金融英语 chapter 8

金融专业英语阅读（答案）Chapter OneMonetary Policy(货币政策) …………………………………Chapter TwoForeign Exchange Risk andWhy It Should Be Managed(外汇风险和进行外汇管理的原因)………………………………………Chapter ThreeTools and Techniques forThe Management of Foreign Exchange Risk(控制外汇风险的工具和方法) …………………………………Chapter FourU.S. Foreign ExchangeIntervention(美国对外汇交易的干预) …………………………………Chapter FiveHistory of Accounting(会计的历史起源) …………………………………Chapter SixAccounting and Bookkeeping(会计和簿记) …………………………………Chapter SevenFinancial Markets and Intermediaries(金融市场和中间业务) …………………………………Chapter EightHistory of Insurance(保险的历史起源) …………………………………Chapter NineInsurance Policy(保险单) …………………………………Chapter TenBank for International Settlements(国际清算银行) …………………………………Chapter ElevenCommercial Bank Lending(商业银行借贷) …………………………………Chapter TwelveCredit Analysis(信贷分析) …………………………………Chapter ThirteenWhat Kind of Mortgage Loan Should You Get?(何种抵押贷款更适合你？) …………………………………Chapter FourteenMutual Fund(共同基金) …………………………………Chapter FifteenBonds(债券) …………………………………Chapter SixteenOptions(期权) …………………………………Chapter OneMonetary Policy货币政策Answers:Multiple choices1.D2.B3.C4.C5.ATrue or False1.F2.T3.F4.T5.F6.TRead the following text and choose the best sentences for A to E below to fill in each of the gaps in text1. E2. B3. D4. A5. CCloseEmployment, demand, fiscal policy tools, monetary policy, central bank, interest rates, "stable" prices, inflation, "federal funds" rate, open market operationsTranslation:Translate the following passage into Chinese1.紧缩性货币政策和扩张性货币政策都涉及到改变一个国家的货币供应量水平。

Chapter One Functions of Financial Markets 一．Translate the following sentences into Chinese.1.China’s banking industry is now supervised by the PBC and CBRC. In addition, the MOFis in charge of financial accounting and taxation part of banking regulation and management.目前中国银行业主要由中国人民银行和银监会进行监管。

此外，财政部负责银行业监管的财务会计及税收方面。

2.Currently Chinese fund management companies are engaged in the following business:securities investment fund, entrusted asset management, investment consultancy, management of national social security funds, enterprise pension funds and QDII businesses.目前中国的基金管理公司主要从事以下业务：证券投资基金业务、受托资产管理业务、投资咨询业务、社保基金管理业务、企业年金管理业务和合格境内机构投资者业务等。

3.China's economy had 10% growth rate in the years before the world financial crisisof 2008. That economic expansion resulted from big trade surpluses and full investment.Now China is seeking to move away from that growth model. The country is working to balance exports with demand at home.在2008年世界经济危机之前的那些年，中国经济增长速度曾达到10%。

Chapter One Functions of Financial Markets 一．Translate the following sentences into Chinese.1.China’s banking industry is now supervised by the PBC and CBRC. In addition, the MOFis in charge of financial accounting and taxation part of banking regulation and management.目前中国银行业主要由中国人民银行和银监会进行监管。

此外，财政部负责银行业监管的财务会计及税收方面。

2.Currently Chinese fund management companies are engaged in the following business:securities investment fund, entrusted asset management, investment consultancy, management of national social security funds, enterprise pension funds and QDII businesses.目前中国的基金管理公司主要从事以下业务：证券投资基金业务、受托资产管理业务、投资咨询业务、社保基金管理业务、企业年金管理业务和合格境内机构投资者业务等。

3.China's economy had 10% growth rate in the years before the world financial crisisof 2008. That economic expansion resulted from big trade surpluses and full investment.Now China is seeking to move away from that growth model. The country is working to balance exports with demand at home.在2008年世界经济危机之前的那些年，中国经济增长速度曾达到10%。

