金融专业英语PPT完整全套教学课件

FinancialEnglish金融专业英语Contents目录Money01CentralBank02CommercialBank03InvestmentBank04Securities05Insurance06Contents目录ForeignExchange07InternationalSettlement08InternationalFinancing09FinancialDerivatives10InternationalFinancialInstitution11InternationalBankingRegulatoryFramework12Unit1Money1.1Introduction1.2FunctionsofMoney1.3FormsofMoney1.4MonetarySystemLearningTargetsAfter

learningthisunit,

youwillbeableto:understandthegeneraldefinitionofmoney;explainthefunctionsofmoney;explaintheformsofmoney;describethecontentsofmonetarysystem.ProfessionalTermsmeasure

of

value

价值尺度medium

of

exchange

流通手段store

of

value

贮藏手段standard

of

deferred

payment

支付手段monetary

system

货币制度Gresham’s

Law

格雷欣法则fractional

money

辅币token

money

不足值货币infinite

legal

tender

无限法偿demonetization

of

gold

黄金非货币化1.1Introduction1.1.1History

of

Money

货币的历史1.1.2Definition

of

Money

货币的定义1.1.1HistoryofMoneyHumansocietyhasexistedformillionsofyears,

buttheemergenceofmoneyisonlyafewthousandyears.Therearemanytheoriesabouttheoriginofmoneyinhistory,butnoneofthemhaveformedacompletetheoreticalsystem.UntilMarx,fromtheviewofdialecticalmaterialism(辩证唯物主义)andhistoricalmaterialism(历史唯物主义),explainedtheessenceofmoney—thelabortheoryofvalue

(劳动价值论).Marxbelievedthatmoneyoriginatedfromcommodityexchange,anditseconomicrootwasprivateownership.Itwasformedspontaneouslyintheprocessofcommodityexchange.1.1.1HistoryofMoneyCurrency

Form一般价值形式货币形式简单或偶然的价值形式扩大的价值形式Simple

or

Accidental

Form

of

ValueExpandedFormofValueGeneralFormofValueSimpleorAccidentalFormofValueAt

the

end

of

the

primitive

society(原始社会),

due

to

the

low

level

of

productivity,

people’sproducts

were

rarely

exchanged

after

meeting

their

own

needs.

The

behavior

of

commodity

exchange

was

only

individual

and

accidental.

简单或偶然的价值形式During

these

processes,

the

value

ofa

commodity

was

simply

expressed

in

another

commodity

exchanged

with

it,

that

was,the

commodity

was

accidentally

regarded

as

an

equivalent

form.

The

probability

of

thisexchange

was

very

low,

which

was

just

an

accidental

exchange.

Moreover,

the

performance

of

commodity

value

was

not

perfect

and

not

sufficient.ExpandedFormofValueIn

this

stage,

the

value

of

a

commodity

is

expressed

in

a

series

of

commodities

exchanged

with

it,

that

is,

a

variety

of

commodities

can

be

regarded

as

equivalent

forms.扩大的价值形式At

this

time,

the

performance

of

commodity

value

is

completer

and

more

sufficient

thanthat

in

simple

form

of

value.However,

theexpandedformofvaluealsohas

itsweaknesses.

Due

to

the

mutual

exclusion

between

different

equivalent

commodities,

the

actual

exchange

process

of

commodity

value

may

be

very

complex.

In

thisform,

commodity

exchange

is

more

likely

to

occur

than

before.

However,

due

to

thelack

of

a

recognized

and

acceptable

commodity,

it

still

takes

a

lot

of

time

to

find

counterparties.GeneralFormofValueWiththeseparationofhandicraftindustryandagriculture,commoditypro-ductionforthepurposeofexchangeappeared.Thecharacteristicofcommodityexchangeingeneralformofvalueistheemergenceofgeneralequivalentofallcommodityvalues.一般价值形式Inthisstage,

thegeneralequivalentbecomestheintermediaryofcommodityexchange.Thevalueoftensofthousandsofcommoditieshasageneralformofexpression,thatis,aunifiedformofexpression.So,

itiscalledthegeneralformofvalue.

