自考国际商务英语课后中译英

自考国际商务英语课后中译英Lesson11.国际贸易一般指不同国家的当事人进行的交易，它涉及到许多因素，因而比国内贸易要复杂得多。Internationalbusinessreferstotransactionbetweenpartiesfromdifferentcountries,itinvolvesmorefactorsandthusismorecomplicatedthandomesticbusiness.2．随着经济一体化进程的发展，很少人和公司能完全独立于国际商务之外而存在。因此，在此方面具有一定的知识是十分必要的，这既有益于企业的发展又有益于个人的进步。Withthedevelopmentofeconomicglobalization,fewpeopleorcompaniescancompletelystayawayforminternationalbusiness.Someknowledgeinthisrespectisnecessarybothforthebenefitofenterprisesandpersonaladvancement.3.其他参与国际贸易的形式有管理合同、承包生产和“交钥匙”工程。Otherformsforparticipatingininternationalbusinessaremanagementcontract,contractmanufacturingandturnkeyproject.4.国际贸易最初以商品贸易的形式出现，即在一国生产或制造商品而出口或进口到另一国进行消费或转售。Internationalbusinessfirsttooktheformofcommoditytrade,i.e.exportingandimportinggoodsproducedormanufacturedinonecountryforconsumptionorresaleinanother.5.除了国际贸易和投资，国际许可和特许经营有时也是进入国外市场的一种方式。Besidestradeandinvestment,licensingandfranchisingaresometimestakenasameansofenteringaforeignmarket.Lesson21、国民生产总值和国内生产总值是表明一国收入的两个重要概念。区别在于前者强调的是生产要素的所属权而后者着重于进行生产的国家。GNPandGDParetwoimportantconceptsusedtoindicateacountry’stotalincome.ThedifferencebetweenGNDandGDPisthattheformerfocusesonownershipofthefactorsofproductionwhilethelatterconcentratesontheplacewhereproductiontakesplace.2、要估评某一市场的潜力，人们往往要分析其收入水平，因为它为那里居民的购买力高低提供了线索。Inassessingthepotentialofamarket,peopleoftenlookatitsincomelevelsinceitprovidescluesaboutthepurchasingpowerofitsresidents.3、世界各国被世界银行分为三大领域：高收入国家，中等收入国家和低收入国家。CountriesoftheworldaredividedbytheWorldBankintothreecategoriesofhigh-income,middle-incomeandlow-incomeeconomies.4、中国现在的年人均收入为1100美元以上，但几年前它还是个低收入国家。Chinawithapercapitaincomeofover$1100isamiddle-incomecountrythoughitwasalowincomecountryjustafewyearsago.5、就中国来说，周围还有其他应特别关注的市场，如亚洲四小虎、东盟国家、俄罗斯等国，这些国家都具有前景看好的市场潜力，能为中国提供很好的商机。SofarasChinaisconcerned,othermarketsweshouldpayparticularattentiontoarethosearoundus:theFourTigers,theASEANcountries,Russia,India,andabitfartherawayAustralia.Lesson3过去的几十年，地区经济一体化越来越重要。Thepastdecadeswitnessedincreasinglygrowingimportanceofregionaleconomicintegration.最著名的自由贸易区是北美自由贸易区，它是由美国、加拿大和墨西哥于1991年建立的。ThemostnotablefreetradeareaistheNorthAmericanFreeTradeAgreement(NAFTA),itwasformedbytheUnitedStates,CanadaandMexicoin1991.经济联盟的成员国不仅要在税收、政府开支、企业策略等方面保持一致，而且还应使用同一的货币。ThemembersofanEconomicUnionarerequirednotonlytoharmonizetheirtaxation,governmentexpenditure,industrypolicies,etc.,butalsousethesamecurrency.欧洲委员会是欧盟的管理机构之一，此机构将提议呈交给部长理事会做决定，并监督各成员国根据所制定的条约履行自已的义务。EuropeanCommissionisoneoftheadministrationinstitutionsofEuropeanUnion,ithandsovertheproposestothecouncilofMinistersfordecisionandoverseesmembercountriestoimplementtheirobligationsaccordingtotheenactingclauses.APEC建立于在澳大利亚首都堪培拉召开的一次部长级会议上。当时有12位成员国出席，分别为澳大利亚、美国、加拿大、日本、朝鲜、新西兰和东盟六国。APECwassetupattheMinisterialMeetingheldintheAustraliancapitalCanberraattendedby12membersofAustralia,theUnitedStates,Canada,Japan,RepublicofKorea,NewZealandandsixASEANcountries.Lesson4经济全球化为世界经济发展提供了新的动力和机会，同时也使各经济体更加相互依赖、相互影响。Economicglobalizationisgivingnewimpetusandprovidingopportunitiestoworldeconomicdevelopmentandmeanwhilemakingthevariouseconomiesmoreandmoreinterdependentandinteractive.