《实用国际金融英语》参考答案Chapter 1Lead-in Activities1. Balance of payment data serve as record of the flows of goods, services and finance between an economy and the rest of the world. As one of the primary functions of the IMF is to prevent financial crises and assist countries in balance of payment difficulties, the collection of standardized, comparable balance of payment data is seen as a core task.BOP is a statistical statement that summarizes, for a specific period (typically a year or quarter), the economic transactions of an economy with the rest of the world. It covers:·All the goods, services, factor income and current transfers an economy receives from or provides to the rest of the world;·Capital transfers and changes in an economy’s external financial claims and liabilities.2. When a country has a surplus in its current account, i.e. when its exports exceed its imports, there will probably be a surplus in the balance of payment because the current account forms a very large proportion in the balance of payment. The surplus means the supply of foreign exchange exceeds demand. The monetary authority has to increase the purchase of the foreign currency and the stock of its international reserve. Meanwhile, the supply of domestic currency adds at an accelerated speed, which may lead to further issue of the local currency and cause inflation.3. When there is a long-lasting surplus in the balance of payment, particularly in the current account, there will also be excessive demand for its currency. The country’s exchange rate will rise, unless the central bank is willing to provide its currency to the market in exchange for foreign currencies. For example, when the export of the United States exceeds much more than import, a large quantity of US dollars are wanted by those importers to pay for the US goods. Thus, the exchange rate of US dollars rises.When the balance of payment has a long-lasting deficit, the payable debts denominated in foreign currencies are more than receivable claims; there will be a considerable demand for foreign currencies over the supply. As a result, the foreign currencies wanted appreciate, and the domestic one devalues.4.Temporary drop of surplus or moderate short-term deficit does not seriously affect a country’s economy or foreign trade. On one hand, deficit means larger amount of import than export in current account; on the other hand, it more likely shows an increasing demand of foreign currencies to pay for the imported goods. In other words, deficit may cause the raise of exchange rate of foreign hard currencies, which is conducive to the investors from the issuing countries of these appreciating currencies. This is surely good news to those that are in need of foreign investment. Temporary drop of surplus helps cool off the national economy and serves as a brake stopping ongoing inflation.5.The stock of international reserve should be neither more or less than necessary. The International Exchange Reserves are kept in the debit entry in BOP statements in that the monetary authority has to pay in exchange for the foreign hard currencies. Therefore, the amount and composition of exchange reserves are to be decided by taking the following factors into consideration.(1) The duration of the government’s external debt should be related to the duration of thereserves, with emphasis on the interest rate exposure risk.(2) High-risk-return assets should be limited within a safe range.(3) One of the most important issues raised in the context of investing the reserves of a centralbank is the choice of a reference basket.It is well recognized that the lowest level of the stock of international reserve should be no less than the amount payable for a 3-month import. And, the stronger an economy is, the less international reserve is to be kept.6. C7. CExercisesI. True or False1. F2. F3. F4. F5. F6. F7. F8. F9. F 10. F11. F 12. T 13. F 14. F 15. TII．Translation Task1.在与国际货币基金组织的技术援助使团于2000年上半年进行了磋商之后，国家外汇管理局吸取了国际通行的经验，以提高其国际收支报告的及时性。