Allcommoditiesfirsthaveavaluerelationshipwiththecommodityasageneralequivalent,

andthencompletetheexchangeprocessthroughtheintermediaryofthegeneralequivalent.CurrencyFormWiththecontinuousdevelopmentofcommodityexchange,thevalueofallcommoditieswasconcentratedandfixedinapreciousmetalcommodity,

suchasgoldorsilver.

货币形式Becausegoldandsilverhavethecharacteristicsofevenquality,

easytocarry,easytoseparateandeasytopreserve,

theyhavebecomeidealmaterialsofmoney.

Therefore,

aspecialcommodityseparatedfromalargenumberofgeneralequivalentsiscurrency.Goldandsilverarefixedasgeneralequivalent,

markingtheemergenceofcurrency.Sincetheemergenceofcurrency,

allcommoditiesarefirstexchangedwithcurrencytoexpresstheirownvalue.

Itisthehigheststageofvalueform.1.1.2DefinitionofMoneyMoneyisthegeneralequivalentMoneyasasymbolofwealthhasaverywiderangeofinfluenceanddominationMoney

is

a

commodityMoneyreflectsacertainsocialrelationofproductionMoney

isa

special

commodity

which

is

considered

as

a

general

equivalent

and

reflects

a

certain

social

relation

of

production.1.2FunctionsofMoney1.2.1Measure

of

Value

价值尺度1.2.2Medium

of

Exchange

流通手段1.2.3

Store

of

Value

贮藏手段1.2.4

Standard

of

Deferred

Payment

支付手段1.2.5

WorldMoney

世界货币1.2.1MeasureofValueMeasure

of

value

is

a

function

used

to

measure

and

express

the

value

of

commodities,

and

it

is

themost

basic

and

important

function

of

money.

1.2.1MeasureofValueJust

as

the

ruler

formeasuring

length

has

its

own

length,

the

money

used

to

measure

the

value

of

goods

isalso

a

commodity

with

value.It

is

only

because

the

value

of

various

commodities

is

the

combination

of

human

labor

that

they

havethe

same

quality

and

can

be

compared

in

quantity.Q:Doesitmeanthatpriceisconsistentwithcommodityvalueatanytime?1.2.2MediumofExchangeMedium

of

exchange

is

also

one

of

the

basic

functions

of

money,

that

is,

moneyacts

as

the

medium

in

commodity

exchange

process.

In

almost

all

market

transactions

inour

economy,

money,

as

a

medium

of

exchange,

is

used

to

pay

for

goods

and

service.

Itpromotes

economic

efficiency

byminimizing

the

time

spent

in

exchanging

goods

andservice.

1.2.3StoreofValueMoneyalsohasthefunctionasastoreofvalue,whichis

arepositoryofpurchasingpowerovertime.

Astoreofvalueisusedtosavepurchasingpowerfromthetimeincomeisreceiveduntilthetimeitisspent.Thisfunctionisbasedontheabovetwofunctions.Moneycanperformthefunctionbecauseitisageneralequivalentandcanbeusedtopurchaseanygoods,

soitisnecessarytostoremoney.

Asameansofstorage,

moneydevelopswiththedevelopmentofcommodityproductionandexchange.

1.2.4StandardofDeferredPaymentWhenmoneyistransferredunilaterallyasanindependentmovementofvalue,

itperformsthefunctionofstandardofdeferredpayment.Asameansofpayment,

moneyiscloselyrelatedtothedevelopmentofcreditrelationship.

Undertheconditionofmoredevelopedeconomy,

someproducersmayhavesurplusordeficitofcapitalturnover.Tomakethereproductiongosmoothly,

paymentmethodssuchassaleoncreditanddeferredpaymentwereproducedaccordingly.Moneyperformsthefunctionofdeferredpaymentwhenthecreditbuyerpaysthedebt.1.2.5WorldMoneyThe

function

of

world

money

is

embodied

in

the

following

three

aspects:1)

as

a

general

means

of

purchase

—

one

country

directly

purchases

goods

from

another

countrywith

gold

and

silver;2)

as

a

general

means

of

payment

—

it

is

used

to

maintain

thebalance

of

international

payments,

such

as

paying

international

debts,

paying

interestand

other

non-productive

expenditures;3)

as

a

means

of

international

wealth

transfer—such

as

paying

war

reparations

and

exporting

monetary

capital.

