夯茓勥昆
范文一：金融金融论文范文-简论金融学专业金融英语教学实践的论文
金融金融论文范文:简论金融学专业金融英语教学实践的论
文
金融学专业金融英语教学实践的论文
摘 要:在金融学专业金融英语的教学中存在着一些具有普遍性的难点，这些难点主要集中在课程定位不清、对课程学习作用的认识存在误区和学习兴趣淡漠这三个方面。本文结合当今金融学专业金融英语教学实践的实际状况，深入分析了上述三项难点，然后针对这些难点，从课程定位、端正课程认识、改革教学策略及整合教学资源方面提出了克服这些金融英语教学难点的策略。
关键词:金融英语教学;难点;策略
[] A [文章编号]1009-6426(2013)10-019-05
引 言
在经济全球化日益浓厚的今天，中国金融业与世界经济之间的交流日趋紧密。无论是中国与世界之间的国际贸易、资本流动，还是诸如凯恩斯相机抉择理论、IPO绿鞋机制、创业板做市商制度、呼之欲出的国际板等这些进入国门的同时扬弃西方金融思想和制度的金
融创新，都使金融英语成为当今时代广泛需要的一项人力技能，掌握金融英语的专业人士为时代所亟需。上海市通用外语水平等级考试办公室主任、上海外国语大学博士生导师史志康教授认为:“上海如果继续在金融英语人才的培养上没有危机感，步履缓慢的话，那么，被抛离金融中心城市的第一集团就绝不是危言耸听。”目前，高校教育对金融英语的重要性在思想上基本形成了共识，金融英语课程已普遍纳入了经济类专业的人才培养方案，其中的金融学专业更是如此。但是，目前高校制度对金融英语课程在思想上的重视与在实践中真正落实这种重视之间存在着不小的差距，更为迫切的矛盾是，金融英语教学环节的效率和质量亟待提高。提升这门课程的教学效率和教学质量必须对这门课程进行不断探索，对教学思路、教学策略改善创新，发现和总结出这门课程教学中的难点和症结，然后以积极进取的心态开展有针对性的教学改革，这样就能够使这门课程真正走上服务于时代和社会的良性发展轨道之上。
一、金融学专业金融英语教学实践中的难点分析
对于经济类金融学专业的人才培养而言，金融英语的作用和地位不同于英语专业，也不同于其他的经济类专业。在当今金融学专业的金融英语教学实践中存在一些具有普遍性的困难，这些难点可以归纳为如下三个方面。
(一)对金融英语的课程定位不清晰，课程在人才培养方案中的地位有待加强
金融英语教学内容和策略的选择应取决于这门课程最终的培养
目标，即通过这门课程的学习使学生具有怎样的技能，成为适应何种社会需要的人才，以此来决定这门课程教学内容的设计，并采取相应的教学手段和策略，这个过程即为课程的定位。课程的定位是课程发展的战略方向，定位准确恰当，课程建设就能事半功倍。比如:如果金融英语课程定位为培养直接服务于必须掌握金融英语技能的岗位专业人才，那么课程内容的设计就一定要突出实务性，教学内容就必须与岗位业务实际紧密结合;如果这门课程定位为培养对金融领域专题理由做深入研究的科研人才，那么课程内容的设计就需要突出金融英语阅读能力的培养，注重金融专业词汇的扩展;如果这门课程定位为培养服务于国内金融领域各行各业的专业人才，那么课程内容的设计就需要对金融业基础的词汇、术语、业务、制度和理论的英语表达和交流在听、说、读、写做全面的培养。然而，当今许多高校从上层的制度供给者、中层的管理者，再到下层直接接触学生的课程实践者对金融英语课程定位理由的认识是相当模糊混沌的，甚至有不少教师根本没有意识到还存在这个理由。这种状况是导致金融英语教学质量低下的一个重要理由，而改善高校金融英语课程定位不清的理由是有相当难度的。
(二)教师和学生对金融英语课程的认识存在误区
在当前金融学专业金融英语的教学实践中，传统单向讲授灌输式教学法仍然占有很大比重，具有更好教学效果的启发理由式、专题讨论式、情景式等教学法使用的比重很小，许多任课教师的教学状态给人以敷衍之感。再从学生方面来看，很大一部分学生对这门课程的
学习缺乏学习的热情和动力，在这种状况下，学生对这门课程的设计缺乏积极回应，使教师陷入“巧妇难为无米之炊”的窘境。这种现象的产生有许多理由，包括课程定位、教学环境设施、教学策略、教师的职业素养、学生的认识水平和素质等。这些理由是产生这种现象的浅层次理由，而深层次的根本理由在于，无论是教师还是学生对金融英语都存在认识上的误区，这是导致这门课程教与学的主体主观意愿都不强的根源所在。
从教师方面来看，金融英语的任课教师对这门课程的定位认识不清，于是难以形成本课程成熟有效的系统教学模式和授课风格，做不到重点突出、目标明确。同时，任课教师对这门课程重要性的认识也不足，于是自然出现教师授课时不够投入、敷衍塞责的现象。从学生方面来看，学生对这门课程重要性认识不足相当普遍，而这又缘于学生对金融英语许多方面的认识存在偏差和误区。例如，笔者在教学实践中发现相当一部分学生狭隘地理解金融英语乃至英语学习的作用，认为自己将来的职业接触不到英语，因而学习金融英语没有作用，于是这些学生就形成了仅以应付考试拿到学分作为学习这门课程目标的消极学习策略。
(三)学生对金融英语课程的学习缺乏兴趣
学生普遍的学习态度和愿望也会感染教师，学生对金融英语的学习缺乏兴趣使得任课教师的教学策略难以施展， 教师的教学热情也会受到抑制。导致这种学生对这门课程兴趣淡漠的理由是多方面的，有来自校方的课程定位理由，有来自教师的教学策略理由，当然
还有来自学生对这门课程的认识及其自身素养、志向方面的理由。在实践教学中发现，学生对这门课程的认识兴趣理由是提高该课程教学效果的关键，而围绕能够激发学生兴趣的因素开展有针对性的教学改革，如研究性教学、发现式教学的改革，是金融英语课程建设的正确思路和有效途径。
二、应对金融英语教学实践中难点的策略
(一)管理者和任课教师共同正确定位金融学专业的金融英语课程
目前，高校的管理层已经普遍认识到了金融英语课程在金融学专业人才培养中的重要性，但落实这种重要性方面颇显不足。诸多经济院校的金融学专业中金融英语课程仍然是选修课，使得这门课程的一类课程和精品课程建设缺乏校方的政策和制度平台。因此，校方管理层作为这门课程的制度供给方需要切实推进金融英语课程在人才培养方案中的地位，逐步确立金融英语课程在金融学专业中的核心必修课程地位，给予这门课程的基层教研工作以良好的政策、制度和经费支持。在这门课程定位的制度变迁中基层教研部门的重视和改革推动是管理层真正重视这门课程并提升这门课程地位的重要推动力量。
范文二：金融英语
金融英语目录[隐藏]
基本介绍
考试分类
考试内容及报名注意事项
图书信息
金融英语初级考试大纲
[编辑本段]基本介绍
金融专业英语证书考试制度是1994年经中国人民银行和原国家教委联合发文（银发[1994]107号）批准建立的我国第一个国家级行业性外语证书考试制度。金融专业英语证书考试每年进行一次。为进一步完善金融专业英语证书考试制度，适应经济发展对金融人才培养所提出的新要求，金融专业英语证书考试委员会第九次工作会议讨论决定，自2009年开始，金融专业英语证书考试结构将进行适当调整。调整后，原“金融专业英语证书考试（FECT）”更名为“金融英语证书考试（FECT）”。金融英语证书考试（FECT）共设两级，分别为FECT综合考试和FECT高级考试。FECT考试每年举办一次，考试成绩可用作金融系统员工录用、职称评定、职务晋升及出国培训人员或外派人员专业英语水平的参考证明。
