼与之相交换；如果我认为卖衣服的人不会接受这件物品，那我也不会接受它。
Now, let's be more realistic. A fisherman really doesn't want to exchange his boat-load of fish just for a suit. He wants groceries, electricity, water, housing and a few glasses of beer. So whatever he accepts in exchange for his fish can not be something acceptable only to the suit-seller. It must be something that is acceptable to all those other people, too. Why do all those other people accept it?
Only because they are confident that everyone they do business with will accept it. See how it all ties together? When everyone is confident that everyone else will accept something as money, then that something becomes generally acceptable. Then, and only then, it is money.
现在，让我们回到现实社会中来。有位渔夫并不是想用这船鱼只换一套衣服，他想换回食品杂货、交水、电费、交房租，还要换几杯啤酒。因此，无论他用这船鱼换到什么物品，这件物品都不能仅仅是这位卖衣服的人愿意接受，还必须是所有其他人都愿意接受的物品。他们为何愿意接受它呢？就是因为他们相信这些做生意的人都愿意接受它。注意它是如何成为一般等价物的？当大家认识到人人都愿意接受某种物品为货币时，这时它就会被普遍接受。这时，只有这时，它就成为货币
金融英语阅读 17 ：利息和利率
Interest is a reward which is paid by the borrower to the lender for a loan. It always coexists with credit. Where there is Credit, there should be interest.
利息是借款人因使用贷款而支付给贷款人的报酬，它总是与信用相伴而生。哪里有信用，哪里就有利息。 Banks in China charge the state-owned enterprises, collective economic firms and foreign investment companies with interest for granting loans to them. On the other hand, banks pay interest to enterprise deposits and individual savings.
中国的银行向国有企业、集体经济实体和外商投资公司提供贷款，并收取利息。另一方面，银行向企业存款和个人储蓄支付利息。
Interest rate, that is the ratio between the amount of the interest and that of the capital of a deposit or a loan in a certain period usually expressed in percent per annum, is formulated in China by the government according to the state's economic policies and the need of accumulation of funds. It is put under the centralized and unified management by the People's Bank of China. All the specialized banks and other financial institutions have to implement the interest rate stipulated by the State Council. An appropriate interest rate is always regarded as one of the effective levers in the national economic activities.
利率是在一定时期内利息金额与存款或贷款本金金额的比率，通常按年以百分比表示，它是根据国家经济
政策和积累资金的需要由政府统一制订的，由中国人民银行集中统一管理。所有专业银行和其他金融机构必须执行国务院制订的利率。一个适当的利率常常被看作是国民经济活动中有力的杠杆之一。
The interest rate of bank's loan is higher than that of deposit or savings. The balance between them is commonly called interest difference, which is the primary source of bank's income.
银行贷款的利率高于存款或储蓄的利率。存贷款之间的差额通常被称为利差，是银行收入的主要来源。
金融英语阅读 18 ：旅行支票
Many of the banks and travel services in the western countries provide convenience for the travelers by issuing traveler's checks. Travelers, while buying the checks, have to make signatures on the checks to the face of the bank or service clerks. During the trip, travelers can cash the checks from the agencies of the bank or the travel service whenever they need after their counter-signatures are recognized. A lot of travelers like to buy such checks for they don't have to take along much cash and worry about counterfeit signature. The agencies will take back the money they have paid by sending the checks to the issuing offices.
西方国家的许多银行和旅行社办理旅行支票业务，为旅客提供方便。旅客在购买旅行支票时，必须当着银行职员或旅行社职员的面在支票上签字。在旅行途中，旅客在需要时，可以在复签得到确认后，向银行和旅行社的代理机构兑现旅行支票。许多旅客喜欢购买此类支票，因为他们不必携带大量现金，也不必为冒签而担忧。代理机构通过将旅行支票寄送给发行机构收回所付款项。
Traveler's checks are generally of small face value, such as ten or twenty dollars, five or ten pounds, for miscellaneous payments. There is no time limit of their circulation period. It is very profitable for the issuing offices to finance the funds they collect by issuing traveler's checks because they not only receive service charge from the check buyers, but they also don't need to pay any interest no matter how long the cheeks remain in circulation before clearing. This is why the banks and the travel services are willing to provide such convenience.
旅行支票通常是小面额，比如十、二十美元，五、十英镑，用于零星支付，在流通中没有时间限制。对发行机构来说，发行旅行支票提供融资便利是有利可图的，因为发行机构不但可以向支票的购买者收取费用，而且对发行的支票无论在外流通多久，在清算之前可以无息占用所吸收的资金。这就是银行和旅行社愿意提供此
类便利的原因
金融英语阅读 19 ：票据交换
Every bank must make payment for checks（notes） drawn on funds deposited with it. And every bank must collect payment for checks（notes） deposited with it but drawn on other banks. This is why the checks（notes） clearing becomes necessary.
