New Words
新單詞
global adj.
全球的
understandable adj.
可理解的
fluctuate v.
波動(dòng)
dictate v.
支配
intervention n.
干預(yù)
impose v.
把．．．加強(qiáng)
factor n.
因素
isolate v.
分離，隔離
Phrases & Expressions
短語(yǔ)
in terms of
根據(jù)，按照
balance of payment
國(guó)際收支差額
purchasing power
購(gòu)買力
spot rate
即期匯率，現(xiàn)貨匯率
forward rate
期貨匯率
Z:Good evening, Mr. Steward.
張：晚上好，斯特沃德先生。
S:Good evening, Zhang Jun. Come in please. Would you like some coffee or tea?
斯：晚上好，張軍，請(qǐng)進(jìn)。喝咖啡還是茶？
Z:Anything will do.
張：什么都行。
S:Have some tea, please.
斯：那么就來(lái)點(diǎn)茶吧！
Z:Thank you.
張：多謝！
S:You said on the phone yesterday that you had some questions about foreign exchange dealing.
斯：昨天的電話里你說要問問有關(guān)外幣兌換交易方面的問題。
Z:Yes. With the growth of global trade, Chinese companies need foreign currencies for international transactions.
張：是的。隨著全球貿(mào)易的不斷發(fā)展，中國(guó)的企業(yè)也需要用外匯來(lái)支付外商。
So, I'd like to learn more about this topic.
我想多了解一些這方面的情況。
S:That's understandable since you are a foreign trade student.
斯:當(dāng)然了，因?yàn)槟銓W(xué)的專業(yè)就是外貿(mào)。
Z:I understand that exchange rate is the value of one unit of a foreign currency expressed in another currency.
張：我知道匯率是指一單位以另一國(guó)貨來(lái)表示的價(jià)格。
But how are foreign exchange rates determined?
但是這些匯率是由什么決定的呢？
S:The price of one currency in terms of another is called the exchange rate.
斯：一國(guó)貨幣另一國(guó)貨幣表示的價(jià)格稱為匯率。
This rate fluctuates according to the dictates of supply and demand,
匯率隨供求關(guān)系而上下波動(dòng)，
within the limitations imposed by national and international monetary authorities.
在國(guó)際及內(nèi)國(guó)內(nèi)金融機(jī)構(gòu)所限定的范圍內(nèi)。
Z:Well, do central bank interventions and exchange controls affect rates of exchange?
張：那么，中央銀行對(duì)外匯交易的干預(yù)及控制對(duì)匯率是否產(chǎn)生影響呢？
S:Yes, of course. But there are still other factors which affect the rates of exchange - balance of payments,
斯：當(dāng)然。但影響匯率的升降還有其它因素，
rates of domestic inflation and the relative purchasing power of currencies,
例如國(guó)際收支，通貨膨脹率，貨幣相對(duì)購(gòu)買力
international interests, rate differentials and other factors.
國(guó)際利率，利率差等等因素。
Z:Are these factors, which create a demand or lack of demand, for a particular currency easy to identify or isolate?
張：對(duì)某一特定貨幣來(lái)說，影響其供求大小的因素是否很容易單獨(dú)挑選出來(lái)？
S:No. Very difficult. These factors always work together to affect the rates of exchange.
斯：不，這是非常難的。這些因素總是混在一起對(duì)匯率產(chǎn)生影響的。
Z:Mr. Steward, what is spot rate?
張：斯特沃德先生，什么叫即期匯率？
S:Currencies can be bought or sold in foreign exchange market either for immediate delivery or for delivery later.
斯：在外匯交易市場(chǎng)上，貨幣的買進(jìn)，賣出，既可以作既期交易，也可作期貨交易。
So spot rate is for immediate delivery and forward rate is for delivery later.
所以即期匯率就是在即期交易時(shí)的匯率，而后者就是在期貨交易時(shí)的匯率。
Z:Does the forward market help?
張：那么期貨交易市場(chǎng)有何好處？
S:Yes, the forward market is very useful for companies of foreign trade.
張：那么期貨交易市場(chǎng)有何好處？
S: For example, if a company knows that it will need a particular foreign currency to pay a bill in a month's time,
斯：例如，某公司知道將在一個(gè)月以后需要用某一種貨幣支付一份帳單，
a forward deal enables it to protect itself.
那么采用外匯期貨交易，公司就能避免某些風(fēng)險(xiǎn)。
Z:How?
張：嗯？
S:The rate of exchange of a particular foreign currency is changing all the time because of the factors I have just mentioned.
斯：我前面提到過，有好幾種因素對(duì)匯率升降產(chǎn)生影響。因此，某一特定貨幣的匯率一直在波動(dòng)著。
Future adverse movements in the exchange rate would have otherwise had the effect of making the foreign goods more expensive.
若非如此，期貨匯率的升降就有可能使到時(shí)所購(gòu)買的外國(guó)貨物價(jià)格上升。
Z:Oh, I see. Now, I have a clearer picture of foreign exchange. Thank you very much.
張：噢，我懂了?，F(xiàn)在我對(duì)外匯兌換交易有了較清楚的認(rèn)識(shí)了。非常感謝您。
S:You are welcome any time.
斯：別客氣，隨時(shí)歡迎你來(lái)。
Z:It is quite late. I'd better leave now. Thank you again, Mr. Steward. Good night.
張：時(shí)間不早了。我得走了，再次感謝您，斯特沃德先生，晚安。
S:Good night.