[编辑本段]考试分类
金融英语证书考试分为金融英语证书考试（FECT）综合考试 和 金融英语证书考试（FECT）高级考试 。 一、金融英语证书考试（FECT）综合考试 金融英语证书考试（FECT）综合考试主要面向全体金融业从业人员、大专院校学生及其他有志于从事金融业的人员。FECT综合考试科目一门（含听力），名称为《现代金融业务》，考试内容为银行、证券和保险等金融基础业务理论与操作知识。考试成绩合格者获得FECT综合考试证书。FECT综合考试与国家外国专家局“全国出国培训备选人员外语水平考试（BFT）”接轨，FECT综合考试合格考生可申请参加BFT口语考试，其口语考试成绩与FECT综合考试卷面成绩综合计分，合格者获BFT相应高、中、初级证书。 二、金融英语证书考试（FECT）高级考试 金融英语证书考试（FECT）高级考试主要面向金融系统业务及管理岗位人员、大专院校学生及其他有志于从事金融事业的人员。获FECT综合考试证书的考生方可参加FECT高级考试。FECT高级考试主要内容为现代金融理论及实务操作、现代银行业务和管理、现代证券和保险业务以及专业口语等。FECT高级考试包括笔试和专业口语考试两部分，笔试科目两门（必考一门、专业选考一门），不含听力。必考科目为《现代金融理论与实务》；专业选考科目为《银行业务与管理》、《保险与证券业务》，两科任选一科。高级考试必考科目、选考科目及专业口语考试可同时报考，单科成绩合格者获得单科合格证书，单科成绩六年有效。必考科目、选考科目及专业口语考试三科考试成绩全部合格者均获FECT高级证书。 三、原FECT
中级考试与高级考试对接办法 FECT高级考试在原金融专业英语证书考试（FECT）中级考试基础上推出，原FECT中级考试被取消。已取得原FECT中级证书以及相关单科合格证书者考试成绩仍有效，其与FECT高级考试对接办法具体如下： 1. 原FECT中级考试4科通过者需加试“FECT口语考试”，成绩合格则可获得金融英语证书考试高级证书。 2. 原FECT中级考试3科通过者，如未取得“FECT综合考试证书（原初级）”则需加试“FECT综合考试”和“FECT口语考试”，成绩合格则可获得金融英语证书考试高级证书；如已取得“FECT综合考试证书（原初级）”则需加试“FECT口语考试”，成绩合格则可获得金融英语证书考试高级证书。 3. 原FECT中级考试2科通过者需加试“FECT高级考试”的必考科目《现代金融理论与实务》和“FECT口语考试”，成绩合格则可获得金融英语证书考试高级证书。 4. 原FECT中级考试1科通过者，如未取得“FECT综合考试证书（原初级）”则需加试“FECT综合考试”、“FECT高级考试”的必考科目《现代金融理论与实务》和“FECT口语考试”，成绩合格则可获得金融英语证书考试高级证书；如已取得“FECT综合考试证书（原初级）”则需加试“FECT高级考试”必考科目《现代金融理论与实务》和“FECT口语考试”，成绩合格则可获得金融英语证书考试高级证书。
[编辑本段]考试内容及报名注意事项
一、考试内容 （一） 金融综合考试大纲以2006年修订并颁布的考试大纲为准； （二） 中级各科目考试内容、大纲不变； （三） 金融综合考试和中级银行业务考试中的听力部分考试要求不变。 二、考试参考教材和辅助教材 （一） 金融综合考试指定参考教材为《现代金融业务-金融专业英语证书综合考试教材》（中国金融出版社2006年12月出版）； （二） 中级各科考试教材不变； （三） 金融综合考试的辅导教材为《现代银行业务－金融专业英语证书银行综合类考试学习参考》（中国金融出版社2003年3月出版）； （四） 金融综合考试和中级银行业务的听力训练可参考由中国人民银行北京培训学院、中国工商银行杭州金融研修院合作开发的教学光盘。 三、考试对象 金融系统职工、院校学生和社会上其它有志于金融事业发展的人士均可报名参加考试。 四、报名 （一） 本考试在全国实行网上报名，网址：中国金融教育培训网（http://www.pbcedu.net）； （二） 报名时间：每年3月1日至4月15日； （三） 报名办法 1、个人报名：考生可在规定时间内登录中国金融教育培训网，就近
选择一个考区，在网上注册报名； 2、集体报名：考试仍接受集体报名，由各地考试领导小组(人民银行各分行、营业管理部、省会城市中心支行人事处)管理员或其委托的院校管理员负责相关资料的录入。 五、缴费 （一）考生通过登录用户名，按缴费提示用指定银行（目前开通工商银行和招商银行）的银行卡完成网上支付； （二）无法完成网上缴费的考生可在当地考试领导小组缴费。 六、考试信息发布 考试大纲、考区设置、教材、报名、下载准考证、成绩查询等相关信息将在网上发布、更新，考生可登录中国金融教育培训网查询。 七、考试的组织工作 （一）金融专业英语证书考试委员会办公室负责组织并实施全国考试工作，咨询电话：010-66199372、66199373、66199374；传真：010-88091587，地址：北京市西城区成方街32号中国金融培训中心（FECT考试办公室地址：金融街35号国际企业大厦7B16），邮编：100800。 （二）各省（自治区、直辖市）考试领导小组负责组织并实施本地区的考试工作。 八、考试构成 本考试包括听力和笔试两部分，主要从以下方面测试应试人员运用英语处理日常银行业务能力： 听力部分（占30％）：包括简短会话、报告、陈述、访谈、讨论、电话通讯对话、接待客户、介绍业务、提供服务等。 笔试部分（占70％）：各种图表、备忘录、财务报表、留言、行情表、业务函电、简历、广告、业务简介等。 九、试题类型 1、听力：分为三个部分：第一部分为针对单句的单项选择；第二部分为针对对话的单项选择；第三部分为针对短文的单项选择。 2、笔试：分为单项选择、完型填空、判断正误、短文阅读理解（共50％）和写作（20％）。其中写作又分为三部分：第一部分为填写表格、单证等；第二部分为翻译（汉译英或英译汉）；第三部分为按要求拟写短文（如函电、通知、留言、备忘录等）。 十、考试要求及范围 本考试要求应试人员具备在金融业务中较熟练地运用英语的能力。参加本考试的应试人员应掌握7000基础英语及金融专业英语词汇，熟悉基本的业务概念和术语及一般的业务程序和原理，能听懂日常会话和～般的业务交谈，具有在篇章水平上运用英语基本语法知识的能力。能看懂与金融业务有关的一般文字材料，拟写～般的业务文件。 考试范围 1、中国金融业概述 ——银行业 ——证券业 ——保险业 2、银行和金融机构监管 ——银行业 ——证券业 ——保险业 3、中国外汇体制 ——概述
——外汇体系 ——金融机构外汇业务 ——对外汇账户的监管 ——经常账户处理 ——资本项目处理 ——国际收支统计申报 ——外汇业务 4、会计 ——财务会计 ——管理会计 ——银行会计 5、银行中间业务 ——中间业务 ——金融市场 ——投资银行业 ——网上银行业 6、银行信贷 ——贷款种类 ——信贷计划 ——借款人的筛选 ——信贷风险管理 7、国际结算 ——票据 ——国际结算方式 ——国际结算中使用的单据 ——贸易融资 ——《贸易术语通则2000》 8、证券、期货市场 ——概述 ——证券市场 ——期货市场 ——法律体制 9、保险基础 ——保险原则和保险合约 ——保险种类 ——保险市场 ——保险业务 10、金融函电 ——银行业务信函 ——电传 ——SWIFT ——备忘录 ——电子邮件
