英文速读资料金融时报
世界主要英文报刊汇总
世界主要英文报刊汇总!《中国日报》：China Daily英国全国性高级报纸有：《泰晤士报》 Times《每日电讯报》 The Daily Telegraph《卫报》 The Guardian《金融时报》 The Financial Times《星期日电讯报》 Sunday Dispatch《观察家报》 The Observer《星期日泰晤士报》The Sunday Times全国性通俗报纸有：《每日快报》 The Daily Express《每日邮报》 The Daily Mail《每日镜报》 Daily Mirror《星期日快报》 The Sunday Express《世界新闻报》 The News of the World《星期日人民报》The Sunday People地方性报纸它主要以刊登本地新闻和广告为主,具有浓厚的地方特色。
包括晨报、晚报、周报、3日刊。
如:《格拉斯哥先驱报》 (Glasgow Herald)《旗帜晚报》 ( The Evening Standard )《新闻晚报》 (The Evening News)等。
主要报纸简介《泰晤士报》(Times)：1785年由约翰•沃尔特在创敦创刊，誉为“世界第一大报纸”（the First Newspaper in the World）.《卫报》(The Guardian) ：原名《曼彻斯特卫报》(The Man- Chester Guardian),1821年创刊于曼彻斯特，后迁伦敦，1959年改称《卫报》.《金融时报》(The Financial Times) ：1888年于伦敦创刊，是英国金融资本的晴雨表.《每日电讯报》(The Daily Telegraph) ：1855年于伦敦创刊，该报以“时效性”而著称。
《观察家报》(The Observer) 1791年创刊。
《每日快报》(The Daily Express)：1900年由比弗布鲁克爵士 ( Lord Beaverbrook) 在伦敦创刊。
英语报刊训读
2. The Washington Post 《华盛顿邮报》 founded in 1877. ranking fifth in the circulation amount of distribution among all the American newspapers.
3. Los Angeles Times 《洛杉矶时报》 fouded in 1881. ranking fourth in the sales.
6. International Herald Tribune • 《国际先驱论坛报》 • published first in 1963, now belonging to The New York Times. • It's head office lies in Paris.
7. The Christian Science Monitor • 《基督教科学箴言报》 • published first in Boston. • It has won the Pulitzer prize for seven times.
2. challenge v. • 1) He put forward some ideas to challenge the interest of all concerned. • 他提出一些新想法来引起有关人士的注意。 • 2) Mr. Howard didn't challenge the chairman's ruling. • 霍华德不曾对主席的裁决表示异议。 • 3) Aggression unchallenged is agression unleashed. • 不反对侵略就是纵容侵略。 • 4) The sentinel challenged us with"who comes there?" • 哨兵喝问我们：“谁？”
金融专业英语---第八讲
This development in turn caused a run on the shadow banking system.“影子银行”的挤兑
net worth because of the increased burden of indebtedness.
价格水平的急剧下降引起债务负担增加，导致借款人净财富缩水
6
2023/5/19
The Global Financial Crisis of 2007-2009 全球金融危机
Causes of the 2007-2009 Financial Crisis:起因
Causes of the 2007-2009 Financial Crisis:起因
Financial innovations emerge in the mortgage markets 房 贷市场的金融创新
8
2023/5/19
The Global Financial Crisis of 2007-2009 全球金融危机
At the international level 全球层面
Proactive globally-binding supervision 加强全球监管 Systemic risk managed管理系统性风险
14
2023/5/19
Subprime crisis 次贷危机
Financial innovations emerge in the mortgage markets 房
国际金融英文版
1.国际收支（balance of payments，BOP）是一国居民与外国居民在一定时期内各项经济交易的货币价值总和。
BOP: Reflects the total monetary value of all sorts of the economical transactions between residents and non-residents of a given country over a specified time.the balance of payments is the record of the economic and financial flows that take place overa specified time period between residents and non-residents of a given country.2.国民收入是反映一国一定时期内（通常为一年）投入的生产资源所产出的最终产品和服务的市场价值或由此形成的收入的一个数量指标。
国民收入是一个流量概念，可用收入法和支出法来衡量。
Reflects the total productive input or the total value of the final production of a country in course of time. 反映一国在一定时期内所有的生产性的投入或者最终产品的总价值。
一、NI Equality in Closing Economy：1.Expenditure：Ｙ≡Ｃ＋Ｉ＋Ｇ=A2.Income：Ｙ≡Ｃ＋Ｓp+Ｔbecause expenditure equals to income, so: Ｃ＋Ｉ＋Ｇ≡Y ≡Ｃ＋Ｓp+Ｔ二、NI Equality in Opening Economy：Ｙ＝Ｃ＋Ｉ＋Ｇ＋Ｘ－Ｍ3.CA=Ｘ－ＭCA>0, surplus；CA<0, deficit；CA=0, balanced4.CA=Y-ACA>0, surplus；CA<0, deficit；CA=0, balanced5..Ｙ＝Ｃ＋Ｉ＋Ｇ＋Ｘ－Ｍ=Ｃ＋Ｓp+Ｔ；CA=S －ICA>0, surplus, capital outflow ；CA<0, deficit, capital inflow6.Ｙ＝Ｃ＋Ｉ＋Ｇ＋Ｘ－Ｍ=Ｃ＋Ｓp+Ｔ；CA=(Ｓp －Ｉ)+(T －G)7.The Current Account includes all international economic transactions with income orpayment flows occurring within one year, the current period. It consists of the following four subcategories：1.Goods trade (Balance of Trade)：Import and export of goods2.Services trade (Balance of Services)3. Income (Balance of Income)：Income associated with prior investment（Say, a dividendpaid by an Australian subsidiary of a US firm to the parent）；Salaries and wages paid to nonresident workers4.Current transfers: Any one-way transfer of a gift or grant, say, US aid to a developingcountry ；Must be financial; transfers a real (fixed) assets is in another account, the Financial/Capital AccountThe Current Account is typically dominated by the first component which is known as the Balance of Trade (BOT) even though it excludes service trade.8.The Capital/Financial Account of the balance of payments measures all internationaleconomic transactions of real and financial assets. It is divided into two major components: The Capital Account（资本帐户）；The Financial Account（金融帐户）The Capital Account is minor (in magnitude), while the Financial Account is significant.9.The Capital Account includes：Acquisition/disposal of nonproduced/nonfinancial assets ；Transfer of fixed assetsNon-financial assets, for example, a physical asset such as landNon-produced assets, which are needed for production but have not been produced, for example, a mine used for the extraction of diamonds.10.The Financial Account, however, uses a third method. This focuses on the degree ofinvestor control over the assets or operations.The Financial Account consists of three components;Direct Investment –in which the investor exerts some explicit degree of control over the assets（直接投资）Portfolio Investment – in which the investor has no control over the assets（证券投资）Other Investment –consists of various short-term and long-term trade credits, cross-border loans, currency deposits, bank deposits and other A/R and A/P related to cross-border trade （其他投资）11.12.The Official Reserves Account is the total reserves held by official monetary authoritieswithin the country.These reserves are normally composed of the major currencies used in international trade and financial transactions (hard currencies).The significance of official reserves depends generally on whether the country is operating under a fixed exchange rate regime or a floating exchange rate systemUnder a fixed exchange regime, these reserves are important in defending the value of a depreciating currencyChanges in the official reserves represents cash in- or outflows that are capture in the Official Reserves AccountThe Net Errors and Omissions account ensures that the BOP actually balances due to measurement errorsThe errors and omissions in balance of payments accounting arise in large part from the statistical difficulties involved in gathering balance of payments data. Because officials do not have the necessary information to make the double entries they make single entries based on the information available to them. This information often comes from multiple sources that vary in coverage and reliability.13.Reserves include monetary gold, special drawing rights (SDRs), the reserve position in theFund and foreign exchange.14.Fundamentals of BOP Accounting：Credits: real resources exported ------ Positive SignDebits: real resources imported ------ Negative SignTwo empirical rules:All transactions that arouses foreign exchange income should be credited in BOP;All transactions that arouses foreign exchange expenditure should be debited in BOP.Autonomous Transaction：- credit > debit, surplus; - credit < debit, deficit.Accommodating Transaction: - credit > debit, deficit; - credit < debit, surplus.15.X –M = the current account balance16.In theory the BOP must always balance, but statistical errors and misreporting result insubstantial imbalances17.The net errors and omissions account ensures that the BOP actually balances due tomeasurement errors18.Foreign Exchange:Dynamic usage: International exchange transaction in market for shortStatic usage: It means the money of a foreign country and includes:Foreign currency bank balances；Banknotes；Checks and drafts；Currency19. A foreign exchange transaction is an agreement between a buyer and a seller that a fixedamount of one currency will be delivered for some other currency at a specified date20.The spot where handles goods is goods market, while the place where deals ForeignExchange is Foreign Exchange Market.21.Functions of the Foreign Exchange Market：Permit the transfer of purchasing power denominated in one currency into another currency and thereby facilitate transactions；Provide credit for international trade transactions；Minimize exposure to the risks of exchange rate changes22.Speculators and Arbitrageurs：Speculators and arbitrageurs seek to profit from trading in the market itself, not for conducting trade or other forms of businessThey operate in their own interest, without a need or obligation to serve clients or ensure a continuous marketSpeculators seek to profit from their view of exchange rate changesArbitrageurs seek to profit from simultaneous exchange rate differences in different markets23. A foreign exchange rate is the price of one currency expressed in terms of another currencyA foreign exchange quotation (or quote) is a statement of willingness to buy or sell at an announced rate.24. A direct quote is a home currency price of a unit of foreign currency ；An indirect quote is a foreign currency price of a unit of home currencyThe form of the quote depends on what the speaker regards as “home ”25. Measuring a change —depreciation of appreciation of a foreign currency —in the spot rate forquotations expressed in home currency terms:Direct quotations:Example: Suppose the Swiss franc is recently quoted in the spot market at SF1.5625/$ (or, equivalently, $0.6400/SF) but then suddenly appreciates to SF1.2800/$ (or, equivalently, $0.78125/SF). What is the percent appreciation of the SF relative to the dollar?26. Measuring a change —depreciation of appreciation of a foreign currency —in the spot rate forquotations expressed in foreign currency terms:Indirect quotations: All our formulas have been in Indirect terms with the US$ as the home currencyExample (continued): The same rate of appreciation for the Swiss Franc relative to the US Dollar! 