[00:00.00]Chapter 2 Money Exchange
[00:01.87]第二章货币兑换
[00:03.74]Unit 3 Foreign Exchange
[00:05.79]第三单元外汇
[00:07.84]Words and Expressions:
[00:10.84]global understandable
[00:14.52]fluctuate dictate
[00:18.21]intervention impose
[00:22.41]Scene:A foreign banking teacher in China
[00:25.91]一位教授银行学的外籍教师
[00:29.41]is telling a foreign trade student about foreign exchange dealing.
[00:32.07]向学生介绍外汇交易知识
[00:34.72]Z:Good morning,Mr.Steward.
[00:36.26]早上好,斯特沃德先生.
[00:37.80]S:Good morning,Zhang Jun.You said on the phone yesterday
[00:41.20]早上好,张军.昨天你电话里说
[00:44.59]that you had some questions about foreign exchange dealing.
[00:47.09]要问问有关外币兑换交易方面的问题.
[00:49.58]Z:Yes,with the growth of global trade,
[00:51.49]是的,随着全球贸易的不断发展,
[00:53.39]Chinese companies need foreign currencies for international transactions.
[00:56.24]中国的企业也需要用外汇来支付外商.
[00:59.09]So,I'd like to learn about this topic.
[01:00.84]我想多了解一些这方面的情况.
[01:02.59]S:That's understandable since you are a foreign trade student.
[01:05.14]当然了,因为你学的专业就是外贸.
[01:07.68]Z:I understand that exchange rate
[01:09.28]我知道汇率
[01:10.87]is the value of one unit of a foreign currency expressed in another currency.
[01:14.32]是指一单位货币以另一国货币来表示的价格.
[01:17.77]But how are foreign exchange rates are determined?
[01:20.12]但是这些汇率是由什么决定的呢?
[01:22.47]S:The price of one currency in terms of another is called the exchange rate.
[01:25.86]国货币用另一国表示的价格称为汇率.
[01:29.26]This rate fluctuates according to the dictates of supply and demand,
[01:32.51]汇率随供求关系而上下波动
[01:35.76]within the limitations imposed by national and international monetary authorities.
[01:39.16]在国际及国内金融机构所限定的范围内,
[01:42.56]Z:Well,do central bank interventions
[01:44.86]那么,中央银行对外汇交易的干预
[01:47.15]and exchange controls affect rates of exchange?
[01:49.31]及控制对汇率是否产生影响呢?
[01:51.46]S:Yes,of course.But there are still other factors
[01:53.85]当然。但仍然有其它的因素
[01:56.24]which affect the rates of exchange--the balance of payments,
[01:59.39]影响汇率的升降,例如国际收支、
[02:02.54]rates of domestic inflation and the relative purchasing power of currencies,
[02:05.64]通货膨胀率、货币相对购买力,
[02:08.73]Notes:the balance of payments,rates of domestic inflation
[02:15.63]and the relative purchasing power of currencies,
[02:19.44]balance of payment purchasing power
[03:29.92]international interests,
[03:32.22]国际利率,
[03:34.52]rate differentials and other factors.
[03:36.52]利率差等因素.
[03:38.51]Z:Are these factors,which create a demand or lack of demand,
[03:41.17]影响其供求大小的因素
[03:43.82]for a particular currency easy to identity or isolate?
[03:46.86]对某一特定货币来说,是否很容易单独挑选出来?
[03:49.90]S:No.Very difficult.
[03:51.71]不,这是非常难的.
[03:53.51]These factors always work together to affect the rates of exchange.
[03:56.11]这些因素总是混在一起对汇率产生影响的.
[03:58.71]Z:What is spot rate?
[04:00.05]什么是即期汇率?
[04:01.40]Notes:spot rate What's spot rate?
[04:21.49]S:Currencies can be bought or sold in foreign exchange market
[04:24.78]在外汇交易市场上,货币的买进、卖出,
[04:28.07]either for immediate delivery or for delivery later.
[04:31.36]既可以作即期交易,也可能作期货交易.
[04:34.65]So spot rate is for immediate delivery
[04:36.51]所以即期汇率就是在即期交易时的汇率,
[04:38.36]and forward rate is for delivery later.
[04:40.06]而后者就是在期货交易付的汇率.
[04:41.76]Z:Does the forward market help?
[04:43.26]那么期货交易市场有何好处?
[04:44.76]S:Yes,the forward market is very useful for companies involved in foreign trade.
[04:47.86]有好处.期货交易对外贸公司是非常有益的.
[04:50.95]For example,if a company knows
[04:52.65]例如,某公司知道
[04:54.35]that it will need a particular foreign currency
[04:56.10]将在一个月以后需要用某一种货币
[04:57.85]to pay a bill in a month's time,
[04:59.35]支付一份帐单,
[05:00.85]a forward deal enables it to protect itself. Z:How?