[编辑本段]图书信息
书 名: 金融英语 作 者：姜丽 出版社： 武汉理工出版社 出版时间： 2009年08月 ISBN: 9787562929895 开本： 16开 定价: 25.00 元 内容简介 《金融英语》精选最新出版的国内外权威金融类书籍报刊及网上的优秀文章，分六个部分对金融有关知识进行介绍：金融市场、银行业、外汇与外汇市场、证券、保险及金融衍生工具，包括金融理论基础知识、政策法规、经营管理等。同时，通过一些典型案例对课文进行补充，因而具有较强的针对性与实用性，有助于为学生今后从事金融工作提供理论指导。 《金融英语》适合作为高职高专金融、财会、贸易专业学生学习用书，也可作为各金融机构的从业人员以及其他有意在金融领域工作的人士的参考读本。
[编辑本段]金融英语初级考试大纲
一、考试目的 本考试为金融专业英语水平考试(银行综合类)，旨在测试并认定应试人员的金融专业英语语言水平与实际运用英语处理业务的能力。本考试的证书可作为在金融部门从事相应的涉外业务工作、参加涉外培训、职称评定和各类毕业学生进入金融部门就业等方面的参考依据。 二、考试对象 本考试的对象为金融系统(包括外资、合资银行及非银行金融机构)的从业人员及一切有志于金融事业发展的人员。 三、考试要求及范围 本考试要求应试人员具备在金融业务中较熟练地运用英语的能力。参加本考试的应试人员应掌握7000基础英语及金融专业英语词汇，熟悉基本的业务概念和术语及一般的业务程序和原理
，能听懂日常会话和～般的业务交谈，具有在篇章水平上运用英语基本语法知识的能力。能看懂与金融业务有关的一般文字材料，拟写～般的业务文件。 考试范围 序号章节内容 1中国金融业概述银行业;证券业;保险业 2银行和金融机构监管银行业;证券业;保险业 3中国外汇体制概述;外汇体系;金融机构外汇业务;对外汇账 户的监管;经常账户处理;资本项目处理;国际 收支统计申报;外汇业务 4会计财务会计;管理会计;银行会计 5银行中间业务中间业务;金融市场;投资银行业;网上银行业 6银行信贷贷款种类;信贷计划;借款人的筛选;信贷风险 管理 7国际结算票据;国际结算方式;国际结算中使用的单据; 贸易融资;《贸易术语通则2000》 8证券、期货市场概述;证券市场;期货市场;法律体制 9保险基础保险原则和保险合约;保险种类;保险市场;保 险业务 10金融函电银行业务信函;电传;SWIFT;备忘录;电子邮 件 四、考试构成 本考试包括听力和笔试两部分，主要从以下方面测试应试人员运用英语处理日常银行业务能力： 听力部分(占30%)：包括简短会话、报告、陈述、访谈、讨论、电话通讯对话、接待客户、介绍业务、提供服务等。 笔试部分(占70%)：各种图表、备忘录、财务报表、留言、行情表、业务函电、简历、广告、业务简介等。 五、试题类型 本考试的试题类型： 1、听力：分为三个部分：第一部分为针对单句的单项选择;第二部分为针对对话的单项选择;第三部分为针对短文的单项选择。 2、笔试：分为单项选择、完型填空、判断正误、短文阅读理解(共50%)和写作(20%)。其中写作又分为三部分：第一部分为填写表格、单证等;第二部分为翻译(汉译英或英译汉);第三部分为按要求拟写短文(如函电、通知、留言、备忘录等)。 六、考试时间 本考试每年举行一次，时间在每年五月的第四个星期六。每次考试时间为150分钟，其中听力30分钟。 七、考试说明 本考试即原FECT初级证书考试，从2000年起将根据分数由高至低共划分为三个级别：A级证书、B级证书、C级证书。总体难度不增加。 根据FECT与BFT合作备忘录，BFT认可FECT的成绩，考生可在通过本考试取得级别证书后，自愿参加国家外国专家局组织的全国出国培训备选人员口语考试，取得相应的成绩后，可获相应级别的BFT证书。 八、考试构成 本考试包括听力和笔试两部分，主要从以下方面测试应试人员运用英语处理日常银行业务能力： 听力部分(占30%)：包括简短会话、报告、陈
述、访谈、讨论、电话通讯对话、接待客户、介绍业务、提供服务等。 笔试部分(占70%)：各种图表、备忘录、财务报表、留言、行情表、业务函电、简历、广告、业务简介等。 九、试题类型 本考试的试题类型： 1、听力：分为三个部分：第一部分为针对单句的单项选择;第二部分为针对对话的单项选择;第三部分为针对短文的单项选择。 2、笔试：分为单项选择、完型填空、判断正误、短文阅读理解(共50%)和写作(20%)。其中写作又分为三部分：第一部分为填写表格、单证等;第二部分为翻译(汉译英或英译汉);第三部分为按要求拟写短文(如函电、通知、留言、备忘录等)。 十、考试时间 本考试每年举行一次，时间在每年五月的第四个星期六。每次考试时间为150分钟，其中听力30分钟。 十一、考试说明 本考试即原FECT初级证书考试，从2000年起将根据分数由高至低共划分为三个级别：A级证书、B级证书、C级证书。总体难度不增加。 根据FECT与BFT合作备忘录，BFT认可FECT的成绩，考生可在通过本考试取得级别证书后，自愿参加国家外国专家局组织的全国出国培训备选人员口语考试，取得相应的成绩后，可获相应级别的BFT证书。
范文三：金融英语
一．名词解释
? A Central bank P7
? Monetary policy P7
? Financial institution P8
? Housing loans for personal possession 自营贷款
? Housing loans on authorization 委托贷款
? Combined loans 组合贷款
? Expected rate of return P151
? Investment P152
? Financing P152
? Savings Deposit 活期存款
A method of deposit that sets no limit on length of maturity , time and amount of deposit and withdrawal.
? Time Deposit 定期存款
Definite length of maturity, deposited and withdrawn together with the interest in a lump sum or by installment
Debt : money that is borrowed and in the future, the debt has to be repaid.
? Bond 债券 P159
? Debenture 公司债券 P160
? Operating bank loans营业贷款 P162
? Mortgage loans抵押贷款 P162
Equity : the ownership of a company and be not repaid.
