大学核心商务英语读写教程3Unit10ForeignCurrenciesandExchangeRates.ppt

,UNIT TEN Foreign Currencies and Exchange Rates,Objectives,To get familiar with business writing,To know something about foreign exchange,To learn new words and expressions,To master how to analyze difficult and long sentences,1. Background Information,2. Introduction to the Text,3. Business Terms,4. Words and Expressions,5. Notes to the Text,Text A Foreign Exchange Market,The foreign exchange market (forex, FX, or currency market) is a worldwide decentralized over-the-counter financial market for the trading of currencies. Financial centers around the world function as anchors of trading between a wide range of different types of buyers and sellers around the clock, with the exception of weekends. The foreign exchange market determines the relative values of different currencies. The foreign exchange market is different from any other financial market. The foreign exchange market rate and the magnitude of fluctuations in the financial sector are second to none.,1. Background Information,Theme of the Text Text A mainly explains the elements of foreign exchange market: the market size and liquidity, market participants, banks, commercial companies, investment management firms, hedge funds, retail foreign exchange brokers and some financial instruments.,2. Introduction to the Text,本商务语篇为说明文体。,详细介绍了外汇及外汇市场的具体内容，解释了外汇、外汇市场的定义及本质特征，介绍了外汇市场规模和流动性、中央银行、对冲基金、投资管理公司及金融工具在外汇市场中的功能与作用。,商务英语语言的最显著的特点就是它是商务实践、商务理论知识的载体, 用词具有明显的专业性。本商务语篇与外汇及外汇市场密切相关, 多用专业词汇。本文商务语言准确、确凿、严谨，趋于高度的专业化。此外，本语篇语言清晰准确，行文简洁，用语礼貌正式的特点使读者十分准确地掌握了外汇及外汇市场的相关信息。,文体特征分析,2. Introduction to the Text,The foreign exchange market is Over the Counter (OTC) or inter-bank market because foreign currency is traded through phone or electronic trading net in fact, the trading of foreign currency does not like stock trade, it is not intensive trading in exchange center.,The foreign exchange market 外汇市场,3. Business Terms,The simultaneous sale (or purchase) of a financial instrument and the taking of an equal and opposite position in a similar instrument is to provide a profit. That is, exploiting pricing differences (anomalies) across markets. True arbitrage is risk free. In economics and finance, arbitrage is the practice of taking advantage of a price differential between two or more markets.,Arbitrage 套利,3. Business Terms,BIS (Bank for International Settlements) 国际清算银行,Bank for International Settlements are a consortium of the Central Banks of England, French, German, Italian, Belgium, Japan and other countries and representatives of the interests of U.S. banks such as JP Morgan, Citibank New York and Chicago. According to the Hague Agreement，BIS established its headquarters in Basel, Switzerland in May 1930 together with only seven members, now it has grown to 45 members.,3. Business Terms,The foreign exchange market is Over the Counter (OTC) or inter-bank market because foreign currency is traded through phone or electronic trading net in fact, the trading of foreign currency does not like stock trade, it is not intensive trading in exchange center.,spot exchange rate 即期汇率,3. Business Terms,the forward exchange market is a market for contracts that ensure the future delivery of a foreign currency at a specified exchange rate. The price of a forward contract is known as the forward rate.,forward exchange 远期汇率,3. Business Terms, speculator /spekjuleit/ n.,ere,Meaning,4. Words and Expressions,Example,a person who buys goods, property, money, etc. in the hope of selling them at a profit,He is speculator who hold up customers. 他是个向顾客索取高价的投机商人。 These houses were built by property speculators. 这些房屋是由地产投机商建造的。,(2) liquidity /likwiditi/ n.,ere,Meaning,4. Words and Expressions,Example,being in cash or easily convertible to cash; debt paying ability,liquidity analysis 流动性分析; liquidity ratio 流动性比率 The demand for and the supply of credit is closely linked to changes in liquidity. 信用的供求和流动资金的变化有密切关系。,(3) speculative /spekjultiv/ a.,ere,Meaning,4. Words and Expressions,Example,bought or done in order to make a profit in the future,black market speculative trading 黑市投机买卖 speculative ventures in real estate 房地产投机生意 His conclusions are purely speculative. 他的结论完全是推测而来的。,(4) facilitate /fsiliteit/ vt.,ere,Meaning,4. Words and Expressions,Example,to make possible or easier,Modern devices facilitate domestic work. 现代设备使家务活便利了。 