跨国公司是在一个以上国家拥有、控制和经营资产的商业组织。Multinationalenterpriseisabusinessorganizationwhichowns,controlsandmanagesassetsinmorethanonecountry.许多人欢呼经济全球化带来的好处，但同进也有强烈的反对声音。Whilemanypeopleareacclaimingthebenefitsbroughtaboutbyeconomicglobalization,therearealsoloudvoicesofopposition.跨国公司的内部交换占整个国际贸易的一个很大的比例。Intra-MNEtransactionsconstituteaverysignificantproportionoftotalinternationaltrade.尽管公司的日常管理工作下放到跨国企业的子公司，但重要决策，如有关公司目标和新投资等都由母公司来决定。Althoughtheday-to-dayrunningofcorporateoperationsmaybedecentralizedtotheaffiliates,themajordecisions,suchasthoseoncorporategoal,newinvestmentsandtheirlocation,aremadebytheparentcompany.无论人们是否喜欢，经济全球化已成为世界经济发展中的一个客观趋势。Likeitornot,economicglobalizationhasbecomeanobjectivetrendinworldeconomicdevelopment.Lesson5在复杂的经济世界中，没有一个国家可以完全自给自足。Inthecomplexeconomicworld,nocountrycanbecompletelyself-sufficient.随着制造业和技术的发展，出现了另一个刺激贸易的因素，即国际专业化。Withthedevelopmentofmanufacturingandtechnology,therearoseanotherincentivefortrade,ernationalspecialization.按照比较利益学说，两个贸易伙伴均可从贸易中得到好处。Accordingtothetheoryofcomparativeadvantage,bothcountriescangainfromtrade.比较利益并不是一个静止的概念，一个国家可以通过自已的行动发展某种特定的比较利益。Comparativeadvantageisnotastaticconcept.Acountrymaydevelopaparticularcomparativeadvantagepurelythroughitsownactions.比较利益理论已成为现代国际贸易思想的基石。Thetheoryofcomparativeadvantagehasbecomethecornerstoneofmodernthinkingoninternationaltrade.Lesson6一件商品的成本会因生产规模扩大而减少。Thecostwilldecreaseifthegoodsareproducedonalargescale.在实际中，即使完全的专业化在经济上有利，也可能永远不会发生。Inreality,however,completespecializationmayneveroccurevenwhenitiseconomicallyadvantageous.配额或者说数量限制是最常见的非关税壁垒。Quotasorquantitativerestrictionsarethemostcommonformofnon-tariffbarriers.有形贸易指货物的进出口贸易，而无形贸易涉及的是国家间劳务交换。Visibletradeinvolvesimportandexportofgoodswhileinvisibletradeinvolvestheexchangeofservicesbetweencountries.国家从事的贸易种类是多样的、复杂的，往往是有形贸易和无形贸易的混合。Thekindsoftradenationsengageinarevariedandcomplex,oftenamixtureofvisibleandinvisibletrade.Lesson7包装需按运输的要求进行，在大多数情况下，卖方明确知道把货物安全地运到目的地所需要的包装。Packingshouldbemadeaccordingtotherequirementoftransportation,Inmostcases,thesellerknowsclearlytheparticulartypeofpackingrequiredfortransportingthegoodssafelytodestination,在许多情况下，应通知买方在卖方将货物启运之时或之前安排验货。除非合同另有规定，否则买方必须支付为其自身利益而安排的验货费用。Inmanycases,thebuyershallbenotifiedtogothroughtheinspectionofgoodsatorbeforethetimeofshipment.Unlessotherwisespecified,thebuyerissupposedtoundertakethechargesofinspectionthusincurredforhisownsake.进口商可以通过可转让的运输单据将货物在运输途中卖给新的买方，这类可转让单据用起来非常方便。Theimportercansellthegoodstoanewbuyerwhiletheyarebeingcarriedbymeansofnegotiableforshippingdocumentswhichareveryconvenientforuse.在所有条款中，买卖双方各自的义务排列在10项标题下。Underallterms,therespectiveobligationsofthepartieshavebeengroupedunder10headings.2000年对国际贸易术语解释通则的修改考虑了无关税区的发展，商务活动中电子通讯使用的增加，以及运输方式的变化。The2000revisionofIncotermstookaccountofthespreadofcustoms-freezones,theincreaseduseofelectroniccommunication,andthechangesintransportpractices.Lesson8合同依法实施，未能履行合同义务的一方可能受到起诉，并被强制做出赔偿。Contractisenforceablebylaw,andanypartythatfailstofulfillhiscontractualobligationsmaybesuedandforcedtomakecompensation.口头业务协商指的是面对面的直接谈判或通过国际长途电话进行的商谈。