每家银行必须对本行为付款人的支票（票据）进行支付，还必须对其他行为付款人的支票（票据）收取款项。这就是为何必须进行票据交换的原因。
Checks（notes） Clearing is regarded as an economic operation of clearing funds which are resulted from the checks（notes）,deposited with but drawn on each other among the banks in the same city through the clearing house.
支票（票据）是同一城市中各银行相互贷收、代付的票据，通过交换所进行交换并清算资金的一种经济活动。
The clearing process is as follows: every bank should send the checks（notes） deposited with it but drawn on other banks to the clearing house at a specific time. After offsetting the amount of checks（notes） receivable and that of checks（notes） payable, the banks which have favorable balances will increase their deposits in the People's Bank Of China. On the contrary, the banks which have adverse balances will decrease their deposits in the People's Bank of China.
票据交换的过程如下：每家银行在一规定的时间把代收代付的（支票）票据送到交换所，将应收票据和应付票据的金额抵消以后，有顺差的银行将在人民银行的账户内增加存款。相反，有逆差的银行将在人民银行的账户内减少存款。
Every check（note） sent to the clearing house has a receiving bank and a paying bank. The amount of checks（notes） receivable is, of course, equivalent to that of checks（notes） payable. Therefore, at every time of clearing, the total amounts on both sides of the clearing house's balance sheet are always equal.
送到交换所进行交换的每张支票（票据）都有收款行和付款行。当然，应收支票（票据）金额与应付支票
（票据）金额相等。所以，在每次交换时，票据交换所资金平衡表两边的总金额总是相等的。
With the development of computer technology, the clearing houses in some countries have introduced computers to deal with（notes）clearing. It not only saves a great deal of labor, time, and expenses, but also shortens the process of clearing funds and speeds up the circulation of money.
随着计算机技术的发展，一些国家的票据交换所引进计算机来处理票据交换，这不仅节约了大量的劳动、时间，以及费用，而且缩短了清算资金的时间，加快了货币流通。
金融英语阅读 20 ：商业贷款
Business lending is an important part of banking because it provides small to medium sized businesses the opportunity to grow quicker compared to self-financing. Lending to businesses is a lot more complicated than lending to an individual, because there are many variables that can affect the way a business develops. For example, a personal home loan has two main variables? The first is the borrower's ability to repay the loan and the second is the market value of the property. However, business is affected by supply and demand factors, the business management team, revenue, depreciation, taxes, loan interest, employee expenses, etc. Too much or too little of any one thing can be a problem? Business lending is essentially conducted in the same way as loans to individuals. Often referred to as a business credit line, these short-term financing facilities come in a number of different forms. Some of which include bills of exchange, letters of guarantee, etc.
商业贷款是银行业务的重要组成部分，因为它为大中型企业提供了相对自筹资金而言使企业更快发展的机会。企业贷款（商业贷款）要比个人贷款复杂得多，因为它有很多能影响企业发展方向的变数。例如，个人家庭贷款有两个主要变数。首先是借款人偿还贷款的能力，其次是财产的市值。但是企业受供需关系影响，企业管理层、收入、折旧、税务、贷款利率、雇员费用等。任何偏颇都会铸成大错。企业贷款和个人贷款的操作方式基本相同。这些短期贷款，通常称作商业信贷限额，它有多种形式，其中包括汇票、保函等
金融英语阅读 21 ：什么是金融
Finance means the circulation of funds. It includes all economic operations directly related to the currency, the credit, and the circulation of money, for example, the issuance and withdrawal of currency, collecting deposits and granting loans, buying and selling of gold and silver, foreign
exchange, and negotiable securities. Besides, the businesses of insurance, trust and investment, payments of the balance of the domestic and international trade are also within the scope of finance.
金融就是资金融通，它包括与货币、信用、货币流通、货币的发行与回笼、吸收存款与发放贷款、金银的买卖、外汇及有价证券等有直接关系的一切经济活动。此外，保险业、信托投资、国内及国际贸易的支付结算等也属金融的范畴。 The most important financial institutions are the banks, the stock exchange, the trust and investment companies and the insurance corporations.
银行、股票交易所、信托投资公司、保险公司等是最重要的金融机构。
金融英语阅读 22：什么是中央银行
Every country with an established banking system has a central bank, which acts as banker to the Government in the widest sense. It liaises with and advises the Government on monetary policy and ensures that the necessary steps are taken to carry it through.