? Common shares普通股 P179
? Preferred shares优先股 P185
? Commodity price risk 商品价格风险 P284
? Counterparty risk 交易对手违约风险 P284
? Currency (foreign exchange) risk 货币（外汇风险） P286
? Exchange risk汇兑风险 P285
? Financial price risk金融价格风险 P285
? Interest rate risk利率风险 P288
? Settlement risk 交割风险 P289
二. 简答，论述
The function of central bank
A bank for banks
The government’s bank
Supervisor and regulator
Money and manager
Three tools of monetary policy
Reserve requirements
Discount rate
Open market operations
The ways of the time deposit:
time deposit of lump-sum withdrawal
time deposit of small savings for lump-sum withdrawal
time deposit of principal receiving and interest withdrawal
time or savings optional deposit
Retail Banking: Foreign Currency
? T/T
? Upon application by the remitter, remitting bank informs the branch bank at the place
where the payee located (by test key telegraph, telex or SWIFT) to pay money to the payee.
D/D
Upon application by the remitter, remitting bank issues in favor lf the remitter a demand draft that takes its branch as the paying bank, and the remitter mail it to the payee, and the paying bank pay money to payee upon presentation of draft
Corporate Banking: Loans
What is the REB working capital loan?
? It is a kind loan used to meet short-term demands of customers in the production and
operation.
The advantage of this loan
? Short term
? simple procedures
? high revolving nature
? lower cost
The length of this loan
? Short-term: less than one year
? Medium-term: one to three years
The documents of applying this loan:
? The written application of course
? Business license for the enterprise legal person
? The audited financial statement for last three years
? Recent financial statement
? Loan card
The Financial Marketplace
? The Participants of the financial market:
1.Buyers:People who need money
? individuals
? business
? government
2.Sellers: people who have money
? individuals
? business
? government
? insurance company
? Venture capital company
3.Financial intermediary:
? Investment bank
? Commercial bank
? Trust company Credit union Savings and loan association
? Mortgage brokers
Liquidity : how easily the security can be converted into cash
? Banker's acceptances
? Money market
? Capital market
? Stock exchange
? Market risk
? Capital structure
Research
? How Much Money is the Company Earning:
Earning before interest and taxes (EBIT)
? =The sales-The cost of goods sold-General and administrative costs
Earning before taxes(EBT)=EBIT-interest expense
Net income=EBT- taxes
? Net income are the earning that belong to the shareholder and they are divided among the
shareholders
EPS ---dividing "earnings available for common shareholders" by "the number of common shares outstanding"
? The EPS is the measure used in the valuation of common shares
P/E ratio
? The "price-earnings ratio" (P/E ratio)------dividing the market price of the company's
common shares by the EPS
? This tells us how much the market is willing to par for one renminbi of earnings
Dividend payout ratio-----dividing the dividends paid to per common share by the EPS and multiplying 100%
? It tells us that what percentage of a company's earning are paid out in cash to common
shares
Dividend yield----dividing the dividends per share by the market price per share and multiplying 100%
? This tells us the current cash rate of return on an investment in the shares
Trading
? Stock Symbols
? The company that has securities traded on the organized exchange is assigned a symbol or
numerical code.
? This is a convenient way of referring to the particular share instead of using the
company's name
The trading exchange
1.Senior stock exchange and the Nasdaq
? The companies trading on stock exchange must qualify for listing
? The stock exchange has very stringent tests
? Example : New York Stock Exchange Shanghai and Shenzhen stock exchanges
2.Junior or venture exchange
? If the company has no the financial strength to list senior stock exchange and the
Nasdaq, it can apply for listing on a venture exchange
? Such as Toronto Venture Exchange or Canadian Venture Exchange
3.Unlisted markets
? There is little regulation in this market
? Buying shares in this market is quite risky
Derivatives Derivatives have two main uses：
? The management financial risk and speculation
? People think the price of the currency is going down and he can realize the profit by
selling the currency today and buying it back at a lower price in the future
Types of derivatives
? Options, futures and forward
? Options require the payment of a premium; future and forward do not
? The buyers of an option does not assume any obligations; future and forward place very
specific obligation on each party.
Option
? The definition of the option
? An option gives the buyer the right but not the obligation to buy or sell a standard
quantity of a specific financial instrument at a specific price on or before a specific future date. A premium is due.
The important definition
? Writer: the original seller of the option
? Exercise or strike price: contracted price
In the money , out of money and at money
? Call option in the money: market price > the strike price
? Call option out the money: market price < the="" strike="">
? Put option in the money : market price < the="" strike="">
? Put option out of money: market price > the strike price
? Call and put option at money: market price = the strike price
Forward Contracts
? Forward contracts are private, customized contracts between two parties, usually a bank
and its clients.
? Forward are structured to specifically meet each client's particular needs.
? There is no secondary market for forward contracts.
? Forward contracts are usually settled at maturity.
Margins
1.Initial margin
? The initial investment required to establish a futures position is usually 3% to 5% of the
contract value.
2.Maintenance margin
? At the end of day every trader's account is "marked to market". This means that paper
profits are added and paper losses are subtracted
Long selling:
? when a trader or investor owns a financial instruments, he or she is said to be long that
particular asset.
? If the price goes up, he or she makes money. If it goes down, a loss is incurred.
? Generally speaking, when we think the price will rise, we goes long ,we buy financial
asset.
Short selling:
? we sell something that we do not yet own. We feel the price will fall ,we can make money
from this idea.
? The buyer does not care whether we own the financial instrument or not.
Future and Forward Contracts-Similarities and Differences
1.Future and forward contract are similar in the following ways:
? (1)The parties agree today on price and quantity for settlement in the future
? (2)Both are used to hedge risks
2.They are differ in these ways:
? (1)Forward contracts are private, customized contracts between a bank and its
clients;There is no secondary market for forward contract.
? (2)Forward contract are settled at expiration. Future contracts are continually settled.
（mark to market）
? (3)Profit or losses for a future contract accumulate on a daily basis; forward contract
where profits or losses are realized all at once at contract expiration.
? (4)Most forward contracts are settled with delivery/receipt of asset; most future contracts
are settled with cash.
? (5)Future contracts have daily price limit. If the settlement price changes by daily price
limit, trading is stopped until the next day.
Insurance
1.How insurance works
? Each person pays a small monthly fee called a premium to an insurance company to
protect against financial loss should a specific incident occur.
? Many person share the risk
? Losses do not happen all at once
2.Types of insurance
? Life insurance
? Health insurance
? Accident insurance
? Property insurance
? Liability insurance
Insurance broker: an independent agent who represents the buyer, rather than the insurance company
Insurance agent: individuals who is licensed to sell insurance for one or more specific insurance company.
The main part to an insurance transaction:
? The risk--what kind of event or events are to be covered
? The insured--who is being covered
? The insurer---who is providing the coverage
The main types of life insurance
? Insurance that offers just protection in the event of the death of the policyholder
? Insurance that has both a savings and protection component
范文四：金融英语
Definition of International:
? 1. Of, relating to, or involving two or more nations: an international commission;
international affairs.
? 2. Extending across or transcending national boundaries: international fame.
