《金融英语听说》Unit7.doc

Unit 7Short DialoguesMultiple ChoiceScripts & AnswersDialog 1 W: Excuse me, would you please tell me the current exchange rate of RMB tothe USD? I want to buy some US dollars for RMB yuan.M: No problem. The current exchange rate is 673 yuan for 100 US dollars.How much USD are you going to buy?M: 10,000 US dollars.W: In cash?M: No. I have had a RMB current account and a USD current account withyour bank. Here are the passbooks. Please credit the dollars to my USDaccount. Ill transfer the money to my account with Citibank in New York.Ill make the fund transfer by myself through e-banking.Question: How much RMB yuan would be paid for 10,000 US dollars? (A)译文 女： 打搅了，请你告诉我人民币兑美元的汇率，好吗？我要用人民币兑换一些美元。男： 好的。现行汇率是100 美元兑换673 元。您打算买多少美元？女： 10,000 美元。男： 用现金吗？女： 不。我有你们银行的人民币活期账户和美元活期账户。这是存折。请把美元贷记到我的美元账户。我要把钱转账到纽约花旗银行的账户。我可以自己通过网上银行进行资金转账。Dialog 2 W: Morning, sir! What can I do for you?M: Morning, Madam! Ill receive a great amount of US dollars in 35 days. Ithink there would be exchange risk because of the depreciation of the USdollar. Someone advised me to make a forward transaction with a bank.Would you please give me a suggestion about that?W: You are welcome, sir. Have a seat, please. Ill send for our manager to talkit over with you.M: Thank you, Madam.Question: What will the man do in order to avoid the exchange risk? (C)译文 女： 早上好，先生。需要我为您做什么呢？男： 早上好，女士。我在35 天后将收到一大笔美元。因为美元贬值，我觉得有汇率风险。有人建议我来银行做一个远期交易。麻烦您给我一些有关这方面的建议，好吗？女： 您太客气了，先生。请坐。我去请我们的经理来与您详谈。男： 谢谢你，女士。Dialog 3 W: Hi, what is the financial news on China Daily? There is no good newsthese days because of the financial crisis, Im afraid.M: There is a piece of news about our foreign exchange reserve but I dontknow if it is good or not.W: Foreign exchange reserve? It usually increased, I believe.M: Maybe you are right. The Peoples Bank of China said Tuesday that ourcountrys foreign exchange reserve increased by $417.8 billion in 2008,$44.1 billion less than in 2007.W: Yeah, Ive read that news. The reserve growth slowed over the monthslast year. The total reserve was up 27.34 percent over 2007, the lowest ratesince 2001.M: Some analysts said that the fall in the growth rate is the result of ashrinking trade surplus and a possible slowdown in the inflow of “hotmoney”, and the flow of hot money began to dry up for some reason.Question: Which of the following is not the cause of the fall in our foreign exchangereserve growth? (D)译文 女： 嗨，中国日报上有什么财经新闻吗？因为金融危机，恐怕近些天都没有什么好新闻了。男： 有一条关于我国外汇储备的消息，可我不知道是好还是坏。女： 外汇储备？我相信，它通常是增加的。男： 你或许是对的。人民银行周二公布说，我国的外汇储备2008 年增加了4,178亿美元，比2007 年少441 亿美元。女： 是，我看到过这条消息。外汇储备在去年几个月中增长放缓。储备总额比2007 年增加了27.34%，是2001 年以来增长率最低的一年。男： 有些分析家说，增长率下降可能是贸易顺差的减少和“国际游资”流入放慢的结果，“国际游资”的流动由于某些原因开始被困住了。Dialog 4 W: Professor, what do you think of the opinion that China should depreciatethe yuan?M: As far as Im concerned, letting the yuan depreciate is a good option sinceinflation is no longer a threat while the dollar starts a rising cycle. Thedollar is unlikely to depreciate against Western currencies and even majorAsian currencies. If the yuan does not depreciate Chinas exports will takea big hit.W: Yeah, some experts have the same opinion as yours. They said that a minorchange in the value of the yuan will not help exporters much. China shouldset the yuan at 7.5 to the dollar, up from the current 6.8 to the dollar, togreatly boost exports.M: I agree.Question: What is the professors opinion about the RMB yuan? (A)译文 女： 教授，对于中国应当贬值人民币的观点，您是怎么看的？