金融英语武汉理工 Unit 3

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《金融英语听说》Unit3

《金融英语听说》Unit3Unit 3Lending BusinessWarm-up1. Match the Chinese terms in Column A with their English equivalents in Column B.Answers for Reference1 汽车贷款auto loan2 个人房屋贷款personal housing loan3 次级按揭贷款subprime mortgage loan4 信贷风险credit risk5 商业贷款commercial loan6 财务状况financial standing7 按揭抵押的房产mortgaged property8 利率风险interest rate risk9 分期付款pay by instalments10一次性付款pay in a lump sum2. Discuss in pairs and answer the following questions.Answers for Reference1. Do you know the types of personal loans offered by Canadian Imperial Bank of Commerce (CIBC)?Personal housing loan 个人住房贷款– Personal second-hand housing loan 个人二手房屋贷款，个人再交易住房贷款– Personal commercial space purchase loan 个人商业用房贷款– Individual housing loans at fixed interest rate 固定利率个人住房贷款– Personal housing mixed loan 个人住房组合贷款– Individual housing provident fund loan 公积金个人房屋贷款– Personal mortgage loan 个人住房抵押贷款Personal purchase loan 个人消费贷款Personal operation loan 个人经营贷款Personal auto loan 个人汽车贷款Personal housing improving loan 个人房屋维修贷款Personal consumer durables loan 个人耐用品消费贷款Commercial educational loan 商业助学贷款Government-subsidized educational loan 政府助学贷款Personal loan backed by pledged rights 个人产权质押贷款2. What do you think should be prepared for a loan proposal before you go to apply for a personal housing loan to CCB? valid identify certificate 有效身份证明, e.g., ID card 身份证, Hukou 户口, certificate of permanent residence 永久居民证or passport 护照Employment certificate 工作证Property right/title certificate 房产证Income statement 收入证明3. What should be considered if you were handling a loan proposal as a manager of the Credit Department?People 借款人(the identification of potential borrower, information about the person, their family, their income, their financial standing, etc. 申请借款人的身份、个人信息、家庭状况、收入、资信等)Purpose 借款的用途(the purpose of the borrowing and how to use the money borrowed 借款的目的以及如何使用借款) Payment 还款计划(how to effect repayment: by instalments or in a lump sum 如何还款：分期付款还是一次付清)– Repayment schedule 还款计划– Amount of the loan granted 审批贷款的金额– Term of the loan 贷款的期限Protection 还款保障(what to be used as collateral or securityfor the loan and who to be the guarantee 什么做贷款的抵押品以及谁是担保人)Perspective 还款风险预测(the assessment of risk of credit in perspective 客观地评估信用风险)Short DialoguesTask 1 Multiple ChoiceListen carefully and choose the best answer to the question after each dialog.Scripts & AnswersDialog 1 M: Hi, Xiaohong. There is news about bankruptcies of some U.S. banks. It seems the banks are subject to some risks in their operation.W: Yes. Excessive interest rate ri sk can pose a significant threat to a bank’s earnings and capital base.M: Do you know the exact meaning of the interest rate risk?W: It is difficult to explain it in a few words. Let me see, eh… Generallyspeaking, interest rate risk is the risk arising from the change in value ofan interest-bearing asset, such as a loan or a bond, due to fluctuation ininterest rates. As rates rise, the price of a fixed rate bond will fall. As ratesfall, the price of the bond will rise.M: So the task of control over the interest rate risk would be critical to banks, because the change in interest rates will affect the value of a bank’s interest-bearing assets.W: Right, but sometimes it is beyond the control of one bank.Question: What is usually considered the cause of interest rate risk according to the woman? (D)译文男：嗨，晓红。

