金融专业英语考题总结-

China’sFinancialSystemDescribethefinancialsystemofChina.(Writedownthreeinstitutions’nameofeachsectoroptionally.)简单描述中国的金融体系。China’sfinancialsystemconsistsofbanking,non-bankingfinancialsectors,financialmarketsandregulatorycommissions.BankingincludesPBC(ThePeople’sBankofChina),policybanks,state-ownedbanksandothercommercialbanks.Andamongthem,policybankscontainCDB(ChinaDevelopmentBank),EXIMBC(TheImport-ExportBankofChina),ADBC(AgriculturalDevelopmentBankofChina);State-ownedbankscontainBC(BankofChina),ICBC(IndustrialandCommercialBankofChina),ABC(AgriculturalBankofChina),CCB(ChinaConstructionBank);OthercommercialbankscontainsBComm,CiticBank,Everbright,Huaxia,Minsheng,GuangdongD(GuangdongDevelopmentBank),ShenzhengD,Merchants,Xingye,PudongD,Hengfeng,Zheshang,UrbanCommmercial,RuralCommercial,andsoon.Non-bankingfinancialsectorsincludesFinancialAssetManagementCO.whichmanagenon-performingassetsofthebig4banks:ICBC’sHuarong,ABC’sChangcheng,BC’sDongfang,CBC’sXinda;InsuranceCo.;TrustInvest.;SecuritiesCo.;FinancialLeasing;UrbanCC;RuralCC;Investmentfund;Postalsavingsandotherinstitutions.Financialmarketsincludemoneymarket,stockmarket,bandmarket,futuresmarket,VC/PEandrealestate.RegulatorycommissionincludesCBRC(ChinaBankingRegulatoryCommission),CSRC(ChinaSecuritiesRegulatoryCommission),CIRC(ChinaInsuranceRegulatoryCommission),SAFE(StateAdministrationofForeignExchange),andsonon.ShortHistoryofModernFinanceWhenisthewatershedyearofmodernfinance?Nineteenfifty-twoisthewatershedyearformodernfinance.现代金融的分水岭是1952年。Whoisthefounder/MilestoneCharacterofmodernfinance?HarryMarkowitz（哈里・马克维茨）.现代金融的鼻祖是哈里・马克维茨。Before1945,themacrofinanceisconcernedwiththemonetarysystem,andafter1945,itpaysmoreattentiontofinancemarket.1945年以前宏观金融关注的是货币制度，1945年以后更多关注的是金融市场。Whatisthecommoncharacteristicofmacrofinanceandmicrofinance?宏观金融和微观金融的共同特点是什么？Spiralofsilenceandepidemiology.Keywords：Monetarist货币主义学派NewKeynesianschool新凯恩斯主义学派Spiralofsilence沉默的螺旋Assetmispricing资产误定价Mediasentiment媒体情感Animalspirit非理性的动物精神Epidemiology流行病学Inflationexpectation通胀预期Media媒体三、MoneyMarketWhatismoneymarket?什么是货币市场？Themoneymarketisactuallyacollectionoffinancialmarketsinwhichinvestorstradefinancialinstrumentsthatareconsideredtobe“justasgood”asmoney.Howmanytypesofinstrumentsinmoneymarket?Pleaselistthreeitemsatleast.在货币市场中有几种操作工具？至少写出三种。-UnitedStatesTreasurybills(T-bills)(国债)-Federalagencysecurities(fromagenciesliketheFederalNationalMortgageAssociation—FannieMae)(联邦机构证券)-Commercialpaper(商业汇票)-Repurchaseagreements(Repos)(回购)-Negotiablecertificatesofdeposit9口$可转让定期存单)-Federalfunds(银行间拆借资金)-Short-termmunicipalsecurities(短期市政证券)Whyarethosefinancialinstrumentsasgoodasmoney?为什么金融工具可以发挥与货币一样的效能？Becausetheymeetthefollowingthreerequirements:Theyaregenerallyextremelyliquid——youcaneasilybuyandsellthem;(Whyaretheyliquid)Theyareconsideredtobequitesafebecausetheyareissuedbystrong,credit-worthyinstitutions(LiketheU.S.Government);(Whyaretheysafe?)Theycarryverylittlepriceriskbecauseoftheirshort-termexpirations；(Whyaretheylowpricerisk?)Howmanyfundinginstitutionsthatinvolvedinthemoneymarket?卷入货币市场的融资机构有哪些？Forexample,governmentagency,U.S.Treasury,banks,GSE(Government-sponsoredentities),largecorporations,andsoon.Whatismoneymarketfunds?什么是货币市场基金？Moneymarketfundsarelikemutualfunds.Whenyouinvestinamoneymarketfund,youareactuallybuyingsharesinthatfund.Typically,moneymarketfundmanagerstrytokeepthepriceofeachshareinthefundequalto$1.Soifyouarelookingtoinvest$1,000inamoneymarketfund,youaremostlikelygoingtoown1,000sharesinthatfund.Whatarethemoneymarketaccounts?