男： 就我来说，让人民币贬值是一个不错的主意，因为通货膨胀已不再是威胁，而且美元开始进入上升的通道。美元兑西方货币和亚洲主要货币不会再贬值了。如果人民币不贬值，中国出口就会遭受重创。女： 是，一些专家与您的观点相同。他们说人民币价格的微调对于出口商没有多大的帮助。中国应该把人民币与美元的汇率定在7.5 元，高于现在的6.8 元，才能够大大地促进出口。男： 我同意。Short Answer QuestionsScripts & AnswersDialog 1 M: Im told that a forward contract is similar to a futures contract. Is that true?W: No, I dont think so.M: Why?W: Because a futures contract is a standardized contract traded only on thefutures exchange, but a forward contract is usually made with a bankaccording to the need of the customer. And people should deliver thecurrency he sells to the bank and take in the currency he purchases fromthe bank at the maturity of the forward contract.M: What about a futures contract?W: Everyday the trader should settle his futures account and he may knowhis gain or loss, that is, he may earn much money or he has to put moremoney to his futures account. Of course, he can make a reverse deal beforematurity to stop the transaction if he thinks hell make money or he wantsto stop losses at the current futures price.Question: What are they talking about?The difference between a forward contract and a futures contract.译文 男： 我听说远期合约与期货合约相似，是这样吗？女： 不，我认为不一样。男： 为什么？女： 因为期货合约是标准化的合约，只能在期货交易所里买卖，而远期合约通常是根据客户的需要与银行签订的合约。远期合约到期，人们必须与银行交割买卖的货币。男： 期货合约呢？女： 每天，交易者必须结算他的期货账户。这样他就能够知道赢亏，也就是说，他可能赚很多钱，或者必须投放更多的钱到他的期货账户。当然，如果他认为按照现行的期货价格可以获利或打算止损，他可以在合约到期之前做一个反向交易平仓。Dialog 2 W: Professor, I find it interesting to study the call and the put. I just rememberthat a call gives the buyer the right to buy something and a put gives thebuyer the right to sell something.M: Absolutely right. That is the difference between calls and puts.W: Im afraid I will never be a writer of an options contract.M: Why?W: You see, the option writer can not decide anything in the transaction andthe option buyer is always in an active position.M: But he has to pay premium for the right.Question: What is a call option according to the dialog?A call gives the buyer of the option contract the right to buy something.译文 女： 教授，我觉得研究看涨期权和看跌期权很有意思。我刚刚记住看涨期权赋予期权买方买入某物的权利，看跌期权赋予买方出售某物的权利。男： 非常正确。这就是看涨期权与看跌期权的区别。女： 恐怕我绝不会当期权合约的卖方。男： 为什么？女： 你看，期权卖方不能决定任何事情，而期权买方总是处于主动地位。男： 可他必须为此支付期权费呀。Dialog 3 W: Excuse me, Professor, can I bother you for a few minutes?M: Yes, of course.W: Id like to know what a put option is.M: Well, a put is a contract that grants the right to the option buyer to sell acertain amount of specified assets at the specified price before or on theexpiry date. The buyer has got the right by paying a premium to decidewhether or not to exercise the option.Question: What will people have to do if he wants to buy a put option according to theman?He has to pay a premium.译文 女： 不好意思，教授，我能占用您几分钟的时间吗？男： 当然可以。女： 我想知道看跌期权是怎么回事。男： 行。看跌期权是一种合约，它给期权的买方授予权利，可以在合约到期之前或到期日，按照规定的价格出售规定的资产。期权的买方通过支付期权费而获得决定是否履行期权合约的权利。Listening & SimulatingScripts & AnswersDialog 1 M: Oh, Professor, according to what you said just now, it will be very easy tomake money in the futures market. If I go long and the futures price goesup, Ill make money. And .W: Yes. But if you go short and the price goes up, you will lose money. Andyou have to pay up more money to your margin account immediately.M: If I go short and the price goes down, what will happen?W: Youll of course make money.