每个有完整金融体系的国家都有中央银行，广义而言，中央银行是政府的银行。中央银行就货币政策和政府保持联系，充当政府的顾问，并采取必要措施，以保证货币政策的贯彻实施。
Central banks differ from commercial banks in many respects:
（1） they do not aim to maximize profits, which is traditionally an objective of a commercial bank owned by shareholders（central banks are normally nationalized institutions）;
（2） they have a supervisory role over the commercial banks;
（3）they are able to influence the actions of the commercial banks and other financial institutions, particularly with regard to lending;
（4） they control the issue of notes and coin;
（5） they do not compete for business with the commercial banks, but they usually maintain the
Government bank accounts;
（6）they act as \"lender of the last resort\" to the banking system;
（7）they do not provide a full banking service for personal and commercial customers.
中央银行与商业部银行在许多方面存在着差别：
（1）中央银行的宗旨不是利润最大化，利润最大化历来是股份制商业银行的目标（中央银行一般是国家机关）；
（2）中央银行对商业银行行使监督职能；
（3）中央银行能够对商业银行及其他金融机构的经营活动，尤其是信贷方面的经营活动施加影响； （4）中央银行控制钞票、硬币的发行；
（5）中央银行在业务上不与商业银行竞争，但中央银行通常管理政府在银行的账户； （6）中央银行充当银行系统的“最后贷款人”；
（7）中央银行对个人及商业客户不提供全面的金融服务。
In Britain the central bank is the Bank of England; in the U.S.A., the Federal Reserve System; in Japan, the Bank of Japan.
英国的中央银行是英格兰银行；美国的中央银行是联邦储备体系；日本的中央银行是日本银行
金融英语阅读 23 ：外币兑换业务
Banks can handle the exchange between RMB and foreign currencies at current quotations on the day. Convertible currencies include US dollar, HK dollar, Japanese yen, Euro, English pound, Swiss franc, Australian dollar, Singapore dollar, Norwegian krone, Danish krone, Macao pataca, New Zealand dollar, and etc. The banks can handle foreign exchange purchase for official foreign visit groups. You are only required to take the exit paper approved by the Administration of Foreign Exchange for the bank's examination before acquiring foreign exchange. Foreigners leaving the country can convert the
unused RMB, which were converted when they entered the country, into foreign currencies according to their passports and original foreign currency conversion receipts within six months.
银行可按当日牌价为您办理人民币与外币的兑换。可兑换的货币包括：美元、港币、日元、欧元、英镑、瑞士法郎、澳大利亚元、新加坡元、加拿大元、瑞典克郎、挪威克郎、丹麦克郎、澳门元和新西兰元等。银行可办理公派出国团组的购汇业务。您只需持外汇管理局审批的出国批件，经银行审核无误后即可予以供汇。境外人员离境前，可在银行凭本人护照和六个月内原工商银行外币兑换水单将入境时兑换的未用完的人民币兑回外币。
金融英语阅读 24 ：外币携带证业务
The bank' s client with foreign currency deposit account need withdraw foreign exchange and take foreign currency to go abroad after his successful application for settling down abroad or visiting families, traveling, investigating or studying is approved, he can make an application to the original business office. The bank is to issue a “Foreign Exchange Holding Permit for Going Abroad ” to the client according to provisions.
在银行存有外币的储户，如获准出境定居、探亲、旅游、考察、学习等需要提取外币存款，携带外币出境时，可向原存款营业网点提出申请，银行将按规定签发“携带外币出境许可证”。
金融英语阅读 25：外汇汇款
You can conveniently and swiftly remit your foreign exchange fund to any account of other cities or foreign countries. You can select a method from T/T, M/T and D/D on the basis of your own needs.
您可在银行方便快捷地将自己的外汇款项汇往异地或境外的任一账户。 您可根据自己需要任意选择电汇、信汇和票汇三种方式办理业务。
Your relatives and friends in other cities or foreign countries can remit the foreign exchange funds to ICBC who will safely and timely send the funds to you.
您在异地或境外的亲朋好友可将外汇款项汇往工商银行，工商银行会安全、及时地将款项送达您的手中。 You can also enjoy more convenient remittance services by means of ICBC's remittance express service. Besides the above-mentioned personal remittances, you may also select MoneyGram, a kind
of individual-to-individual international urgent remittance service. With this service, the funds normally can be received within 10 minutes. ICBC has already signed cooperation agreements with the Thomas Cook MoneyGram Payment Systems Inc.