Oralnegotiationreferstodirectdiscussionsorbusinessdiscussionsthroughinternationaltrunkcalls.买方发出的询盘是为了获得拟定购商品的有关信息，它对发出询盘的人无约束力。Enquirieswhichmadebythebuyerstogetinformationaboutthegoodstobeorderedismadewithoutengagementonthepartoftheenquirer.有效期对于确盘是必不可少的。在规定的时间之前，或在被对方接受或拒绝之前确盘一直是有效的。Thevalidityperiodisindispensabletoafirmoffer.Anofferisconsideredopenuntilafterastipulatedtimeoruntilitisacceptedorrejected.还盘是对发盘的拒绝，一旦作出还盘，原报盘即失效而失去约束力。Itisarefusaloftheofferwhichwillbeinvalidandunbindingonceacounter-offerismade.Lesson9对销贸易一般是与有关国家的政策目标相互联系的，如应对汇短缺和扩大出口之类的问题。Countertradeisoftenassociatedwithpolicyobjectivesofrelevanteconomieslikedealingwithforeignexchangeshortagesandpromotionofexports.实质上，反向贸易指的是各种货物和服务的直接交换。Actually,countertradereferstodirectexchangeofvariousgoodsandservices.回购贸易和互购贸易之间另一个重要的区别在于回购贸易一般比互购贸易要延续更长一段时间。Anotherimportantdifferencebetweencounterpurchaseandbuybackisthatabuybackdealusuallystretchesoveralongerperiodoftimethanacounterpurchasedeal.在正常的市场交易中，由于使用货币及市场手段，货物的买与卖是分别进行的。InnormalmarkettransactionsBuyingandsellingofgoodsareunbundled,Becauseoftheuseofmoneyandthemarket.尽管有很多好处，反向贸易可能是风险很大的事。Thoughtherearemanyadvantages,countertradecanbeveryriskybusiness.在其他贸易方式中还有加工贸易、寄售、租赁贸易、代理等。Amongothermodesoftradeareprocessingtrade,consignment,leasingtrade,agencyetc.Lesson10在国际贸易中进出口双方都面临风险，因为总存在对方不履约的可能。Ininternationaltrade,boththeexporterandtheimporterfacerisksasthereisalwaysthepossibilitythattheotherpartymaynotfulfillthecontract.2．为处理国际贸易中的不同形势，各种支付方法便发展了起来。Variousmethodsofpaymenthavebeendevelopedtocopewithdifferentsituationsininternationaltrade.3．许多国际交易是通过汇票支付的，汇票是对银行或顾客的支付命令。Alotofinternationaltransactionsarepaidforbymeansofthedraft,whichisanconditionalordertoabankoracustomertopayasumofmoneytosomeone.4．即期付款交单要求进口商立即付款以取得单据。D/Patsightrequiresimmediatepaymentbytheimportertogetholdofthedocuments.5．就出口商而言，即期付款交单比远期付款交单有利，付款交单比承兑交单有利。Sofarastheexporter’sinterestisconcerned,D/PatsightismorefavourablethanD/Paftersight,andD/PismorefavourablethanD/A.Lesson11在国际贸易中几乎不可能使付款和实际交货同时进行。Ininternationaltradeitisalmostimpossibletomatchpaymentwithphysicaldeliveryofthegoods.信用证付款方式对买卖双方都提供保障。Paymentbymeansofletterofcreditofferssecuritytoboththesellerandthebuyer.现代信用证在19世纪后半叶开始采用，第一次世界大战后得到了实质性的发展。Moderncreditswereintroducedinthesecondhalfofthe19thcenturyandhadsubstantialdevelopmentaftertheFirstWorldWar.要么因为信用证金额过大，要么因为对开证行不完全信任，出口商有时可能需要保兑的信用证。Sometimestheexportermayrequireaconfirmedletterofcrediteitherbecausethecreditmountistoolarge,orbecausehedoesnotfullytrusttheopeningbank.信用证的形式、长短、语言和规定各不相同。Lettersofcreditarevariedinform,length,language,andstipulations.Lesson12*信用证按其作用、形式和机制分作不同的种类。Lettersofcreditareclassifiedintodifferenttypesaccordingtotheirfunction,form,andmechanism.Lettersofcreditfallunderseveralcategoriesdependingontheirfunction,formandmechanism.光票信用证主要用于非贸易结算，而在商品贸易中一般使用跟单信用证付款。Cleanlettersofcreditaremainlyusedinnon-tradesentiment,whiledocumentarycreditsaregenerallyusedinCommoditytrade.Cleancreditisgenerallyusedinnon-tradesettlementorinpaymentinadvancebymeansoftheL/C.在即期信用证情况下，提示汇票和正确无误的单据后便立即付款。