Chapter 1The international money market trades short-term claims with an original maturity of one year or less.The international capital market trades capital market instruments with an original maturity greater than one year.The foreign exchange market is the one where foreign currencies are bought and sold in the course of trading goods, services, and financial claims among countries. Chapter 21.Money：Economists define money (also referred to as the money supply) asanything that is generally accepted in payment for goods or services or in the repayment of debts.2.Currency：One type of money：dollar bills and coins3.Medium of Exchange：In almost all market transactions in an economy, money inthe form of currency or checks is a medium of exchange; it is used to pay for goods and services.4.Transaction Cost：The time spent trying to exchange goods and services is called atransaction cost.5.Store of Value：Money also functions as a store of value; it is a repository ofpurchasing power over time. A store of value is used to save purchasing power from the time income is received until the time it is spent.6.Liquidity：Liquidity is a measure of the ease with which an asset can be turnedinto a means of payment, namely money.7.Inflation：Inflation is a sustained rise in the general price level—that is, the priceof everything goes up more or less at the same time.8.Money aggregates: We have drawn the line in a number of different places andcomputed several measures of money, called the money aggregates: M1, M2, and M3.M1=currencycurrency and various deposit accounts on which people can write checks +Traveler’s checks+Demand deposits+Other checkable depositsM2=M1M2 equals all of M1 plus assets that cannot be used directly as a means of payment and are difficult to turn into currency quickly+Small-denomination time deposits+Savings deposits and money market deposit accounts+Money market mutual fund shares (non-institutional)M3=M2M3 adds to M2 a number of other assets that are important to large institutions but not to individuals.+Large-denomination time deposits+Money market mutual fund shares (institutional)+Repurchase agreements+EurodollarsChapter 31. Depository institutions：Depository institutions are financial institutions that accept deposits from savers and make loans to borrowers .W e use the term “banks” as an alternative.2.bank：A bank is a financial institution where you can deposit your money.mercial Banks：A commercial bank is an institution that accepts deposits anduses the proceeds to make consumer, commercial, and mortgage loans. Originally established to meet the needs of businesses, many of these banks now serve individual customers as well4.holding company：A holding company is a corporation that owns a group of otherfirms.munity Banks：Small banks—those with assets of less than $1 billion—thatconcentrate on serving consumers and small businesses.These are the banks that take deposits from people in the local area and lend them back to local businesses and consumers.6.Regional and Super-Regional Banks：larger than community banks and muchless local. Besides consumer and residential loans, these banks also make commercial and industrial loans.7.Money Center Banks：do not rely primarily on deposit financing. These banks relyinstead on borrowing for their funding8.Savings Institutions：Savings institutions, which are sometimes referred to as“thrift institutions” or “thrifts”, are financial intermediaries that were established to serve households and individuals.9.Credit Union：Credit unions (CUs) are nonprofit organizationsThey are composed of members with a common bond, such as an affiliation with a particular labor union, church, university, or even residential area.Chapter 4Insurance Companies: Insurance companies are intermediaries whose primary function is to allow households and businesses to shed specific risks by buying contracts called insurance policies that pay cash compensation if certain specified events occur.1.Insurance:Insurance is a financial arrangement that redistributes the costs ofunexpected losses.2.Insurance System: An insurance system accomplishes the redistribution of thecost of losses by collecting a premium payment from every participant in the system.Marine Insurance —The large majority of ship owners resort to marine insurance for the protection of their ships, freight and other interests against marine perils.Life Insurance—Life insurance pays a stated amount of money on the death of the insured individualFire Insurance —Fire insurance covers losses due to fireProperty Insurance —property insurance covers damage to the properties of the assured subject to an agreed limit.Motor Insurance—a legally required insurance covering the driver of a car for potential damages to other road users or their vehicles from accidents caused through their fault.Accident Insurance—this type of insurance