Definition of Finance:
A of concerned with , and . Simply, finance with related to and the Background Information of Finance
Old-Time his own shelter, and provided for his own needs. What does this mean?
(An example is stated as follows)
Example
One person was more able to perform some Activity than another, and each person concentrated fisherman, and thus each benefited from the variety of diet.
Modern times
3. In today’s complex economic world, neither individual nor nations are self-sufficient. This is the foundation of world trade and economic activity. As a result of this trade and activity, international finance and banking have evolved.
For example, the U.S is a major consumer of coffee, yet is does not have the climate to grow it. Consequently, the United States must import coffee from other countries, such as Brazil, Colombia that grow coffee efficiently
Buzzwords become daily words.
e.g.: Stock market
Foreign exchange reserve外汇储备Hot money热钱 Liquidity 流动性
CPI/PPI消费价格/工业品价格指数appreciation of RMB
? Manage our own personal finance
1. Save
2. More ways to invest our money and accumulate our own wealth
第二次课
Definition and Advantages
Barter is a system of exchange by which or are directly exchanged for other goods or services without using a , such as . It is distinguishable from gift economies in that the is immediate and not delayed in time. It is usually , but may be .
Advantages
Direct barter does not require payment in money (when money is in short supply) hence will be utilized when there is little information about the credit worthiness of trade partners or there is a lack of trust.The poor cannot afford to store their small supply of wealth in money, especially in situations where money devalues quickly .
Question: What is money?
debt obligations.
An evidence of a future claim on society?s goods and services.
Money Commodity money
Acceptability
Metals money
intrinsic value
Portability
divisibility
Credit money
acceptability
Electronic Money
1. No material form
2. Exchanged electronically involving use of computers and internet.
3. Digital stored value.
Types of Electronic Money
Bus pass, Food card, Shopping card
Debit card , Credit card
第三次课
Changes in the Value of Money
? Lose value
? Gain value
Significance Effect of Changes in the Value of Money
? To distort many of our monetary measurement.
? To exercise some influence on business conditions.
? To exercise a great influence on the distribution of income and wealth.
Effects on Business Conditions
? Businesses get different messages about their profits.
? Effects on aggregate demand.
? Effects on aggregate supply.
Price Increasing Period: Businesses
? More profits
1. Cost of production remain relatively stable (relatively fixed costs).
2. The way of accounting also sends wrong messages.
Inventory first in first out
last in first out
Depreciation(折旧):based on former cost
Generally: to expand production/to employ more workers
Exception: public sector
Effects on Aggregate Demand (prices increasing situation)
? Interest rate up
? Consumption more at early stage
less at later stage
(Example:housing price )
? Fiscal policy less government spending
inflation tax
Question:
Investment ?
How about the effect?
Effects on Aggregate Supply
? Less consumer goods but more durable or capital goods.
? Frequent settlement.
? Focus on improving financial situation instead of improving production.
? Less production efficiencies because of more negotiations and short-term contract.
? Frequent information collections.
Price Decreasing Period
? What would happen?
Aggregate demand
Aggregate supply
Effects of Redistribution of Income and Wealth
Falling prices
? Who suffers—Debtor (债务人)
Purchasing Power?
Rising Prices
? Winner —debtor (债务人)
? Loser —creditor(债权人)
? Examples explanation
? ? ? During deflation, we should be a creditor.
? During inflation, we should be a debtor.
? What if the prices keeps falling?
Creditor cannot be a winner, for the debtor cannot return the money.
? What if the prices keeps rising?
Relatively better both for debtor and creditor, but what is the condition ?
CPI 即消费者(ConsumerPriceIndex)，是反映与居民生活有关的产品及劳务价格统计出来的物价变动指标，通常作为观察通货膨胀水平的重要指标。如果消费者物价指数升幅过大，表明通胀已经成为经济不稳定因素，央行会有紧缩货币政策和财政政策的风险，从而造成经济前景不明朗。因此，该指数过高的升幅往往不被市场欢迎。
? 的调查内容分为食品、烟酒及用品、衣着、家庭设备用品及服务、医疗保
健及个人用品、交通和通信、娱乐教育文化用品及服务、居住等八大类，共263个基本分类(国际分类标准) ，约700种商品和服务项目。主要是根据中国城乡居民消费模式、消费习惯，参照抽样调查原理选中的近12万户城乡居民家庭(城市近5万户，农村近7万户) 的消费支出数据，并结合其他相关资料确定的。
?
第四五次课
Definition of Finance:
A branch of economics concerned with resource allocation as well as resource management, International Financial Market refers to various places where all kinds of financial activities are carried out, including long-term and short-term credit loans, buying and selling of foreign 1.1 International
That is to say, if it happens between a resident of a country and a non-resident, it is an international financial transaction, and the place where the transaction is carried out is called an international market.
1.2 Transaction
In detail, there are money market, capital market, foreign exchange market and gold market. a. Definition
The capital market is the market for medium-term or relatively long-term loans and equity of which the original term is one year or longer.
b. Function
Companies and the government can raise funds for long-term investments via the capital market.It covers the arrangements for financial investment, the buying and selling of shares,
and the procurement of loans.
c. Characteristics
It may not have a physical presence, the buying and selling of shares usually does.
e.g. Through the Stock Exchange located in the city of London, New York of Frankfurt.
d. Components
It mainly consists of mid-term and long-term(>1 year) credit loan market, securities market
including treasury bonds, corporate bonds, international bonds and stock certificates.We will focus
a. Definition
Stock certificate is a document indicating legal ownership of shares of stock in a corporation.
Stock certificate are made out to the shareholder or the brokerage firm and identify the issuer , the number of shares, the par value and the stock class.
Bull market is a financial market in which prices are rising or are expected to rise.
c. Bear Market
Bear Market is a market condition under which the prices of securities are falling or are expected to fall.
Why do people use the “bull” and “bear” to describe the stock market?
The use of bull and bear to describe markets comes from the way in which animal attacks its opponents.
2.2 Money Market 短期资金市场或货币市场
The money market is a subsection of the fixed income market. For example, Bond.
Features
b. The money market specialized in very short-term debt securities that mature in
less then one year.
Euromarkets
a. Backgrounds
欧洲大陆板块的扩大, 由于地理, 交通, 经
济, 融资等各方面的原因.
Owing to modern science and technology , most of the international markets, including stock exchanges and money markets, are both visible and invisible.
For Example:
Domestic investors may purchase foreign securities and may invest in foreign financial institutions. Or domestic banks may make loans to foreign residents.
In other words, these are the “foreign market” Segment for international f inancial transactions in domestic market, which makes it an international one.
B. Introduction of Euromarkets
B1. Euromarkets, with a history of about half century, refers to the market that comprised of all European Union member countries, many of which use the same currency, the Euro. B2. All tariffs between Euromarkets member countries have been abolished, and import duties from all non-member countries have been fixed for all of the member countries.
B3 The Euromarkets also has one central bank for all of the member countries, the The ECB is the central bank for Europe's Single currency, the Euro, which was established in Frankfurt, Germany.
Main Task
The ECB’s main task is to maintain the euros' purchasing power and thus price stability in euro area.