大学英语(3)——武汉理工大学

一、单选( 每题参考分值2.5分)1、Listen!Someone_____outside.A.criedB.is cryingC.criesD.was crying正确答案是【B】2、- Can you come down a bit?- _____________.They are on sale today.A.It’s a real buy at that price.B.Oh, come on!C.No, it is impossible.D.Please, help me.正确答案是【A】3、We don’t ______ our customers to be mere consumers.A.supposeB.regardC.thinkD.consider正确答案是【D】4、My grandpa can't hear clearly.There's something wrong with his______ .A.mouthB.eyesC.earsD.nose正确答案是【C】5、--I think you are lost in the city,_____?--Yes,I am wondering where the Great Wall Hotel is.A.what forB.if soC.need helpD.why not正确答案是【C】6、It doesn’t pay well so she hasn’t taken the job abroad.Meanwhile it’s__ __because her mother is sick.A.partlyB.absolutelyC.eventuallyD.merely正确答案是【A】7、You don’t know about the difficulty I had ______ the work then at all.A.doneB.to doC.for doingD.in doing正确答案是【D】8、I know Jonathan quite well and never doubt he can do a good job of it.A.whetherB.whatC.whenD.what正确答案是【B】9、I can't understand this passage_______there are no new words in it.A.ifB.becauseC.thoughD.and正确答案是【C】10、There are a lot of students____trees on the hill.A.plantingB.to plantC.plantedD.are planting正确答案是【A】11、—How are you going to meet your aunt at the airport______Thursday mor ning?—I'm going there______my car.A.on;inB.on;byC.in;byD.in;in正确答案是【A】12、—Can I come this evening or tomorrow morning?—Oh,_____is OK.I'm free today and tomorrow.A.eitherB.noneC.neitherD.both正确答案是【A】13、They will buy some broccoli and carrots if it____tomorrow.A.won't rainB.doesn't rainC.don't rainD.isn't rain正确答案是【B】14、With everything she needed,she went out of the shop,with her hands full of shopping bags.A.boughtB.to buyC.buyingD.buy正确答案是【A】15、Darling, why are you so excitedtoday?-___________________________________.A.I happened to meet a frienD．B.I am so happy.C.Do you know who I met today?D.The book is really interesting.正确答案是【C】16、Cotton_____in the southeast of China.A.is grownB.are grownC.growsD.grow正确答案是【A】17、--You look unhappy.What’s the matter with you? --I wasn’t invited to Jack’s birthday party.Still,I_____.A.hope soB.hope thatC.hope toD.hope it正确答案是【C】18、After we___them,we____the last match.A.beat;beatB.won;beatC.beat;wonD.won;won正确答案是【C】19、My mother is no_____young.A.shorterB.longerC.littleD.few正确答案是【B】20、We have bought two________for the coming party.A.box of appleB.boxes of applesC.box of applesD.boxes of apple正确答案是【B】21、We won't go to the cinema next Saturday.They won't_____.A.tooB.alsoC.neitherD.either正确答案是【D】22、—Excuse me.Has Lucy got a pencil sharpener?—I think she has got_____.A.itB.oneC.some oneD.that正确答案是【B】23、Are you going______with us tomorrow?I heard there are a lot of fish in the lake.A.swimB.fishC.fishingD.swimming正确答案是【C】24、─Mum,it's so hot and I'm so thirsty.─Go and get some_________in the fridge.A.biscuitsB.chipsC.cakesD.ice creams正确答案是【D】25、_____he read the book,_____he got in it.A.The more;the more interestingB.The less;the more interestingC.The more;the more interestedD.More;more interested正确答案是【C】26、At first they worried about the situation but things_______quite satisfa ctory.A.went onB.carried onC.turned outD.tried out正确答案是【C】27、There is still an hour left.You don't need______.A.hurryB.to hurryC.hurryingD.hurried正确答案是【B】28、—_______________________.—I have toweigh your letter first. That’s one dollar fifteen cents.A.What’s the postage?B.How much is the letter?C.What do you do?D.How are you?正确答案是【A】29、quipped with modern facilities,today’s libraries differ greatly from_____A.those of the pastB.the pastC.which of the pastD.these past正确答案是【A】30、--Mike,will you please go and get a box for me?--_______?A.What is itB.How comeC.What forD.How is it正确答案是【C】31he law requires that all the car owners____their cars tested twice a y ear.A.hasB.haveC.hadD.will have正确答案是【B】32、- What would the whole set cost?- Youcan have it for only 60 dollars down.-I can give you no more than 50 dollars.Can you sell it for that?-___________ , You won’t get a better buy than thisone.A.Sorry, please leave my standB.Can you buy three of them?C.If you were me, what will do?D.The price is moderate enough.正确答案是【D】33、It was a very long day_____Tom.He didn't get home from school___six o'clock.A.for,untilB.for,byC.to,sinceD.to,at正确答案是【A】34、—We never know_____the old man is.—They say he is a teacher.A.whatB.whoC.whichD.where正确答案是【A】35、—Could you ask him to call me, please?______! What's your name,please?A.SureB.OhC.YesD.Well正确答案是【A】36、He is____a new coat today.A.dressingB.putting onC.trying onD.wearing正确答案是【D】37、He is a man of great experience,______much can be learned.A.whoB.thatC.from whichD.from whom正确答案是【D】38、Be careful!Don't____the cups to the ground.A.dropB.fallC.makeD.throw正确答案是【A】39、Before2003,there was no direct airline_______Taiwan and the mainlan d.A.alongB.inC.betweenD.at正确答案是【C】40、He left London to travel to the East,and then continued south,____the coast going westwards.A.to be followedB.followedC.be followingD.following正确答案是【D】41、—What do you do on the farm,Li Wei?—My job is to feed the animals,such as___and____.A.horses;sheepsB.horse;sheepC.horse;sheepsD.horses;sheep正确答案是【D】42、I,____your good friend,will try my best to help you out.A.who isB.who amC.that isD.what is正确答案是【B】43、—I'm afraid his radio is too noisy.Will you please_____him to turn it dow n?—Sure.A.makeB.letC.askD.keep正确答案是【C】44、—Excuse me, do you mind if I smoke?—_______________________.A.Yes, of course.B.Yes, pleaseC.Not at all.D.No, please don’t.正确答案是【C】45、I was very sad when he made it clear that he______the company soon.A.leavesB.leftC.would leaveD.had left正确答案是【C】46、In recent years many football clubs as business to make a profit.A.have runB.have been runC.had been runD.will run正确答案是【B】47、After 15 years in the United States, he has finally decided to American citizenship.A.concentrate onB.apply forC.look out forD.appeal on正确答案是【B】48、—Are you going to visit Mr.Black or Green tomorrow?—_______,because they won't be free until the day after tomorrow.A.EitherB.NeitherC.NoneD.Nobody正确答案是【B】49、Henry and Julia aren't there.They____to a wonderful beach.A.have beenB.have goneC.will goD.went正确答案是【B】50、When_____where his mother was,the little boy suddenly burst into tea rsA.askedB.askingC.being askedD.to be asked正确答案是【A】。

武汉理工大学研究生新编综合英语教程unit3课后答案

Unit Three Music1.1Vocabulary1.Those students are studying such fields as genetics and molecular biology.那些学生正在学习遗传学和分子生物学等领域。

2.His research was used in planning treatments for hyperactive children.他的研究被用于计划治疗多动儿童。

3.The company was integrated with the computer giant.公司和电脑巨头整合了。

4.The Citizens’ Forum supported special powers for Quebec but also argued for theretention of a strong central government.公民论坛不仅支持魁北克的特殊权力，也主张一个强大的中央政府的保留。

5.When you summarize, you condense an extended idea or argument into a sentenceor more in your own words.当你在总结时，你是用自己的话把一个扩展的想法或论点浓缩成为一个句子或更多。

