金融英语讲义

Unit1 Money

Figures

American oil billionaire J. Paul Getty has a very famous saying, that is ―If you can actually count your money, then you are not really a rich man.‖ 美国的银行业大亨J. Paul Getty曾经说过一句话：如果你的钱是可以数得清楚的，那么你就不是一个真正的富人。Well, the sentence is interesting, but actually we must know how to count the money before we get rich, especially in English. So, in today‘s class, we would first learn to say English numbers.

Most people working in finance, whether it is in accountancy, banking, broking, investment, insurance, or whatever, spend a lot of time dealing with numbers.

I. Let‘s talk about the different ways to say 0 in English. Usually, we have the following 5 ways to say 0 in English. They are: OH, ZERO, LOVE, NOUGHT, and NIL!

We say oh

after a decimal point 6.03 six point oh three

in telephone numbers 84 08 32 13 eight four oh eight three two one three in bus numbers No. 708 get the seven oh eight

in hotel room numbers Room 308 I'm in room three oh eight.

in years 1905 nineteen oh five

We say nought

before the decimal point 0.201 nought point two oh one

We say zero

for the number 0 the number zero

for temperature -5~C five degrees below zero

We say nil

in football scores 5-0 Spain won five nil.

We say love

in tennis 15- 0 The score is fifteen love.

Now say the following:

1. The exact figure is 0.002.

a) before the decimal point, read nought;

b) after a decimal point, read oh.

Nought point oh oh two.

2. Can you get back to me on 010 – 5175 – 0123 ? I'll be here all morning.

in telephone numbers, say oh.

Oh one oh five one seven five oh one two three

3. Can you put that on my bill? I'm in room 804.

in hotel room numbers, say oh. Eight oh four

4. The temperature in north-east China is very low in winter. Usually, it's 20 degrees below 0!

for temperature, say zero.

5. Basically, tennis scoring proceeds from 0 to 15 to 30 to 40 to game.

love（0）, fifteen（15）, thirty（30）, forty（40）, game（胜局）。

6. The result of the game was 3 – 0

three-nil

II. THE DECIMAL POINT

In English, we use a point (.) and not a comma (,) for decimals. 在英语当中，小数点都是写为一个点，而不是逗号。We use commas in figures only when writing thousands. 我们在表达数字千的时候呢，用逗号来隔开。

10,002 is ten thousand and two.

10.003 is ten point oh oh three

In English all the numbers after a decimal point are read separately. For example:

20.66 twenty point six six Not twenty point sixty six

0.243 nought point two four three

0.005 nought point oh oh five

You will also bear people say:

0.05 zero point oh five or oh point oh five

But if the number after the decimal point is a unit of money, it is read like a normal number: ￡12.50 twelve pounds fifty €5.95 five Euros ninety five

NB. This is very important. When you do business on the phone, say nought point three seven five (0.375) and not nought point three hundred and seventy five. If the listener missed the word point, you might lose a lot of money. So, say the digits separately after the point.

Now say the following:

1. It's somewhere between 3.488 and 3.491.

2. Look, it's less than 0.0001! It's hardly worth worrying about.

3. I changed all those yen into sterling and I only got ￡13.60!

Yen is the standard unit of money in Japan,

Sterling is the standard unit of money in the United Kingdom,

(yen 是日本的货币单位，sterling是英国的标准货币单位)

4. That's about 14.50 in Swiss francs. （瑞士法郎）

5. Did you say 0.225 or 0.229?

6. The dollar is at 1.95. （one point nighty five）

7. No, I meant 15.005 not 15,005.

Say: No, I meant fifteen point oh oh 5, not fifteen thousand and five

III. PER CENT

The stress is on the cent of per cent ten percent

Notice the following when talking about interest rates: (利率)

0.5% a half of one per cent

0.25% a quarter of a percentage point

For example:

The Bank of England raised interest rates this morning by a quarter of a percentage point.

Now say the following:

1. What's 20% of 360?

2. They have put the interest rate up by another 0.5%. (a half of one per cent)

3. 0.75% won't make a lot of difference.

IV. HUNDREDS, THOUSANDS, AND MILLIONS

In British English you hear a hundred and twenty three.