Nowadays,the

mainfunction

of

the

world

money

is

to

keep

the

equilibrium

of

balance

of

payments.Table1-1TheFunctionsofMoneyFunctionsMaincontentsWorldMoneyAfter

thedevelopmentofthe

otherfourfunctions,moneyplaysanimportantroleintheinternationaltrade.StandardofDeferredPaymentMoneyistransferredunilaterallyasanindependentmovementofvalue.StoreofvalueMoneycanbesaved,retrieved,andexchangedinthefutureasageneralequivalent.MediumofexchangeMoneyactsasthemediumincommodityexchangeprocess,whichisalsooneofthebasicfunctionsofmoney.MeasureofvalueThevalueofmoneyismeasuredbeforecommodityexchange,whichisone

ofthebasicfunctionsofmoney.1.3FormsofMoney1.3.1Commodity

Money

实物货币1.3.2Metal

Money

金属货币1.3.3

Credit

Money

信用货币1.3.4

Electronic

Money

电子货币1.3.1CommodityMoneyAcommoditythatbecomesamediumofexchangeiscalledacommoditymoneyormoneyinkind,whenitsvalueinthenon-moneyuseisequaltoitsvalueasmoney.Full-bodiedMoney1.3.2MetalMoneyMetalmoneyismoneymadeofmetalssuchasgold,silverandcopper.Generallyspeaking,thematerialusedasmoneyshouldhavethefollowingpreconditions:highvalue;easytoseparate;easytopreserveandeasytocarry.Metalmoneyalsohasaprocessfromweighingmoneyperiodtocoinageperiod.1.3.3CreditMoneyCreditmoneyisakindofcreditcertificatethatservesasmeansofexchangeandmeansofpaymentincirculationanddoesnotconsistoforrepresentaspecificvaluablecommodity.FIATMONEYbanknotespapermoney1.3.3ElectronicMoneyWiththedevelopmentofthecomputerandadvancedtelecommunicationstechnology,

allpaperworkcouldbeeliminatedbyconvertingcompletelytowhatisknownasanelectronicmeansofpaymentinwhichallpaymentsaremadeusingelectronictelecom-munications.Electronicmoneyismoneythatisstoredelectronicallyandbasedontherealmoney,

andittakesseveralforms.debitcardstored-valuecardelectroniccashelectronicchecksTheExtensionofModernMoney现代货币的延伸Discussion1.4MonetarySystem1.4.1Component

of

Monetary

System

货币体系的组成1.4.2The

Development

of

Monetary

System

货币体系的发展A

monetary

system

is

a

scheme

developed

by

a

government

to

facilitate

exchange.

Itis

a

system

formed

by

the

state’s

regulations

on

the

currency,

the

organization

and

management

of

currency

circulation.1.4.1ComponentofMonetarySystemComponentofMonetarySystemThe

MaterialTheUnitIssuanceReserveTheCoinage,IssuanceandCirculationofMoneyTheMaterialItisthefirststeptoestablishthemonetarysystemtostipulatewhatmaterialacurrencyismadeof.Themetalmoneyisthemostbasiccontentofthemonetarysystem.Thechoiceofmetalmaterialsisnotdecidedbythecountry,

butrestrictedbytheobjectiveeconomicconditions.Thedifferenceofmonetarymaterialsisthemainsigntodis-tinguishdifferentmonetarysystems.Forexample,

goldisusedasthemonetarymaterial,

whichiscalledgoldstandardsystem.Inaddition,

therearesilverstandardsystemandgoldandsilverbimetallism.TheUnitAtpresent,therearemorethan100kindsofcurrencynamesintheworld.Eachcurrencyhasitsownmonetaryunit.theunitofGreatBritainPound(GBP)is"pound"theunitofUnitedStatedDollar(USD)is"dollar".Inaddition,eachcurrencyspecifiestheamountofmetalitcontains.