6.Clerical jobs, skills, and workers are concerned with routine work that isdone in office.文职工作，技能和工作人员所关心的是在办公室完成日常工作.7.The bank is alert to the danger.银行要谨防危险。

be alert to谨防8.Art experts say it is tasteless and aesthetically wrong to replace the missingbody parts.艺术专家说，替换失去的身体部位是无味的，且在美学观点上是错误的。

商务英语 Unit3 [武汉理工]

12
Business Writing
Contracts
4. Agent must carry stocks of Manufacturer’s products for sale within the said territories and may fix the resale price thereof. 5. Agent is authorized to solicit orders for Manufacturer’s products and the sale thereof within the territories. 6. This Contract shall remain in force until terminated by either party by giving a written notice at least 90 days in advance to the other party by registered air mail. DALIAN ELECTRIC WORKS Co. LTD （Signature） POPULAR ELECTRIC APPLIANCES Co. LTD （Signature）
Text A
Cultural Awareness: an Essential Element of Doing Business Abroad
v. 危害 v. 更改 n. 裙带关系 adj. 非语言的 n. 猫头鹰 n. 开门见山 n. 难以解脱的困境 n. 斋月
4
Words and Expressions
13
Business Writing
Sample 3
Contracts
Contract No.304 Date：15th March 2000 SALES CONTRACT Messrs. International Trading Co. Pakistan. We as Seller confirm to have sold you as Buyer the following goods on the terms and conditions as stated bellow and on the back. PAYMENT：All irrevocable L/C, confirmed by the Chartered Band, Ltd INSURANCE：All risks are to be covered by us. PACKING：In export standard carton cases. DESTINATION：Pakistan. REFERENCE：Your order of 25th February, 2000 No. 512/28 SHIPPING MARK：INTERNATIONAL PAKISTAN No.1—35 BUYER INTERNATIOAL TRADING Co. SELLER ELECTRONICS WORKS LTD.

金融专业英语 Unit 3 Commercial Bank

3.1 What is a Commercial Bank?
The establishment of a commercial bank shall meet the following requirements: (1) Articles of association conforming to the provisions of the Commercial Bank Law and the Company Law of the People’s Republic of China; (2) The minimum amount of registered capital in conformity with the provisions of the Commercial Bank Law; (3) Directors and senior managers with professional knowledge and working experience; (4) Having a sound organizational structure and management system; (5) Having business premises, safety measures and other facilities related to business that meet the requirements.
3.1 What is a Commercial Bank?
A commercial bank is a money-operated enterprise mainly engaged in industrial and commercial deposits and loans for the purpose of obtaining profits. Like other enterprises, it aims at making profits. However, commercial

PartⅢ金融英语-优质课件

❖ 9.1 Mail Transfer
❖ Mail Transfer(信汇)是汇出行应汇款人的要求，将付款指示以邮寄的方式转递给汇入行。下面是汇入行写给汇出行的电函，电函中说明因汇出行在信汇委托书上漏写了受益人的账号，故无法解付此款。
Re: Your Mail Transfer dated March 10, 2005 With reference to your captioned mail transfer, we regret to inform you that we are unable to effect payment due to the absence of the account number of the beneficiary in the mail transfer given. Therefore, we shall appreciate it if you will make us informed about it as soon as possible. We look forward to your early reply.
2demanddraftdemanddraft票汇指的是汇出行应汇款人的申请代汇款人开立银行汇票并由汇款人交给收款人最后通过银行办理托收或直接解付票据款项
Part Ⅲ Financial Communications
Chapter 9 Banking Communications on Remittance and Collections
❖ 9.3 Telegraphic Transfer
❖ Telegraphic Transfer(电汇)是汇出行应汇款人的申请，通过SWIFT指示和授权汇入行解付一定金额给收款人的汇款方式。

武汉理工大学研究生英语口语考试 unit3 music

MusicDo you think music makes you smarter and healthier?I think music can make us smarter and healthier. Studies show that music has a strong effect on our mood levels and emotions, and also on how we think and our general intelligence.Music can make people calmer and more relaxed. The music we listen to can have a profound effect on our test scores and our ability to quickly process information.And it can help students to integrate both sides of the brain for more efficient learning and reduce errors.If we’ve ever played an instrument, studies show that we’re already ahead of the curve. Playing an instrument is a great way to test out our creative thinking and push our brain to process information in a new way.I think music can make us smarter and healthier.Music plays a significant role in our life, it can make you relaxed, give you inspiration, and make your life colorful.Studies show that music has a strong effect on our mood level and emotions, and also on how we think and our general intelligence. The music we listen to can have a profound effect on our test scores and our ability to quickly process information.Music can help me concentrate. When I am feeling anxious or stressed , a piece of good music can bring me a pleasant feeling and good mood, I will be better to equipped to concentrate and focus my attention on a fairly lengthy task.Music can be a great pick-me-up for when you are stressed. Tuning in to one of your favourite songs can be incredibly soothing and help to reduce anxiety.Music can help increase endurance , listening to certain music could actually help you run faster. The best choices for exercise are up-beat songs that match the tempo of your running stride and which can have a metronomic effect on the body, enabling you to run for longer.Music can actually have a significant positive impact on patients with long-term illnesses, such as heart disease, cancer and respiratory conditions.Numerous trials have shown that music can help lower heart rate, blood pressure and help relieve pain, anxiety and improve patient quality of life.If you’ve ever played an instrument, studies show that you’re already ahead of the curve. Playing an instrument is a great way to test out your creative thinking and push your brain to process information in a new way.Some other activities that make people smarter and healthier.I think regular exercise can make people healthier, smarter and happier. Working out regularly may make us stronger and reduce the risk of illness. It can also lessen the possibility that you’ll lose brain function as you age. And exercise can help us to deal with stress in our studies, relationships or any area of life, because exercise is a form of stress itself and helps condition our body to deal with it. Even a little exercise can also make us calmer and more relaxed. And our brain is able work faster and more efficiently after exercise.I think having a good lifestyle can make people healthier, smarter and happier, such as getting a good night's sleep. Getting a good night's sleep can prevent cancer and keep our heart healthy and it may help us to lose weight. So if you are interested in controlling or losing weight, don't forget to pay attention to getting a good night's sleep. And it can reduce stress and make us more alert and more effective. It is also an essential behavior that can maximize brain power. So you should try to get a good night’s sleep however much work you have to do.If you were parents, would you make your child learn music? Why?If I were a mother, I’d like to make my child learn music. Studies show that music has a strong effect on our mood levels and emotions, and also on how we think and our general intelligence. So music has a positive effect on children’s development. It can cultivate their ideology moral and improve the development of children’s intelligence and emotional quotient(EQ). And music can have a profound effect on children’s test scores and their ability to quickly process information. It can also help them to integrate both sides of the brain for more efficient learning and reduce errors. Playing an instrument is a great way to test out our creative thinking and push our brain to process information in a new way.But I think that being a good parent is like being a good guidance counselor. We have to help them find from within what they like to do. If they are very young, you probably do need to nudge them, but not everyone has to be a musician. Parents should know how to be supportive of their kids. And parents should not be very critical and put much pressure on their children, but at the end of day it is the child’s decision I think.一个好的家长，应该作为好的参谋指导：你须帮助孩子找出他们到底喜欢什么。

