金融英语第三章答案

Chapter3MoneyMarketExercisesI．AnswerthefollowingquestionsinEnglish．1．Howbigisthemoneymarket?withhighliquidityandveryshortmaturitiesaretraded．Themoneymarketisusedbyparticipantsasameansforborrowingandlendingintheshortterm，fromseveraldaystojustunderayearMonecertificatesofdeposit(CDs)，bankersacceptances，U.S．Treasurybills，commercialpaper，municipalnotes，federalfundsandrepurchaseagreements(repos)．Themoneymarketisasubsectionofthefixedincomemarkettoo．2．WhatarethetermsofmostT—bills?T-billsareshort—termsecuritiesthatmaturein3．Whywouldacompanyissuecommercialpaper?BecauseFormanycorporations，borrowingshort-termmoneyfrombanksisoftenalaboredandannoyingtaskTheirdesiretoavoidwidespreadpopularityofcommercialpaper．4．Amoneymarketinstrumentusuallyusedforimport／exportpaymentsisknownas?Foreignexchangerevenueandspending5．WhatdoesEurocurrencyencompass?EurodollarsareU.Sdollar—denominateddepositsatbanksoutsideoftheUnitedStates．6．Whatisamajoradvantageofmoneymarketinstruments?withhighliquidityandveryshortmaturitiesaretraded．7．WhatareEurodollars?EurodollarsareU.Sdollar—denominateddepositsatbanksoutsideoftheUnitedStates．8．Whocanissuecommercialpaper?Commercialpaperisanunsecured，short-termloanissuedbyacorporation，typicallyforfinancingaccountsreceivableandinventories．Furthermore，typicallyonlycompanieswithhighcreditratingsanII．Fillintheeachblankwithanappropriatewordorexpression．1．Oneofthemaindifferences___between______themoneymarketandthestockmarketisthatmostmoneymarket—securities—tradeinawfullyhighdenominations．2Themoneymarketisbetterknown__as______aplaceforlargeinstitutions__and________governmenttomanagetheirshort—termcashneeds．3．Thereareseveraldifferentinstruments___in______themoneymarket，offeringdifferentreturns____on_______differentrisksthroughbrokerages．Theybearaspecificmaturitydate(from3monthsto5years)，aspecifiedinterestrate，andcanbeissuedin___any______denomination，verysimilartobonds．5．ThebiggestreasonsthatT—billsaresopopularis___because__theyareoneofthefewmoneymarketinstruments_____that____areaffordabletotheindividualinvestors．6．Abankers’acceptanceisashort—termcreditinvestmentcreated__by__anon—financialfirmandguaranteedbyabanktomakepayment．Acceptancesaretraded___at________discountsfromfacevalueinthesecondarymarket．Ⅲ．TranslatethefollowingsentencesintoEnglish．1．货币市场上的金融工具包括短期的、可交易的、流动的、低风险的债券。货币市场工具有时被称作是现金的等同物，或简称现金。Financialinstrumentsonthemoneymarketincludeshort-termtrading,liquidity,low-riskbonds.Moneymarketinstruments,sometimesreferredtoasacashequivalent,orsimplycash.2．国库券是货币市场上所有金融工具中流动性最强的一种。国库券是最简单的借钱形式：政府通过向公众出售债券而筹集到资金，投资者则按低于面值折价购买，在债券到期日债券持有人从政府获得等额于债券面值的回报。Treasurybillsareoneofthemostliquidfinancialinstrumentsoncurrencymarket.Treasurybillsaretheeasiestformtoborrowmoney:governmenttoraisefundsbysellingbondstothepublic,investorsdiscountpurchaseaccordingtobelowparvalue,maturitybondholdersinthebondreturnintheparvalueofbondsinequalinstallmentsfromthegovernment.3．大额存单或称CD，是银行的定期存款。定期存款的存款者不能因需用资金而随时任意提取存款，银行只在定期存款到期时才付给储户利息与本金。Certificatesofdeposit,orCDs,banktimedeposits.Timedepositscannotbecauseoftherequiredfundsatanytimeanywithdrawalsofdeposits,bankstopaydepositorsinterestandprincipalonlywhentheCDmatures4．著名的大公司通常自己发行短期无担保的标明借贷关系的票据，而不是直接向银行借款。这些票据就称为商业票据。Well-knownlargecompaniesusuallyissuebills,short-termunsecuredmarkedlendingrelationshipsratherthandirectlytobankborrowings.Thesenotescalledcommercialpaper5．欧洲美元是指外国银行或美国银行的国外分支机构中的美元存款。EurodollarU.S.dollardepositsinforeignbanksorforeignbranchesofU.S.banks6．政府证券交易商运用回购协议作为短期借款手段，这通常是隔夜借款的一种形式。Governmentsecuritiesdealersuserepurchaseagreementsasameansofshort-termborrowings,whichisusuallyaformofovernightborrowingIV．TranslatethefollowingsentencesintoChinese．1．Moneymarketinvestmentsarealsocalledcashinvestmentsbecauseoftheirshortmaturities．货币市场投资的短期性，它也被称为现金投资。2．Formanycorporations．borrowingshort—termmoneyfrombanksisoften’alaboredandannoyingtask．对于许多公司来说，从银行借短期货币是一项既费工又费神的工作。3．T—billsareshort—termsecuritiesthatmatureinoneyearorlessfromtheirissuedate．短期国库券是至发行日期起在一年或更少的时间内到期的短期证券。4．Contrarytothename，EurodollarshaveverylittletodowiththeEuroorEuropeancountriesEurodollarsareUSdollar—denominateddepositsatbanksoutsideoftheUnitedStates．与名字相反，欧洲美元很少做欧元或在欧洲国家使用，欧洲美元是存储在美国以外的美元。5Themorefrequentlyintereaninvestmentpaysinterestannually，itsra