TheCoinage,IssuanceandCirculationofMoneyBroadmoneyreferstovariousformsofmoneyincirculation,

includingmetal,papermoneyandvariouscreditmoney.Amongthem,

creditmoneyincludesbanknote,check,

commercialpaper,

etc.Metalmoneyisdividedintostandardmoney(本位币)andfractionalmoney(辅币).1．StandardmoneyStandardmoneyisthebasicmoneyandlegalmoneyofvaluationandsettlementinacountry,whichhastheabilityofinfinitelegaltender.theintrinsicvaluethefacevalue2．FractionalmoneyFractionalmoneyisasmallamountofmoneybelowthestandardmoney,whichisusedforsporadictransactionsandchange.

IssuanceReserveTheissuancereservesystemisformulatedtorestrictthescaleofissuanceandmaintainthemoneycredit.thereserveforinternationalpayment;

thereservefordomesticmoneycirculation;

thereserveforpayingdepositsorexchangingbanknotes.

Themetalsprescribedbylawareusedasthepreparationformoneyissuance.Underthemoderncreditmonetarysystem,

thecontentofissuancereservesysteminvariouscountriesismorecomplex.1.4.2TheDevelopmentofMonetarySystemAperfectmonetarysystemcanensurethestabilityofmoney,andismoreconducivetothesmoothdevelopmentofcommodityeconomy.SilverStandardItisthefirststeptoestablishthemonetarysystemtostipulatewhatmaterialacurrencyismadeof.Themetalmoneyisthemostbasiccontentofthemonetarysystem.Underthesilversystem,thestandardmoneywasmintedwithsilver.Silvercoinshadunlimitedpoweroflegaltender,andcouldbeminted,exportedandimportedfreely.GoldandsilverbimetallismGoldandsilverbimetallismisakindofmonetarysysteminwhichbothgoldandsilverarelegallydeterminedasmetalstandardmoney.1.Parallelstandardsystem2.Doublestandardsystem：

Graham’sLaw3.LimpingstandardsystemGraham’sLaw(badmoneydroveoutgoodmoney)

TheGoldStandardFromthe19thcentury,theU.K.tooktheleadintransformingitsmonetarysystemfromthebimetallicstandardtothegoldstandardwhichwasasystembasedongold.TheU.S.followedsuitin1830s,thendidothermajorcapitalistcountriesin1870s.Fromthenon,theworldhadenteredintoanageofthegoldstandardsystem.Thegoldstandardhadthreeformswhicharethegoldcoinstandard,thegoldbullionstandardandthegoldexchangestandard.CreditmonetarysystemThecreditmonetarysystemreferstothemonetarysysteminwhichpapermoneyorbanknotesarethestandardmoneyandcannotbeexchangedforgold.Q:Whyisthecreditmonetarysystemadouble-edgedsword？Summary1.Moneyisaspecialcommoditywhichisconsideredasageneralequivalentandreflectsacertainsocialrelationofproduction.2.Theessenceofmoneydeterminesthefunctionsofmoney,whichistheconcretemanifestationoftheessenceofmoney.Moneyhasthefollowingfunctions:measureofvalue;mediumofexchange;storeofvalue;standardofdeferredpaymentandworldmoney.3.Theformofmoneyhasbeenevolvingfromlowleveltohighlevel.Duetothedifferentformsofmoneyindifferentperiods,therewillbegreatdifferencesinthefunctionsandmonetarysystems.Moneyhasthefollowingforms:commoditymoney;metalmoney;papermoney;creditmoney.Summary4.Amonetarysystemisaschemedevelopedbyagovernmenttofacilitateexchange.Themonetarysystemmainlyincludesfourelements:thematerial;theunit;thecoinage,issuanceandcirculationofcurrency;issuancereserve.5.Theevolutionofmonetarysystemsintheworldhasgenerallyexperiencedtheprocessofsilverstandard,goldandsilverbimetallism,goldstandardsystemandcreditmonetarysystem.