unit 3 financial market

Unit 3Financial MarketsFinancial markets are similar to other markets insofar as certain goods are bought and sold. In this case, however, the nature of the goods traded is not quite so readily apparent. These markets, via an array of institutions and techniques, function to collect savings and then make these funds available to those who wish to borrow money. Thus, financial markets indirectly bring together those people who have not spent all of their incomes with those who wish to spend more than their income.In the absence of specialized institutions that facilitate this interaction, financial markets might exist but would tend to be very localized and inefficient. In a financial market, adequate information is critical and the absence or inaccuracy of it would limit considerably the scope of the market, increasing the risk attached to trading therein. To overcome this problem, financial institutions have developed that collect, analyze, and disseminate information relevant to the market.Figure 1 Financial IntermediationThe existence of developed and efficient financial markets facilitates the transfer of savings to those wishing to make investment expenditures. Figure 1 illustrates a very simplified model of this transmission process. Those willing and able to take advantage of potentially profitable investment opportunities are often not the same individuals who generate current savings. If the matching function of the financialsystem is poorly organized and underdeveloped, the flow of funds into investment will be restrained, keeping the gross national product below its potential. For the economy as a whole, savings and investment will be equal, but this does not mean that the GNP is at a position close to full employment. If there is a lack of investment funds because of the failure of financial markets to bring lender and borrower together, the GNP will be lower, reducing still further the volume of generated savings. Once equilibrium has been reached at this new, lower level, savings and investment will be equal, but at levels below their potential had the financial markets been more efficient.In our economy, the ultimate lenders are usually households, although, as we shall see, firms and government agencies also provide funds. These lenders benefit from the interest that they earn on the loaned funds. The existence of a sophisticated financial market gives savers a wide variety of options. Instead of stuffing mattresses with surplus cash, they can buy either securities or bonds (direct lending obligations), or let a financial institution have the use of the funds for onward lending.Types of CreditWhen classifying anything, there are usually several different bases of classification, all of which overlap. When we classify the various types of credit, we find there are at least four common divisions.Production versus ConsumptionCredit may be extended for either production or for consumption purposes. The traditional concern of commercial banks has been with credit for production. Their name, in fact, derives from the commercial loans that were at one time almost the only form of credit that they extended. In the twentieth century, consumption loans have grown in importance, largely as a result of the growing importance of automobiles and other consumer durable goods. A generation ago, bankers tended to look askance at consumption credit. If one lacked the money to buy something, one should first save the money and then buy the item, instead of going into debt. As they saw the rapid growth of other lending institutions and billions of dollars in loans these firms were making to consumers, bankers began to actively solicit this kind of business.Long, Short, and IntermediateCredit may be extended for as short a period as a part of a day, or it may run for fifty years or more. Short-term credit includes any period up to a year in length, intermediate credit generally runs from one to five years, and long-term credit extends over five years.Direct versus IndirectOriginally all credit was direct. Someone lent spare money or goods directly to borrower. Much credit today is still of this form. Individuals and nonfinancial corporations buy bonds and other evidences of debt, sell goods on credit, make personal loans, or in other ways make credit directly available.But an important characteristic of modern society is the financial institution, which extends credit indirectly. Funds are deposited with a savings bank, which takes over the responsibility of finding safe and profitable lending opportunities. Life insurance companies also do an enormous volume of lending, as do savings and loan companies. Investment trusts likewise receive funds from the public and in some instances lend the funds through bond purchases, although more commonly they purchase stocks. The most important of these financial intermediaries are the commercial banks. When any of these institutions receives funds from the public, it issues its own obligation in exchange in the form of policies, shares certificates, deposits, etc.Public CreditCredit may also be extended to the public sector, which includes governmental units on all levels from municipal to national. To finance wars, national governments have always borrowed heavily. Today they often borrow in peacetime as well, particularly during depressed times, in a deliberate attempt to increase the flow of national income. In addition, states and municipalities borrow heavily, especially when building highways and schools.The credit extended to the public sector depends primarily on its ability to tax, since this ability represents its capacity for repayment. Character is also important to a government’s credit standing. A government would find it difficult to borrow if it has repudiated its debts in the past.Public credit, like private credit, may be long term, short term, or intermediate. Like private credit also, it may be for production or consumption. The definition of consumption credit is not entirely clear in this area, however, because most government operations are not operated like businesses—to make a profit. We tend to think of a toll road as a productive enterprise; but if the same road is later made into a freeway, we may decide it is no longer productive and now represents consumption credit. Similarly, funds borrowed for war expenditures are considered as almost entirely consumption credit. Yet winning the war is far more important than the advantages of having larger movie screens and bigger automobiles, the development of which requires funds we unhesitatingly classify as production credit.Forms of CreditCredit may also be classified as to whether or not it is extended on the basis of formal documents called credit instruments.Informal Credit ArrangementsSome credit is handled informally with little or no actual evidence. Small sums are often lent with only an oral promise to repay. Charge accounts involve no regular credit instruments. Telephone and electric bills usually are paid monthly, and in many other cases, credit is commonly extended to customers on a retail, wholesale, or manufacturing level. Unlike the credit instruments discussed in the following section, this kind of credit is not often transferred.Credit InstrumentsCredits instruments are formal documents drawn up as evidence of credit. They are of two types: promises to pay and orders to pay. Most instruments may be transferred easily from one holder to another. Some, such as checks, are so readily transferable that they are regularly used as a means of payment, almost entirely replacing coins for all but the smallest transactions.Commercial banks and other financial institutions create credit, sometimes as creditors, sometimes as debtors. Their principal assets are credit instruments, which they buy and sell. By using one type of credit instrument (checks), the public continuously changes the ownership of the credit liabilities of the commercial banks (demand deposits).Promises There are two kinds of promises to pay: notes, which tend to be concerned with short-term credit, and bonds, which usually involve long-term credit. This distinction, however, does not always hold. In either case, we simply have an instrument of credit which indicates that the borrower agrees (promises) to repay the sum lent, at a specified annual rate of interest, and at a specified time.Orders Instead of being in the form of a promise to pay, a credit instrument may be an order to pay. Orders to pay are called drafts. A draft may be drawn against a person or persons, a corporation, or a bank.The most common draft is the check. When we write