译文 男： 哦，教授，按照您刚才讲的，在期货市场上赚钱是件很容易的事？如果我买进，期货价格上涨，我就赚了。而且女： 对。但如果你是卖出，而价格上升，你就亏了。而且你还要马上付更多的钱到你的保证金账户。男： 如果我卖出，价格下跌，会怎么样呢？女： 你就当然赚钱啦。在合约平仓之前的任何一个工作日，如果保证金余额低于维持保证金（maintenancemargin），交易所的清算所会发出追加保证金的通知（margin call），要求期货交易人追加保证金。如果期货交易人不能按时追加保证金，清算所则按照当天的收盘价清盘，并对期货交易人施以罚金。Dialog 2 W: Hi, Manager! I need your help.M: You are welcome, Madam. What can I do for you?W: I have to pay 10,000 US dollars tomorrow and receive 10,000 US dollars inabout a month. What do you think I should do?M: In my opinion, youd better enter into a swap agreement with our bank.W: A swap agreement?M: Yes, a spot or forward swap agreement. A spot purchase of 10,000 USdollars at the current spot rate and a 30-day forward sale of the sameamount in US dollars at the specified forward rate. The dollar is at discountin terms of RMB yuan, you know.W: I see. The swap can help me reduce losses out of the exchange risk.译文 女： 你好，经理。我有事需要您帮忙。男： 没问题，女士。请问我能帮您做什么？女： 明天我要支付1 万美元，大约1 个月后我会收到1 万美元。你觉得我应该怎么做？男： 我的意见是，你最好与我们银行签一份掉期合约。女： 一份掉期合约？男： 对，一份即期或远期掉期协议。按当前的即期汇率即期买入1 万美元，按规定的远期汇率30 天远期卖出相同金额的美元。你知道，美元对人民币贴水。女： 我明白了。掉期能够帮我减少由于汇率风险产生的损失。Dialog 3 W: Morning, sir! What can I do for you?M: Morning, Madam. I have a transaction with a customer abroad, andthe settlement will be made by a D/A collection. The goods have beendelivered and the draft has been accepted, but I am worried about the exchangerate risk because the payment will be made in 3 months in US dollars. Youknow, the US dollar is at discount against RMB yuan. What shall I do?W: Why not arrange a forward sale of the US dollars for RMB yuan? I think itis the best way to decrease the loss.M: Well, you certainly hit the target. Thank you so much. Ill do as you said.译文 女： 早上好，先生。需要我为您做些什么呢？男： 早上好，女士。我与外国客户有一笔交易，用承兑交单托收付款结算。现在已经承兑汇票和交货。但是我担心汇率风险，因为付款时间是3 个月以后，而且是用美元支付的。你知道，美元兑人民币是贴水。我该怎么办？女： 为什么不安排远期卖出美元买进人民币呢？我认为这是减少损失的最佳办法。男： 哦，你可说到点子上了。太谢谢了。我就按你说的做。III Long ConversationsConversation 1 Buy RMB Against USDScripts & AnswersW: Hello, sir. Is there anything I can do for you?M: Yes, I come to buy some RMB yuan for US dollars. I will stay in Shanghai for severalweeks.W: You are welcome. How much RMB do you want?M: I need at least 3,000 yuan.W: All right. This is an exchange memo. Please fill in your name and the amount you want.M: OK. By the way, whats the spot rate of the US dollar against the yuan?W: 6.5639 to the dollar.M: Oh, my God. The rate is declining greatly. Id better exchange more RMB this time.Maybe Ill buy less next week. 5,000 yuan, please. How much dollar will be paid for5,000 yuan?W: In notes or just debit to your USD account?M: Is there any difference?W: The rate is a bit lower in notes. That is 6.5225 for the dollar notes.M: All right. I only have cash with me.W: OK. 766.57 dollars, please.M: 766.57 dollars. Here is 800 dollars. Im sorry I dont have any small change with me.W: It doesnt matter. I have the small change for you. Er sir, would you please show meyour passport?M: Yes, here it is.W: Well, sir, everything is OK. Now, Here is your change of 33 dollars and 43 cents, yourpassport, the exchange memo, and the amount of 5,000 yuan. The notes are of thedenomination of 100 yuan. Please check them.M: Thank you. Oh, exchange memo? Shall I keep it for later use?W: Yes, please. If you have leftover RMB when you leave China you may change it into theUS dollars by submitting the exchange memo.M: Thank you for the information. Ill keep it safe. Sorry to have bothered you so much.W: You are welcome. See you.M: See you.