provides compensation in the event of an accident causing death or injury.Liability Insurance —this type of insurance is to protect the policyholder who is sued for damages arising from negligence.Property and casualty insurance--- Policies that cover accidents, theft, or fire are called property and casualty insurance.Health and disability insurance--- Policies that cover sickness or the inability to work are called health and disability insuranceLife insurance---Policies that cover death are called life insurance3.Premiums: Payments made to insurance companies for the insurance they provideare called premiums.4.Reinsurance: Insurance companies commonly obtain reinsurance, whicheffectively allocates a portion of their return and risk to other insurance companies.（1）Pension Funds: Like an insurance company, a pension fund offers people the ability to make premium payments today in exchange for promised payments under certain future circumstances.（2）Pension plan: A pension plan is an asset pool that accumulates over an individual’s working years and is paid out during the nonworking years.5.Installment Loans: Consumer finance firms provide small installment loans toindividual consumers.This kind of consumer credit allows people without sufficient savings to purchase appliances such as television sets, washing machines, and microwave ovens6.Mutual Funds:A mutual fund is a portfolio of stocks, bonds, or other assetspurchased in the name of a group of investors and managed by a professional investment company or other financial institution.7.Open-end mutual funds: Open-end mutual funds are willing to repurchase theshares they sell from investors at any time.8.Closed end: Closed-end mutual funds do not repurchase the shares they sell.9.Investment Bank:It is a financial institution that helps corporations raise funds.10.Securities Brokers:Securities brokers and dealers conduct trading in secondarymarkets.11.Brokers: Brokers are pure intermediaries who act as agents for investors in thepurchase or sale of securities.12.Securities Dealers: Security dealers link buyers and sellers by standing ready tobuy and sell securities at given prices.anized Exchange: An organized exchange actually functions as a hybrid of anauction market (in which buyers and seller trade with each other in a central location14.dealer market: A dealer market (in which dealers make the market by buying andselling securities at given prices)Chapter 51.Interest rate：The willingness to postpone purchases into the future is a function ofthe reward.2.Future Values: future value is the value on some future date of an investmentmade today.3.Present Value:Present value is the value in the present of a payment that ispromised to be made in the future.4.Nominal Interest Rates: interest rate that is adjusted for expected changes in theprice level so that it more accurately reflects the true cost of borrowing.补：The interest rate before taking inflation into account. The nominal interest rate is the rate quoted in loan and deposit agreements. The equation that links nominal and real interest rates is:(1 + nominal rate) = (1 + real interest rate) (1 + inflation rate).It can be approximated as nominal rate = real interest rate + inflation rate.5.Real Interest Rates: （补）An interest rate that has been adjusted to remove theeffects of inflation to reflect the real cost of funds to the borrower, and the real yield to the lender. The real interest rate of an investment is calculated as the amount by which the nominal interest rate is higher than the inflation rate.Real Interest Rate = Nominal Interest Rate - Inflation (Expected or Actual) Chapter 6Money Market：Money market is the market for short-term creditMoney market provides short term debt financing and investment.1.Treasury Bills：A short-term debt obligation backed by the U.S. government witha maturity of less than one year. T-bills are sold in denominations of $1,000 up toa maximum purchase of $5 million and commonly have maturities of one month(four weeks), three months (13 weeks) or six months (26 weeks).2.Negotiable Certificates of Deposit (CDs)：The term CD stands for Certificate ofDeposit. A CD is simply a short- to medium-length investment. Most CDs have a maturity of 1-12 months.mercial Paper：Commercial paper securities are unsecured promissory notes,issued by corporations that mature in no more than 270 days.4.Banker’s Acceptance：Banker’s acceptances are money market instrumentscreated in the course of financing international trade.An acceptance is a financial instrument designed to shift the risk of international trade to a third party willing to take on that risk for a known cost.5.Repurchase Agreements：Repurchase agreements (repos) are short-termagreements in which the seller sells a government security to a buyer and simultaneously agrees to buy the government security back on a later date at a