Participating countries:
Main members states of the European Union are participating in the single currency. Belgium Ireland
Germany Italy
Greece Luxembourg
Spain The Netherlands
France Austria
Portugal Finland
4. Eurodollar Market
4.1 Backgrounds
a. The Eurodollar market developed during the early 1950s as a result of the Cold War. 欧洲美元市场是20世纪50年代初期形成的, 它
是冷战的产物.
b. Restraints in the United States banking system helped to stimulate substantial economic growth in Europe, and by the time the U.S. restraints were lifted, the Eurodollar market had become a market in its own right.
b. 当时美国在银行业务方面有某些限制, 曾经促进了欧洲经济蓬勃发展; 而等到这些限制取消时, 欧洲美元市场已经发展成为一个名副其实的市场了.
4.2 What is the “Eurodollar”?
There is no Eurodollar bills. All other currencies are issued through a national treasury or licensed agent in the form of coins and banknotes and are supervised by each government?s monetary authoritiesThe Eurodollar, on the other hand, is a bookkeeping transaction.
4.3 What is Petrodollar?
To compound the confusion, the world financial press and bankers also refer to a
?Petrodollar?, which is a Eurodollar owned by an oil-producing country.
石油美元
指石油生产国组织, 及非石油生产国组织产油
国, 出售以美元为计价的石油所得的美元.
第六次课
Financial Institutions
?
?
?
?
? Commercial banks Savings and loan associations 储蓄贷款银行 Credit unions信用合作社 Mutual savings banks互助储蓄银行
? Investment banks
? Securities companies
? Insurance companies
Types of Commercial Banks in U.S.A
Commercial Banks
State-chartered Banks
National Banks
Different Types of Commercial Banks in China
? State-owned Banks:
BC / CBC/ABC/ICBC/Postal Savings Bank of China
Shareholding Commercial Banks:
? Bank of Communications
? Shenzhen Development Bank
? China Citic Bank中信实业银行
? SPD Bank上海浦东发展银行
? Huaxia Bank华夏银行
? China Merchants Bank招商银行
? Industrial Bank Co.Ltd兴业银行
? China Everbright光大银行
? China Minsheng Corp. Ltd民生银行
Services Provided by Commercial Banks
? Individual Banking
? Consumer Lending
? Residential Mortgage Lending
? Consumer Installment Loans
? Credit Card Financing
? Automobile and Boat Financing
? Brokerage Services: Buying funds
? Student Loans
? Individual-oriented Financial Investment services (there is no toilet)
?
? Institutional Banking
? Loans to institutions
? Commercial real estate financing
? Leasing activities
? Global Banking
Corporate financing
Procuring of funds for a bank’s customers
Offering advice
? Capital market and foreign exchange products and services
e.g. issuing national bonds/spot foreign exchange
Source of Bank Funds
? Deposits No deposit borrowing
Deposits
1. Demand deposits: Checking accounts
Savings accounts
2. Time deposits
? No deposit borrowing
1. Borrowing at the Fed discount window
2. Borrowing in federal funds market
3. Issuing obligations in the money market short-term borrowing) or in the bond market
long-term borrowing)
? Common stock and retained earnings
Bank Assets
? Cash Securities Loans Other bank assets
Different Cash Funds
? Funds in the
A bank vault (or strong room) is a secure space where money, valuables, records, and documents can be stored. It is intended to protect their contents from theft, unauthorized use, fire, natural disasters, and other threats, just like a . But unlike safes, vaults are an integral part of the building within which they are built, using armored walls and a tightly fashioned door closed with a complex .
? Funds in a federal reserve bank
? Funds in correspondent banks
第七次课
What is Central Bank?
a. The has been described as "the lender of last resort", which means that it is responsible for providing its economy with funds when commercial banks cannot cover a supply shortage. In other words, the central bank prevents the country's banking system from failing. b. A central bank also acts as the regulatory authority of a country's and is the sole provider and printer of notes and coins in circulation. The central bank should also be completely divested of any commercial banking interests.
What is the responsibility of Central Bank?
A Bank for Bankers
To Issue a Common Currency
To Clear Payments
To Regulate Banks
A Lender of Last Resort
A Banker to a Government
Responsibility of Central Banks
General: to take policies to affect a country’s supply of money and credit.
Specific: to achieve important policy goals.
Economic Goals of a Nation
Low inflation
Economic growth
Employment
Balance between external and internal economy
Inflation
In , inflation is a rise in the general of goods and services in an over a period of time.
Goals of Monetary Policy
Price Stability: Low Inflation Rate.
A stable real economy: to smooth the business cycle and to avoid the recession or
depression.
Financial stability: efficient and smooth payments system and the prevention of financial
crises.
Policy Instruments of Central Banks
Open market operation
Bank reserve requirement
Interest rate policy
Re-lending and re-discount
Reserve Requirements
A percentage of liabilities be held as cash or deposited with the central bank
To limit money supply
Monetary Policies in China
Interest rates adjustments
Reserve requirements
Challenges for Central Banks in the Future
To balance policy goals.
To balance financial innovations and financial stability.
Whether to adopt an explicit inflation targeting objective or not.
To meet the challenge of globalization and supply-side developments.
To adopt price-level or not.
第八-九次课
1. Foreign Exchange
Foreign exchange is required to pay for imported goods and to meet foreign debt repayment obligation.
of other countries.
2. Foreign Exchange Market
If there is demand, there is a market (What your opinion on this point, would you please give us an example?). Dating Market
Most of the trade in foreign currencies occurs between large international banks. Unlike stock markets, the foreign exchange market does not exist in any specific location..
Foreign Exchange Market has the following characteristics.
2.1
Many people participate in the foreign exchange market. It is an international market with no central trading place, a market in which business is conducted by traders around the world linked by telephones and cables.
2.2
The trading day never ends. It begins in Europe when the business Day opens and follows the sun westward as each country’s business day in turn begins and ends.
2.3
The majority activity is centered in the money centers of Europe: London, Frankfurt, Zurich, as well as in Japan and Hong Kong. In the United States, the trading is concentrated on New York, but it does not occur elsewhere.
2.4
The participant in the market includes the major international banks, brokers, central banks, and large corporations withinternational activists, and individuals.
Foreign Exchange Rate
Definition:
In finance, the exchange rate between twocurrencies specifies how much one currency is worth in terms of the other.
4. An Exchange Rate Quotation
An exchange rate quotation is given by stating the number of units of price currency that can be bought in terms of a unit currency.
Foreign Exchange Market
1. Definition of Foreign Exchange Market.
The currency market or foreign exchange market is the market where one currency is traded for another.
2 . Characteristics of Foreign Exchange Market.
It is one of the largest markets in the world. By some estimates, about 20 trillion RMB worth of currency changes hands every day.
4. Reasons for the Existence of Foreign Exchange Market
4.1 Trade and Investment.
Import and export business, people pay one kind of currency when doing business, but earns another kind of currency when resell the commodity.So, they must convert the currencies in the Foreign exchange market.
4.2 Speculation
Currencies exchange rates could fluctuate according to the demand and supply between two currencies.A trader can make marginal profits by buying one currency in an exchange rate, but up casting this currency in another rate.
3.3 Hedging
Due to fluctuation between two currencies, those companies who owns foreign assets, when these companies covert these properties into another currency, there consist of certain risks.
