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I. Translate the
following passage into Chinese. (50)
When a United States company
exports to a foreign country, Japan, for example, foreign exchange is required.
The people manufacturing and performing services in the United States must be
paid in local currency, U.S. dollars. The people consuming goods and services
in Japan have only their local currency, yen, with which to pay. There are now
two possibilities for settling the account between the United States and Japan.
The American exporter bills the Japanese importer either in U.S. dollars or in
yen.
1. If the American exporter bills
in dollars, the Japanese must sell yen to purchase U.S. dollars the foreign
exchange market.
2. If the American exporter bills
in yen, the exporter must sell yen to purchase U.S. Dollars.
As we can see, whatever the
currency for invoicing is, somebody has to go into the foreign exchange market to
sell yen and purchase U.S. dollars.
To offset this transaction in the
market, there must be a supply of dollars and a demand for yen. This could be
brought about by an American importing goods from Japan. The situation would be
the reverse of that created by the American exporter. Here, either the American
importer or the Japanese exporter must purchase yen and sell dollars. Whether
the importer or the exporter makes the exchange transaction, it takes place in
the foreign exchange market.
It does happen that transactions
between two countries are sometimes settled in a third currency, that is, a
currency that is neither the exporter’s nor the importer’s own local currency.
This means of payment is particularly popular if both countries have
infrequently traded on weak currencies. Again, there is a need for the foreign
exchange market in which the importing agency, say will purchase the third
currency against (sell) its own currency, and the exporting agency will sell the
third currency against (purchase) its own.
II. Translate
the following passage into English. (50)
亚洲新公司上市的繁荣是一个明确的迹象,表明经济复苏正在进一步扎根。该地区公司上市热显示,亚洲的企业家们重新参与了竞争。这并非都是网络公司上市热,许多行业中的公司都争先恐后地发行股票。
在中国香港,在去年11月底创建的“创业板”股市上,已有8家公司挂牌。最新加入该股市的中国数据广播控股公司,在1月24日第一个交易日里,其股票价格猛涨了310%,像在美国一样,在思想传统的美国人看来,股市对企业的估价有时是没有很多理性的。的确,股市是不顾理性的,它顾的是赚钱。
对发行股票的许多公司来说,股市的主要用途是为其新的投资募集资金。新股发行的旺盛势头若不减弱,则可能有助于亚洲经济复苏的维持和加速。不论是公共还是私人经济部门的经济专家们,包括国际货币基金组织的经济师,都说亚洲各经济体过多地依赖通过银行进行投融资,而银行则往往把钱借给最有门路的公司,而不是经营状况最好的公司。当银行因为坏账太多而陷入困境的时候,其影响就立即渗透到实际经济中。 一些经济学家说,股市同本国银行相比,能够使公司的管理较为有条不紊,尽管这种“股票文化”的创造是否会使公司绩效提高还未见分晓。由于股市能够带来资金并刺激私营产业,所以它将给亚洲各国和地方政府事业带来很大便利,使之容易摆脱财政赤字的困扰,恢复预算平衡。 |
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