[05:04.40]那么采用外汇期货交易,公司就能避免某些风险.嗯?
[05:07.96]S:The rate of exchange of a particular foreign currency is changing all the time
[05:10.80]某一特定汇率一直在波动着
[05:13.65]because of the factors I have just mentioned.
[05:15.60]许多因素对汇率升降有影响.
[05:17.54]Future adverse movements in the exchange rate
[05:19.63]若非如此,期货汇率的升降
[05:21.72]would have otherwise had the effect of making the foreign goods more expensive
[05:24.57]就有可能使到时所购买的外国货物价格上升.
[05:27.42]Z:Oh,I see.
[05:28.46]嗷,我懂了.
[05:29.51]Now,I have a clearer picture of foreign exchange.
[05:31.70]现在我对外汇交换交易有了较清楚的认识了.
[05:33.90]Thank you very much.
[05:35.10]非常感谢您.
[05:36.30]S:You are welcome any time.
[05:37.55]别客气,随时欢迎你来.
[05:38.81]Unit 4 Exchanging Money
[05:40.70]第四单元货币兑换
[05:42.60]Words and Expressions:
[05:45.39]draft duplicate drawee quote
[05:54.87]collection freight deduction
[06:00.78]exchange memo traveler's L/C
[06:06.58]issuing bank sight draft
[06:11.67]discount interest
[06:14.47]Dialogue
[06:15.95]Characters:
[06:16.95]人物角色：
[06:17.94]Mr.Jones,Foreign Visitor Miss Zhang,clerk of the Bank of China.
[06:21.39]琼斯,外籍访问人士张小姐,中国银行职员
[06:24.84]J:Could you change some money for me, please?
[06:26.93]琼:请问,您能给我换点钱吗?
[06:29.02]Z:Certainly.What do you want to change?
[06:30.91]当然可以,您想用什么货币兑换?
[06:32.80]J:Two hundred U.S.dollars.
[06:34.31]200美元.
[06:35.81]Z:Would you mind showing me your passport?
[06:37.35]能出示您的护照吗?
[06:38.89]J:Not in the least.Here it is.
[06:40.29]行,给您,
[06:41.68]What is the rate of exchange today?
[06:43.08]今天的汇率是多少?
[06:44.48]Z:The buying rate of U.S.dollar notes is 830 Yuan per hundred dollars.
[06:48.28]美元的买入价是每100美元合830元.
[06:52.08]J:Thank you.How much Renminbi Yuan shall I get for two hundred dollars?
[06:55.18]谢谢,我用200美元可以换多少人民币?
[06:58.27]Z:Let me see,one hundred dollars makes 830 Yuan,
[07:02.13]让我算算.100美元合830元,
[07:05.98]and two hundred dollars makes 1660.
[07:08.58]200美元合1,660元人民币.
[07:11.18]Here are the cash and exchange memo.Check them,please.
[07:13.58]这时现金和水单.请点一下.
[07:15.98]J:It seems there's some change in the rates.
[07:17.83]汇率好像有些变化.
[07:19.67]I got 1650 Yuan for two hundred dollars when I was staying in Beijing last week.
[07:23.47]上周我在北京时,200美元换了1,650元.
[07:27.27]I think the rate of the dollar against the Chinese Yuan
[07:29.27]我想美元兑换人民币的汇率
[07:31.27]has risen again,hasn't it?
[07:32.66]又上升了,对吧?
[07:34.06]Notes:I think the rate of the dollar against the Chinese Yuan
[07:40.25]has risen again,hasn't it?
[07:43.15]the currency of A against currency B
[07:50.44]the currency of A in terms of currency B
[07:55.64]Z:Yes,it certainly has.
[07:57.88]对的.
[08:00.13]J:I also have a traveler's L/C.
[08:02.77]我还有一张旅行信用证.
[08:05.41]It is world-wide one opened by XXX Bank in Canada
[08:08.40]是我访问加拿大时其国银行开立的,
[08:11.39]for one thousand dollars when I was visiting there.
[08:13.60]它在世界各地都有效,金额是1000美元.
[08:15.80]There remains a balance of 200 dollars.
[08:18.19]现在只剩下200美元了,
[08:20.58]May I draw money against the L/C here?
[08:22.32]我能凭此证取出现金吗?
[08:24.06]Z:Yes,of course.The draft is in duplicate.
[08:26.50]当然可以.汇票一式二份.
[08:28.94]Please fill up here the credit number,
[08:31.14]请在这里填上信用证编辑、
[08:33.33]the date,the name of the issuing bank,
[08:35.28]日期、开证行名称、
[08:37.22]the amount in figures and in words,
[08:39.22]金额（大小写）以及付款行名称……,
[08:41.22]and the drawee's name please sign here.