Zip codes are used to facilitate mail service. 邮政编码方便了邮递服务。,(5) overwhelm /uvhwelm/ vt.,ere,Meaning,4. Words and Expressions,Example,to defeat someone or something by using a lot of force,No difficulty can overwhelm us. 困难压不倒我们。 If I cannot overwhelm with my quality, I will overwhelm with my quantity. 如果我不能以质量取胜，我就一定要以数量取胜。,ere,Meaning,4. Words and Expressions,Example,a (system of) payment to someone who sells goods which is directly related to the amount of goods sold,Buying commission 代购佣金 Selling commission 代销佣金,(6) commission /kmin/ n.,Meaning,4. Words and Expressions,Example,the educator who has executive authority for a school；the major party to a financial transaction at a stock exchange; buys and sells for his own account,an acting principal 代理校长 The agent spoke on behalf of his principal. 代理人代表他的委托人说话。,(7) Principal /prinspl/ n.,ere,Meaning,4. Words and Expressions,Example,belonging to a thing by its very nature,Distinguish between extrinsic and intrinsic motivation. 区分外部激励和内部激励。 The character is intrinsic. 性格是内在的。,(8) intrinsic /intrinsik/ a.,ere,Meaning,4. Words and Expressions,Example,the act of transacting within or between groups (as carrying on commercial activities),cash transaction 现款交易 stock transaction 股票交易 credit transaction 赊账交易,(9) transaction /trnzkn/ n.,ere,Meaning,4. Words and Expressions,Example,被分成,Chapter One can be divided into several sections. 第一章可分为若干小节。 The investigator will be divided into three groups. 所有的调查员将被分为三个小组。,(10) be divided into,ere,Meaning,4. Words and Expressions,Example,(在数量方面)占,Today, their products account for a quarter. 如至，他们的产量已占全球总产量的四分一。,(11) account for,ere,Meaning,4. Words and Expressions,Example,to ones advantage 对某人有利,Declare in favor of sth. 声明赞成某事 An error in our favor. 对我方有益的错误,(12) in ones favor,释义 Today, speculation, arbitrage and professional dealing are driving an enormous proportion of FX market activity. Currencies are traded like any other commodity in speculation, arbitrage and professional dealing.,1. Today, an enormous proportion of FX market activity is being driven by speculation, arbitrage and professional dealing, in which currencies are traded like any other commodity.（Para.1）,5. Notes to the Text,解析 本句是被动语态的现在进行时，施动者由介词短语by speculation, arbitrage and professional dealing 来表示。in which 引导的定语从句修饰其前面的speculation, arbitrage and professional dealing。,解析 本句主语是It，有两个并列的谓语动词is和includes。其中in terms of意为：就而言, 从方面说来；betweenand意为：与之间。,2. It is by far the largest market in the world, in terms of cash value traded, and includes trading between large banks, central banks, currency speculators, multinationals, governments, and other financial markets and institutions.（Para.1）,5. Notes to the Text,释义 In terms of cash value traded, it is by far the largest market in the world. It includes trading between large banks, central banks, currency speculators, multinationals, governments, and other financial markets and institutions.,解析 本句为简单句。谓语动词caters for意为：为服务，例如：cater for the need of the customers 迎合顾客的需求。,3. The interbank market caters for both the majority of commercial turnover and large amounts of speculative trading every day.（Para.5）,5. Notes to the Text,解析 本句为简单句。谓语动词play an important role in意为：起着重要作用，例如：rating agencies play an important role in this process. 信贷评级机构在这个过程中起着重要的作用。,4. National central banks play an important role in the foreign exchange markets.（Para.7）,5. Notes to the Text,解析 本句为简单句。谓语动词offer意为：提供；介词短语to private individuals and companies作状语，表示对象，意为：提供给个人和私人公司。,5. Non-bank foreign exchange companies offer currency exchange and international payments to private individuals and companies.（Para.11）,5. Notes to the Text,释义 This trade represents a “direct exchange” between two currencies, has the shortest time frame, involves cash rather than a contract. Interest is not included in the agreed-upon transaction.,解析 本句是由分号连接的并例句。第一个分句有三个并列的谓语动词：represents 、has和involves。句中词组rather than意为：不是而是，例如：Spoken rather than written. 口头说的而不是书写的。,6. This trade represents a “direct exchange” between two currencies, has the shortest time frame, involves cash rather than a contract; and interest is not included in the agreed-upon transaction.