27.Spot rate: adopt a Spot transaction ；Forward rate: adopt a forward transaction 28.A Spot transaction in the Interbank market is the purchase of foreign exchange with delivery and payment between banks to take place, normally, on the second following business day. The date of settlement is referred to as the value date. 29.An Outright Forward transaction (usually just called a Forward) requires delivery at a future date of a specified amount of one currency for a specified amount of another currency. The exchange rate is established at the time of the agreement, but payment and delivery are not required until maturity. Forward exchange rates are usually quoted for value dates of one, two, three, six and twelve months. 30. Arbitrage ：seek to profit from simultaneous exchange rate differences in different marketsDirect arbitrage: operate between two foreign marketsIndirect arbitrage: operate in three foreign marketsInterest Arbitrage: seek to profit from simultaneous interest rate differences in different marketsClass Drill 1：1、Assumption:the basic rate between US dollars and the RMB is normally stated: $1=￥8.2500, the basic rate between US dollars and the J ￥ is normally stated: $1=J ￥100.0000Calculation: what ’s the cross rate between RMB and J ￥ ?2、Assumption:%07.22/6400.0$/6400.0$/78125.0$+=-SFSF SF%07.22$/2800.1$/2800.1$/5625.1+=-SF SF SFone day, an American exporter dates a contract with a Germany importer for some goods worthy of DM1,500,000. The counting currency is DM. They will pay off after three months. The rate is $1=DM1.5000 when they signed the treaty.Questions:- What does the rate belong to when they are dating?-Which country wouldn’t suffer the risk of foreign exchange?-How to avoid it?3、Assumption:One day------ first day in May, a speculator anticipates the exchange rate between US dollar and DM is $1=DM1.4580 on first day in Augest, while the three-month exchange rate between US dollar and DM is stated $1=DM1.4500 on first day in Augest.Questions:-What’s the former rate and latter rate respectively?-How can get the profit?4、Assumption:At 10 am. on one business day, the exchange rate between US dollar and DM is stated $1=DM1.4500 in New York, while simultaneously the exchange rate between US dollar and DM is stated $1=DM1.4600 in Frankfurt.Questions: How to arbitrage?5、Assumption:At 10 am. on one business day, the exchange rate between US dollar and DM is stated $1=DM1.5100 in New York, simultaneously the exchange rate between Pound and DM is stated £1 =DM3.0000 in Frankfurt, while the exchange rate between Pound and US dollar is stated £1 =$2.8000 in London.Questions: How to arbitrage?6、Assumption:The one-year periodic interest rate of US dollar in U.S is 12%, while the one-year periodic interest rate of UK pound in U.S is 16%. £1=$2.0000, $1,000,000Questions:-If the exchange rate between US dollar and UK pound is fixed after 3 months, how to invest?-If the exchange rate between US dollar and UK pound is floating after 3 months, how to invest?31.The Typical Dynamics of a Currency Crisis：1.Currency crises begin with foreign investors or speculators deciding—for whatever reason—that at the pegged rate, the country’s currency is overvalued；2.Foreign investors respond by selling their real and financial assets in the country, hence,selling that countries currency；ernments sell their foreign reserves and buy their own currency to defend the peg；Speculators observe the declining foreign reserves and increase their short positions in the country’s financial assets or currency；4.Panic selling ensues；5.The government abandons the peg and devalues the currency—typically by more thanwould have been required at earlier stages of the crisis32.Currency Crises: Effects of Devaluation：1.Real prices for imports rise;2.Output falls:Production (aggregate supply) falls when the economy relies heavily on imported inputs, for example, oil；Consumption (aggregate demand) falls when the country relies heavily on imports for necessities such as food stuffs. (Higher prices for necessities means lower disposable income)3. The net worth of firms and individuals fall4.The banking system is severely weakened (details):Assets (denominated in the home currency) lose value relative to debt (often denominated ina foreign currency in emerging economies)；Credit is either rationed or available only at exorbitant rates；Lack of credit causes output to plummet even further!33.Contagion: It is formally defined as a situation in which a currency crisis in one countryincreases the probability of a currency crisis in another34.Hedge funds are unregulated investment institutions that specialize in short selling, use offinancial derivatives, and leveraged positions (purchasing assets with borrowed funds)：Despite the name, hedge funds speculate!The primary investors are pension funds, trust funds, university endowments, and accredited investorsThese funds tend to remain fairly liquid so that they can fully exploit profit opportunities when they ariseHedge funds have about $1.1 trillion in assets and account for one half of all trades in the US and UK stock markets35.Role of Hedge Funds：The focus of hedge funds on short selling has gained them much notoriety as they often do well when asset prices are falling and other funds are doing badly；Prime Minister Mahathir Mohamad of Indonesia has called hedge funds the “highwaymen of the global economy”；Why? Because of robbing from the poor, less developed and emerging economies where hedge funds do much of their business；In fact, hedge funds have been blamed for not just taking advantage of economic crises but for causing them!Summary：1.Capital mobility is a double-edged sword: Economic openness increases growth andefficiency, but also exposes economies to potential capital outflows that can destabilize the economy2.A currency crisis is a financial crash within the foreign exchange markets. Currency crisesare precipitated by ：Capital flight, that is, a large and rapid withdrawal of funds by foreign investors ；Speculative attack3.Currency crises are caused by：Correlated beliefs among international investors (self-fulfilling prophesies)；Poor economic fundamentals：A fragile and inefficient banking system；Inflationary monetary and fiscal policy4. The central bank responds to a currency crisis by devaluing the country’s currency. Theeffects on the economy are devastating:Real prices for imports rise；Output and consumption fall；The net worth of firms and individuals fall；Unemployment and poverty escalate；The banking system is severely weakened and credit intermediation nearly ceases5. Contagion is caused by：Correlated real shocks, trade linkages, and financial linkages；Correlated beliefs, herding, or wake-up calls6、Currency crises and contagion have become increasingly likely and increasingly severesince the 1990s due, largely, to a far greater level of international economic integration and capital mobility in particular7.Policies prescriptions that reduce the likelihood of a currency crisis and contagion are:Promote the soundness of the financial system—particularly banks；Balance budgets and conduct low inflation monetary policy；Implement short-term capital controls and establish a lender of last resort；Promote long-term—as opposed to hot money—investment;8.Emerging market countries must often choose between two extreme exchange rate regimes,either free-floating or fixed regime where the latter is often through a currency board or dollarization36.Goods market equilibrium in opening economyAssumption:Output is defined by demand totally.BOP refers to import and export of merchandise.One country only produce one product.Nominal variable and real variable.37.Trade balance and national incomeTN =XN – MN =PM* –eP*M ；T=TN /P =M* –(eP*/P) M=M *–qMTrade balance function:T= M*（q，Y*）- qM（q，Y）=T（q，Y*，Y）=T-mY-T: independent trade balance；-mY: dependent trade balance；-m: marginal import tendency38.Domestic absorb and national income：A=C+I+G（Domestic absorb ）C=C+aY -C: independent consumption；-aY: dependent consumption；-a: marginal consumption tendency A=G+I+C=G+I+C+aY=A+aY39.Hoard: H=Y-A H=Y-A=Y-（A+aY）=-A+（1-a）Y=-A+sY -s: marginal saving tendency40.The equilibrium of national income ：H＝T；H=-A+sY=T-mY=T；Y=（A+T）/（s+m）= （A+T）41.Goods market, currency market and foreign exchange market in opening economyAssumption:Output is defined by demand totally.BOP refers to import and export of merchandise.One country only produce one product.1. IS curve :It reflects equilibrium condition in goods market.For private investment: I ＝I （i ）＝I0－biFor domestic absorb: A ＝A （G ，i ，Y ）＝A ＋aY －biIn what condition, goods market would be balance?Y=A ＋T =A+aY-bi+T0-mY ； Y=a （A-bi+T0） ； a=1/（1＋m-a ）Economic analysis ：The slope is minus ；In what condition, the curve would move towards right? If I descends, in which condition (open economy & close economy) national income would increase more?2. LM curve ：It reflects equilibrium condition in currency market.Ms=Md; Ms/P=LD （i ，Y ）=kY-hi k>0，h>0） Y=1/k(hi+M0/P)3. CA curve: It reflects equilibrium condition in foreign exchange market .T=T-mY=0 Y=T/mThe equilibrium is irrelevant to i.For CA curve, Left------ surplus, Right------ deficitWhen it satisfies the Marshall- Lerner condition,q ,the curve moves towards right; q ,the curve moves towards left.42. Open economy equilibrium in fixed exchange system (equilibrium condition):1、如左图：In closing economy: equilibrium in both markets (goods market & currency market) A point2、如右图：In opening economy:equilibrium in three markets(goods market, currency market and foreign exchange market) A ’ point3、如左图：Income mechanism (short term)：Deficit in BOP(CA)：Decrease in foreign exchange ； reserve ； Decline in currency supply ； Descend in national income ；Dip in import expenditure ； Improve in CAi 0i 04、如右图：Currency-price mechanism (long term)：Deficit in BOP(CA)： Decrease in foreign exchange ； reserve ； Decline in currency supply ； Descend in Price level ；Devaluation in real exchange ； Improve in CA 43. Open economy equilibrium in floating exchange system ：1.price-specieflow mechanism ：Deficit in BOP(CA)：Decrease in foreign exchange ； Devaluation in nominal exchange ； Devaluation in real exchange ； Improve in CA44. 