higher price.6.Money Market Mutual Funds：MMMFs are funds that aggregate money from agroup of small investors and invest it in money market instruments.7.open-ended fund：An open-ended fund is one that invests in securities and sellsdirect claims on the securities to investors.Chapter 71.Central Bank：The central bank is the financial institution designed to regulateand control the money supply of a nation, with the goal of fostering economic growth without inflation.2.expansionary policy：lower interest rates, raises both growth and inflation over theshort run3.restrictive policy：Higher interest rates, reduces both growth and inflation.4.Dollar hegemony: dollar hegemony means that managing the US dollar thereforenot only affects the US economy but all economies.Chapter 81.Monetary policy：Defined as the use of various tools by the central bank tocontrol the availability of loanable funds in an effort to achieve national economic goals, such as full employment and reasonable price stability.2.Reserve Requirements: Reserve requirements are a percentage of depositoryinstitutions' demand deposit liabilities that must be kept on deposit at the central bank as a requirement of banking regulations.3.Discount Rate：Discount rate is the interest rate charged by a central bank on loansto commercial banks.4.Open Market Operations：Open market operations, the central ban k’s purchase orsale of bonds in the open marketOpen market purchases：Open market purchases expand reserves and the monetary base, thereby raising the money supply and lowering short-term interest rates.Open market sales：Open market sales shrink reserves and the monetary base, lowering the money supply and raising short-term interest rates.Chapter 9Capital Market：The capital market is the market in which long-term debt (generally those with original maturity of one year or greater) and equity instruments are traded.1.The primary market：The primary market is where new issues of stocks and bondsare introduced. Investment funds, corporations, and individual investors can purchase all securities offered in the primary market.anized Securities Exchanges：Exchange rules govern trading to ensure theefficient and legal operation of the exchange, and the exchange’s board constantly reviews these rules to ensure that they result in competitive trading.3.Over-the-Counter Markets：Securities that are not listed on one of the exchangestrade in the over-the-counter market. This market is not organized in the sense of having a building where trading takes place.4.NSADAQ：shows bid and asked prices for thousands of OTC-traded securities onvideo screens hooked up to a central computer system.5.Bonds：Bonds are securities that represent a debt owed by the issuer to theinvestorMunicipal bonds：These are issued by state and local governments or their agencies to pay for public improvements, reducing debt, or other purposesCorporate bonds：These are issued by corporations that want to raise money for their business venture, ranging from balancing their cash flow to buying new equipment, building new facilities, or spending on new research.Government bonds：Issued by the Federal government or one of the its agencies.6.Treasuries: Treasuries bills, notes and bonds are collectively called “Treasuries”.Treasury Bills (T-bills): These are short-term securities that mature in a year or less. You buy them at a discount price and at the end of the term, you are repaid the full price.Treasury Notes: Theses are issued for the intermediate term, such as 2 years up to10 years. Expect to earn a little higher interest rate than what you could get from aT-bill. Interest is paid every 6 months.Treasury Bonds: Theses are issued for the long term, generally from 10 years to30 years. Expect to earn a higher interest rate than what you could get from aT-note. Interest is paid every 6 months.Savings Bonds: They are government bonds designed especially for individual investors. As such, they can generally only be redeemed by their original owner, except in limited circumstances.7.Primary market:bonds sold for the first time.Secondary market: the resale of bonds some time after their initial offering.8.Face Value: The face value, or par value, of a bond is the value of the bond atmaturity, the date when the loan is paid off. A common face value is $1,000 per bond.9.Coupon Rate: A bond’s coupon rate refers to the amount of interest that will bepaid based on the face value of the bond.10.Yield:The yield is the discount rate or interest rate that an investor wants frominvesting in a bond.11.Stocks:A share of stock in a firm represents ownershipCommon stock:makes up the majority of stocks. As a common stock holder, you have a right to claim dividends and get to have one vote per share when electing board of directors.Preferred stock:does not usually include voting rights and pays a specified dividend, because