Exercises1.Definethefollowingterms.a.Moneyb.Standardofdeferredpaymentc.GreshamLaw2.TranslatethefollowingsentencesintoEnglishorChinese.a.货币是商品，但货币不是普通的商品，而是固定地充当一般等价物的特殊商品，并体现—定的社会生产关系。b.Thecreditmonetarysystemreferstothemonetarysysteminwhichpapermoneyorbanknotesarethestandardmoneyandcannotbeexchangedforgold.3.Explainthesentence“Goldandsilverarenotbynaturemoney,butmoneyconsistsbyitsnatureofgoldandsilver.”—byKarlMarx,1859.4.Whatarethefunctionsofmoney?5.Describetheformsofmoney.6.Domoney,currencyandcashmeanthesame?CaseEllentheEconomicsProfessor,whocandojustonethingwell:givebrillianteconomicslectures.Inabartereconomy,ifEllenwantstoeat,shemustfindafarmerwhonotonlyproducesthefoodshelikesbutalsowantstolearneconomics.Ellenmightspendmoretimelookingforsuchanfarmerthanshewillteaching.Itisevenpossiblethatshewillhavetoquitlecturingandgofarmingherself.Thetimespenttryingtoexchangegoodsorservicesiscalledatransactioncost.Inabartereconomy,transactioncostsarehighbecausepeoplemustsatisfya“doublecoincidenceofwants”—theymustfindsomeonewhohasagoodorservicetheywantandwhoalsowantsthegoodorservicetheyoffer.Questions1.WhathappensifweintroducemoneyintoEllentheEconomicsProfessor’sworld.2.Explainthefunctionsofmoneyinthiscase.RecommendedReadingMaterials黄达.货币银行学（第六版）[M].北京:中国人民大学出版社,2017.彭信威.中国货币史[M].北京:中国人民大学出版社,2020.KarlMarx.AContributiontotheCritiqueofPoliticalEconomy[M].Moscow:ProgressPublishers.1859.JohnMaynardKeynes.TheGeneralTheoryofEmployment,Interest,andMoney[M].Macmillan.1974.JohnMaynardKeynes.ATreatiseonMoney[M].NewYork:Harcourt,BraceandCompany.1930.ThankyouUnit2CentralBank2.1Introduction2.2CharactersandFunctions2.3MonetarypolicyLearningTargetsAfter

learningthisunit,

youwillbeableto:Understandtheemergenceanddevelopmentofthecentralbank;Explainthemainfunctionsofthecentralbank;Understandtheobjectivesofmonetarypolicy;andUnderstandtheinstrumentsofmonetarypolicy.ProfessionalTermsMinistryofFinance

(中华人民共和国)财政部Cashinstock库存现金Reservemoney基础货币Lenderoflastresort最后贷款人Paymentandclearingsystem支付清算体系SpecialDrawingRights

特别提款权Monetarypolicy货币政策Openmarketoperation公开市场业务Depositreserve存款准备金Depositreserverequirementratio法定准备金率Rediscount再贴现1.1Introduction2.1.1Theemergenceanddevelopmentofthecentralbank