[08:43.17]请在这里签名.
[08:45.11]J:Is this OK? Z:Yes,everything is O.K..
[08:48.42]我都填对了吗?对了,
[08:51.72]Let me see,the buying rate is 835 Yuan,
[08:55.12]让我算算,买入价是835元
[08:58.51]two hundred dollars makes 1670 Yuan.
[09:01.41]200美元折合1670元人民币.
[09:04.31]J:Oh!It seems to me that the buying rate you have just quoted
[09:06.82]你刚才报的买入价
[09:09.33]is different from that one for notes.
[09:11.52]与我兑得的现钞价不同.
[09:13.72]Could you tell me why the note rate is lower?
[09:15.72]您能不能说说为什么现钞价要低些?
[09:17.71]Z:I'm glad to.
[09:19.02]我很高兴回答这个问题.
[09:20.33]You know we shall have to send notes abroad by post for collection
[09:23.83]您知道,我们得通过邮寄将现钞寄往国外办理托收
[09:27.33]and shall not be covered with the funds until a later date.
[09:29.77]一段时间之后我们才能收回这笔金额,
[09:32.21]It'll also cost us freight and insurance changes in sending notes.
[09:35.46]而且,我们还要为这些花运费和保险费.
[09:38.72]All these factors bring about their lower rate.
[09:41.12]这些因素便导致现钞价要低些.
[09:43.52]J:Thank you for your explanation.
[09:45.33]您解释在理.谢谢！
[09:47.13]Z:This is the exchange memo.
[09:48.72]这是兑换水单.
[09:50.32]A deduction of a half percent is made for discount interest.
[09:53.16]扣了0.5%的贴息,
[09:56.01]You'll have a net amount of 1661.65 Yuan.
[09:59.61]您净得1661.65元人民币.
[10:03.22]J:Would you mind me asking another question? Z:Not at all.
[10:05.96]我能再问一个问题吗?完全可以.
[10:08.71]J:Why is the sight draft subject to a deduction for discount interest?
[10:12.65]为什么即期汇票还要扣贴息?
[10:16.59]Notes:Why is the sight draft subject to a deduction for discount interest?
[10:22.50]Notes:be subject to
[10:33.60]The cable is subject to our mail confirmation.
[10:48.59]The amendment may be made subject to the beneficiaries' consent.
[10:54.18]Subject to your consent,shipment is to be made in July.
[10:58.70]Z:Here the time factor also counts.
[11:01.64]这里有一个时间问题.
[11:04.58]Notes:count Here the time factor also counts.
[11:15.37]You see,you get the cash right now,
[11:17.42]您看,现在您已拿到现款,
[11:19.47]but we shall not get the funds back until the issuing bank receives the draft.
[11:22.62]而我们要等开证行收到汇票后才能收回这笔金额.
[11:25.77]This loss of interest is covered by the discount changes.
[11:28.56]贴息就是用来弥补利息损失的.
[11:31.36]J:Is a traveler's cheque also subject to such a deduction?Z:Yes.
[11:35.05]旅行支票是否也要扣贴息呢?是的,
[11:38.75]J:Oh,I see,thank you for all you've done for me.
[11:41.35]哦,我明白了.感谢您为我所做的一切！
[11:43.95]Z:It has been a pleasure.
[11:45.29]不用谢.
[11:46.64]Supplementary Reading
[11:49.43]Exchange Market and Exchange Rate
[11:53.25]The overwhelming majority of international payments
[11:55.30]绝大部分国际间的支付
[11:57.35]are made through the media of foreign exchange traded inforeign exchange markets.
[12:00.64]都是通过外汇市场中的外汇交易来完成的.
[12:03.93]The foreign exchange market is not an organized market
[12:06.07]外汇交易市场不是有组织的市场,
[12:08.22]in the same sense as a stock exchange or commodity exchange.
[12:10.71]像股票交易所和商品交易所那样.
[12:13.20]In other words,there is no single,physical place where purchases and sales are executed.
[12:16.85]换句话说,根本就没有一个看得见的市场可以从事买卖.
[12:20.49]While markets are organized in various ways in different countries of the world
[12:23.20]虽然外汇交易市场在不同的国家有不同的组织形式,
[12:25.90]most foreign exchange transactions are simply arranged by two parties
[12:28.40]但大多数交易只是通过电报
[12:30.89]and executed by telephone or telex.
[12:33.29]或电传在买卖双方之间进行.