of which the stock price does not rise and fall along with the company profits.Bull Market: indicates the constant upward movement of the stock market.Bear Market: indicates the continuous downward movement of the stock market.12.Mortgages: Mortgages are loans to households or firms to purchase housing, land,or other real structure, where the structure or land itself serves as collateral for the loans.13.Discount points: Discount points are interest payments made at the beginning of aloanChapter 10Financial derivatives:Financial derivatives are financial contracts, or financial instruments, whose values are derived from the value of something else ( known as the underlying).1.Exchange-traded derivatives (ETD): are those derivatives products that are tradedvia specialized derivatives exchanges or other exchanges.Over-the counter (OTC) derivatives:They are contracts that are traded ( and privately negotiated) directly between two parties, without going through an exchange or other intermediary.2.Forward: A forward, or forward contract, is an agreement between a buyer and aseller to exchange a commodity or financial instrument for a specified amount of cash on a prearranged future date.3.Future: a future, or futures contract, is a forward contract that has beenstandardized and sold through an organized exchange.Hedger: tries to minimize risk by buying or selling now in an effort to avoid risking or declining futures pricesSpeculator: try to profit from the risks by buying or selling now in anticipation of rising or declining future prices4.Initial margin: represents a good faith deposit that serves to cover losses if pricesmove against the trader.5.Options:Options are contracts that give the purchaser the right to buy or sell theunderlying financial instrument at a specified price within a specific period of time(1)There are two basic options: puts and calls:A call gives the holder the right to buy an asset at a certain price within a specificperiod of timeA put option gives the holder the right to sell an asset at a certain price within aspecific period of time.(2)There are two types of option contracts:American options can be exercised at any time up to the expiration date of the contract,European options can be exercised only on the expiration date(3)How to Read An Option TableColumn 1: Strike price: This is the stated price per share for which an underlying stock may be purchased (for a call) or sold ( for a put) upon the exercise of the option contract. Option strike prices typically move by incrementsof $2.50 or $5 (even though in the above example it moves in $2. increments).Column 2: Expiry date: This shows the termination date of an option contract.Remember that US listed options expire on the third Friday of the expiry month.Column 3: Call or Put: This column refers to whether the option is a call or put.Column 4: V olume: This indicates the total number of options contracts traded for the day. This volume of all contracts is listed at the bottom of each table.Column 5: Bid: This indicates the price someone is willing to pay for the options contract.Column 6: Ask:This indicates the price at which someone is willing to sell an options contract.Column 7: Open Interest: Open interest is the number of options contracts that are open; these are contracts that have neither expired nor been exercised.6.Swaps: A swap is an agreement between two parties to exchange sequences ofcash flows for a set period of time.Interest Rate Swap:Interest rate swaps involve the exchange of one set of interest payments for another set of interest payments, all denominated in the same currency.Currency Swap:It involves exchanging principal and fixed interest payments on a loan in one currency for principal and fixed interest payments on a similar loan in another currency.Chapter 11foreign exchange rates：The prices of foreign currencies expressed in terms of other currencies are called foreign exchange rates.1．Spot Transaction：A spot transaction is a straightforward (or “outright”) exchange of one currency for another. (This trade represents a “direct exchange” between two currencies and has the shortest time frame2．Outright Forwards：An outright forward transaction, like a spot transaction, is a straightforward single purchase/sale of one currency for another3．