您也可以通过工商银行的汇款直通车服务享受到更加便捷的汇款服务。除上文述及的个人汇款外，您还可选择速汇金（Money Gram）这种个人与个人之间的国际特快汇款服务。通过这种服务，正常情况下10分钟之能内便收到款项。工商银行已经与通济隆速汇金付款系统公司签订了合作协议。
To satisfy personal clients' requirements of remittance, ICBC's overseas and domestic offices have developed jointly some characteristic foreign exchange remittance services, such as Macao-HK, Beijing-HK, Shanghai-HK remittance express introduced by ICBC Asia, special favor service for students abroad introduced by the Tokyo Branch, “Remittance Express” and “Fax Remittance” introduced by the Tokyo Branch, Seoul Branch, Luxembourg Branch and others.
为方便个人客户对汇款业务的需求，工商银行的境外机构还与境内机构联合开发了一些颇具特色的外汇汇款服务，如工银亚洲推出的特快粤港、京港、沪港汇款通服务，东京分行开办的留学生汇款特惠服务，东京分行、汉城分行、卢森堡分行等机构开办的“汇款直通车”和“传真汇款”等。
金融英语阅读 26：外汇买卖
The Foreign Exchange Dealings for Individual Accounts refers to the firm foreign exchange dealings conducted by the individuals through the service personnel behind the counter or through other electronic banking service methods within the time for dealings set by the Bank.
个人实盘外汇买卖是指个人客户在银行规定的交易时间内，通过柜面服务人员或其他电子金融服务方式，进行的实盘外汇买卖。
Dealings can be carried out through the service personnel behind the counter, by telephone and on self-service devices, etc. The three methods each have their advantages Dealings at the counter can offer the good services which can be felt in a human atmosphere. It is particularly suitable for the investors who have just begun to be involved in the foreign exchange dealings for the individual accounts. Dealings by telephone can make prompt transactions and can be done in different places. It is particularly suitable for the white-collar investors who are occupied with their work. Self-service
dealings can provide substantial information with various charts for technical analysis. It is particularly suitable for the investors who are experienced in the foreign exchange dealings.
目前可以通过柜面服务人员、电话、自助交易设备等方式进行。三种方式各有优点：柜面交易，服务周到，并可感受到人气氛围，特别适合初涉外汇交易的投资者。电话交易，成交迅捷，并可异地操作，特别适合工作繁忙的白领投资者。自助交易，信息丰富，并提供多种技术分析图表，特别适合对外汇交易有一定经验的投资者。
Dealings can both be made at the current market prices and on agent basis. A dealing made as per the market price is otherwise called real-time dealing, which is concluded as per the current prices offered by the Bank. A dealing made on agent basis is otherwise called a dealing as per offered prices, which means an investor can leave the order for a dealing to the Bank first, and when the quote the bank offers reaches the level expected by the investor, the computer system of the bank will conclude the business immediately in line with the order of the investor. A dealing made through telephone is an operating method that saves both time and energy to the fullest extent.
既可进行市价交易，又可进行委托交易。市价交易，又称时价交易，即根据银行当前的报价即时成交。委托交易，又称挂盘交易，即投资者可以先将交易指令留给银行，当银行报价到达投资者希望成交的汇价水平时，银行电脑系统就立即根据投资者的委托指令成交。通过电话进行委托交易，是最省时省心的操作方式。
1.Dealings at the counter The customer with a certain amount of foreign currency deposits should go to the designated branch of the Bank to fill out the relevant forms and documents, and then give them to the tellers across the counter.
1、柜面交易 客户具有一定金额的外币存款，到指定的银行分支机构填妥相关单据交柜面服务人员即可。 2.Dealings by telephone Get a current All-In-One passbook or a debit card of the Bank and deposit certain amount of foreign currencies. Make an application at any of the networks of the Bank with the valid credentials, fill out the relevant application form and sign an agreement and then give them to the tellers across the counter together with the current All-In-One passbook or the debit card. Insert the six digits password for the account and then the account for dealings by telephone opens. Using the system of dealings by telephone, the customer can use an audio-frequency phone. The
dealings can be conducted by dialing the number and inserting the correct account number and the password.
2、电话交易办理银行活期一本通或借计卡，存入一定金额的外币。持有效身份证件，至银行任一网点提出申请，填妥相关申请表并签署协议，与活期一本通或借计卡一起交柜面服务人员。输入6位数账户密码后，电话交易账户即已开通。使用电话交易系统的，客户可使用音频电话机，拨通交易电话，输入正确的账号及密码后，即可进行交易。
3.Self-service dealings Get a current All-In-One passbook or a debit card and deposit certain amount of foreign currencies. Make an application at any of the networks of the Bank with the valid identification card, fill out the relevant application form and sign an agreement and then give them to the clerks across the counter together with the Current All-In-One passbook or the debit card. Insert the six-digit password for the account and then the account for self-service dealings opens. The dealings can be conducted by using the devices for self-service dealings and inserting the correct password.
