高级综合商务英语2（第二版）课件 Unit 4 Money Investment

UnitFour

Money&InvestmentLead-in

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DiscussionSkimming:PleaseskimthisveryshorthistoryofMoneyMoneyCanBeAnythingMoneyasCoinedMoneyPaper,Plastic,andVirtualMoney

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DiscussionMoneyCanBeAnythingInancienttimes,everythingwasmuchmorecomplicated.Goodsofeverydaylifeorpreciousobjectswereusedasameansofpaymentandexchangethen.Andnaturally,thereweredifferentthingsindemandindifferentplacesandatdifferenttimes.Hollowspadecoinkongshoubu,mintedinancientChinaduringtheZhoudynastyaround

524-380BCInChina,spadeandknifecoinsweredevelopedfromrealtoolsandweapons.

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DiscussionMoneyCanBeAnythingRomansilveringot,stampedasameansofpaymentbefore418ADIngotsfromsilverorbronzewereverypopularasmoneyinmanypartsoftheworld.Cowonared-figuredstamnosfromabout480BCManyearlyculturespaidwithslavesorcattle.InancientGreece,atrivetforcookingcostatleast12cows;forslavesandwomen,between4and20cowshadtobepaid.

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DiscussionMoneyCanBeAnythingWhaletoothmoneyTambuafromtheFijiIslandsAnythingcouldbemoney.OnFijiIslandsitweretheteethofapotwhale;inotherplacesfeatherswereconsideredasmoney,orthetipsofelephanttails.Cowrieshell(Cypraeamoneta)Andthentherewasthecowrie,themostimportantandwidelyusednaturalmoneyofalltimes.CowrieshellswereusedinChinaovermanycenturies,andfromtherespreadtoIndiaintothepacificroomtoArabiaandAfrica.InsomeAfricanregions,cowrieswereuseduntilthemid-20thcentury.

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DiscussionMoneyasCoinedMoneyForalongtime,moneybasicallymeantcoinedmoney.Coinshadavalueofthemselves,becausetheyweremadefrompreciousmetals.Thiswasavaluepeoplecouldcounton.Drachma,mintedbythecityofAthensabout465-454BCTheGreekcity-statesissuedsilvercoins.The“owls”fromAthensbecameaninternationallypopulartradecoin.

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DiscussionMoneyasCoinedMoneyTheRomanslearnedfromAlexanderandstrucktheirdenariiwithpreciousmetalsfromtheconqueredprovinces.JuliusCaesarsecuredtheloyaltyofhisfollowerswiththebootyfromsubjugatedGaul.Denarius,mintedundertheRomanimperatorGaiusJuliusCaesarin44BCInthemeantime,theChineseemperorsalreadyissuedthecoinsthatweretoremainincirculationinChinaoverthenext2,000yearsalmostunchanged:thecashcoins.Wuzhucoin,mintedundertheChineseHanemperorWudi

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DiscussionMoneyasCoinedMoneyWiththepassingoftime,thesecashcoinsbecamesmallerandthinnerandthusalsolowerinvalue.Becauseofthis,thecoinsweretraditionallystrunginlargequantitiesonstrings,asthiswasapracticalwaytotransportthem.Chinesestringof100cash

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DiscussionPaper,Plastic,andVirtualMoneyInChina,wherecoinshadlittlenoteworthyintrinsicvalue,papermoneycameintouseasearlyasthe11thcentury.Itseemstohavebeenintroducedinthecourseofawarasemergencymoney,becausecoinedmoneyhadbecomescarce.