FX Swaps：A swap is an agreement between two parties to exchange payments based onidentical notional principle. In a swap, two parties exchange currencies for a certain length of time and agree to reverse the transaction at a later dateIn the FX swap market, one currency is swapped for another for a period of time, and then swapped back, creating an exchange and re-exchange.short-dated swap：both dates are less than one month from the deal dateforward swap：one or both dates are one month or more from the deal date5.Currency Swaps：In a typical currency swap, counterparties will(1)exchange equal initial principal amounts of two currencies at the spot exchangerate,(2)exchange a stream of fixed or floating interest rate payments in their swappedcurrencies for the agreed period of the swap, and then(3)re-exchange the principal amount at maturity at the initial spot exchange rate.6.Over-the-Counter Currency Options:A foreign exchange or currency option contract gives the buyer the right, but notthe obligation, to buy (or sell) a specified amount of one currency for another at a specified price on (in some cases, on or before) a specified date.6.Exchange-Traded FuturesIn the U.S. exchanges, a foreign exchange futures contract is an agreement between two parties to buy/sell a particular (non-U.S. dollar) currency at a particular price on a particular future date, as specified in a standardized contract common to all participants in that currency futures exchange.7.Exchange-Traded Currency OptionsExchange-traded currency options, like exchange-traded futures, utilize standardized contracts—with respect to the amount of the underlying currency, the exercise price, and the expiration date.The option buyer—who has no further financial obligation after he has paid the premium—is not required to make margin payments.The option writer—who has all of the financial risk—is required to put up initial margin and to make additional (maintenance) margin payments if the market price moves adversely to his position.Chapter 12Balance of Payments：A country’s balance of payments is commonly defined as the record of transactions between its residents and foreign residents over a specified period.A debit entry records a transaction that results in a domestic resident making apayment abroad. A debit entry has a negative value in the balance-of-payments account.A credit entry records a transaction that results in a domestic resident receiving apayment from abroad. A credit entry has a positive value in the balance-of-payment account.1.The Current Account：The current account measures the flow of goods, services,and income across national borders.（1）Goods：The goods category includes imports and exports of tangible goods such as cars, computers, clothes, televisions, etc.If a country’s imports more than it exports in this category, then it is said to have a trade deficit.If a country’s exports more than imports it in this category, then it is said to have a trade surplus.（2）Services：The services category includes flows of payment in exchange for services countries provide to each other: transportation, insurance, banking, tourism, etc.（3）income: The income category measures cross-border compensation of employees.（4）Transfer Payments：Transfer payments include unilateral gifts or payments from private citizens and government of a country to people living abroad or vice versa.3．The Capital and Financial Account：The capital and financial account includes a variety of sub-accounts all dealing with purchases and sales of financial assets or real estate (stocks, bonds, land, buildings, businesses, etc.).4．The Official Settlements Balance：The official settlements balance measures the transactions of financial assets and deposits by official government agencies.5.Deficits and Surpluses in the Balance of Payments：The so-called balance-of-payments deficit or surplus is something other than the overall balance of payments.A balance-of-payments deficit refers to a situation in which the official settlements balance is positive.A balance-of-payments surplus：A situation where the sum of the debits and credits in the current and the capital and financial account is positive means that private payments received from foreigners exceed private payments made to foreigners. In this case, the official settlements balance is negative, and there is a balance-of-payments surplus.A balance-of-payments equilibrium refers to a situation where the sum of the debits and credits in the current account and capital and financial account is zero, and thus the official settlements balance is zero.Chapter 131.Letters of Credit A letter of credit is an internat ional bank’s future promise to payfor goods stored overseas or for goods shipped between two countries。

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金融英语词汇ABS 资产担保证券（Asset Backed Securities的英文缩写）Accelerated depreciation 加速折旧Acceptor 承兑人；受票人；接受人Accommodation paper 融通票据；担保借据Accounts payable 应付帐款Accounts receivable 应收帐款Accrual basis 应计制；权责发生制Accrued interest 应计利息Accredited Investors合资格投资者；受信投资人---指符合美国证券交易委员（SEC）条例，可参与一般美国非公开（私募)发行的部份机构和高净值个人投资者Accredit value 自然增长值Accrediting 本金增值———适用于多种工具,指名义本金在工具（如上限合约、上下限合约、掉期和互换期权)的期限内连续增长。

ACE 美国商品交易所Acid Test Ratio 酸性测验比率；速动比率Across the board 全面一致;全盘的Acting in concert 一致行动；合谋Active assets 活动资产；有收益资产Active capital 活动资本Actual market 现货市场Actuary 精算师;保险统计专家ADB 亚洲开发银行ADR 美国存股证;美国预托收据；美国存托凭证--—［股市］指由负责保管所存托外国股票的存托银行所发行一种表明持有人拥有多少外国股票(即存托股份)的收据。