a check we are drawing a draft against our bank, ordering it to pay a certain sum. By previous agreement we know that the bank will honor this draft as long as the check does not exceed our balance at the bank. Because we are all familiar with such drafts and find their use convenient, demand deposits are our most important money. Several countries rely more on coin and currency.Attributes of Credit instrumentsThe most important attributes of any financial instrument are its yield, liquidity, and safety. In fact, the major function of financial intermediaries is to provide greater liquidity and safety through trading their own financial claims to depositors for financial claims on borrowers. The cost to depositors of these services is usually a smaller interest yield than if they assumed the greater risk and less liquidity themselves.YieldThe yield of an asset refers generally to its return over cost. The current yield refers to the dollar return per year divided by the current market price of the financial instrument. For instance, most bonds pay a fixed yearly sum as interest and ordinarily are sold in $1,000 denominations. Therefore, if a bond promises to pay $1,000 at the end of 10 years, has a nominal (or coupon) yield of 8 percent or $80 a year in interest, and sells for $900, the current yield is $80÷$900 or 8.89 percent. If the cost (market price) of the bond is $1,100, the current yield is $80÷$1,100 or 7.27 percent. The nominal interest rate is based on the face value of the bond and is unlikely to be exactly the same as the current yield. The yield to maturity takes into account capitalgains (or losses) and interest payments.LiquidityLiquidity is an asset’s capacity to be resold quickly at close to its purchase price. Only money has complete liquidity. Liquidity is especially important to an institution such as a commercial bank, since checking accounts are payable immediately upon demand of its depositors.SafetySafety of principal refers to the degree of risk that the instrument will decline in market value. There are risks both from default and from changes in market values. In the latter case, if interest rates fall (rise), the market value of bonds necessarily rises (falls).Different assets available allow people to select the precise configuration of yield, liquidity, and safety that is best for them. Generally speaking, the greater the liquidity or safety of an asset, the lower the yield. There is usually a trade-off among these three desired attributes.Types of credit instrumentsTreasury bill Short-term (usually less than one year, typically three months) maturity promissory note is issued by a national (federal) government as a primary instrument for regulating money supply and raising funds via open market operations. Through th e country’s central bank, regular weekly T-bills are commonly issued with maturity dates of 28 days (or 4 weeks, about a month), 91 days (or 13 weeks, about 3 months), 182 days (or 26 weeks, about 6 months), and 364 days (or 52 weeks, about 1 year). T-bills commonly pay no explicit interest but are sold at a discount, their yield being the difference between the purchase price and the par-value (also called redemption value). This yield is closely watched by financial markets and affects the yield on municipal and corporate bonds and bank interest rates. Although their yield is lower than on other securities with similar maturities, T-bills are very popular with institutional investors because, being backed by the government’s full faith and credit, they come closest to a risk free investment. T-bills were issued first time in 1877 in the UK and in 1929 in the US.Treasury note A treasury note is a negotiable debt obligation issued by the U.S. government and backed by its full faith and credit, having a maturity of between 1 and 10 years. U.S. Treasury Notes are safe investments and are actively traded in the secondary market.Treasury bond A treasury bond is a negotiable, coupon-bearing debt obligation issued by the U.S. government, having a maturity of more than 7 years. Interest is paid semi-annually. Treasury bonds are exempt from state and local taxes. These securities have the longest maturity of any bond issued by the U.S. Treasury, from 10 to 30 years. The 30-year bond is also called the “long bond.” Denominations range from $1000 to $1 million. Treasury bonds pay interest every 6 months at a fixed coupon rate. These bonds are not callable, but some older Treasury bonds available on the secondary market are callable within five years of the maturity date.Municipal bond A municipal bond is a debt security issued by a state, municipality, or county, in order to finance its capital expenditures. Municipal bonds are exempt from federal taxes and from most state and local taxes, especially if you live in the state the bond is issued.Certificate of deposit A certificate of deposit or CD is a time deposit, a financial product commonly offered to consumers by banks, thrift institutions, and credit unions. CDs are similar to savings accounts in that they are insured and thus virtually risk-free; they are “money in the bank” (CDs are insured by the FDIC for banks or by the NCUA for credit unions). They are different from Savings accounts in that the CD has a specific, fixed term (often three months, six months, or one to five years), and, usually, a fixed interest rate. It is intended that the CD be held until maturity, at which time the money may be withdrawn together with the accrued interest.Commercial paper A commercial paper is an unsecured obligation issued by a corporation or bank to finance its short-term credit needs, such as accounts receivable and inventory. Maturities typically range from 2 to 270 days. Commercial paper is available in a wide range of denominations, can be either discounted or interest-bearing, and usually have a limited or nonexistent secondary market. Commercial paper is usually issued by companies with high credit ratings, meaning that the investment is relatively low risk.Banker’s acceptance Banker’s acceptance is a negotiable time draft financing international trade. The draft is guaranteed by the accepting bank. By accepting the draft, the bank agrees to pay the face value of the obligation if the issuer (the Drawer of the draft) fails to pay, hence the name Twoname Paper. By lending its name to the transaction, the accepting bank makes it easier for an importer or exporter to obtain trade financing. A bank, once it has accepted a draft, can either hold the paper until maturity or sell it in the money market. The accepting bank assumes some risk, although in most cases the credit risk is minimal as banks generally deal only with tolerated companies. Maturities on accepted drafts generally range from 30 to 180 days; payment is due at maturity, which usually coincides with delivery of goods to the buyer.Bankers' acceptances are most widely used in international trade, although domestic acceptances are not uncommon. Acceptances used in trade finance are eligible for rediscount at a Federal Reserve Bank, and are not subject to reserve requirements. Bankers' acceptances are more marketable than trade drafts issued by finance companies, and there is an active secondary market for bank accepted paper. Some banks even purchase acceptances nearing maturity to increase their liquidity. Repurchase agreement (also known as a repo or Sale and Repurchase Agreement) A repurchase agreement allows a borrower to use a financial security as collateral for a cash loan at a fixed rate of interest. In a repo, the borrower agrees to sell a security to a lender and also agrees to buy the same security from the lender at a fixed price at later date. A repo is equivalent to a cash transaction combined with a forward contract. The cash transaction results in transfer of money to the borrower in exchange for legal transfer of the security to the lender, while the forward contract ensures repayment of the loan to the lender and return of the collateral of the borrower. The differencebetween the forward price and the spot price is the interest on the loan while the settlement date of the forward contract is the maturity date of the loan.Federal funds Federal funds are overnight borrowings by banks to maintain their bank reserves at the Federal Reserve. Banks keep reserves at Federal Reserve Banks to meet their reserve requirements and to clear financial transactions. Transactions in the federal funds market enable depository institutions with reserve balances in excess of reserve requirements to lend reserves to institutions with reserve deficiencies. These loans are usually made for one day only, that