有人译为海琴, 为续做一笔与原有交易或现有方向的头寸方向相反的现货或现货交易, 让给 原有头寸对冲, 以消防原有风险。
第十．十一次课
1. Definition of BOP.
The balance of payment (BOP) is a that summarizes, for a specific period
1.1 Transactions:
Transactions are generally between residents and non-residents.
For the purpose of the balance of payments, residency relates to the economic territory Of a country, not nationality.
1.2 Balance of Payments (BOP) covers:
All the goods, services, factor income and current transfer. 2. Methodology Used in the BOP.
That means every recorded item should have a debit and a credit, and a net balance of Zero. Because every transaction relating to international payments includes records both on the debit& credit side with the same amount.
In fact, the figures rarely balance to the point, because of the statistical errors. We use a separate balancing item to offset the credit or debit, named “ errors /omissions”.
3. Three Accounts Of BOP.
3.1. Current Account
The Current Account including Merchandise (Exports and Imports), investment (rents, Services covers all receipts and paymentsbetween the residents and non-residents on transportation, insurance, travel, communication, technology, patent fee and so on. Income refers to the amount of money received during a period of time in exchange for rents, profits, interest from the flow of productive factors, including labor and capital. Current Transfer refers to Unilateral transfers of income between people for which there is no goods or services provided in return.
Current Transfer:
Grants , Charitable donations.
3.2 Capital Account
The capital account consists of capital transfers and acquisitions disposal of non-produced and non-financial assets.
Capital Account usually consists of three sub-accounts.
a. Direct Investment
b. Portfolio Investment
c. Short-term Capital.
3.3 Errors and Omissions
Since the sources on which the entries are based may be incomplete or inaccurate, an item for errors and omissions is included to bring the statement into balance.
In order to illustrate Balance of Payment well, three accounts are introduced respectively. Current Account
Capital Account
Errors & Omissions
What is the Current Account?
The Current Account includes merchandise(Exports and Imports) Investment income (rents, profits, interests). Services and Unilateral transfers.
Which is the largest item in the current account? How about the second largest item?
The largest item: the values of the exports and imports usually constitute the largest proportion in the current account for most countries.
Can you think about the possible reasons for foreign trade?
1. Foreign trade, the exchange of goods between nations, takes place for many reasons. As mentioned above, because no nation has all the commodities that it needs .
For Example:
Raw material are scattered around the world. Large deposits of copper are mined in Peru; diamonds are mined in South Africa, and petroleum is recovered in the Middle East.
So, countries that do not have these resources within their own boundaries must import them from other countries.
2. Foreign trade also occurs because a country often does not have enough of a particular item to meet its needs, although the United States is a major producer of sugar, but it consumes more than
it can produce internally and thus must import sugar.
3. Third, one nation can sell some items at a lower cost than other countries.
Comparative advantage
What is the comparative advantage?
Please give us an example.
Suggested Answers:
Japan has been able to export large quantities of radios and televisions sets, because it can produce them more efficiently than other countries, so it is cheaper for the United States to buy these from Japan than to produce them domestically.
For most nations, exports and imports are the most important international activity.When nations export more than they import, they are said to have a favorable balance of trade. When they import more than they export, an unfavorable balance of trade.Nations try to maintain a favorable balance of trade.
What is the second largest item ?
The second largest item is the invisible trade. The sub-account regarding services.Services covers all receipts and payments between the resident and non-residents on:Transportation, insurance, travel, communication, technology, patent fee and other commercial services.
In addition to visible trade, which involves the import and export of goods, there is also invisible trade, which involves the exchange of services between nations.
Questions:
Please give us some examples about invisible trade.
a. As an example of invisible trade, Brazilian coffee is usually transported by ocean vessels
because these steamships are the cheapest method of transportation.
Nations such as Greece and Norway have large maritime fleets, which can provide the transportation service. When an exporter arranges for this kind of transportation in the cargo compartment of a ship for one voyage.
b. The prudent exporter purchases insurance for his cargo’s voyage. While at sea, a cargo is vulnerable to many dangers, the most obvious being that the ship may sink. In this event, the exporter who has purchased insurance is reimbursed. Otherwise, he may suffer a complete loss. Thus, insurance is another service in which some nations specialize.
For example, Great Britain, because of the development of LIoyd’s of London, is a leading exporter of this service, earning fees for insuring other nations' foreign trade.
c. Some nations posses little in the way of
exportable commodities or manufactured goods, but they have a mild or sunny climate. For example, during the winter, the Bahamas attract large numbers of tourists, particularly from the U.S., who spend money for hotel accommodation, meals, taxis, and so on.
Tourism, therefore, is another form of invisible trade.
d. In the past twenty-five years, a large demand has grown for the construction of large-scale
development projects, including dams, highway networks, and so on. The technical skills to build these projects are purchased when a nation hires engineers, usually from another
country.
e. The U.S. has been described as a nation of immigrants. Many Americans send money
back to families and relatives in their old courtiers.
They are also called immigrant remittances.
Warm-up Question
1. What does the “ capital account” record?
2. Please state the three sub-accounts in Capital Account.
Answers:
1. It records the inflows and outflows of foreign exchange that result from capital flows.
2. Direct Investment
Portfolio Investment
Short-term Capital It is usually defined as investment made when a firm headquartered in one country.
指投资者在国外投资的企业拥有10%或以上的普通股或投票权, 从而对该企业的管理有有效的发言权。 It refers to the purchase of foreign stocks, Bond and other securities.
指跨越国界的股本证券和债务政投资, 包括股票参股。 Short-term capital flows refer to transactions of International assets with maturity of one year or less.
短期资本项目记录的是原有效期在一年或一年以内的国际资产和债务净额。
The balance of payments employs a “double-entry system of accounting”. Where, it refers that every recorded item in balance of payment should have a debit and a credit, and the amount of the credit side should be consistent with the debit side.
However, since the sources on which the entries are based may be incomplete or inaccurate, and different sources which may not be consistent with one another. So, an item for errors and omissions is included.
第十二，十三次课
Gold Reserve
Gold Reserves refer to the Monetary Gold held by a national monetary authority. At one time, gold moved freely from country to country, but successive constrains have been imposed in the past fifty years.
Today, gold as only one form among many in thereserves of a country. For example, a number of countries have an agreement with the Federal Reserve Bank of New York to hold their gold in safekeeping.So, this makes it possible for these countries To buy gold from or sell gold to other countries by moving the gold from one vault to another at the Federal Reserve Bank of New York. However, in 1930s, most capitalist powers gave up the gold standard system, gold must be converted into other forms of foreign exchanges before it is to be used For Settlement.
Because of it poor liquidity.And the gold reserves generate no interest at all.
Fixed and Floating Exchange Rates
Fixed Exchange rates
In a fixed exchange rate system, the government or the central bank acting on the government behalf intervenes in the currency market so that the exchange rate stays close to an exchange rate target.
Free Floating
a. With floating exchange rates, changes in market demand and market supply of a currency
cause a change in its value.
b. Trade flows and capital flows are the main factors affect the exchange rate.
c. The government sets no pre-determined official target for the exchange rate.
d. Actually, it is rare for pure free floating exchange rates to exist.
Managed Floating Exchange Rates
Managed floating is also known as “Dirty Floating” government intervene in the exchange market to run up or down the exchange rate of the domestic currency according to its national economic or political interests.
Advantage of Floating Exchange Rate
Fluctuation in the exchange rate can provide an automatic adjustment for countries with a large balance of payments deficit.