中央银行的产生和发展2.1.2ThereformofthePBC中国人民银行的改革

2.1.1TheemergenceanddevelopmentofthecentralbankMostcountriesintheworldimplementthecentralbanksystem.But,thecentralbank,whichisalsocalledthemonetaryauthorityhasbeentransformedforalengthyprocess.TheemergenceofthecentralbankThedevelopmentofthecentralbankTheemergenceofthecentralbank1.Theneedofunifiedissuanceofbanknotes2.Theneedofunifiedbillclearing3.Theneedoflenderoflastresort4.TheneedoffinancialsupervisionThedevelopmentofthecentralbankTheSverigesRiksbank,foundedin1656,isthefirstbankintheworldtoperformthefunctionsofacentralbank.BankofEngland,foundedin1694,isconsideredtobetheearliestcentralbankintheworld.1.TheinitialstageThedevelopmentofthecentralbank2.ThegeneralimplementationperiodIn1920,aninternationaleconomicconferenceheldinBrusselscalledonallcountriesintheworldtoestablishcentralbanksystemassoonaspossibleinordertomaintainthestabilityofinternationalmonetarysystemandeconomicdevelopment.3.ThestrengtheningperiodPeople'sunderstandingofthecentralbankisgraduallydeepened,andthecentralbankisregardedasanimportanttoolforthegovernmenttoregulatethemacro-economy.2.1.2ThereformofthePBCForthepastfewdecades,thePeople'sBankofChinahasexercisedthefunctionsandpowersofacentralbankYearMainissues1948ThePBCwasestablishedandheadquarteredinBeijing.1984ThePBCbeganformallytoperformthefunctionsofcentralbank.1992TheCSRCwasestablished.1995ThePBChadaclearlegalstatus.1998TheCIRCwasestablished.1999Nineregionalbranchofficesweresetup.2003TheCBRCwasestablished.2005ThesecondheadquarterwasestablishedinShanghai.Table2-1TheReformofthePBC2.2Thecharactersandfunctionsofthecentralbank2.2.1Thecharactersofthecentralbank

2.2.2Thefunctionsofthecentralbank2.2.1ThecharactersofthecentralbankThecentralbankhasthecharacterofastateadministrativeorgan,whichisthehighestmanagementinstitutionoffinance,butitisdifferentfromtheordinaryadministrativeorgan.Ontheonehand,itsfunctionsmainlyrelyoneconomicmethodsratherthanadministrativemeans.Ontheotherhand,ithasaconductionmechanisminmacroeconomy,whichisgraduallytransmittedtofinancialinstitutionsandaffecteconomicoperationthroughmonetarypolicytools,ratherthansimplyrelyingonadministrativedecisions.2.2.1ThecharactersofthecentralbankInshort,thecharactersofthecentralbankincludeadministrativeorgansandfinancialinstitutions.Itisnotonlyamanagementinstitutiontosupervisetheeconomicoperation,butalsoaspecialfinancialinstitutionthatprovidesfinancialservicesforordinaryfinancialinstitutionsandthegovernment.2.2.2Thefunctionsofthecentralbank2.2.2ThefunctionsofthecentralbankBankofissuetheprimaryfunctionmoneysupplyBankofbankdepositreservesLenderoflastresorthighlyefficientandlow-riskState’sbankfinancialservicesforthestateformulatesandimplementsmonetarypoliciesforeignfinancialrelations2.3Monetarypolicy2.3.1Theobjectivesofmonetarypolicy

目标2.3.2

Theinstrumentsofmonetarypolicy工具2.3.1Theobjectivesofmonetarypolicy2.Fullemployment4.Equilibriumofbalanceofpayments1.Pricestability3.EconomicgrowthDifferentcountriesmayhavedifferentobjectivesofmonetarypolicy.2.3.2TheinstrumentsofmonetarypolicyReserveRequirementratio1.Themeaningofreserverequirementratio2.Theapplicationofreserverequirementratio3.Thelimitationsofreserverequirementratio2.3.2TheinstrumentsofmonetarypolicyRediscount1.Themeaningofrediscountpolicy2.Theapplicationofrediscount3.Thelimitationsofrediscount2.3.2TheinstrumentsofmonetarypolicyOpenMarketOperation1.Themeaningofopenmarketoperation2.Theapplicationofopenmarketoperation3.Thelimitationsofopenmarketoperation2.3.2TheinstrumentsofmonetarypolicyConsumercreditcontrolSecuritiesmarketcreditcontrolCreditpolicyguidanceInterestrateMedium-termLendingFacilityWindowguidanceDiscussionWhatisthetransmissionmechanism?Summary1.Thenecessityofcentralbankismainlyreflectedinthefollowingaspects:theneedofunifiedissuanceofbanknotes;theneedofunifiedbillclearing;theneedoflenderoflastresortandtheneedoffinancialsupervision.2.ThePeople’sBankofChinaisthecentralbankofChina.Thereisahistoricalevolutioninfounding,developmentandfunctionsofthePBC.3.Thefunctionsofthecentralbankincludebankofissue,bankofbankandstate’sbank.4.Monetarypolicyreferstothepoliciesandmeasureswhichthecentralbankadoptsinregulatingandcontrollingmacro-economicvariables,suchasmoney,creditandinterestrate,inordertoachievespecificmacro-economictargets.5.Theobjectivesofmonetarypolicyincludepricestability,fullemployment,economicgrowthandequilibriumofbalanceofpayments6.Theinstrumentsofmonetarypolicyincludereserverequirementratio,rediscount,openmarketoperationandothersupplementarypolicyinstrumentsspecifiedbytheStateCouncil.Exercises1.1.Definethefollowingterms.a.Centralbankb.Rediscountc.Openmarketoperation2.TranslatethefollowingsentencesintoEnglishorChinese.a.“国家的银行”，是指中央银行为国家提供各种金融服务、代表国家制定执行货币政策和处理对外金融关系。