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DiscussionPaper,Plastic,andVirtualMoneyThisChinesebillfromthe14thcenturyistheoldestsurvivingbanknoteweknowof.Inthecenteritbearsanillustrationofapileofcoinsforwhichitcouldbeexchanged:thenotewasworth10stringsofcoppercoins,with100coppercoinsineachstring.In1375,afterawar,theChineseemperorintroducedapapercurrencytostimulatetheeconomy.Theresult,however,wasinflation,asofteninthehistoryofpapermoney.1000-ch’iennote(DaMingBaochao),issuedbytheChineseMingemperorHongwu(1368-1398)

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DiscussionPaper,Plastic,andVirtualMoneyBillsofexchangeweredevelopedinthe14thcenturybyItalianbankinghousestobypassthetransportoflargesumsofgoldandsilvercoins.Suchbillshaveenduredasameansofprovidingcreditandmakingpaymentsoverlongdistances.Writteninstructionstoanagentauthorizepaymenttoaparticularpersonataspecifiedfuturedate.Billofexchangeover380poundstobepaidoutinthreemonths’timeinBristol,drawninHamburgin1724

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DiscussionPaper,Plastic,andVirtualMoneyAftertheSecondWorldWar,theworldeconomyenteredanewphase.In1944atBrettonWoods,therepresentativesof44statesagreeduponasystemoffixedexchangerates.Theplanwastoestablishafreeworldtradebasedonthedollar,whichwaslinkedtogoldatafixedrate.Asaresult,theAmericandollarbecametheworld’skeycurrency.1-Dollarnote,issuedbytheUnitedStatesofAmericain1963

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DiscussionPaper,Plastic,andVirtualMoneyIn1968,thefirstECcardscameintouse,andinthe1980sthefirstcashmachineswereinstalled.Sincethen,theuseofbanknoteshasdeclinedsignificantly,beingreplacedbyrechargeablecashcards,ECcards,orcreditcards.EurochequeorECcard

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DiscussionPaper,Plastic,andVirtualMoneyOntheonehand,wespendmoreandmoremoney,yetontheotherhand,wehavelessandlessofitinourwalletsandpurses.Instead,mind-bogglingsumsflowasdatastreamsthroughtheInternet,wheretheymultiply,orvanish.“Riches”doesnotmeanpiecesofsilverandgoldanymore,notevenmulticoloredbillsofpaper,butmerelysymbolsandciphersonacomputerscreen.NASDAQ,thefirstelectronicstockmarket,foundedin1971

2.Discussion:InWilliamShakespeare’sTheMerchantofVenice,themostnotoriousmoneylenderShylockdemandsliterally“apoundofflesh”ifAntoniocan’tfulfillhisobligation.Doyouknowanyotherunreasonablecontracttermsinthefinancialworld?Lead-in

Discussion

ReferenceAnswers:

Shakespeare’sbondisnowboilerplateincreditcard,mortgage,andsovereignloancontracts,enforcednotbyknivesbutbycourts.ThemodernShylocksarethevulturefundsthatbuydistresseddebtforcents,thensuetogarnishwagesorseizecollateral,indifferenttomercyormacroeconomiccrisis.LikeShylock,theyinsistontheletterofthelaw,turningasignatureintoalifelongwound.Lead-in

DiscussionTextATheDescentofMoneyStructuralAnalysisPara.MainTopics1-3Introductionofthefinancialhistoryandreasonsofitsvulnerabilitytocrises4-6Firstreason:future7-10Secondreason:humanbehavior11-12Thirdreason:evolutionPartI

QuestionsaboutPartIQ:WhydidtheWesternfinancialmodeltendtospreadaroundtheworld?BecausetheWesternfinancialintermediationgenerallypermitsamoreefficientallocationofresources.PartI

SentenceInterpretationOnthecontrary,financialhistoryisarollercoasterrideofupsanddowns,bubblesandbusts,maniasandpanics,shocksandcrashes.