（Para.13）,5. Notes to the Text,1. Background Information,2. Introduction to the Text,3. Business Terms,4. Words and Expressions,5. Notes to the Text,Text B Determinants of FX Rates and Exchange Rate Risk,Many occur in the foreign exchange transactions of foreign exchange risk management issues: currency exchange rates unpredictable significant changes in foreign exchange rates of fluctuations in market opportunities for profit loss of payment payments and receipts to confirm the delay of bank drafts received and the difference between the contract price,1. Background Information,Theme of the Text Text B shows us the familiarization with the determinants of exchange rates will help develop an awareness of foreign exchange risk.,2. Introduction to the Text,本商务语篇是说明文体为主的商务报道，介绍了外汇利率的决定因素和汇率风险。,虽然汇率受多种因素影响，但是货币价格是供给和需求的结果。任何给定货币的供给与需求及它的价值，并非受单一因素，而是受几个因素的影响。这些因素一般分为三类：经济因素，政治因素和市场心理。,文体特征分析,2. Introduction to the Text,语篇使用简洁、易懂、规范、正式的词汇，运用大量陈述句解释说明外汇利率的决定因素和汇率风险。,In finance, the exchange rates (also known as the foreign-exchange rate, forex rate or FX rate) between two currencies specify how much one currency is worth in terms of the other. It is the value of a foreign nations currency in terms of the home nations currency. For example an exchange rate of 91 Japanese yen (JPY, ) to the United States dollar (USD, $) means that JPY 91 is worth the same as USD 1. The foreign exchange market is one of the largest markets in the world. By some estimates, about 3.2 trillion USD worth of currency changes hands every day.,exchange rate 汇率,3. Business Terms,Currency risk is a form of risk that arises from the change in price of one currency against another. Whenever investors or companies have assets or business operations across national borders, they face currency risk if their positions are not hedged.,3. Business Terms,exchange rate risk 汇率风险,Supply and demand is an economic model of price determination in a market. It concludes that in a competitive market, the unit price for a particular good will vary until it settles at a point where the quantity demanded by consumers (at current price) will equal the quantity supplied by producers (at current price), resulting in an economic equilibrium of price and quantity.,3. Business Terms,Supply and demand 供应和需求,The balance of trade is the difference between the monetary value of exports and imports of output in an economy over a certain period. It is the relationship between a nations imports and exports. A positive or favorable balance of trade is known as a trade surplus if it consists of exporting more than is imported; a negative or unfavorable balance is referred to as a trade deficit or, informally, a trade gap. The balance of trade is sometimes divided into a goods and a services balance.,The balance of trade 贸易平衡,3. Business Terms, instantaneously /instnteinjsli/ adv.,ere,Meaning,4. Words and Expressions,Example,without any delay,Once the cargo is shipped, insurance can be covered instantaneously. 货物一旦发出，我就会立即投保。,（2）encompass /inkmps / vt.,ere,Meaning,4. Words and Expressions,Example,include in scope; include as part of something broader; have as ones sphere or territory,The flow diagram should encompass an additional page. 流程图则包含于附加页数中。,（3） disseminate /disemineit / vt.,ere,Meaning,4. Words and Expressions,Example,to cause to become widely known,The agency would collect and disseminate information. 通讯社收集和传播讯息。,（4）fiscal /fiskl/ adj.,ere,Meaning,4. Words and Expressions,Example,involving financial matters；relating to money, taxes, debts etc that are owned and managed by the government,The increase of taxation is an important fiscal policy. 增税是一项重要的财政政策。,（5）deficit / defisit / n.,ere,Meaning,4. Words and Expressions,Example,the property of being an amount by which something is less than expected or required,trade deficit 贸易赤字 a great deficit巨额亏空,（6）surplus /s:pls / n.,ere,Meaning,4. Words and Expressions,Example,a quantity much larger than is needed,surplus product 剩余产品 fiscal surplus 财政结余 surplus value 剩余价值,（7）perceive /psi:v/ vt.,ere,Meaning,4. Words and Expressions,Example,to become aware of through the senses,To perceive incorrectly 误解 To perceive with the eye 看; 用眼睛观察,（8）spur /sp:/ vt.,ere,Meaning,4. Words and Expressions,Example,to incite or stimulate；give heart or courage to,That should spur the market further. 此举必将刺激此市场的发展。,（9） haven /heivn/ n.,ere,Meaning,4. Words and Expressions,Example,a shelter serving as a place of safety or sanctuary；a sheltered port where ships can take on or discharge cargo,tax haven 避税港 Having no home or haven. 没有家或庇护所的,ere,Meaning,4. Words and Expressions,Example,对有影响,The amount of taxation levied will have an impact on the economy of a country. 