总结：Goods market equilibrium reflects only one market, while goods market, currency market and foreign exchange market balance reflect three markets, which is called general equilibrium model.Every curve in each market could be reflected by two variables ------Y&i.We should analyze the daily economic condition by those two models, especially in national finance.45. Monetary approach in BOP ：1.Assumption:Price is flexible in short term ；Real demand of currency is determined by Y&I;Goods' price and interest rate is defined by wordwide market.’i i L 0 0i i LM0’Y i i 0LMY 0 Y 0 ’ IS ’2. Equilibrium in currency markrt: Ms=Md; Ms=m （D+R ）; Md=pf （Y,i ）3. BP curve :For CA: CA=CA （q ，Y ）For KA: K=k （i ，i*）=k （i ）For BP: BP=CA+K=CA （q ，Y ）+K （i ）=0Economic analysis :Vertical axis ： -left------surplus ； -right------deficitHorizontal axis ： -above------ surplus ； -below------deficit46. Open economy equilibrium in fixed exchange system ：International funds move perfectly ：Deficit in BOP ： Decrease in foreign exchange ； reserve ； Decline in currency supply ； Ascend interest rate ； Capital inflow ； Improve in BOP47. Open economy equilibrium in floating exchange system ：YY i BP ’International funds move perfectly ： Deficit in BOP ； Own currency devaluation ； Increase in export ； Ascend interest rate ； Capital inflow ； Improve in BOP48. Mundell-Fleming model ：Assumption:Supply curve is horizontal.；PPP establish no longer.；Anticipated exchange is static.；International funds move perfectly.1. Fiscal policy & monetary policy in fixed exchange system ：Monetary policy (invalidation)； Fiscal policy (valid)2. Fiscal policy & monetary policy in floating exchange system ：Monetary policy (valid)； Fiscal policy (invalidation)49. Crugelm Paradox ：Y iBPYi=ia) Mudel-Fleme Model1.Assumption ：Supply curve is horizon ；PPP doesn't work ；FE rates is predicated be static ；Capital flows across the world without obstacles2. Fiscal policy and monetary policy in fixed FE system ：Fiscal policy (doesn ’t work)；Monetary policy (work )3. Fiscal policy and monetary policy in floating FE system: Fiscal policy (work);Monetary policy (doesn ’t work )4.结论:50. International Parity Conditions:1,Some fundamental questions managers of MNEs, international portfolio investors, importers, exporters and government officials must deal with every day are:What are the determinants of exchange rates?Are changes in exchange rates predictable?2,International parity conditions are most important to decision makers when they do not hold3,The decision to borrow in a currency, locate a plant in a country, and other financial decisions may boil down to a judgment as whether a parity condition is violated4,The economic theories that link exchange rates, prices, and interest rates together are called international parity conditionsFixed exchange systemFunds move perfectly Monetary policy is valid Static FE systemCapital is fluid wholly Independentmonetary currency5,These international parity conditions form the core of the financial theory that is unique to international finance6, Under conditions of free floating exchange rates, the expected rate of change in the spot rate, differential interest and inflation rates, and the forward rate are all interrelated7,International parity conditions are most easily developed under the assumption of perfect capital markets: No transaction costs; No taxes; Certainty8, Driver of the parity conditions: profit-maximizing “agents ” will act to eliminate all arbitrage opportunities9.There are three principal parity conditions:Purchasing power parity;Interest rate parity;International Fisher effect51. International Currency System:1.Gold Standard System: Mint parityGold Export Points ; Gold Import Points2. Paper Money SystemAssumption:1,Financial markets are perfect with no controls, taxes, transaction costs, etc2,Goods markets are perfect with international shipment of goods able to take place freely, instantaneously and without cost3,There is a single consumption good common to everyone4,The same commodities appear in the same proportions in each country ’s consumption basket.52. If the identical product or service can be sold in two different markets —and no restrictions orcosts exist on the sale or transportation of moving the product between markets —the products price should be the same in both markets. This is called the Law of One PriceA primary principle of competitive markets is that prices will equalize across markets if frictions (transportation costs) do not exist.53. If the Law of One Price is imposed between baskets of consumer goods in two countries,we have a condition known as Purchasing Power Parity (PPP) Where the basket or index price in US dollars is P$, the spot exchange rate is S (in ¥/$) and the basket or index price in yen is P¥By comparing the prices of identical baskets of products denominated in different currencies, we could determine the PPP exchange rate that should exist if markets were efficient: This is the absolute version of the PPP theoryIf the assumptions of the absolute version of the PPP theory are relaxed a bit more, we observe what is termed Relative Purchasing Power Parity (RPPP)RPPP holds that PPP is not particularly helpful in determining what the spot rate is today, but that the relative change in prices between two countries over a period of time determines ¥$tt t P e P =⨯the change in the exchange rate over that periodIf the spot exchange rate between two countries starts in equilibrium, any change in the differential rate of inflation between them tends to be offset over the long run by an equal but opposite change in the spot exchange rateWe can represent RPPP mathematically:54., and the spotexchange rate is S (in ¥/$)We can make the following approximate representation of RPPP:55. Two general conclusions can be made from these tests:1,PPP holds up well over the very long run but poorly for shorter time periods2,The theory holds better for countries with relatively high rates of inflation and underdeveloped capital markets56. The Use of PPP in Management Decisions:For example, when PPP holds, a firm might make itsinvestment and marketing decisions without great concern for exchange rate fluctuations/riskWhen PPP is violated and all other things are equal, managers prefer:To locate production in countries with undervalued currenciesTo earn revenues —market products —in markets with overvalued currencies57. Interest Rates, Spot Rates & Forward Rates:1.The theory of Interest Rate Parity (IRP) provides the linkage between the foreign exchange markets and the money markets in different countries :The difference in the national interest rates for securities of similar risk and maturity should move in the opposite direction relative to the forward rate premium for the foreign currency (except for transaction costs)2.IRP links: the current spot rate, the forward rate, and the interest rates in each country3. IRP differs from the International Fisher Effect, in that IRP relies on a pre-negotiated forward rate to reconvert currency at the future date —not an expected future spot rate —and avoids currency risk4.Unlike RPPP and the International Fisher Effect, IRP holds even if we relax the assumption of no uncertainty!Interest Rate Parity (IRP) states that an investor should be indifferent between:1. Investing in her home market for some period and2. Converting to a foreign currency at the spot rate, investing in the foreign market, and entering into a forward contract to reconvert from the foreign currency back into her homecurrency Or, more concisely (but still exactly), interest rate parity is:where F is the forward rate (SF/$) $/$/$1)1(1SF SFSF F i S i ⨯+⨯=+Or, in approximate form, interest rate parity is:58.be calculated for any specific maturity by adjusting the current spotratio of interest rates of the same maturity for the two subject currencies: Similarly we can use interest rate parity(in approximate form) to calculate premium, that is, the percentage and forwardstated in annual percentage termspremium and the yield curves in the home and foreign markets: 59.1,The spot and forward exchange rates are not, however, constantly in the state of equilibrium described by interest rate parity 2,For fleeting moments, the market is not in equilibrium, and the potential for (riskless) arbitrage profit exists 3.The arbitrageur will exploit the imbalance by investing in whichever currency offers the higher return on a covered basis This is known as Covered Interest Arbitrage (CIA) 60.Uncovered Interest Arbitrage: A deviation from covered interest arbitrage is Uncovered Interest Arbitrage (UIA) Essentially, investors believe that there is a violation of the International Fisher Effect not IRP In practice, investors are betting that the future spot rate will not be much different from the current spot rate —despite an interest rate differential In this case, investors borrow in countries and currencies exhibiting relatively low interest rates and convert the proceed into currencies that offer much higher interest rates The transaction is “uncovered” because the investor does not sell the higher yielding currency proceeds forward but plans to sell spot later on The investor chooses to remain uncovered and accept the currency risk of exchanging the higher yielding currency into the lower yielding currency at the end of the period 61.Predicting the Future Spot Rate: Some forecasters believe that forward exchange rates are unbiased predictors of future spot exchange rates. Intuitively this means that the distribution of possible actual spot rates in the future is centered on the forward rate. Unbiased prediction simply means that the forward rate will, on average, overestimate and underestimate the actual future spot rate in equal frequency and degree Forward rates can be valuable in multinational capital budgeting decisions 62. 总结：1、Parity conditions have traditionally been used by economists to help explain the long-run trends in exchange rates。