is, “overnight”. The interest rate at which these deals are done is called the federal funds rate.Federal funds transactions neither increase nor decrease total bank reserves. Instead, they redistribute reserves and enable otherwise idle funds to yield a return. Banks may borrow these funds to avoid an overdraft (that is, the balance going below zero) of their reserve account, or in order to meet the reserves required to back their deposits. Federal funds are definitive money, meaning that they are available for immediate spending, while checks and many other forms of money must be cleared by banks and typically take several days before becoming available for spending.Participants in the federal funds market include commercial banks, savings and loan associations, government sponsored enterprises, branches of foreign banks in the United States, federal agencies, and securities firms. Many relatively small institutions that accumulate reserves in excess of their requirements lend reserves overnight to money center and large regional banks, as well as to foreign banks operating in the United States.Functions of Credit in the EconomyBusiness, government, and the consumer depend upon credit. Business uses short-term credit to finance inventories and long-term credit to expand its plants and equipment. For the consumer and the government, credit is also indispensable. Scale EconomiesCredit allows mass production economies to develop. If manufacturers used only retained earnings to expand their production, many companies would never be able to expand. Extension of credit provides manufacturers with capital to expand their production and potential profits. Also, in some industries the larger the production volume, the cheaper the production costs. Thus, larger sales volumes and cheaper production costs mean more profit for manufacturers—funds with which the manufacturers can again expand production and renew the cycle. In this cyclical expansion pattern, credit is almost indispensable.Regulation of the EconomyLike fire, credit is a dangerous servant of humanity. Its use can be disastrous. It must be watched and regulated. Kept within its proper bounds—which can never be defined exactly—it contributes to a rising prosperity, an increasing flow of goods, and jobs for all. Out of control, it can induce roaring inflation followed usually by painful depression.Financial intermediaries, especially the Federal Reserve System, are largely responsible for credit conditions in our economy. They can encourage credit expansion or force a contraction in credit. When inflationary pressures are strong, the banking system primarily is responsible for containing them by putting the brakes on credit expansion. In the case of recession, the Federal Reserve System can encourage recovery by making credit easier. The regulations of credit together with the allocation of credit are the primary functions of the Federal Reserve System. Through its dominant role in the credit structure, the banking system carries a formidable responsibility for regulating the economy.Termsfinancial market 金融市场financial Intermediary 金融中介financial institution金融机构direct financing 直接融资indirect financing 间接融资full employment充分就业saving储蓄investment投资production credit 生产信贷consumption credit 消费信贷long term credit 长期信贷short-term credit 短期信贷intermediate credit中期信贷public credit 公共信贷credit instrument 信用工具note 票据bond 债券draft 汇票treasury bill国库券treasury note中期债券certificate of deposit存单commercial paper商业票据banker’s acceptance银行承兑federal funds联邦基金repurchase agreement回购协议yield 收益liquidity 流动性scale economy 规模经济ExercisesI. Answer the questions based on the text.1. What is long/short term credit?2. What are the three attributes of credit instruments?3. Please give an example of credit instruments.4. Please point out the advantages of treasury bonds?5. What is the basic function of financial market?6. What is indirect financing?7. What is financial market?8. What if a financial market is poorly organized?9. What is the relationship between yield and safety of credit instruments?10. Please explain the function of “draft”and its corresponding process if you have learned international business?Ⅱ. Translate the sentences selected from the text.1. Financial markets are similar to other markets insofar as certain goods are bought and sold. In this case, however, the nature of the goods traded is not quite so readily apparent. These markets, via an array of institutions and techniques, function to collect savings and then make these funds available to those who wish to borrow money.2. Those willing and able to take advantage of potentially profitable investment opportunities are often not the same individuals who generate current savings. If the matching function of the financial system is poorly organized and underdeveloped, the flow of funds into investment will be restrained, keeping the gross national product below its potential.3. The existence of a sophisticated financial market gives savers a wide variety of options. Instead of stuffing mattresses with surplus cash, they can buy either securities or bonds (direct lending obligations), or let a financial institution have the use of the funds for onward lending.4. When any of these institutions receives funds from the public, it issues its own obligation in exchange in the form of policies, shares certificates, deposits, etc.5. Today they often borrow in peacetime as well, particularly during depressed times, in a deliberate attempt to increase the flow of national income. In addition, states and municipalities borrow heavily, especially when building highways and schools.6. Like fire, credit is a dangerous servant of humanity. Its use can be disastrous. It must be watched and regulated. Kept within its proper bounds—which can never be defined exactly—it contributes to a rising prosperity, an increasing flow of goods, and jobs for all. Out of control, it can induce roaring inflation followed usually by painful depression.III. Reading comprehensionWorld Bank's IFC issues 1 bln RMB bond in LondonInternational Finance Corporation (IFC), a member of the World Bank Group, issued anRMB-denominated bond worth 1 billion yuan (approximately 162 million U.S. dollars) Tuesday in London, said IFC in its press release.The issuance is aimed at supporting the internationalization of the Chinese currency, and it attracted investors from around the world for an order book of 3.5 billion RMB, marking the first benchmark-sized bond on the London Stock Exchange by a multilateral institution, said the IFC.Jingdong Hua, vice president and treasurer at IFC, said, "The IFC is committed to supporting the development of China's capital markets, and the IFC's RMB bond sends a strong signal of confidence at a time of global uncertainty. The strong response from international investors indicates their support of the currency in the long term, which is particularly important as China seeks to internationalize the RMB."The three-year bond saw a wide spread demand from institution investors, of which commercial banks took up 34 percent, central banks, fund managers and corporations accounted for 31 percent, 26 percent and nine percent, respectively, said the IFC.In terms of geographic distribution, the majority of investors were in the Asia Pacific region, which was 46 percent, followed by investors in the America (39 percent) and Europe, the Middle East and North Africa (15 percent). The yield is 2 percent, and HSBC, ICBC, and JP Morgan were the lead arrangers for the bond, added the IFC.George Osborne, chancellor of the exchequer of Britain, noted in a statement, "nearly two thirdsof all RMB activity outside of greater China takes place in London and the IFC's decision to issue provides yet more evidence that the capital is the western hub for the RMB."In a speech in Hong Kong last week, Osborne said British and Chinese governments are "in active discussions" about the appointment of an RMB clearing bank in London.The IFC is the largest global development institution focused exclusively on the private sector. In the financial year of 2013, IFC investment climbed to an all-time high of nearly 25 billion dollars.The IFC has previously pioneered the international issuance of RMB-denominated bonds in China's mainland (Panda bonds) and Hong Kong (Dim Sum bonds). It was also the first to set up a program to regularly issue offshore RMB-denominated discount notes.Questions:1. What was issued by IFC according to the beginning of the article?2. Please list the major investors of the RMB-denominated bonds.3. How do you understand the opinion of George Osborne?4. Why does IFC issue the RMB-denominated bonds?。