In American English you usually hear a hundred twenty three.

So, there are some small differences between British English and American English.

The number 1,999 is said one thousand nine hundred and ninety nine. The year 1999 is said nineteen ninety nine.

The year 2000 is said the year two thousand.

The year 2001 is said two thousand and one.

The year 2015 is said two thousand and fifteen or twenty fifteen.

Note: It is likely that: different people will refer to the early years of the 21 century in different ways.

Remember that the year 1999 is always referred to as nineteen ninety nine - not one thousand and nine hundred and ninety nine.

Now, please read the following numbers:

1,000,000 is a million or ten to the power six: (106) 1,000,000,000 is a billion or ten. to the power nine: (109)

Now let‘s look at the following numbers:

11，234 is said：

eleven thousand two hundred(and)，thirty—four

155,721 is said：

one hundred(and)fifty-five thousand seven hundred(and)twenty-one

6，155，702 is said：

six million one hundred(and)fifty-five thousand seven hundred and two

26，000，008 is said：

twenty-six million and eight

326，414，718 is said：

three hundred(and)twenty-six million，four hundred(and)fourteen thousand, seven hundred(and)eighteen

4，302，000，000 is said：

four billion three hundred(and)two million

From the above figures, we can see that from right to left, there is a coma every three figures, the function of the coma is very important. It can help us read and remember the numbers.由以上一

组数字可以看出，多位数由右向左每3位有一逗号，这个逗号的作用非同小可，在记忆数字时，它可以帮我们很大的忙!

From right to left, the first coma is said thousand逆向第一个逗号读thousand；the second coma is said: million, 第二个逗号读million；the third coma is said: billion, 第三个逗号读billion；第四个逗号就是trillion。这几个逗号的作用在于，当我们听到若干thousand时，立即写下这个数，并在其后打一个逗号，并留出3位；当听到若干million，则写下数字，并在其后打一逗号，留出6位；听到若干billion，方法同上，在后面留出9位，后面的million、thousand依此法类推，让所有数字各就其位。

例如，当你听到―twenty thousand and four\'‘写出20，―and four‖意为后一组仅有个位，即：004，那么，这个数字完整地写下来就是20，004；若听到―six million twenty thousand four hundred and twenty—three，‖则第一步先写：6，020，再将最后一组423写在第一个逗号后面。完整的翠字为6，020，423。若听到―One billion，one hundred and four million，twenty thousand four hundred and twenty-three‖：主第一步写出1，104，第二步接下去写第三组020，第三步写423，这样得到的完整数字便是1，104，020，423，由此：见这个三位一逗号的作用有多大。只要我们在平时的训练中加强对三位数读写的训练，能分辨―ty‖与―teen\'‘，并能借助这个不可缺少的―逗号‖，so, in this way no matter how big the number is , we can understand and read it without any problems. 无论数字多么大，也不会对我们造成障碍。

Now, let‘s have a brief review of what we learned just now, please say the following sentences:

1. Why do you say 175 in Britain? In the States we usually say 175.

One hundred and seventy five, one hundred seventy five

2. It's got 1001 different uses.

One thousand and one

3. Profits will have doubled by the year 2000.

Two thousand 在2000年时，利润会翻一翻

4. Thanks. You're one in 1,000,000!

5. No, that's 2,000,000,000 not 2,000,000!

V. SQUARES, CUBES, AND ROOTS

102 is ten squared.

103 is ten cubed.

is the square root of 6.

VI. TELEPHONE AND FAX NUMBERS

We usually give telephone and fax numbers as individual digits: 读电话号码时，每个数字一一读出。When two numbers are same, English people usually read as ―double – x‖ 英国人在读两个相同数字时，通常读成―double – x‖

01273 736344 oh one two seven three, seven three six, three four four

344 can also be said as three double four

44 26 77 double four, two six, double seven

777 can be said as seven double seven, or seven seven seven

VII. FRACTIONS

分数中分子用基数词表示，分母用序数词表示。先读分子，后读分母。当分子大于1时，分母要加―s‖。例如

1/2 is said ：a／one half (口语中更倾向于用―a‖代替―one‖)

1/3 is said：a／one third

1/8 is said：an／one eighth

1/4 is said：a／one quarter(fourth)

2/3 is said：two thirds

51 is said one and five ninths 9

Now read the following news item:

In an opinion poll published today, over 3/4 of the electorate say they intend to vote in next month's referendum. 1/4 of voters say they will definitely vote Yes, while 1/3 will vote No. But that leaves over 2/5 of the voters who haven't made up their minds. Both sides remain hopeful. A spokesman for the 'Yes' campaign said, "At the moment, 2/3 of the electorate won‘t vote No." A spokeswoman for the other side replied, "That's true, but 3/4 won't vote Yes!"