[FT(金融时报)中英双语阅读].FinancialTimes_4
![[FT(金融时报)中英双语阅读].FinancialTimes_4](https://img.taocdn.com/s3/m/dc74a0234b35eefdc8d333ae.png)
2010/8/23Intel looks to secure McAfee takeoverIntel yesterday unveiled[ˌʌnˈveil] (vt.揭露)a $7.7bn acquisition of McAfee, the USsecurity software company, in a move prompted by the rising threat from viruses as the internet spreads to more mobile devices and everyday appliances.英特尔(Intel)昨日宣布，将斥资77亿美元收购美国安全软件公司McAfee。
随着越来越多的移动设备和日用家电接入互联网，电脑病毒造成的威胁正日益加大，英特尔此举便意在应对这一威胁。
The purchase is set to turn the world’s largest chipmaker into one of the leaders in security extending Intel’s reach into internet-connected devices from tablet computers and handsets to televisions and fridges.这宗收购将把全球最大的芯片制造商打造为安全领域的领先企业之一，让英特尔能够把触角延伸到各类连接至互联网的设备——从平板电脑、手机到电视和冰箱。
However, coming on the heels of(adv. 紧跟) an antitrust(adj. 反托拉斯的, 反垄断的)settlement with US regulators, thedeal raised fresh concerns about Intel’s ability to dominate part of the tech world by “baking” security into its chips, which are used in most personal computers.然而，这宗在英特尔与美国监管部门达成反垄断和解后不久宣布的交易，再次引发了人们的担心——他们担心英特尔能够通过把安全软件嵌入其芯片，来垄断科技业的部分领域。
金融英语学习资料79 中英文对照
Creditors have agreed to the restructuring of a heavily indebted Chinese coal miner that has menaced the country’s shadow banking sector with a wave of defaults.债权人已经就联盛能源有限公司(Liansheng Resources Group,简称联盛能源)的重组达成共识。
这家负债累累的中国煤炭企业使中国影子银行业面临一波违约潮的威胁。
Details of the restructuring of Liansheng Resources – based in northern China – were not published by Xinhua, the official news agency that made the announcement, but an earlier report in local media indicated that the deal would avert defaults.官方的新华社报道了联盛能源重组的消息，但没有透露具体细节，不过地方媒体早些时候的报道暗示，该协议将会让联盛能源免于违约。
联盛能源总部位于中国北部的山西省。
It would be the second time in less than a month that Chinese financial institutions have rescued shadow bank products.这将是中国金融机构在不到一个月时间里第二次救助影子银行产品。
In the latest case, Liansheng filed for restructuring in November because of a crippling Rmb28bn ($4.6bn) debt load. Six trust companies were together owed about Rmb5bn by Liansheng, but the ultimate creditors were wealthy investors who had bought high-yielding investment products from the trust companies based on those loans.在最近的这起案例中，联盛能源由于背负280亿元人民币（合46亿美元）的巨额债务而于去年11月提出重整申请。
英文报刊国际商务阅读(第三版)Unit 15 Britain Unveils Second Fina
23. ABN Amro: 荷兰银行 简称荷银，是荷兰最大的跨国金融机构之一，总行设在阿姆 斯特丹（Amsterdam），在世界各地设有分支机构。荷兰银 行的规模和经济实力在欧洲银行中排名前列。
24. plunge: v., n. 下跌（新闻常用语） The helicopter plunged 500 feet into the sea. 直升机跌入海底500英尺。 Our income has plunged dramatically. 我们的收入大幅度下跌。 A string of recent defeats has plunged the team dangerously near the bottom of the table. 最近的连败使球队跌倒危险的垫底边缘。 We are expecting a plunge in profits this year. 我们预计今年利润将下跌。
基准利率是在整个利率体系中起核心作用并能制约其他利率 的基本利率。我国的利率分三种：第一，中国人民银行对商 业银行及其他金融机构的存、贷款利率，即基准利率，又称 法定利率；第二，商业银行对企业和个人的存、贷款利率， 称为商业银行利率；第三，金融市场的利率，称为市场利率。 其中，基准利率是核心，它在整个金融市场和利率体系中处 于关键地位，起决定作用，它的变化决定了其他各种利率的 变化。基准利率是我国中央银行实现货币政策目标的重要手 段之一，制定基准利率的依据只能是货币政策目标
20. central bank: 中央银行，简称央行
中央银行是一国或地区（如欧盟）最高的货币金融管理机构， 在各国金融体系中居于主导地位。中央银行的职能是宏观调 控、保障金融安全与稳定、金融服务。负责控制货币供给、 信贷条件，监管金融体系，特别是商业银行和其他储蓄机构。
报纸背景知识--英国
Major Newspaper in U.K and Unit 1Fleet Street(舰队街)，英国新闻界的代称I. Two Types of Newspaper in U.KGenerally speaking, there are two kinds of newspaper in U.K.:Quality paper (broadsheet) :~ is serious daily issues. They appeal mainly to the upper and middle classes.The Times, Financial Times, The GuardianPopular paper:~ is smaller in size and contain many photographs. Unlike quality newspapers, popular newspapers are not so serious and their stories tend to be sentational.They appeal mainly to the working and middle classes.Daily Express, Daily Mail, Daily Mirror, Daily Star1.Financial Times金融时报The Financial Times （FT）is an international business newspaper printed on distinctive pink broadsheet paper. The periodical is printed in 22 cities: London, Dublin, Paris, etc.Known as London’s best paper, it specializes in reporting international business and financial news while maintaining an independent editorial outlook.It has had a strong influence on the British governm ent’s financial policies, and its circulation is one of the world’s highest among financial newspaper2. The TimesThe Times is a national newspaper published daily in the United Kingdom since 1785. For much of its history, the newspaper was regarded as Britain’s newspaper of record.The Times used contributions from significant figures in the fields of politics, science, literature, and the arts to build its reputation. The Times was the first newspaper to send special correspondents abroad, and it was the first to send war correspondents to cover particular conflicts.The British Business Survey 2005 named The Times as the UK’s leading daily newspaper for business people.3. The Daily Express 每日快报The Daily Express is a conservative, middle-market British tabloid newspaper. It was founded in 1900 by Cyril Arthur Pearson and is the flagship title of Express Newspaper. It was one of the first papers to carry gossip, sports, and women’s features, and the first newspaper in Britain to have a crossword.II. Magazines in U.K.The Spectator 《观察家》（The Daily Telegraph）TribuneThe Economist：《经济学家》one of the world’s preeminent journals of its kindNature: one of the oldest and most reputable scientific journals .(discoveries of X-rays, the double-helix structure of DNA and the ozone hole)III. Major English newspaper in ChinaChina Daily21st CenturyShanghai Star 《上海英文星报》Beijing Review 《北京周报》Credit Craze (Beijing Review)Citibank gets green light to issue credit cards in ChinaOn hearing the news that U.S. financial services giant Citi announced it had obtained approval to issue credit cards in China, Chen Shuye, a 30-year-old tour guide in Beijing, got excited."I'd like to try credit cards from Citi," said Chen, who has been using a credit card issued by Shanghai Pudong Development Bank (SPDB) co-branded with Citi. "It offers discounts for spending at many overseas hotels, restaurants and shopping malls, which gives me great convenience when I take tours around the world," he said."Perhaps the services of independent Citi credit cards will be even better," said Chen.Citi's co-branded credit card business with the SPDB started in 2003 with the SPDB providing technical and personnel support. The newly approved credit card business in China is expected to be launched sometime this year, making the American banking giant the first non-Asian bank tooffer its own plastic cards of commerce in China.Stephen Bird, CEO of Citi Asia Pacific, said that this approval represents a significant milestone in the continued expansion of Citi's business in China, a priority market for Citi."Our business in China continues to perform strongly across both institutional and consumer lines, and our ability to introduce a credit and commercial card proposition adds to our healthy growth momentum in this key market," he said."We have a dynamic consumer banking business and a broad-based institutional business in China. The ability to offer retail and commercial cards provides Citi with a strong competitive edge further meeting the needs of our expanding customer base," said Andrew Au, CEO of Citi China.IV. “Banker” Who Lends to the Poor Wins Nobel Peace Prize1.inspiration: to summon up courage2. lift:3.share: contribute4. collateral: property pledged as a guarantee for the repayment of a loan抵押物5. show oneself：be present;appear6. micro-credit：microwave，microcomputerWords (Economy)1. Dow Jones Industrials Average (DJIA),2. Nasdaq (National Association of Securities Dealers Automated Quotations)3. NYSE (New York Stock Exchange)4. Bonds债券,5. securities证券；股票,6. investment,7. stock exchange证券交易所8. bull价格上涨；看好股市者, bear,9. trade embargo贸易禁运,10. exchange rates, budget外汇汇率,11. Deficit赤字,12. Takeover接管，验收,13. merge吞并acquisition 收购14. retail, wholesale批发, interest-free loan无息贷款15. IMF (International Monetary Fund),16. OPEC (Organization of Petroleum Exporting Countries)石油输出国组织。
《读英国 金融时报 学英语 一 套装10本 》读书笔记思维导图PPT模板下载
目录
07 读英国《金融时报》 学英语 Vol.5
09 读英国《金融时报》 学英语 Vol.7
08 读英国《金融时报》 学英语 Vol.6
010
读英国《金融时报》 学英语 Vol语 Vol.9
013 The End
012
读英国《金融时报》 学英语 Vol.10
01
前言
02
01 数据： 中国成为 最大移民 来源国
03
02 传说 中的优步 自动驾驶 出租车： 第一视...