什么是货币市场账户？Moneymarketaccountsarejustlikeanyothersavingsorcheckingaccountyoumightopenatyourbank.Whenyouputmoneyintoamoneymarketaccount,youaredepositingitwithyourbank,orotherfinancialinstitution.Youarenotbuyingsharesinafundorinvestingdirectlyinanymoney-marketassets.四、LIRORWhatdoesLIBORstandfor?LIBOR的全拼是什么？LIBORstandsforLondonInterbankOfferedRate.What’sthedefinitionofLIBOR?LIBOR的定义？LIRORistheaverageinterestratethatbankschargewhentheymakeshort-termunsecuredloanstootherbanks.WhoisresponsibleforandundertakethecalculationofLIBOR?Andwhatistheworkingprocessofcalculation?谁负责计算LIBOR利率？怎么计算？TheLIBORiscalculatedbytheBritishBankers'Association(BBA,英国银行家协会)whosurveys16differentmajorbanksandasksthemwhatratetheyarechargingotherbankstoborrowmoney.Oncetheyhavecompiledtheresults,theytakeanapproachsimilartothejudgeswhoscoreOlympicdivingtake---theythrowthefourhighscores(orrates)andthrowoutthefourlowscoresandthenfindtheaverageoftheremainingeightscores.(Conciseexpression:TheBritishBankers'AssociationisresponsibleforcalculatingLIBOR.Andtheycalculatetheaverageofthemiddleeightscores.)WhatdoesariseLIBORtellus?LIBOR利率上升意味着什么？WhenLIBORisrising,ittellsusoneoftwothings:1)ittellsusthatinterestratesingeneralarerisingandthusLIBORisalsorising,and/or2)ittellsusthatlendingbanksbelievethebankstheyarelendingtohaveahigherriskofdefaultingontheloansothelendingbankhastochargeahigherinterestratetooffsetthisrisk.(Conciseexpression:1)ingenerally,theinterestratesarerising;2)higherdefaultingrisk.)五、TEDSpread泰德利差WhereisthenameofTEDcomefrom?TED的名字是怎么得来的？TheTEDspreadconsistsoftwofinancialinstruments:the3-monthTreasuryBillandtheEurodollarfuturescontract.Investorssimplytookthe“T”fromT-billandcombineditwith“ED”,whichisthetickersymbolfortheEurodollarfuturescontractontheChicagoMercantileExchange(CME,加哥商品交易所)，andtheycameupwith“TED”.WhatdoesTEDmeasure?AndhowTEDSpreadiscalculated?TED度量了什么？它是怎么计算出来的？sTheTEDspreadmeasuresthedifferencebetweentheyieldonthe3-monthTreasuryBill(T-bill)andthevalueoftheEurodollarfuturescontract whichisbasedonthe3-monthLIBORrate.TocalculatetheTEDspread,yousimplysubtracttheyieldonthe3-monthT-bill(whichisunsecure)loansfromthevalueoftheEurodollarcontract(whichisriskfree).WhenTEDspreadincreasing，whatdoesittellus?当TED利差增大时，说明了什么？WhentheTEDspreadisincreasing,ittellsuseitherthatbanksbelievetheotherbankstheyarelendingtohaveahigherriskofdefaultingontheloanssotheyarechargingahigherinterestratetooffsetthisriskorthatinvestorsareflockingtobuyT-billsbecausetheybelievethestockmarketisfaltering.Italsotellsusthatthecreditmarketsarenotfunctioningassmoothlyastheycouldeb—whichissignofpotentialeconomiccontraction.(Conciseexpression:ahigherdefaultingrisk;signofpotentialeconomiccontraction.)六、OvernightIndexSwaps(OIS)PleasewriteoutthefullnameofOIS.请全拼OIS.OvernightIndexSwap.What’stheworkingprocessoftheOIS?OIS的运作机制是什么？TocreateanOIS,weneedtohavetwofinancialinstitutions.Oneinstitutionhasanovernightinterestrateandtheotherinstitutionhasafixedshort-terminterestrate.Thetwoinstitutionsagreetoswapeachother’sobligations.Soattheendofaspecifiedperiod,whoeverendsuppayinglessinterestwillmakeupthedifferencetotheotherinstitution.(Conciseexpression:whoeverendsuppayinglessinterestwillmakeupthedifferencetotheotherinstitution.)WhatdoesLIBOR-OIStellus?LIBOR-OIS告诉我们什么信息？Liquidityriskpremium.(流动性风险溢价)Whatdoestheovernightindexswaptellus?隔夜指数掉期说明什么？Byitself,theovernightindexswapratedoesn’ttellusmuch---otherthanwhattheovernightrateis.However,whenyoucombinetheovernightindexswapratewithanotherindicator,likeLIBOR,andcreateaspreadliketheLIB