(Line2,Para.3)Onthecontrary,financialhistoryisonemadeofwaxandwane,bullandbear,leanyearsandplentyyears.PartI

WordsandExpressionsskewv.changeorinfluencesth.withtheresultthatisnotaccurate,fair,normal,etc.synonyms:distort;twistexample:JapanesescientistHarukoObokataskewedthestatisticsinherstemcellresearch.PartI

WordsandExpressionsguisen.thewaysomeoneorsomethingappearstobe,whichhidesthetruthorisonlytemporarysynonyms:pretense;camouflageexample:Hisspeechpresentedracistideasundertheguiseofnationalism.NiallFergusonNiallFergusonisaBritishhistorian.HeisaprofessorofHistoryatHarvardUniversity.Hisspecialtyisinternationalhistoryandeconomichistory.Ferguson’sbooksincludeEmpire:HowBritainMadetheModernWorld,TheAscentofMoney:AFinancialHistoryoftheWorld,

andCivilization:TheWestandtheRest,allofwhichhehaspresentedasTVseries.In2004,hewasnamedoneofthe100mostinfluentialpeopleintheworldbyTimemagazine.PartI

NotesMesopotamiaItisanamefortheareaoftheTigris–Euphratesriversystem.Widelyconsideredtobethecradleofcivilization,MesopotamiaincludedSumerandtheAkkadian,Babylonian,andAssyrianempires,allnativetotheterritoryofmodern-dayIraq.PartI

NotesFredericMishkinHeisanAmericaneconomistandaformermemberoftheBoardofGovernorsoftheFederalReserveSystemfrom2006to2008.MishkinisknownforhistextbookTheEconomicsofMoney,Banking,andFinancialMarkets.PartI

NotesPartII

QuestionsaboutPartIIQ:ToKeynes,what’sthedifferencebetweentheexpectancyoflifeandtherateofinterestsinthefuture?Todistinguishthedifference,oneshouldseeifthereisascientificbasisonwhichtoformanycalculableprobability.PartII

SentenceInterpretationWeassumethatthepresentisamuchmoreserviceableguidetothefuturethanacandidexaminationofpastexperiencewouldshowittohavebeenhitherto.

(Line4,Para.5)Sofarratherthanexaminethepastexperience,wecountonmoreonthepresentasareliableguidetothefuture.PartII

WordsandExpressionsheuristic

adj.helpingyouintheprocessoflearningordiscoveryexample:Ageneticalgorithmisaheuristicsearchthatsimulatesthenaturalenvironmentofbiologicalandgeneticevolution.FrankKnight(1885-1972)HewasanAmericaneconomistwhospentmostofhiscareerattheUniversityofChicago,wherehebecameoneofthefoundersoftheChicagoschool.PartII

NotesJohnMaynardKeynes(1883-1946)HewasaBritisheconomist.Heiswidelyconsideredtobeoneofthefoundersofmodernmacroeconomicsandthemostinfluentialeconomistsofthe20thcentury.HisideasarethebasisfortheschoolofthoughtknownasKeynesianeconomics.PartII

NotesPartIII

QuestionsaboutPartIIIQ:WhatkindoftendencydoesDanielKahnemanandAmosTversky’sexperimentsdemonstrate?Theyidentifyastrikingasymmetryinpeople’stendencywhencalculatingprobabilities:riskaversionforpositiveprospects,butriskseekingfornegativeones.PartIII

SentenceInterpretationAswehaveseen,allfinancialinstitutionsareatthemercyofourinnateinclinationtoveerfromeuphoriatodespondency.

(Line2,Para.7)Aswehaveseen,allfinancialinstitutionsareeasilyinfluencedbyourswayingmoodfromoptimistictopessimistic.PartIII

WordsandExpressionsabdicatev.failorrefusetoperformadutysynonyms:relinquish;abjureexample:Thegovernmentwasaccusedofabdicatingitsresponsibility.PartIII

WordsandExpressionsaversionn.astrongfeelingofnotlikingsb./sth.synonym:disgustexample:Hehadanaversiontogettingupearly.DanielKahneman

(1934-2024)HewasanIsraeli-Americanpsychologistandwinnerofthe2002NobelMemorialPrizeinEconomicSciences.Heisnotableforhisworkonthepsychologyofjudgmentanddecisionmaking,behavioraleconomics,andhedonicpsychology.AmosTversky(1937-1996)HewasanIsraelicognitiveandmathematicalpsychologist,apioneerofcognitivescience.PartIII

NotesPartIV

QuestionsaboutPartIVQ:WhydoesJosephSchumpeterspeakofinnovationinanoxymorontermCreativeDestruction?