斯：晚安。
新單詞
global adj.
全球的
understandable adj.
可理解的
fluctuate v.
波動(dòng)
dictate v.
支配
intervention n.
干預(yù)
impose v.
把．．．加強(qiáng)
factor n.
因素
isolate v.
分離，隔離
Phrases & Expressions
短語(yǔ)
in terms of
根據(jù)，按照
balance of payment
國(guó)際收支差額
purchasing power
購(gòu)買力
spot rate
即期匯率，現(xiàn)貨匯率
forward rate
期貨匯率
Z:Good evening, Mr. Steward.
張：晚上好，斯特沃德先生。
S:Good evening, Zhang Jun. Come in please. Would you like some coffee or tea?
斯：晚上好，張軍，請(qǐng)進(jìn)。喝咖啡還是茶？
Z:Anything will do.
張：什么都行。
S:Have some tea, please.
斯：那么就來(lái)點(diǎn)茶吧！
Z:Thank you.
張：多謝！
S:You said on the phone yesterday that you had some questions about foreign exchange dealing.
斯：昨天的電話里你說要問問有關(guān)外幣兌換交易方面的問題。
Z:Yes. With the growth of global trade, Chinese companies need foreign currencies for international transactions.
張：是的。隨著全球貿(mào)易的不斷發(fā)展，中國(guó)的企業(yè)也需要用外匯來(lái)支付外商。
So, I'd like to learn more about this topic.
我想多了解一些這方面的情況。
S:That's understandable since you are a foreign trade student.
斯:當(dāng)然了，因?yàn)槟銓W(xué)的專業(yè)就是外貿(mào)。
Z:I understand that exchange rate is the value of one unit of a foreign currency expressed in another currency.
張：我知道匯率是指一單位以另一國(guó)貨來(lái)表示的價(jià)格。
But how are foreign exchange rates determined?
但是這些匯率是由什么決定的呢？
S:The price of one currency in terms of another is called the exchange rate.
斯：一國(guó)貨幣另一國(guó)貨幣表示的價(jià)格稱為匯率。
This rate fluctuates according to the dictates of supply and demand,
匯率隨供求關(guān)系而上下波動(dòng)，
within the limitations imposed by national and international monetary authorities.
在國(guó)際及內(nèi)國(guó)內(nèi)金融機(jī)構(gòu)所限定的范圍內(nèi)。
Z:Well, do central bank interventions and exchange controls affect rates of exchange?
張：那么，中央銀行對(duì)外匯交易的干預(yù)及控制對(duì)匯率是否產(chǎn)生影響呢？
S:Yes, of course. But there are still other factors which affect the rates of exchange - balance of payments,
斯：當(dāng)然。但影響匯率的升降還有其它因素，
rates of domestic inflation and the relative purchasing power of currencies,
例如國(guó)際收支，通貨膨脹率，貨幣相對(duì)購(gòu)買力
international interests, rate differentials and other factors.
國(guó)際利率，利率差等等因素。
Z:Are these factors, which create a demand or lack of demand, for a particular currency easy to identify or isolate?
張：對(duì)某一特定貨幣來(lái)說，影響其供求大小的因素是否很容易單獨(dú)挑選出來(lái)？
S:No. Very difficult. These factors always work together to affect the rates of exchange.
斯：不，這是非常難的。這些因素總是混在一起對(duì)匯率產(chǎn)生影響的。
Z:Mr. Steward, what is spot rate?
張：斯特沃德先生，什么叫即期匯率？
S:Currencies can be bought or sold in foreign exchange market either for immediate delivery or for delivery later.
斯：在外匯交易市場(chǎng)上，貨幣的買進(jìn)，賣出，既可以作既期交易，也可作期貨交易。
So spot rate is for immediate delivery and forward rate is for delivery later.
所以即期匯率就是在即期交易時(shí)的匯率，而后者就是在期貨交易時(shí)的匯率。
Z:Does the forward market help?
張：那么期貨交易市場(chǎng)有何好處？
S:Yes, the forward market is very useful for companies of foreign trade.
張：那么期貨交易市場(chǎng)有何好處？
S: For example, if a company knows that it will need a particular foreign currency to pay a bill in a month's time,
斯：例如，某公司知道將在一個(gè)月以后需要用某一種貨幣支付一份帳單，
a forward deal enables it to protect itself.
那么采用外匯期貨交易，公司就能避免某些風(fēng)險(xiǎn)。
Z:How?
張：嗯？
S:The rate of exchange of a particular foreign currency is changing all the time because of the factors I have just mentioned.
斯：我前面提到過，有好幾種因素對(duì)匯率升降產(chǎn)生影響。因此，某一特定貨幣的匯率一直在波動(dòng)著。
Future adverse movements in the exchange rate would have otherwise had the effect of making the foreign goods more expensive.
若非如此，期貨匯率的升降就有可能使到時(shí)所購(gòu)買的外國(guó)貨物價(jià)格上升。
Z:Oh, I see. Now, I have a clearer picture of foreign exchange. Thank you very much.
張：噢，我懂了?，F(xiàn)在我對(duì)外匯兌換交易有了較清楚的認(rèn)識(shí)了。非常感謝您。
S:You are welcome any time.
斯：別客氣，隨時(shí)歡迎你來(lái)。
Z:It is quite late. I'd better leave now. Thank you again, Mr. Steward. Good night.
張：時(shí)間不早了。我得走了，再次感謝您，斯特沃德先生，晚安。
S:Good night.
斯：晚安。