Inthecaseofsightcredits,paymentcanbemadeapromptlyuponpresentationofdraftandimpeccable,shippingdocuments.Underasightcredit,paymentismadeuponpresentationofthedraftandimpeccabledocuments.远期信用证显然要使用远期汇票。付款期限可为30天、60天甚至可长达180天。Ausancecreditobviouslycallsforatimedraft,andtheusancevariesfrom30,60,toaslongas180days.Asightcreditcallsforasightdraft.Theusancevariesfrom30,60,90daystoaslongas180days.如果信用证可以由原受益人转让给另一个或几个人，那么这种信用证即为可转让信用证。原受益人称作第一受益人，接受转让的人称作第二受益人。Aletterofcredit,iscalledtransferableifitcanbetransferredbyitsoriginalbeneficialtooneormoreparties.Theoriginalbeneficiaryiscalledthefirstbeneficiary,andthepartythecreditsistransferredtoiscalledthesecondbeneficiary.Ifacreditcanbetransferredbytheoriginalbeneficiarytooneormoreparties,itisatransferablecredit.Theoriginalbeneficiaryiscalledthefirstbeneficiaryandthepartythecreditistransferredtoiscalledthesecondbeneficiary.对于一笔具体交易来说，信用证不一定是最理想的付款方式。缔约双方应根据具体情况作出最好的选择。Theletterofcreditmaynotbethemostidealmethodofpaymentforaparticulartransaction,andthecontractingpartiesshouldmaketheirbestchoiceaccordingtothespecificconditions.Lesson13*在国际贸易中使用正确的单据很重要，否则进口商提货时会遇到困难。It'sveryimportanttousecorrectdocumentsininternationaltrade,otherwisetheimporterwillhavedifficultiesintakingdeliveryofthegoods.Theuseofcorrectdocumentsisveryimportantininternationaltrade,ortheimporterwillhavedifficultiesintakingdeliveryofthegoods.2．商业发票，一般称“发票”，这种单据对货物的质量和数量以及单价和总价进行概括性描述。Thecommercialinvoice,generallycalledtheinvoicemakesgeneraldescriptionofthequality,quantity,unitprice,andtotalvalueofthegoods.Thecommercialinvoiceisgenerallycalled“theinvoice”,thisdocumentisthegeneraldescriptionofthequalityandquantityofthegoodsandtheunitandtotalprice.3．货物在运输过程中可能发生风险损失，需要办理货物保险。Itisnecessarytoinsurethegoodsagainstthepossibleriskstheyareexposedtointhecourseoftransportation.4．已装船提单表明货明已实际装上开往目的港的承运船只。Anonboardbillofladingindicatesthattheshipmenthasbeenactuallyloadedonthecarryingvesselboundfortheportofdestination.5．清洁提单指货物在表面状况良好的情况下装船，这意味着提单上未加任何有关包装或货物外表不良的批注。Acleanbillofladingisonewhichstatesthatthegoodshavebeenshippedinapparentgoodorderandcondition,whichmeansitisdevoidofanyqualifyingremarksaboutthepackingandtheouterappearanceofthegoods.Lesson141．毫无疑问，一个没有先进的运输系统的社会仍然是一个原始落后的社会。Thereisnodoubtthatasocietywithoutanadvancedtransportationsystemremainsprimitive.2．这些方式在运作特点和性能方面不同，从而使它们各有比较优势和劣势。五种运输方式分别是：水路、铁路、公路、管道及航空。Themodesdifferintermsofoperationcharacteristicsandcapabilities,givingthemcomparativeadvantagesanddisadvantages.Thefivemajormodesarewater,rail,truck,pipelineandair.3．过去10年，公司自己提供运输能力的倾向越来越大。Thepastdecadehasseenanincreasingtendencyamongbusinessfirmstoprovidetheirowntransportationcapability.4．作为一个社会，我们现在的生活比完全自给自足时要富裕，更消闲。Asasociety,weenjoyaricherandmoreleisurelylifethanwewouldbeinatotallyself-sufficientcommunity.5．最近几年运输能引人注目的另一个因素就是越来越多的使用零库存系统。这种系统是以公司保持很少数量的生产投入的生产方式为基础的。Anotherfactorthathasthrusttransportationintothelimelightinrecentyearsisthegrowingutilizationofjust-in-timeinventorysystems,onthebasisofaproductionapproachinwhichthefirmmaintainsverysmallquantitiesofproductioninputs.Lesson15(1)保险是一种风险转移机制。通过保险个人或企业可以将生活中一些不确定因素转移给其他人。

