金融英语课件4

Manage FX（ Foreign Exchange ） and gold reserves Issue(发行), service(偿付) and redeem(赎回) nation’s debt Issue currency
Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall 8
Chapter 4
Central Bank
The names of the central banks in different countries

在多数国家, “ Bank of+ 国名”就是中央银行。
e.g.：Bank of Japan Bank of Canada Bank of Mexico Bank of France Bank of England (日本银行) (加拿大银行) (墨西哥银行) （法兰西银行） (英格兰银行)
The Bank of England is the typical subservient central bank.
Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall 13

Another type is: independent central bank; it is independent of the Treasury, they can formulate their own monetary policy, in this way to avoid the monetary policy just service for the short-term politics.
Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall
12

This is decided by the types of central bank in different countries. Usually, there are two types of central bank; one is subservient central bank. That means when they formulate a monetary policy, they have to take the intentions of the Treasury or the Ministry of Finance into account. The person who have the right to decide which monetary policy should be adopted is the Chancellor of the Exchequer, not the governor.
Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall 11

why in Britain Central Bank implement the government’s monetary policy, while in the USA and Germany they implement their own monetary policy.

财政部：In Britain and America, they say “ the Treasury; the other countries say “ the Ministry of Finance”;
财政部长：In Britain, it is called “ Chancellor of the Exchequer； In the United States, it is called “ Treasury Secretary (secretary of treasury); the other countries say “ Finance Minister”.

Open-market operations: central bank purchased/sales of government’s/private securities.

Outright transaction 现券交易 Repurchase agreement transaction (Repo) 回购协议 Purchase security----increase money supply----boost economy Sell security----reduce money supply----slow down the economy



1. Federal Reserve Chairman Alan Greenspan is a conductor with a style all his own. 2．Greenspan and Dallas Fed President Robert D. McTeer Jr., are New Economy enthusiasts. ——business week
6
Fed has 12 districts in the States. 美联储在全国分 设12个储备区，每区设 立一个“地区联邦储备 银行”(regional Federal Reserve Bank)为该地区 的央行，其下是会员银 行(member banks).
Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall

Discount rate(贴现率)：interest rates charged on advances/loans to private banks.

Lower discount rate----increase money supply----boost economy Raise discount rate ----reduce money supply ----slow down economy
Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall 10

Complete these sentences about Central Banks using the words in the box:

act, control, fix, function, implement, influence, issue, supervise
The Fed in the USA, Deutsche Bundesbank in Germany, New Zealand Reserve System and European Central Bank are all belong to this type.

Well, we should know that central bank in China: People’s Bank of China (中国人民银行) 。 美国的央行是美国 “联邦储 备系统”，简称“美联储”， 英文是“Federal Reserve System”, 简称 “Fed” or FRS;
Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall
4


央行行长：Usually, in English, they say “governor”, because he has the responsibility to govern or regulate the other banks. 副行长：deputy governor
But,“Bank of China”(中国银行)却不是中国的 央行。Can you tell me the name of central bank in China?
Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall 2

Reserve requirements: regulations requiring private cash in accounts with central bank.


Lower reserves----increasing money supply----boost economy Raise reserves----reduce money supply----slow down the economy
Oversee financial institutions and markets

(3) As monetary policymaker
Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall 9

Central bank’s three financial instruments

(2) As bankers’ bank Provide loans during financial stress Manage payments system



Prevent systemic failures/bank runs (when clients liquidate deposits) Be lender of last resort
Federal Reserve （美联储）的最高 决策机构是联邦储备委员会（ Board of Directors）, 委员会的成员 叫董事（governor）, 他们不是央行 的行长，行长一般由总统从中挑选 ，英文用chairman(主席)一词。在全 国12个区的地区联邦储备银行其行 长称为：president.
1. ________as banks for the government and for other banks.
2. _________monetary policy - either the government's, as in Britain, or their own, if they are independent, as in Germany and the USA.
Bank of America 是 美洲银行，而不是 美国的央行，它是 一个商业银行。
德国的央行：Deutsche Bundesbank（德意志联邦 银行）
Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall 3

其他的银行的行长称为：President. 副行长：vice president.
Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall
5

tLeabharlann Baidue States, this superpower always has his own characteristic：美国的央行是多层次的“联邦储 备系统”，称呼也有其特色。
Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall
7
The functions of the central bank


central bank
(1) As government’s bank Provide financial and depository services Act as fiscal (国库的：政府开支、收入和债务 的或与之有关的) agent