征缴的税额对一国的经济有直接影响。,(10) have an impact on,ere,Meaning,4. Words and Expressions,Example,适用于, 运用于,to apply theory to practice 把理论应用于实践 to apply science to farming 把科学用于农业,(11) apply to,ere,Meaning,4. Words and Expressions,Example,涉及到, 关系到, 和 . 有关, 归功于,Your claim should be referred to the insurance company. 你们的索赔应提交保险公司。,(12) be referred to,解析 本句是简单句，句中where引导的定语从句修饰前面的interconnected marketplaces。介词短语due to意为：由于，因为, 例如：due to insufficient funds 由于经费不足。,1. Due to the over-the-counter (OTC) nature of currency markets, there are rather a number of interconnected marketplaces, where different currencies instruments are traded.（Para.1）,5. Notes to the Text,释义 The worlds currency markets can be viewed as a huge melting pot. Supply and demand factors are constantly shifting, and the price of one currency in relation to another shifts accordingly in this large and ever-changing mix of current events.,2. The worlds currency markets can be viewed as a huge melting pot: in a large and ever-changing mix of current events, supply and demand factors are constantly shifting, and the price of one currency in relation to another shifts accordingly.（Para.2）,5. Notes to the Text,解析 本句中世界货币市场被比作是一个巨大的熔炉，冒号后面的成分解 释、说明主句，词组in relation to意为：与相比，与相联系，例 如：Thickness of paper or cardboard is in relation to weight. 纸厚是与重量有关系的。,释义 Economic numbers can certainly reflect economic policy. At the same time, some reports and numbers take on a talisman-like effect. The number itself becomes important to market psychology and may have an immediate impact on short-term market moves.,3. While economic numbers can certainly reflect economic policy, some reports and numbers take on a talisman-like effect- the number itself becomes important to market psychology and may have an immediate impact on short-term market moves.（Para.14）,5. Notes to the Text,解析 本句中连接词While引导时间状语从句，意为：与同时，例如：She listened closely while he read the letter. 他读信时, 她听得很仔细。,解析 本句为简单句，when引导时间状语从句。句中exchangefor意为：用换取，例如：Where can I exchange my American money for foreign money? 我在哪儿可以把美元兑换成外币? ；vice versa意为：反过来也一样，反之亦然，例如：Balance indicates existence, and vice versa. 平衡就是存在，存在即表示平衡。,4. Companies must exchange foreign currencies for home currencies when dealing with receivables, and vice versa for payables.（Para.15）,5. Notes to the Text,释义 An appreciation in its domestic currency will mean that either sales fall (because its prices rise in terms of its customers currency) or that its gross margin shrinks, or both. An exporter is likely to find this fact.,5. Similarly an exporter is likely to find that an appreciation in its domestic currency will mean that either sales fall (because its prices rise in terms of its customers currency) or that its gross margin shrinks, or both.（Para.19）,5. Notes to the Text,解析 本句中that引导宾语从句，宾语从句中词组eitheror又连接两个并列的宾语从句，意为：不是.就是., .或., 要么.要么.，例如：You may either telegraph or telephone. 你可以发电报或打电话。,1. Background Information,2. Introduction to the Text,3. Business Terms,4. Words and Expressions,5. Notes to the Text,Text C The Rumors of the Dollars Death Are Much Exaggerated,The dollar (often represented by the dollar sign: “$“) is the name of the official currency of many countries, including the United States, Australia, New Zealand, Canada, the Eastern Caribbean territories, Hong Kong, Taiwan, Singapore, Brunei, East Timor, Ecuador, Suriname, El Salvador, Panama, and Belize. 美元（通常用符号“$”表示美元）是许多国家的官方货币名称，包括美国、澳大利亚、新西兰、加拿大、东加勒比地区、香港、台湾、新加坡、东帝汶、厄瓜多尔、苏里南、萨尔瓦多、文莱巴拿马和伯利兹。,1. Background Information,Theme of the Text Text C takes one foreign currency as an example: dollar. Although the dollar-based global monetary system is defective, it would be good to start building alternative arrangements.,2. Introduction to the Text,本语篇为一则商业评论，介绍了对美元的恐慌。,美元如今成了各国央行烫手的山芋。美国实体经济陷入衰退风险，但在这种情况下，美联储还是选择了实实在在的“弱势美元政策”，放任美元大幅度贬值。对美元来说，降息所导致的大幅度下跌可能引发信心危机，使大量美元储备转向高收益货币。,文体特征分析,2. Introduction to the Text,文中多用简洁、易懂、缩略词，例如，US（美国）、EURO（欧元）等。这一特点是由商务交际的性质决定的。,The euro (sign: ; code: EUR; plural: euros) is the official currency of the eurozone: 16 of the 27 Member States of the European Union (EU). It is also the currency used by the EU institutions. The eurozone consists of Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain.,The euro 欧元,3. Business Terms,The Federal Reserve System (also known as the Federal Reserve, and informally