Insuranceisarisktransfermechanism,bywhichtheindividualorthebusinessenterprisecanshiftsomeoftheuncertaintyoflifetotheshouldersofothers.

(2)即使是在这种情况下，大多数公司宁可付已知的费用即保险费来转移风险，而不愿面对不确定的风险损失。

Evenunderthesecircumstances,mostofthefirmsprefertopayaknowncostorpremiumforthetransferofrisk,ratherthanfacetheuncertaintyofcarryingtheriskofloss.

(3)对企业来说损失的价值要比个人高很多。因此保险费用也比一栋房子或一辆车高出许多。Inthecaseofbusinessenterprises,thevaluesexposedtolossareusuallymuchhigherandthepremiumchargedissubstantiallyhigherthanthatforahouseoracar.

(4)企业投保的主要刺激是他们可能腾出资金，进行其他项目的投资。

Themainstimulustotheenterpriseisthereleaseoffundsforinvestmentintheproductionofotheritems.

(5)因此，货物保险是一种目的在于把风险从进口商和出口商的肩上转移到专门承担风险的保险人一方的活动。

Therefore,cargoinsuranceisanactivityaimingatmovingtheburdenofriskfromtheexportersandimporterstotheunderwriters.Lesson16(1)

没有可保利益的保险合同是无效的。而任何根据这类合同提出的索赔都不会被受理。

An

insurance

contract

without

an

insurable

interest

to

support

it

is

invalid

and

any

claim

made

upon

it

will

not

be

entertained.

(2)

尽管错误的陈述是无意的，但保险人还是受到欺骗。从而保险合同无效。

Even

though

the

mis-statement

is

unintentional,

the

underwriter

will

still

be

deceived

and

the

policy

voidable.

(3)

将受损失人的利益恢复到损害发生前的状况的合同就是保险合同。

A

contract

of

insurance

is

one

which

restores

a

person

who

has

suffered

a

loss

into

the

same

position

as

he

was

in

before

the

loss

occurred.

(4)

赔偿金额一般包括发票金额加上运输费用及保险费再加上一个商定的百分比，如10%。

The

compensation

payable

generally

includes

the

invoiced

cost

plus

freight,

the

insurance

premium,

and

an

agreed

percentage,

say

10%.

(5)

如果投保的险别不是造成损失的直接原因，保险公司不予赔偿。

The

insurance

company

will

not

entertain

the

claim

if

the

risk

covered

is

not

the

proximate

cause

of

the

loss.