译文 女： 您好，先生。我能帮您做什么吗？男： 是。我是来用美元兑换人民币元的。我将在上海住几周。女： 欢迎您。您要兑换多少人民币？男： 至少3, 000 元。女： 好。这是兑换水单。请填写您的姓名和需要兑换的金额。男： 行。顺便问问，美元兑换人民币元的现价是多少？女： 6. 5639 元。男： 哦，天呐。汇率下降得太多了。我最好这次多换一点人民币。下周可能就买的更少了。5,000 元吧。换5,000 元要付多少美元？女： 现金还是划账？男： 有不同吗？女： 现金兑换的汇率稍微低一点。美元现金是6.5225 元。男： 行啊。我只有现金。女： 好。请付766.57 美元。男： 766.57 美元。这是800 美元。对不起，我没有零钱。女： 没关系。我可以找你零钱。嗯，先生，请给我看看您的护照，好吗？男： 好。这是护照。女： 好了，先生，一切都办好了。这是找给您的33 美元43 美分、您的护照、水单和5,000 元人民币。这些纸币的面值都是100 元。请清点核实。男： 谢谢。哦，水单？需要留着它以后用吗？女： 是，请妥善保存。如果您离开中国时还有剩余的人民币，您可以兑换成美元。到时需要您出示水单的。男： 谢谢你的信息。我会好好保存它。打扰你太久，不好意思。女： 没关系。再见。男： 再见。IV LecturesLecture 1 Foreign Exchange Dealings with a BankScripts & AnswersCustomer Banks Dealing DepartmentCustomers Confirmation Banks ConfirmationAccounting Entries Payment Instruction File CopiesBanks Operations DepartmentTrading TicketLadies and gentlemen, do you know how to make a foreign exchange transaction? Letslook at the screen. OK, here is the flow chart of foreign exchange transactions. A typical foreignexchange transaction begins with a customer, which may be an individual, a company, oranother bank. The customer enters into the trade with the banks dealing department. The banksdealing department transacts the foreign exchange with another banks dealing department. Thebank confirms the transaction with the customer, usually by phone, and the customer approvesthe confirmation. A trading ticket, showing the details of the transactionquantity of whichcurrency at the transacted price and maturity of any forward rate agreementis forwarded bythe dealing department to the banks operations department, the so-called back room, whereappropriate accounting entries, payment instructions, and file copies are recorded.Here is an example of a spot transaction:Assume that on Wednesday, January 10, the XYZ Company, a US manufacturer, mustmake a payment for tools ordered from Germany. The invoice shows that the payment due isEUR50,000. The transaction may involve three steps. First, XYZ Company calls the foreignexchange department of its bank and requests the current exchange rate for purchasingEUR50,000. Second, the bank tells XYZ Company that the current spot rate for the euroagainst the US dollar is 1.4374, i.e., 100 euros for 143.74 US dollars. If XYZ Company agreesto buy 50,000 euros at this rate, the dealer of the bank enters the “fill” or the price at which theorder is filled on his trading sheet. The confirmation is generated later by the operations roomof the bank, and the parties have committed to deliver the respective currencies. The marketoperates on a good-faith basis, i.e., because transactions are entered by phone or electroniccommunication with written confirmations and payments to follow, parties rely on each otherto make payments or delivery. Therefore, the bank will sell 50,000 euros to XYZ Companyin exchange for 71,870 US dollars. The transaction is valued for two business days later onFriday, January 12. You know it is a spot transaction and the exchange rate specified is goodfor two business days. Third, on Friday, January 12, the bank will delive