Advantage of Fixed Exchange Rate
Fixed rate provide greater certainty for exporters and importers. And there is less speculative activity under normally circumstances.
Exchange rate, Interest rate and Economy
Exchange rate: 在金融学里，汇率指的是一种价格与另外一种价格的比值。
In finance, the exchange rate refers that how much one currency is worth of others.
The changing of exchange rate refers to the fluctuation of the value of a currency against other currencies, including appreciation and depreciation.
升值或贬值
Interest rate:
利率是资金的价格, 即放款人即资金所有者在
出让资金的使用权后, 在到期前不能收回这笔
资金。
Interest rate, which is the price for renting the
money to the borrower.
A strong currency is one of which the value is rising relative to other currencies.
From the exporter’s perspective: A strong currency is usually more favorable for settlement. However, a weak currency is welcome for the buyers actually pay less on payment.
This is way depreciation is not always a bad News.
范文五：金融英语
中华英语学习网 中国金融教育培训网
金融英语证书考试（FECT ）报考指南
考试介绍
金融英语证书考试制度是1994年经中国人民银行和国家教委联合发文（银发【1994】107号）批准建立的我国第一个国家级行业性外语证书考试制度。金融英语证书考试开考以来已为国家和各金融机构培养了大批既精通现代金融知识，又能运用英语从事金融业务及管理工作的中高级复合型人才。为进一步完善金融专业英语证书考试制度，适应经济发展对金融人才培养所提出的新要求，金融专业英语证书考试委员会第九次工作会议讨论决定，自2009年开始，金融专业英语证书考试结构将进行适当调整。调整后，原“金融专业英语证书考试（FECT ）”更名为“金融英语证书考试（FECT ）”。金融英语证书考试（FECT ）共设两级，分别为FECT 综合考试和FECT 高级考试。FECT 考试每年举办一次，考试成绩可用作金融系统员工录用、职称评定、职务晋升及出国培训人员或外派人员专业英语水平的参考证明。
报名条件
金融英语证书考试面向全体金融从业人员、大专院校相关专业学生及其他有志于从事金融业的人员。无具体学历等要求，均可报名。其中：
综合考试：面向全体金融从业人员、大专院校学生及有志于从事金融事业的人员，其考试成绩用来作为金融系统员工录用、职称评定、职务晋升以及出国培训人员或外派人员英语水平的证明。
高级考试：面向金融系统国际业务岗位、金融管理人员、大专院校学生及有志于从事金融事业的人员。取得综合证书的考生方可有资格参加高级考试。
报名时间
每年的3月1日至4月15日考生（或集体）在网上或到报名点报名注册。
2010年度金融英语证书考试报名时间为2010年3月1日－4月15日。
考试时间
综合考试：本考试每年举行一次，时间在每年五月的第四个星期六。每次考试时间为150分钟，其中听力30分钟。
高级考试：本考试每年举行一次，时间在每年五月的第四个星期六、日。每次考试时间为150分钟。 2010年度金融英语证书考试时间为2010年5月22日及23日，具体安排如下：
5月22日 09：00-11：30 FECT 综合考试科目-现代金融业务
14：00-16：30 FECT 高级考试必考科目－现代金融理论与实务
5月23日 09：00-11：30 FECT 高级考试选考科目－银行业务与管理
考试科目
1．综合考试：笔试科目一门（含听力），名称为《现代金融业务》，考试内容为银行、证券和保险等金融基础业务操作与专业知识。成绩合格取得金融英语综合证书。
2．高级考试：考试分为笔试和口试，必考科目为《现代金融理论与实务》和口语；专业选考科目（任选一科）为《银行业务与管理》与《保险与证券业务》。口试旨在测试金融业务口语交流能力，提升考生在金融行业的对外交往能力。单科成绩六年有效。
2010年具体开设的考试科目如下：
（1）综合考试的考试科目：现代金融业务；
（2）高级考试的考试科目：必考科目－现代金融理论与实务和选考科目－银行业务与管理。
考试题型
综合考试：
1．听力：分为三个部分：第一部分为针对单句的单项选择；第二部分为针对对话的单项选择；第三部分为针对短文的单项选择。
2．笔试：分为单项选择、完型填空、判断正误、短文阅读理解（共50％）和写作（20％）。其中写作又分为三部分：第一部分为填写表格、单证等；第二部分为翻译（汉译英或英译汉）；第三部分为按要求拟写短文（如函电、通知、留言、备忘录等）。
高级考试：
本考试为笔试，满分100分。题型为选择题、问答题、案例分析、模型说明以及计算题等。
考试大纲
1．综合考试
教材教辅
指定教材
1．综合考试
综合考试教材为《现代金融业务》，金融专业英语证书考试委员会编写，中国金融出版社出版；
2．高级考试
必考教材为《现代金融理论与实务》、《口语》；选考教材为《银行业务与管理》、《保险与证券》，均由金融专业英语证书考试委员会编写，中国金融出版社出版。
推荐教辅：
1．综合考试
《金融综合冲刺过关十套题》，金圣才编写，中国石化出版社出版；
2．高级考试
《现代金融理论与实务过关必做1000题》
《口语过关必做1000题》
《银行业务与管理过关必做1000题》
《保险与证券过关必做1000题》
均由金圣才编写，中国石化出版社出版。
《金融综合考试》考试大纲.doc 《现代金融理论与实务》考试大纲.doc 《银行业务与管理》考试大纲.doc 2．高级考试
金融专业英语证书考试制度是1994年经中国人民银行和原国家教委联合发文（银发
[1994]107号）批准建立的我国第一个国家级行业性外语证书考试制度。金融专业英语证书考试每年进行一次。金融专业英语证书考试委员会决定,2008年度金融专业英语证书综合考试（以下简称金融综合考试）和中级各科考试将于5月31日和6月1日进行。现将有关事项通知如下：
一、考试的时间、类别和科目
5月31日 9：00—11：30 金融综合（含听力）
9：00—11：30 中级《法律》 14：00—16：30 中级《会计学》
6月1日 9：00—11：30 中级《银行业务》（含听力）
14：00—16：30 中级《经济学》
二、教材征订
考试教材及辅导教材均由福建省金融英语考试办公室代售。如需单位统一购买，应于3月3日前向福建省金融英语考试办公室预订。地址：福州市五四路220号，中国人民银行福州中心支行大楼1208室，邮编：350003。
三、报名时间与方法
（一） 本考试在全国实行网上报名，网址：中国金融教育培训网
（http://www.pbcedu.net）；
（二） 报名时间：2008年3月1日至4月15日；
（三） 报名办法
1、个人报名：考生可在规定时间内登录中国金融教育培训网，就近选择一个考区，在网上注册报名；
2、集体报名：考试仍接受集体报名，由各地考试领导小组(人民银行各分行、营业管理部、省会城市中心支行人事处) 管理员或其委托的院校管理员负责相关资料的录入。
四、考试地点
福建金融职业技术学院。地址：福建省福州市仓山区首山路140号。
五、考试的组织与管理
福建省金融英语考试办公室负责具体组织并实施福建考区的考试工作，咨询电话：0591-88010569、88010568，传真：0591-88010740。
二○○八年二月二十二日
021-61651128
中国银行协会
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