Lesson17第一次世界大战以前，金本位制建立了固定汇率制，每个国家通过将本国货币与黄金挂钩来确定其货币的平价。BeforetheFirstWorldWar,thegoldstandardcreatedafixedexchangeratesystemaseachcountrypeggedthevalueofitscurrencytogoldtoestablishitsparvalue.1944年44国在美国布雷顿森林举行会议签署了协议，计划在世界贸易和货币方面实现更好的合作。In1944,44nationsheldaconferenceatBrettonWoods,U.S.Aandsignanagreementtocreatebettercooperationonworldtradeandcurrency.弹性汇率制从没有真正地“干净”或自由地浮动过。因为中央银行为了稳定汇率采取了各种措施对货币价格进行干涉。Theflexibleexchangeratesystemhasneverbeencleanfloatorfreefloat.Thecentralbankstakevariousmeasurestointerveneinthepriceofitscurrencyinordertostabilizetheexchangerate在特定条件下，提高利率可以吸引国外短期资金，提高一国的外汇汇率。Underspecificconditions,highinterestratewillattractshort-terminternationalfund,increasingtheexchangerateofone’sowncurrency.外汇汇率有三种形式，即：买进汇率、售出汇率和两者的平均值——中间汇率。Therearethreetypesofexchangerate,i.e.thebuyingrate,thesellingrateandtheaverageofthetwo-themedialrate.Lesson181、这些机构的共同目标是通过把发达国家的资金输送到发展中国家帮助这些国家提高生活水平。Thecommonobjectiveoftheseinstitutionsistohelpraisestandardsoflivingindevelopingcountriesbychannelingfinancialresourcestothemfromdevelopedcountries.2、国际复兴开发银行的资金有相当大一部分来自它的留存盈余以及偿还贷款的不断流入。AsubstantialcontributiontotheIBRD’sresourcescomesfromitsretainedearningsandtheflowofrepaymentsonitsloans.3、该银行的贷款是向处于经济和社会发展较高阶段的发展中国家提供的。Theloansofthisbankaredirectedtowarddevelopingcountriesatmoreadvancedstagesofeconomicandsocialgrowth.4、国际货币基金组织旨在向那些在付款方面有困难的基金会员国提供中期贷款。ThepurposeofIMFistoprovidemediumtermloanstothosememberswithpaymentdifficulties.5、为了承担这项使命，多边投资担保机构向投资者提供担保以防范非商业性风险，向发展中成员国政府提供咨询，并为国际商业界与东道国政府就投资问题安排对话。Tocarryoutthismandate,MIGAoffersinvestorsguaranteesagainstnoncommercialrisks;supplyadvicetodevelopingmembergovernments,andsponsorsadialoguebetweentheinternationalbusinesscommunityandhostgovernmentsoninvestmentissues.Lesson191、对外直接投资是国际投资的主要方式，一国居民为进行督控和经营能过对外投资获取另一国的资产。Foreigndirectinvestmentisthemajorformofinternationalinvestment,wherebyresidentsofonecountryacquireassetsinaforeigncountryforthepurposeofcontrollingandmanagingthem.2、控制成本是一些企业进行对外投资的主要动机之一。而降低生产成本是考虑的一个重要方面。ControllingcostisthefirstmajormotivationforengaginginFDI.Andloweringproductioncostsisanimportantconsideration.3、直接在国外经营提高一个公司产品的能见度，使当地客户对他们所购买的商品更加放心。Operatingdirectlyabroadenhancesthevisibilityofafirm’sproducts,makinglocalcustomersfeelmoreassuredaboutthethingstheybuy.4、即时库存管理系统的引进能最大限度地降低库存从而提高经营效率。TheintroductionofJITinventorymanagementsystemcanminimizetheinventorytoincreaseefficiency.5、国外直接投资主要有三种形式：建立新企业、购买现有设放和建立合资公司。FDIismainlypractisedinthreeforms:buildingnewenterprises,purchasingexistingfacilitiesandformingjointventures.Lesson201、选择权是指在特定的时间内按规定的价格购买或出售一种证券的权利。

Optionsarecontractsgivingtherighttobuyandsellasecurityatanagreedpricewithinaparticularperiodoftime.2、未挂牌证券市场是为了满足已经确立了地位的，但是较小的，而且不太成熟的公司的需求而建立的。TheUnlistedSecuritiesMarketiscreatedtomeettheneedsofestablished,butsmaller,lessmaturecompanies3、政府满足公共部门借贷需求的方法之一就是出售金边证券。OneofthewaysthegovernmentmeetsthePublicSectorBorrowingRequirementisbysellinggilt-edgedstocks.4、通过为证券的发行和交易提供中心市场，股票交易所长期为政府、工业以及投资商的需求服务。TheStockExchangehaslongservedtheneedsofgovernment,industryandinvestorsinprovidingthecentralmarketplacefortheissueandtradingofsecurities5、国际股票交易所提供了一种途径，使人们的存款能够为那些需要资金的人所利用。TheInternationalStockExchangeexiststoprovideachannelthroughwhichthesesavingscanreachthosewhoneedfinance.Lesson21