chapter2第三部份13(学生)

武汉理工大学经济学院
closely related to its operating policies and processes and whether it has adequate controls
Operational risk is difficult to measure directly 武汉理工大学经济学院
• Mainly coming from operational risks
武汉理工大学经济学院
（6）Legal Risk
Legal risk is the risk that unenforceable contracts, lawsuits, or adverse judgments could disrupt or negatively effect the operation, profitability, condition, or solvency of the institution.
Identify
Assess
Monitor
Control
武汉理工大学经济学院
3.2.2 Risk Management Method ——CAMELS Rating
C: capital adequacy S: sensitivity to market risk
A: assets quality
L: liquidity
market value of assets
〈
market value of liabilities 武汉理工大学经济学院
Capital Risk
… closely tied to asset quality and a bank's overall risk profile

金融英语3 The Federal Reserve System

美国公众对中央银行的敌意曾经导致了美国第一银行和第二银行的终结，并引起普通银行的恐慌。
Becsuse of the heated on these issues, a compromise was struck.
在这些问题上的激烈争论，最后导致了一个妥协方案的产生。
Formal Structure of the FRS • SYSTEM entities
What is characteristic of SJ University?
Another source was the traditonal American distrust of moneyed interests, the most prominent symbol of which was a central bank.
P19 The
functions of a central bank may typically include the following.
• Currently，around one-third of the commercial banks in the United States are members of the Federal Reserve System, having declined from a peak figure of 49℅ in 1947.
？Ｐ２０
• Other types of financial institutions may be subject to different regulation. • be subject to：易受......的，从属于，有......倾向的
Comparison
The 12 Federal Reserve Banks perform the following functions.