04
03 长得 像人的机 器人，更 亲切还是 吓死你...
05
04 伊拉 克离婚率 上升，都 是电视惹 的祸？
06
05 同样 高学历， 为何男人 比女人挣 得多？
06 美国80、 1
90后遭遇买 房难
06 7个tips， 1
让你的2017 高效起...
07 除了围棋 已经下不过
2
AI，面临科
技威...
3 08 重塑乐高
的“男孩”： 克努斯托普
4
09 专访“华 生”马丁·弗
里曼：全程爆
粗...
5
10 向外国朋 友介绍冬日北
京好去处？鼓
楼...
读英国《金融时报》学英语 Vol.6
01
前言
02
01 Jason Wu：时 装的分界 正在打...
《读英国 金融时报 学 英语 一 套装10本 》
最新版读书笔记，下载可以直接修改
思维导图PPT模板
目录
01 关于FT每日英语
02 关于编者
03 读英语《金融时报》 学英语 Vol.1
05 读英国《金融时报》 学英语 Vol.3
04 读英语《金融时报》 学英语 Vol.2
金融英语学习资料23 中英文对照
European leaders angrily denounced US spying practices yesterday, with Angela Merkel, the German chancellor, suggesting the EU needed a new data protection agreement with Washington following allegations that US intelligence agencies had tapped her personal mobile phone.欧洲许多领袖昨日愤怒谴责美国的间谍行为，德国总理安格拉•默克尔(Angela Merkel)提议，欧洲需要与美国政府签订新的数据保护协议。
此前有消息称，美国情报机构监听了默克尔的私人手机。
In her first public remarks since her government accused the US National Security Agency of spying on her, Ms Merkel said bilateral relations had been severely damaged and called Europe to decide on new ways to ensure “transparency” with the US.自德国政府指责美国国家安全局(NSA)监听默克尔以来，默克尔首次公开发表言论，称德美双边关系已严重受损，她呼吁欧洲采取新的措施，以确保与美国保持“透明”。
“It’s not just about me but about every German citizen,” Ms Merkel said as she arrived in Brussels for a two-day summit. “We need to have trust in our allies and partners and this trust must now be established once again.”在抵达布鲁塞尔出席一个为期两天的峰会时，默克尔表示：“这不仅关乎我一个人，而且关乎每一个德国公民。
报刊英语阅读
61Architectural Digest（建筑学文摘） /mags/archdigest/ 建筑
62Harper‘s Bazaar(哈泼氏） / 时尚
36Seventeen（十七岁）/ 青 年
37Parents（父母）/ 教育 38Star Magazine（明星杂志）
/ 娱乐 39ESPN The Magazine（ESPN杂志）
57Sunset（日落）/ 科学 58Soap Opera Digest（肥皂剧文摘）
/ 娱乐 59AARP Modern Maturity（现代文明）
/ 公益 美国发 行量最大的杂志
18 Entertainment Weekly(娱乐周刊） /ew/ 娱乐
19 Martha Stewart Living（玛萨斯图尔特生活） / 生活指导美国人生活 的女王
20 U.S. News & World Report（美国新闻与世界报道） http://www.uБайду номын сангаас/ 新闻全美 大学排行榜
64Smithsonian（史密森尼)/ 博物 65PC World（PC世界）/ IT 66Modern Bride（现代新娘）
/ 婚礼 67Men‘s Health（男性健康）
1）、The Christian Science Monitor 《基督教科 学箴言报》网址：
2）、International Herald Tribune 《国际先驱论 坛报》网址：
3）、Washington News 《华盛顿新闻报》网址：
/parenting/ 家庭 50Car & Driver（人车志）
英语学习英美报刊选读
1. Good learning Resources for English learners for the rich vocabulary, which includes various idioms, common sayings and diverse phrases.
The Significance of Newspaper Reading
（美国）美联社 （美国）合众社 （英国）路透社 （英国）报纸联合社 （德国）德新社 （法国）法新社 （意大利）安莎社
Major News Agencies
美英通讯社简介
西方报纸、电台和电视等新闻，许多都是由通讯社提供的。下面介绍 的是英美四大通讯社。 1． AP (abbrev. Associated Press) (美国) 美联社，成立于1848年， 总部设在纽约市。1976年就已有1，181家美国日报和约3，462家广播 电台和电视台接受该社提供的新闻服务，现在它是世界最大的通讯社。 2． UPI (abbrev. United Press International) (美国)合众国际社，成立 于1907年，它开创了一些重要的新闻报道业务，如它于1925年开办了 新闻图片等服务。在20世纪70年代末，该社就为100多个国家的4， 503家客户服务。它有250多个分社向外提供新闻。 3． Reuters (abbrev. Reuter’s News Agency) (英国)路透社，1851年 由路透(Paul Julius Reuter)创建，总部设在伦敦。它是一家商业性通讯 社。20世纪60年代以来，它播发经其压缩的来自诸如中国等国的新闻 报道，美国也有几十家报纸定购该社的新闻。现在其业务已遍及全球 150多个国家。该社拥有91个国家14，800名职员，1，800名记者， 138个分社。 4． PA (abbrev. Press Association) (英国)报纸联合社，它通过该社的 新闻（PA News）、体育（PA Sport）和数据设计(PA Data Design)这 三家公司而成为英国的全国新闻社，为报纸、广播电台和电视台提供全 方位的新闻和信息服务。
读英国《金融时报》学英语(七)(套装10本)(英国《金融时报
01字节跳动加码进军游戏领域 02巨型集装箱船搁浅堵塞苏伊士运河 03拜登政府酝酿3万亿美元新支出计划 04欧洲多国即将恢复接种牛津/阿斯利康疫苗 05俄罗斯召回驻美大使 06朝鲜：美国不改变立场就不可能接触 07黄峥辞任拼多多董事长 08中国污染整治努力开始压低铁矿石价格
01神经多样性为职场赋能 02香港大型上市公司董事会未能实现性别平等 03八分之一英国应届大学毕业生失业 04美墨边境闯关者增多令拜登难办 05丹麦暂停使用牛津/阿斯利康疫苗 06美国国会通过拜登1.9万亿美元刺激法案 07美国CDC：完成疫苗接种者可以室内聚会 08德国批准65岁以上人群接种阿斯利康疫苗
读英国《金融时报》学英语（七） （套装10本）（英国《金融时报
读书笔记模板
01 思维导图
03 读书笔记 05 精彩摘录
目录
02 内容摘要 04 目录分析 06 作者介绍
思维导图
本书关键字分析思维导图
形式
疫苗
特辑
话题
英国
阅读
大战
金融时 报
英语
原版
拜登
疫苗接种
英国
美国
总统
英语
金融时报
朝鲜
工作
内容摘要
目录分析
1
关于FT每日英 语
2
关于编者
3 读《金融时报》
学英语（七） Vol. 1
4 读《金融时报》
学英语（七） Vol. 2
5 读《金融时报》
学英语（七） Vol. 3
读《金融时报》学英 语（七） Vol. 4
读《金融时报》学英 语（七） Vol. 5
读《金融时报》学英 语（七） Vol. 6
01拜登计划一上任就立即推翻特朗普的一些政策 02 FT社评：今年有望成为电动汽车业起飞转折点 03医疗和科技企业携手开发“疫苗接种护照” 04拜登推出1.9万亿美元经济刺激计划，个人可得1400美元 05特朗普成美国史上首位遭两次弹劾总统 06美要求入境航班旅客提供新冠检测阴性证明 07拼多多前员工抨击该公司工作制度 08值得重视的气溶胶传播说
金融英语学习资料12 中英文对照.doc
Following its sixth consecutive downgrade of global economic performance, the International Monetary Fund5 s World Economic Outlook again projects a recovery around the corner. The government shutdown aside, news from the US has been encouraging; despair on the eurozone is abating; and the Chinese slowdown has been orderly. Green shoots have appeared before, only to disappoint. Might this time be different?在连续六次下调对全球经济表现的预测之后，国际货币基金组织(IMF)的《世界经济展望》(World Economic Outlook)又一次预计全球经济将在不久之后复苏。
除了政府关门以外，来自美国的消息总体令人感到振奋；笼罩欧元区的绝望情绪正在减退；而中国的经济增速放缓也并未引发乱象。
经济复苏的迹象以前也曾出现过，但只给人们带来了失望。
这一次情况是否会有所不同呢？World trade is a helpful lens through which to monitor global economic health. The collapse of 2008-09 was triggered by a financial earthquake but transmitted across the world by a precipitous fall in trade. Early in the crisis, industrial production fell at the same pace as at the start of the Great Depression in 1929-30 一but the trade collapse was unprecedented. Looking into the abyss, world leaders mustered a co-ordinated stimulus to limit the fall. Yet the rebound was powered by the Chinese appetite for imports that accelerated global trade in 2010.考察国际贸易形势有助于监控全球经济的景气状况。
英文报刊介绍
美英报刊简介美国和英国的日报总数约两千多家，各种期刊为五千余种，其中绝大多数是地方性和专业性报刊，全国性大报和杂志为数并不多。
下面介绍在美英国内若干有影响的报刊。
美国报纸American quality papers include:’The New York Times《纽约时报》The Washington Post 《华盛顿邮报》Los Angeles Times 《洛杉矶时报》USA Today 《今日美国报》The Wall Street Journal 《华尔街日报》The Christian Science Monitor 《基督教科学箴言报》International Herald Tribune 《国际先驱论坛报》Free Press 《自由新闻报》Chicago Sun-Times 《芝加哥太阳时报》New York Daily News 《纽约每日新闻》Boston Globe 《波士顿环球报》Dalas Morning News 《达拉斯晨报》San Francisco Chronicle 《旧金山纪事报》American news magazines:Time 《时代》周刊Newsweek 《新闻周刊》Reader’s Digest 《读者文摘》Fortune 《财福》杂志Business Week 商业周刊〉Far Eastern Review 《远东经济评论》U.S.News and World Report 《美国新闻与世界报道》Smithsonian 《史密斯森学会》杂志Star 《明星》Family Circle 《家族》月刊American Legion 《美国军团》People Weekly 《人民周刊》National Geographic 《国家地理》杂志1．The New York Times 《纽约时报》，1851年创刊。
属苏兹贝格(Sulzberger)家族所有。
大学《英美报刊选读》单词汇总