b.在现代银行制度中，发行的银行是中央银行首要的职能。它是指中央银行垄断货币发行权，是全国唯一的现钞发行机构。

c.Centralbankshaveawiderangeofresponsibilities,fromoverseeingmonetarypolicytoimplementingspecificgoalssuchascurrencystability,lowinflationandfullemployment.

4.Whataretheobjectivesofmonetarypolicy?

5.Whataretheinstrumentsofmonetarypolicy?CaseTheBankofEnglandisconsideredtobetheearliestcentralbankintheworld.Upuntil1946,itwasanindependentinstitution,but,followingthesecondworldwar,thepoliticalwillwasforthenationalizationofmanybodiesofnationalimportance.Asaresult,thebankofEnglandwasnationalized.In1979,theroleofthebankofEnglandwasstrengthenedwhentheconservativegovernmentcametopower.In1997,thebanktookonthestatutoryresponsibilityforsettingUKinterestrateswhichenhancesitsindependence.In2007,theworldeconomyfacedaglobalfinancialcrisis,andthebankhadtotakestepstoensurethatthepublicdidnotlosemoneyandtotryandmaintainsomeconfidenceintheoverallfinancialsystem.Questions1.AccordingtothereformoftheBankofEngland,whatisthegovernmentestablishacentralbankfor?2.WhatdoyouthinkthefunctionsoftheBankofEnglandare?3.Explainthedifferencesbetweenthecentralbanksandthecommercialbanks.RecommendedReadingMaterials李中山.中央银行学[M].北京:中国人民大学出版社,2019.王广谦.中央银行学（第四版）[M].北京:高等教育出版社,2017.FredericS.Mishkin.TheEconomicsofMoney,BankingandFinancialMarkets(12thEdition)[M].GlobalEdition./中国人民银行官网。https://www.bankofengland.co.uk/英格兰银行官网。/美联储官网。https://www.ecb.europa.eu/home/html/index.en.html欧洲中央银行官网。/金融时报。ThankyouUnit3CommercialBank3.1WhatisaCommercialBank?3.2OriginandDevelopmentofCommercialBanks3.3BusinessofCommercialBanksLearningTargetsAfter

learningthisunit,

youwillbeableto:Understandthedefinition,originanddevelopmentofcommercialbanks.Befamiliarwithvariousbusinessesofcommercialbanks.ProfessionalTermsCommercialbank商业银行Deposit存款Financialasset金融资产Financialliability金融负债Specializedbank专业银行Retailbusiness零售业务Wholesalebusiness批发业务Registeredcapital注册资本Prudentialrequirements审慎性条件Paid-incapital实缴资本Acceptance承兑ProfessionalTermsDiscount贴现Redeem赎回Underwrite承销Idlefunds闲置资金Usury高利贷Hotmoney游资Mergersandacquisitions并购Separateoperationsystem分业经营体制Mixedoperationsystem混业经营体制Demanddeposits活期存款Timedeposits定期存款ProfessionalTermsSavingsdeposits储蓄存款Creditloan信用贷款Securedloan担保贷款Guaranteedloan保证贷款Mortgagedloan抵押贷款Pledgedloan质押贷款Floa