Innovationincessantlyrevolutionizestheeconomicstructurefromwithin,incessantlydestroyingtheoldoneandcreatinganewone.PartIV

SentenceInterpretationThefundamentalimpulsethatsetsandkeepsthecapitalistengineinmotioncomesfromthenewconsumers’goods,thenewmethodsofproductionortransportation,thenewmarkets,thenewformsofindustrialorganizationthatcapitalistenterprisecreates.

(Line19,Para.12)

Thenewconsumers’goods,thenewmethodsofproductionortransportation,thenewmarkets,thenewformsofindustrialorganizationthatcapitalistenterprisecreates,allcombinedconstitutethefundamentaldrivethatpushesandmaintainscapitalism.PartIV

WordsandExpressionsvanguardn.theleadersofamovementinsociety,forexampleinpolitics,art,industry,etc.synonyms:pioneer;trailblazerexample:Thecompanyisproudtobeinthevanguardofscientificprogress.ThorsteinVeblen(1857-1929)HewasanAmericaneconomistandsociologist,andleaderoftheinstitutionaleconomicsmovement.HisbestknownbookisTheTheoryoftheLeisureClass(1899).PartIV

NotesJosephSchumpeter(1883-1950)HewasanAmericaneconomistandpoliticalscientist.Oneofthemostinfluentialeconomistsofthe20thcentury,Schumpeterpopularizedtheterm“creativedestruction”ineconomics.PartIV

Notes

TextBInvestmentDiversification:AStoryofChinaInvestmentCorporationStructuralAnalysisPara.MainTopics1-2Introduction:foundationandmandateofCIC3-5CIC’sinvestmentphilosophyandframework6-8The2022paradigmshiftandCIC’sstrategicresponse9-11Publicmarketinvestments:refiningstrategy12-18Privatemarketinvestments:pursuingexcellence19Bilateralfundsandinternationalcooperation20-22Overseasoffices:localizationandsynergy23Conclusion:performancesummaryandlong-termidentityIntroduction:FoundationandmandateofCICPartI

Paras.1-2CIC’sinvestmentphilosophyandframework:Scope:

Overseasinvestmentactivitiesandsectors.Philosophy:

“OneCIC,oneportfolio”andtotalportfolioallocationmanagement.Framework:

Referenceportfolio,policyportfolio,andactualportfolio.PartII

Paras.3-5The2022paradigmshiftandCIC’sstrategicresponseChallenge:

Thenewmacroenvironment(the“trilemma”ofhighinterestrates,inflation,andvolatility;geopoliticalshifts).Action:

Amulti-prongedstrategyincludingstrategicfocus,portfoliorepositioning,andsystemicreforms.PartIII

Paras.6-8Publicmarketinvestments:refiningstrategyGoal:

Continuouslyimproveinvestmentperformance.PublicEquities:

Improveportfolioanalyticsandexploringsemi-passivepositions.FixedIncome&AbsoluteReturn:

Fine-tuneactivemanagement,optimizehedgefunds,andlaunchmacrofactorportfolios.PartIV

Paras.9-11Privatemarketinvestments:pursuingexcellenceGoal:

Improveinvestmentcapabilitiesandachieveallocationtargets.PrivateEquity&Credit:

Fundinvestments,co-investments,andseizethematicopportunities(TMT,healthcare,climatechange).RealEstate:

Focusondefensiveassetslikelogisticsandrentalapartments.Infrastructure:

Post-investmentmanagementandfocusonenergytransitionanddigitalinfrastructure.Energy&Resources:

Focusonenergysecurityandgreenenergytransition.Agriculture&Food:

Buildaninvestmentecosystemandbridgemarkets.PartV

Paras.12-18BilateralfundsandinternationalcooperationGoal:

Promoteinternationalindustrialcooperation.Action:

Deployinvestments,connectportfoli