大学《英美报刊选读》单词汇总第一篇：大学《英美报刊选读》单词汇总一、单词(reading one)1、Part One: The NewspaperUnit OneInternational NewsCompounds n.大院，有围墙的房群Prostitution n.卖淫Nudity n.裸体，裸露Come-back n.卷土重来Erotica n.色情书、画Smut n.黄段子Racy adj.下流的，不雅的Crack-down n.打击Pornography n.淫秽，色情Venue n.场所Plugged-in adj.（喻）触网的Periodically adv.定期的Straight and narrow 正当、诚实、正派Deprave v.腐化，堕落Resurgence n.重新抬头Authoritarian adj.权威的Lovelorn adj.失恋的Strait-laced adj.一本正经的，古板的Law-breaker n.违法者Mores n.传统，习俗Obscene adj.淫秽的Loosen up 放松，松弛Censor v.检查，审查Air-waves n.无线电波Epidemic n.流行病Blush v.脸红Ubiquitous adj.无处不在Unit TwoNational Report Payout n.付出款项Mirror v.反映Slam v.猛力撞击Tailored adj.作过修改的；简单实用的Fuel v.刺激，激起Ward off 避开；避免Divisiveness n.分裂；不和；分歧Deflect v.转移，引开Statute n.法令Shackle v.束缚；阻挠Sentiments n.意见；观点Elude v.躲避；避开Flat-award n.固定赔偿金Forgo v.放弃Recipient n.接受者Enact v.制定或通过(法令)Sue v.提起诉讼Grieving adj.感到悲伤的Curtail v.削减Collateral adj.附带的Litigate v.诉讼Offset n.补偿Equitable adj.公平合理的Curb n.控制，约束Crippling adj.极有害的Defunct adj.不再使用的Waive v.放弃Magnitude n.规模Unit ThreeBusiness WorldInnovative adj.创新的，革新的File for 申请Oligarchy n.寡头政治，寡头统治集团Underwrite v.认购(公司)尚未出售的新股票；包销Cream n.精华，精粹Wrest v.夺取，费力取得Auction n.拍卖；标售Bypass v.绕过，越过Pull the strings 操纵事件或他人行为Bid for 出价Pull off(成功火箭哭地)完成，做成Batch n.一批，一组Tank v.储存，囤积Precedent n.先例，前例Treasury bond(美国财政部发行的)证券Synonym n.同义词Allocate v.分配，配给Oxycodone n.羟基二氢可待因酮Hedge fund 套利基金Hydrocodone n.二氢可待因酮Pension n.养老金，抚恤金，退休金 Amphetamine n.氨基丙本，安非他明（解除忧郁、疲劳的药）Skunk n.臭鼬Orchestrate v.使和谐地结合起来 Deficit n.不足，欠缺Merchandise n.商品，货品Hyperactivity n.极度活跃Sabotage v.破坏，阻挠Pharmaceutical adj.制药的，应用药物的Ardent adj.热心的，热情的Clout n.势力，影响力，权势Extract v.提取，榨出Garner v.积累，获得Monopoly n.垄断，独占Unit FourThe MetroLongevity n.长寿，长命Broccoli n.花椰菜，球花甘蓝Scary adj.易受惊的，胆怯的Bogeyman n.鬼怪，骇人的东西Impoverish v.使贫困Cater for 满足需求Dire adj.可怕的，不祥的Skim off 除去，（为逃税等而）瞒报Bail out v.帮助脱离困境Risk-pooling n.风险集中Unwarranted adj.无保证的，不确定的，不必要的Means testing 对（失业或残疾者等）进行经济情况调查（已确定是否给予补助）Laud v.赞美，称赞Rhetoric n.辞令，虚夸Discount with 不信，漠视Imminent adj.临近的，逼近的Demutualisation n.利化，互利改组公司（公司大部分股份转给雇员或主顾）Appreciably adv.可估计的，明显的Lurch v.突然倾斜，改变Terminology n.术语Fix n.补救方法，应急措施Wonk n.刻苦用功的学生Actuary n.保险精算师，保险业务计算员 Disincentive n.(对经济发展等)起抑制作用的，制止因素Odd adj.额外的，零星的Prone adj.容易的，易于Obesity n.肥胖，肥胖症Wholesale adj.大规模的，不加区别的Unit FiveScience & TechnologyStigma n.污名，耻辱Cellular n.蜂窝式分区无线，通讯Aplomb n.沉着，泰然Demographic adj.人口统计学的Missive n.信件Adroitness n.熟练Hunt and peck 看着键盘打字Manifest v.表明Boom v.繁荣，兴隆Dexterity n.灵巧，机敏Hierarchy n.层次，等级Piranha n.水虎鱼Digit n.手指Genera(pl of genus)n.类，属With the advent of 随着……的出现，到来Stature n.(凭才能和成就而获得的)声誉Ferocious adj.凶猛的Envision v.想象，预想Banishment n.流放，放逐Snag n.阻碍Renaissance n.复兴Banter n.善意的玩笑Prowess n.威力Tendon n.[解]腱Opportune adj.恰好的，适宜的Manifold adj.多方面的，多种形式的Unlearn v.忘却Callus n.老茧Foothold n.立足点Tough sth.Out 从（困难）中硬挺过来Unobtrusive adj.不明显的Unit SixArt & LivingMilk v.从……中获利，获益；从……中榨取Compliment n.敬意Playbook n.剧本Soundtrack n.（电影）配乐Embrace n.接受，利用Hit n.轰动一时的人物，风行一时的东西Nerve-wracking adj.使人心烦的，伤脑筋的Dicier adj.更冒险的，更危险的Console n.（计）控制台Format n.程序，格式Render v.致使，使成Rule of thumb 经验得来的法则Take a chance 碰运气，冒险Tie-in n.搭配在一起出售的货品Sure-fire adj.稳操胜券的Sequel n.续集，续篇Flail v.鞭打，抽打Shakeout n,（行情下跌中的盈利微薄行业、产品等的）被淘汰，裁汰Stave off 延缓，避开Hedge v.避免，防范Profligate adj.恣意的，极其浪费的 Cushion n.垫子，保护物，缓冲装置Ancillary adj.辅助的，从属的Rental n.租金收入，租金额Spin-off n.副产品，衍生产品Bomb v.（美俚）惨败Mark down 减价，降价Legitimate adj.合法的，正规的Rival v.与……竞争，对抗Scramble v.争取，争夺Subscription n.订约，订阅，订购Pitch v.努力推销Juggernaut n.使人盲目崇拜并为之牺牲的事物；不可抗拒的力量Model on 模仿，效仿Franchise n.特许权，特许经营权Flat-footed adj.无准备的Platinum n.铂，白金Keep one’s edge 保持优势Consolidation n.合并，联合Devour v.吞食Portfolio n.公事包，文件夹Conglomerate n.由许多公司组成的大公司，企业集团Unit SevenSports & FitnessTrivial adj.琐细的，微不足道的Referendum n.全民投票Kinesiology n.[体]运动机能学Obsolete adj.废弃的，过时的Oddity n.怪人，奇特的东西Hone v.磨练；训练Twitch n.急扯，猛地一拉Sprinter n.赛跑选手Grab hold of 抓紧，掌握Dystrophy n.营养不良Steroid n.类固醇Therapy n.治疗Rogue n.流氓；无赖Innate adj.先天的，天生的Paralympics n.伤残奥运会Profile n.侧面；轮廓；概况Bet n.预言Tendon n.[解]腱Deleterious adj.有害的，有毒的Anarchy n.无政府状态，混乱状态 Freak n.畸形或不正常的人或动物Be inundated sb.(with sth.)给予某人很多事情使之难以应付；是某人不胜负荷Unit EightFeaturesPonder v.考虑；深思Gelato n.意大利胶凝冰棍Vendor n.摊贩；卖主Rite n.隆重的仪式或典礼Siesta n.午后的小睡Villa n.带有大花园的别墅 Repeal v.废止（法规等）Calvinism n.加尔文主义 Dehumanize v.非人化Nurture v.培养；养育Eclipse v.使相形见绌；黯然失色Sloth n.树懒(动物)Frenetic adj.发狂的Fresco n.壁画Disentangle v.摆脱Enervate v.使（人）失去力量或精力Anomaly n.不合规则；异常事物Confluence n.汇合，汇集 Skip v.不参加，不做Ideology n.思想意思Take a toll/ take its toll of something 造成损失、毁坏等Unit NineEditorials & OpinionsUnprecedented adj.史无前例的，空前的Pitch n.程度Flip side 反面Loom v.隐现，迫近Swathes of 大片Fell v.砍伐Accentuate v.强调Endemic v.地方病Sanitation n.卫生设施Epidemic n.流行病Degradation n.退化，降级Sustainable adj.可持续的Patriarch n.家长Devolve v.（把权力、工作）移交某人Vested interest 特权Tip off 向……泄露，告诫Saga n.传奇Tributary n.支流T oxin n.[生]毒素Tannery n.制革厂Torrential adj.奔流的Mound n.土堆，土丘Chlorinate v.用氯消毒Stagnate adj.因不流动而变臭的或有味的Insatiable adj.不知足的，贪得无厌的Dioxin n.[化]二氧（杂）芑Levy n.征税Signatory n.签名者Legitimacy n.合法（性），合理（性）Hierarchy n.层次，等级Unit TenHealth & EnvironmentContagious adj.传染的，有传染性的 Obesity n.肥胖，过度肥胖Biotech n.应用生物Affiliate v.隶属，关联 Unravel v.揭开，弄清Leptin n.瘦体素基因Hormone n.荷尔蒙Calorie n.卡路里Mutation n.改变，突变Cholesterol n.胆固醇Triglyceride n.三酸甘油酯Adenovirus n.腺病毒Antibody n.抗体Counterpart n.对应体Lipoprotein n.脂蛋白Fringe adj.从属的，次要的，附加的Cutting-edge adj.最先进的，前沿的 Valid adj.有效的Shore v.支撑，稳住Pan(out)v.证明（是），结果（是）Groundbreaking adj.开天辟地的，创业的Ulcer n.溃疡2、Part Two: The MagazineStand on 坚持Be entitled to 有做某事的权利 Egotism n.自我中心，自私自利Rabble n.乱纷纷的人群，乌合之众Assent v.同意，赞成Dependant n.依赖他人生活着Metaphysical adj.形而上学的，抽象的Petitioner n.上诉人 Sphere n.领域，范围Bureaucrat n.贵族Dissatisfied adj.感到不满的，不满足的Complainant n.原告Adjudicator n.裁判，评论员 Doubly adv.加倍的，双重地Redress n.纠正，补偿Aggrieved adj.愤恨的，愤愤不平的Sap v.逐渐消耗Beneficiary n.受益者，受益人Entice v.诱惑，诱使Prohibition n.禁止，阻止Labyrinth n.迷宫，迷津Substantive adj.真实的，实在的，实际的Preclude v.排除Psychiatrically adv.精神病的 In vitro fertilization 体外受精Dire adj.可怕的Every other 所有其他的DoH（Department of Health）卫生部 Irrespective of 无论Bedlam n.疯人院Paralysis n.瘫痪Reverberation n.回响，反射Deterioration n.