3、自助交易办理银行活期一本通及借计卡，存入一定金额的外币。持有效身份证件，至银行任一网点提出申请，填妥相关申请表并签署协议，与活期一本通或借计卡一起交柜面服务人员输入6位数账户密码后，自助交易账户即已开通。使用自助交易设备，输入正确的密码后，即可进行交易。
金融英语阅读 27：外汇托收业务
Bank can provide various collection services both inside and outside the country. Upon receiving, the fund can be transferred to foreign exchange deposit, or be withdrawn in cash or be remitted abroad in line with the regulations. If you want to maneuver foreign exchange fund from other places because of job relocation or inhabitance registration transition, Bank can offer you the inter-city collection of deposit . If you have foreign currency notes, bills of exchange and checks, you can consign a business office of Bank to handle collection or discount. If you own personal property（such as bank deposits, safe-deposit boxes, house property, stocks, bonds and etc.） or legally inherited property abroad, bank can handle property inheritance and property collection procedures for you according to relevant proofs provided.
银行能为您办理境内境外多种形式的托收业务，款项收妥后可转存外汇储蓄存款，也可按规定支取外币现钞或汇出境外使用。如您因工作调动或户口迁移需要从异地调度外汇款项时，银行可为您办理储蓄存款异地托收业务。如您持有外币本票、汇票及支票等，可委托银行的营业网点办理托收或贴现。如您拥有私人在境外的财产（如银行存款、保险箱、房产、股金和债券等）或合法继承的境外财产，银行可根据您提供的有关证明材料，为其办理财产继承及财产托收手续。
金融英语阅读 28 ：信贷风险管理
Risk management is an important part of the overall bank management. If mistakes are made here, it can result in substantial losses to the bank. By comparison, if you as an investor choose the wrong stock investment you will also lose. Loans made by the bank to customers and companies are investments, and this is where risk management comes into use? Investing is essentially a risk-return trade off. However banks tend to be more conservative when it comes to their investments, as higher risk investments may require the bank to allocate more capital to cover it in the event of a loss. This also comes at a cost to the bank.
风险管理是银行整体业务的重要组成部分。如果在这个环节上出了差错，会给银行带来巨大损失。打个比方说，如果你作为投资者买错了股票，你就会赔钱。银行借给客户和公司的贷款是投资，也正是风险管理发挥作用的地方。投资主要是一种风险回报权衡。但是，银行在投资时更趋于谨慎，因为如果更高风险的投资亏损的话，可能要求银行分配更多的资金来填补它。这也是银行所付出的代价。
金融英语阅读 29 ：债券
Corporations can achieve short term financing through a bills facility, however for long term financing the best method is for them to issue a bond in their own name. The government, whether on a state or provincial level issues bonds to finance large construction and development projects. Corporations and many other types of companies issue bonds for expansion, asset purchases, mergers and acquisitions, etc. A bond is a promise to repay borrowed money in addition to paying interest on specified dates and is issued for a period of more than a year.
公司通过汇票获得短期贷款，但是要获取长期贷款的话，最好的方法是以他们的名义发行债券。政府，不管是州级或省级政府，通过发行债券为大型建设和发展项目筹集资金。有限公司和其他类型的公司发行债券则
是为了扩大规模、购置资产、合并和买进等。债券是对在规定日期偿还所借的钱并付利息的承诺，发行期限在一年以上。
These interest payments are called coupons and are usually paid semi annually or annually? There are many types of bonds, the most common of which are fixed rate bonds and floating rate notes（FRNs）. Fixed rate bonds pay a pre-determined coupon and FRNs pay coupons at a premium above the bank's fixed deposit rate. Bonds that do not pay interest are called zero coupon bonds. This type of bond is rare, as the entire risk to investors is concentrated at the maturity date where the principal becomes payable.
这些支付的利息叫做息票，通常半年或一年支付一次。债券有多种，最常见的有固定利率债券和浮动利率债券（FRN）。固定利率债券支付预决息票，浮动利率债券根据银行存款利率贴水支付息票。不付息的债券叫做零息债券。这种债券很少见，因为投资者的全部风险都集中在债券到期日，即付本金的时候。
来自：余生 QQ:465544353
日2011-7-15
期
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