武汉理工大学-大学英语3

一、单选(共计100分,每题2.5分)1、I ___light blue ____dark blue.B. prefer; to2、--Do you think the football players played very well last night? -- __________.D. They couldn’t have done better3、 --Mike, will you please go and get a box for me?--_______?C. What for4、My uncle ____in London. I'll _____with him for a few days.A. lives; stay5、Quite a lot of people watch TV only to _______ time.A. kill6、Of all the students, Linda draws _____ carefully.D. most7、D o be careful! The man is hard ________.C. to deal with8、—Who knows the way to the airport?—_____of them knows the way to the airport.C. Neither9、Good timing is ______ to our plans.B. essential10、There is little water in the bottle,_____?B. is it11、—What’s your brother doing?—He ___ science fiction.C. is reading12、---Mary, can I use your computer now? ---- ___________.It doesn’twork.B. I’m afraid not D.13、—My pencil sharpener is lost and I can't find it anywhere.—So, you'll have to buy a new______.C. one14、In the modern technological world the sea offers many ______ to help mankind survive.15、The accident happened ____the morning of May 2nd.16、As for the influence of computerization, _____ have we seen the results more clearly than in the United States.B. nowhere17、You looked for it twice, but you haven 't found it Why not try______?B. a third time18、At first they worried about the situation but things _______ quite satisfact ory.C. turned out19、There_____a new bed and two old tables in the room.B. is20、Dad and Mom are too busy to help us. Let's do it______.C. themselves21、____all the passengers are here , why don't we start at once?C. Now that22、—Could you ask him to call me, please?______! What's your name,please?owners23、—I'm going camping this weekend.________B. Have a good time24、In November, shipments of the popular toy Aqua Dots were found to ha ve been polluted with a poisonous chemical, causing some children wh o ate the craft toys vomit and lose ____.D. consciousnessAmerican citizenship.B. apply for26、______he was out of the room, he turned back and knocked at the teach er's door again.C. As soon as27、The destructive earthquake in Sichuan Province on May 12 rocked and _ ______ the whole world.A. Shocked28、—Can I come this evening or tomorrow morning?—Oh, _____is OK. I'm free today and tomorrow.A. either29、----Let’s go to a movie after work, OK?-----________________________B. Why not?30、To ______ the child’s quick recovery, five doctors took turns looking after him day and night.A. ensure31、Every student has free _______ to the library.A. access32、I haven't seen him ____he left the small town.B. since33、I can't understand this passage _______there are no new words in it.C. though34、--Mike suggests a camping trip this weekend. I think it is a good idea. -- __________35、If you want to improve your English, you'd better practice ______it every day.C. speaking36、_____ from the tenth floor when they policeman pointed his pistol at him .D. Down jumped the burglar37、 No sooner _____ themselves in their seats in the theater_____ the cu rtain went up.D. had they seated, than38、—What would you do _______the lost library book?—I would try to find it or pay _____it.D. with; for39、Your failure, in my opinion, lies in the _____ of self-confidence.A. lack40、Hurry up, ______we will miss the train.C. or一、单选(共计100分,每题2.5分)1、My parents will go there by taxi because it is raining________.D. heavily2、—I'm going camping this weekend.________B. Have a good time3、--I told you that he would come to see you.--Actually I had little doubt _____ his story was true.B. that4、—Do you speak English or French in Canada?—______,but, I prefer French.B. Both5、─Please write down the telephone number.─Sorry, but I have no _________ to write on.C. paper6、— _______________________.—I have toweigh your letter first. That’s one dollar fifteen cents.A. What’s the postage?It was a very long day _____Tom. He didn't get home from school ___six o'clock.A. for, until8、--Where is my dictionary?--I remember ______ it back to you. Perhaps you left it somewhere else.B. giving9、I was very busy yesterday; otherwise, I _____ to your birthday party.C. would have come10、—My pencil sharpener is lost and I can't find it anywhere.—So, you'll have to buy a new______.C. one11、To ______ the child’s quick recovery, five doctors took turns looking after him day and night.A. ensure12、There_____a new bed and two old tables in the room.B. isDon’t ______ that all these who get good grades in the entrance examina tion will prove to be most successful.D. take it for granted14、Every student has free _______ to the library.A. access15、It's raining heavily. We have to ______the sports meet.A. put off16、Come on , children. Help yourselves to some ____if you like.A. fish and chicken17、 No sooner _____ themselves in their seats in the theater_____ the cu rtain went up.D. had they seated, than18、Only when he had handed in his exam paper _____ he had made several grammatical mistakes.D. did he realize19、--Mike suggests a camping trip this weekend. I think it is a good idea.-- __________20、The old man looked at me with his mouth wide open _____ to say somet hing to me.D. as if21、—What do you think of the _____The Moonlight Sonata by Beethoven?—It sounds really wonderful.B. music22、—I'm going to Hangzhou for a holiday this weekend.—_________you are there, can you buy me some green tea?B. While23、The night was very _____, so he had to take off his shoes______.A. quiet; quietly24、- Any development about yourjob-hunting?-__________________________________.A. I haven't found one yet.25、I ___light blue ____dark blue.B. prefer; toclassmates.D. He was ill27、“Do you want______?”The shop assistant asked.B. anything else28、Quite a lot of people watch TV only to _______ time.A. kill29、Chinese is one of the official languages ____at the UN meetingsD. used30、--Can I speak to Mr. Wang, please?---- ____________C. Speaking31、An accident _____ on this road last week.D. happened32、We don’t ______ our customers to be mere consumers.D. consider33、He could _____ neither French nor German. So I _____with him in English.A. speak; talked34、─Ｗhere have you been, Tim?─I've been to_________.D. Henry's35、—Who made a phone call to me just now ,David?—I don't know, but is was a girl's_____.D. voice36、 I, ____your good friend, will try my best to help you out.B. who am37、We all think it no good _____ computer games all the time; you will fa ll behind in your study.B. playing38、--Do you think the football players played very well last night?-- __________.D. They couldn’t have done better39、Which is ________,an elephant or a tiger?B. stronger40、The law requires that all the car owners ____ their cars tested twice a year .C. had。