恶化Abstraction n.抽象概念 Connotation n.涵义Beloved adj.心爱的Inalienability n.不可剥夺Allegedly adv.据说，根据（人们）宣称Unconditional adj.无条件的Observance n.遵守Abrogate v.废止，取消Deem v.认为Ill-conduct n.不良行为Unassailable adj.不可攻破的Tangible adj.明确的，确切的，真实的Tower block 高层建筑，摩天大楼Dialectic adj.辩证关系Vaunted adj.吹嘘的，夸耀的 Ingratitude n.忘恩负义Feral adj.野性的Grievance n.牢骚，不满，怨恨Permissive adj.放任的，放纵的3、Part Three: News on the WebParalegal n.律师的专职助手Do over 重做，重复Internship n.实习，实践Counselor n.顾问，参谋 Tuition n.学费Exploration n.探索，探究 Fare v.进展，过日子Dissuade v.劝阻Contemplate v.打算，考虑Unforgiving adj.无情的，不够宽容的 Drift n.放任自流Lose out on something 不成功，受损失 Societal adj.社会的Mired adj.陷入泥潭的Moderator n.主持者Squander v.浪费，虚度Blow it 错过（良机）Marketable adj.适应市场的 Mythology n.神话Anthropology n.人类学4、Part Four: Broadcasting & TelevisionSwarm n.大群人，人群v.大群地移动 Dignitary n.显要人物；权贵 Sheikh n.伊斯兰教的宗教领袖，教主 Casket n.棺材Hearse n.灵车Drape v.覆盖Caisson n.弹药箱，弹药车Procession n.行进，前进 Mourner n.哀悼者Guarantee v.保证Revitalize v.使再充满活力Reinvigorante v.再鼓舞，再激励Mobilize v.动员Corruption n.腐败Priority n.优先（考虑的事）Obstacle n.障碍Inauguration n.就职典礼Eulogy n.颂词，颂文Ambassador n.大使Mast n.旗杆；桅杆Tributes n.表示敬意或称赞的行动、言语或礼物5、Part Five: The MovieSpider-man n.蜘蛛侠Guts n.勇气与决心；胆量；魄力 Give sb.A hand 帮助某人Pish n.呸（表示不愉快或不耐烦）Water under the bridge 覆水难收Make a move 采取行动Give away 赠送Cookbook n.烹饪书，食谱Mixer n.搅拌机Self-sacrificing adj.自我牺牲的 Line up for sth.排队做某事Glimpse n.一瞥Get a glimpse of sb.瞥见Strain v.竭力；用全力（做某事）Pal n.朋友Jerk n.蠢人Play tricks on 捉弄；开……的玩笑 Peel（sth.）off 把……脱掉 Do a number on 伤害某人的感情；嘲弄Lay a finger on sb./ sth.(即使轻轻)触碰某人Whereabouts n.下落；行踪fiancée n.未婚妻Menace n.威胁；恐吓Prosecute v.检举、告发 Arachnid n.蛛形纲动物(包括蜘蛛、蝎子、蜱、螨等)Spine n.勇气Scurry v.小步疾跑Monster n.巨大、丑陋、可怕的怪物第二篇：英美报刊新闻标题 1.Explosion heard near Iranian Parliament2,President:Sino-Americanrelationship副links co nductive to world peace and stability3, BMW’s problem child4,spent fuel shipment/Nuclear waste shipment副Germany to lift ban on transport of nuclear waste5,To save or Not to save6,The co-operation between the Government7Professor leaves $4M to his colledge,8Fomer bushaffical kills son abd self9US population figures to hit 300M10 Iraq’s Olympic rep kidnapped11 Man sentenced to 150 years12Us Russia fail to agree on WTO membership13Infustrial dream fades third worldrevives farms 术语《创世纪》Admissions offices招生办Advanced degree高等学位All works of lives各行各业Alumni connections校友联谊会Alumni校友Assault突袭Auction拍卖Ballet lesson芭蕾课Barebones budget少得可怜的预算Beautiful spot胜地Benign 和蔼的Blare-to make a very coud,unpleasant noiseBlind date相亲Bold theory斗胆的理论Boozy嗜酒的Buddhist grottoes佛教石窟Buoyant开朗的活泼的Evolution wars进化论之战Cable car缆车Cambrian寒武纪时代Carbon dioxide 二氧化碳Carte-balance全权，绝对的自由Cash cow摇钱树Center heat-supply集体供暖CEO:chief executive officer行政主管Chance mutations变异Chief operating officer运营主管Christian fundamentalist基督教原教旨主义者Churn搅拌器Clampen-to make sad or dullClique帮派Clinical psychology 内科心理学Clot凝结Commercialism商业主义Communist regime 共产党政府Consulting-firm顾问公司Controversy争议Correspondence education函授教育Counterpart职位相当的人Cramp-to keep in a narrow spaceCrass commercialism唯利是图Creationism神秘论Criteria评判、标准Critical inquiry批评性探索Critique批评Cultural relics文化遗产Daring topic大胆的话题Darwin’s theory达尔文进化论(origin of species物种起源/natural selection自然选择/survivalof the fittest适者生存)Dead souls“老”不死的Debt specialist债务分析家Dilemma 进退维谷Distance education class远程教育Document文件、记录记载Dot-com world网络世界Edge渴望Educational environment 学习环境Extra curricular activities课外活动Elite college精英大学Elite university一流大学Elite精英Embolden使..勇敢Emulation-desire or ambition to equal or surpass仿效、竞争Erode-to wear away磨损消逝Established有建树的人Establishment住所景点Ethnic favor民族特色Exquisite精美的高雅的Face to face instruction面对面指导Faith-based science以宗教为基础的科学Fossil record化石标本Fossil化石Full scholarships全额奖学金Gainsay反驳、否认GE:General Electric通用电气公司Genetic code 遗传密码Getty conservation Institute文物保护中心Go online上网Gobi Desert戈壁滩Gravitate受吸引Gray brick灰砖大学Haphazard 偶然的Hard-core defender坚决维护着Have access to有权进入HBS:Harvard Business School哈佛商学院Hiker and backpacker徒步旅行的人Identical gene相同基因Identityformation个性形成Indigenous life本土生活Information-based economy信息经济Infrastructure基础设施Intelligent design智慧、巧妙的设计Investment bank投资银行Libertarians鼓吹公民自由Log in登陆Lose its edge失去优势Lucrative offers丰厚的报酬Magazine rankings杂志排行榜Management expertise管理专业知识Massive military军事现代化MBA:Master of Business Administration工商管理硕士Meet love with hate以德报怨Mind-numb情感冷漠MoGao grotto莫高窟Moisture潮气Multinational company 跨国公司Mural壁画Navigate the local bureaucracy驾驭地方官僚主义Nightmare 噩梦，梦魇Non scientific alternatives非科学选择Non-renewable resource不可再生资源Oasis沙漠中的绿洲On-campus master’s program在校研究生课程Opponent反对论Outlook人生观Overhaul-to examine thoroughly彻底改革Peer-reviewed journal 同行专业评论杂志Pitfall隐患，易犯的错误Plight困境Preside主持Prime-time黄金时段Private university 私立大学Proponent支持者Pseudo science伪科学Public amusement公共娱乐Public university公立大学Grotto石窟Rank Three三教九流Ratio比率Reconcile使和解，调停Release释放、出版发行Remote enrolment远程注册Returnee归国留学生Rigorous 严峻的艰苦的Rollicking-noisy , cheerful喧闹快乐的Run the risk of being guinea pigs实验主体SAT scores数学/语文公测School board学校董事会Scribble down乱写乱涂Script手稿/伶牙俐齿Selective college重点大学Self-discipline自我约束Seminal works初级工作Seminal work胚胎Seminal精液的生殖的Senior fellow资深研究院Sensibility感觉、情感Sensitive issue敏感话题Separation of state and church政教分离Shift work倒班Silicon valley硅谷Silk Road 丝绸之路Start-ups新兴企业State-owned国营的Statue雕塑Step onto a university campus上大学Structure改革Superintend dent 教育局负责人Suspend-to temporarily prevent fromcontinuzing or being in force or effect暂停、中止Swarm蜂拥而至Symposium酒会，座谈会Tacky质量低劣的Teleconference电话会议T erra-cotta 土陶，粘土T est prep courses考前辅导班The delicate subject matter微妙的题材The lion’s share很大的比例The winner-Take-All Society胜者通吃的社会Think tangle智囊团Thwart阻止Tourist authorities旅游局Trek长途跋涉Turf battle势力范围UNESCO:United Nations Education Science Culture Organization 联合国教科文组织University Continuing Education Association大学成人教育Unveil揭示Upland高地Upper rungs上层职位Upsurge 急剧上升，增长Validation确认Venture capitalist风险投资家Vigorous有精力的Violate违背，侵犯Virtual class虚拟课程Vitality生命力、活力World heritage世界遗产World relics世界遗产第三篇：英美报刊第一页美英报刊-背景知识1.加勒比海主要岛屿有：太平洋岛屿：马里亚群岛，夏威夷，关岛。