[12:35.70]The most important dealers in foreign exchange transactions are large commercial banks,
[12:38.84]外汇交易中最重要的交易是大商业银行,
[12:41.99]which maintain foreign exchange dealing rooms
[12:44.19]它们都有专门的外汇"交易室",
[12:46.38]and execute foreign exchange transactions between themselves
[12:48.82]在他们彼此之间进行交易,
[12:51.27]or on behalf of their corporate customers.
[12:52.96]或代表它们的法人客户之间进行.
[12:54.66]Notes:and execute foreign exchange transactions between themselves
[13:01.17]or on behalf of their corporate customers.
[13:05.37]on behalf of
[13:12.37]My husband cannot come here today,so I'm going to speak on his behalf.
[13:18.96]The foreign exchange market is made up of two sections:
[13:21.50]外汇市场有两个部分:
[13:24.05]the spot market for spot transactions and forward market for forward transactions.
[13:27.50]供即期交易的即期市场和供远期交易的远期市场.
[13:30.95]The method of quoting the prices or rates of exchange for different currencies
[13:33.69]对各种货币标价或标汇率的方法
[13:36.43]takes one of two forms:
[13:37.99]有两种:
[13:39.54]the direct quotation method and the indirect quotation method.
[13:42.69]直接标价法和间接标价法.
[13:45.84]Under the direct quotation method,
[13:47.44]按照直接标价法,
[13:49.05]the rates are quoted in terms of a variable number of home currency
[13:51.60]推算出一个随汇率变动而变化本国货币数
[13:54.14]per fixed foreign currency unit,
[13:55.98]标价是以一定单位的外币为标准.
[13:57.83]and China adopts this method.
[13:59.52]中国采用这种标价法.
[14:01.22]Under the indirect quotation method,
[14:03.56]按照间接标价法,
[14:05.90]the rates are quoted in terms of a variable number of foreign currency
[14:08.44]标价是以一定单位的本币为标准,
[14:10.99]units to the fixed unit of home currency,
[14:13.68]折算为一个随汇率变动而变化的外币数额
[14:16.37]Notes:the rates are quotedin terms of a variable number of foreign currency units
[14:23.66]to the fixed unit of home currency,
[14:26.77]Notes:rate long exchange rate
[14:37.66]pivotal rate par exchange rate
[14:43.36]forward foreign exchange rate
[14:47.85]equilibrium rate of exchange
[14:52.42]sight rate going rate
[14:56.50]fixed exchange rate
[14:58.87]purchasing power parity exchange rate
[15:03.08]single rate
[15:05.69]official exchange rate
[15:08.49]fluctuating rate
[15:10.68]acceptance rate
[15:13.37]short rate
[15:16.24]basic rate of exchange
[15:19.43]multiple rates of exchange rate
[15:23.04]the exchange market in London practices this method.
[15:25.03]伦敦外汇市场实行的就是这种方法.
[15:27.03]An exchange dealer always quotes two rates,
[15:29.18]外汇经纪人通常标两种汇率:
[15:31.32]at one of which,he wil l buy
[15:32.81]一种是他买进外汇的汇率,
[15:34.30]and at the other of which he will sell the foreign currency.
[15:36.59]另一种是他卖出外汇的汇率.
[15:38.89]For direct rates then,from the standpoint of the exchange dealer,
[15:41.39]就外汇经纪人的观点来说,对于直接汇率而言,
[15:43.88]the maxim is buy low,sell high;
[15:46.18]其标准是低价买进,高价卖出；
[15:48.48]for indirect rates,the maxim is buy high,sell low.
[15:51.43]对于间接汇率而言,其标准是高价买进,低价卖出.
[15:54.38]A distinction must be drawn between rates quoted by a dealer to this customer
[15:57.13]务须区分经纪人对其客户的标价汇率
[15:59.87]and the so-called market rates.
[16:01.48]和所谓"市场汇率".
[16:03.08]The market rates are those ruling between the dealer themselves as members of the market.
[16:06.13]市场汇率是指作为市场人员的经纪人同业中通行的汇率.
[16:09.17]For direct rates,
[16:10.17]就直接汇率而言,
[16:11.18]the selling rate to his customers will be higher than that of the market rate,
[16:13.98]卖给客户的汇率高于市场汇率的卖出汇率,
[16:16.77]while the buying rate will be lower than that of the market rate.
[16:19.42]而买进汇率将低于市场汇率的买进汇率.
[16:22.07]In the case of direct rates,low rates are for us,
[16:24.28]就直接汇率来说,低价汇率对我们有利,
[16:26.49](favorable from a national viewpoint)
[16:27.94]从国家的角度来看的话,
[16:29.39]and high rates are against us(unfavorable from a national viewpoint);
[16:32.43]而高汇率对我们不利.
[16:35.47]or vise versa in the case of indirect rates.
[16:38.32]至于间接汇率就相反. |