金融英语阅读材料及译文
阅读材料1：中国的货币制度1948年12月1日人民币的发行标志着中国人民币制度的建立。
我国货币制度的主要内容如下：首先，人民币是法定货币，其单位是元。
人民币不与黄金及其他任何外币挂钩。
人民币是信用货币，只在特定的情况下可兑现。
其次，人民币是中国唯一的合法货币。
再次，人民币的发行高度集中，中国人民银行拥有发行人民币的权力。
人民币的发行以政府持有的商品和物资作保证。
人民银行通过购买金、银、外汇及发放贷款等渠道投放人民币。
黄金和外汇是国际储备。
香港和澳门实行货币局制度。
港元与澳元分别是香港特别行政区和澳门特别行政区唯一合法货币。
根据中国外汇管理局的规定，港元与澳元属于外汇，不能在内陆流通。
此外，港元与澳元由数家商业银行发行并与美元挂钩。
如何协调这两种货币的发行并构建具有中国特色的现代货币制度仍需要进一步研究。
阅读材料2：信用风险信用风险系指由于债务人无法履行合同规定的债务所导致的损失发生的可能性。
信用风险有多种表现形式。
有一些方法可以管理或消除信用风险。
第一道防护墙是资信评分或信用分析，以规避给那些有过度信用风险的人提供信用。
信用风险限制也被经常使用，一般规定信用提供者愿意承担对手信用风险的最大敞口。
也可以设置行业限制或国别限制，以限制信用提供者愿意承担某一特定行业或国家的信用敞口总额。
信用敞口限额的计算要借助于一些信用分析模型。
达成交易可能需要抵押品或信用增级。
可以通过信用衍生品对冲信用风险。
最后，企业资本可以防御未结清的信用敞口。
阅读材料3：今天18,000元或者4年，每年5，000元？目前州立大学收学生每年5，000元学费。
在任命了一位有创新精神的财务主任之后，它提供给新生一种新的支付四年学费的方式—今天付18，000元而不是4年，每年付5，000元。
你会参加该计划吗？为算出答案，我们需要求解将来要支付的金额（4年，每年5，000）的现值，V0，这样我们可以将其与另一个现值（今天18000元）对比。
- 1、下载文档前请自行甄别文档内容的完整性，平台不提供额外的编辑、内容补充、找答案等附加服务。
- 2、"仅部分预览"的文档,不可在线预览部分如存在完整性等问题,可反馈申请退款(可完整预览的文档不适用该条件!)。
- 3、如文档侵犯您的权益，请联系客服反馈,我们会尽快为您处理(人工客服工作时间：9:00-18:30)。
经济预测，欲望永不眠辞旧迎新的时候，人们为何总期望经济学家做预测呢？预测成绩怎样？这是FT"卧底经济学家"蒂姆·哈福德有趣的解答。
An insatiable desire to peer into the futureThe wonderful thing about forecasts is that they all sound very profound--------------------------It’s that time of year again. Time for you to make your predictions for 2013.You’re kidding, right? You’re asking an economist for predictions?Just my little joke. But surely you’re not a propereconomist if you can’t make a few predictions. Isn’t that the whole point of the economic profession – to make dozens of mutually contradictory forecasts with impunity?Well, the impunity is a topic worth discussing. But the economics profession could do with a few more disagreements, I think. In 1995, FT columnist John Kay examined the record of British economic forecasters from 1987 to 1994. He discovered that they tended to all say much the same thing. The only dissenter was reality: economic growth often fell outside the range of all 34 forecasts.So economists are terrible forecasters. What else is new?It isn’t just economists who are terrible forecasters. Take the quantitative analysts responsible for Goldman Sachs’s notorious “25 standard deviation” episode – presumably physicists or mathematicians.25 standard deviation?At the beginning of the financial crisis, the chief financial officer of Goldman Sachs explained that the firm was seeing “25 standard deviation moves, several days in a row” – a statement that, translated into English, means “according to our models, what we’re seeing is very unlucky”.How unlucky?Oh, the sort of bad luck you see once every 28, 900, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000,000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000, 000 years, given certain assumptions about what Goldman might have meant. For reference the universe is about 14,000,000,000 years old. The alternative to the “very unlucky” hypothesis, of course, is that the quantitative models didn’t produce very good forecasts.Well, that’s a forecast so bad that I can’t believe an economist wasn’t involved somewhere.You may be right. But I can give you another example: the 300-odd experts recruited by Philip Tetlock, the psychologist, for his epic study of forecasting in political science. Prof Tetlo ck’s conclusions are wide-ranging and painstaking, but if I can be forgiven an excessively brief summary, he finds that all sorts of people with plausible claims to expertise –diplomats, political advisers, journalists and academics –produce lame forecasts of political and economic events.Nate Silver seems to be able to forecast just fine.Well, yes, notwithstanding the politically motivated “Nate Silver can’t add up” school of criticism, Mr Silver, and other statisticians such as Drew Linzer and Sam Wang, successfully forecast the outcome of the US elections in some detail. Contrasted against a background of bloviation, it was impressive. But if psephology is Exhibit A in the Museum of Successful Social Science Forecasts, let’s reflect on how modest our ambitions must have become: US elections are frequently repeated, with behaviour that shows considerable historical persistence, and an astonishing amount of detailed quantitative data are available. The elections take place at a fixed date, according to well-understood rules, and with a narrowly defined space of possible outcomes. It’s easy to see that forecasting a win for Barack Obama, while better than forecasting a win for Mitt Romney, is not quite as hard as successfully predicting if and when Greece will leave the eurozone.You’re pretty quick with the excuses.No excuses. We just can’t see into the future. I don’t thinkthat’s any surprise, nor an embarrassment. The question is why there’s such a hunger for social science predictions, when the practice is so transparently pointless.It’s a test of expertise.If so, then monkeys are as expert as professors of political economy. I wouldn’t want to be quite so cynical. I think forecasting in a complex world is a poor test of expertise because luck is the overwhelming success factor.So why do we love predictions?No idea. Here’s one guess: saying “the UK economy will recover strongly in 2012” or “President Assad will be out of office by June” compresses a vast amount of expertise and analysis into a few words.But the words are probably meaningless.Yes. But it’s Christmas. Actually studying the situation in detail is far too much like hard work真是费神的事. Thewonderful thing about a forecast is that both the forecaster and his audience feel that something profound has been expressed. And nobody will remember the forecast anyway.It’s time of …….time for; but surely you…..if you …….; Isn’t that the whole point of …….Well, but……..I think.So…… what else is new?It isn’t just , presumably……;But if I can be forgivenWell yes,notwithstandingAs hard asIf and whenIf so….共和党旗手埃里克·坎托年轻的国会共和党领袖坎托是个野心勃勃和勤奋异常的人，FT华盛顿分社社长马利德(Richard McGregor)认为他是共和党的新旗手。