在今天发布的一个名义调查显示有超过3/4的选民，（electorate 意思是一个国家的全体选民），表示将在下个月参加全民投票。1/4 的选民表示他们将投赞成票，1/3 的选民表示他们要投反对票，但是还有超过2/5的选民没有表态。双方依然都有盛出的可能。“赞成”阵营的一个发言人说：“目前，有2/3的选民没有投反对”，而“反对”阵营的一个女发言人说：“对，但是有3/4的选民没有投赞成”

VIII. CALCULATING

Remember to pronounce the s in equals as /z/. It is singular; the part on the left equals the part on the right.

10 + 4 = 14 ten plus four is fourteen

ten and four equals fourteen

10 - 4 = 6 ten minus four is six

ten take away four equals six

10×4 = 40 ten times four is (or equals) forty

ten multiplied by four is forty

10÷4 = 21 ten divided by four is two and a half 2

IX. FOREIGN CURRENCY

Notice these ways of speaking about exchange rates:

How many yen per dollar did you get?

How many RMB are there to the dollar?

The current rate is about 1.6 Euros to the pound.

X. NUMBERS AS ADJECTIVES

When a number is used before a noun - like an adjective - it is always singular. We say:

a fifty-minute English news not a fifty-minutes English news

Here are more examples:

a sixteen-week semester a thirty-five pound book

a fifteen-minute talk a six-week travel plan

a twenty-pound reduction a two and a half liter bottle

a six billion dollar loan

Say the following in a similar way:

1. They lent us ~250,000. They gave us a two hundred fifty thousand - pound loan.

2. Our house is 200 years old. We bought a 200- year-old house.

3. We lost $50,000. We made a fifty thousand – dollar lose

4. The salmon weighed 15 pounds! I caught a fifteen pound salmon

XI. REVIEW

How many of the following can you say aloud in less than 1 minute?

1. 234, 567

2. 1,234,567,890

3. 1.234

4. 0.00234%

5. 3.14159

6. $19.50

7. £7.95

8. 19, 999

9. 1, 999 years

10. In 1999

11. I think the phone number is 01227-764000.

12. Have you got a pen? Their fax number is: 00 33 567 32 49.

13. He was born in 1905 and died in 1987.

14. 30 x 25 = 750

15. 30÷25 = 1.20

16. x2+y3=z

What is Money?

As the word money is used in everyday conversation, it can mean many things, but to economists it has a very specific meaning. To avoid confusion, we must clarify how economists' use of the Word money differs from conventional usage.

Economists define money as anything that is generally accepted in payment for goods or services or in the repayment of debts.

Currency, consisting of dollar bills and coins, is one type of money. When most people talk about money, they' re talking about currency. However, to define money merely as currency is much too

narrow for economists.

Because checks are also accepted as payment for purchases, checking account deposits are considered money as well. An even broader definition of money is often needed. As you can see, there is no single, precise definition of money or the money supply, even for economists. 汉语

To complicate matters further, the word money is frequently used synonymously with wealth. When people say, "Joe is rich—he has an awful lot of money," they probably mean that Joe not only has a lot of currency and a high balance in his checking account but also has stocks, bonds, four cars, three houses, and a yacht.

Balance: the amount of money in an account at a particular time； 帐户存款的余额

For example: Could you tell me what my balance is please? 你能告诉我的帐户余额吗？

Economists make a distinction between money and wealth. Wealth includes not only money but also other assets such as bonds, common stock, art, land, furniture, cars, and houses.

People also use the word money to describe what economists call income, as in the sentence "Susan would be a wonderful catch; she has a good job and earns a lot of money."

Income is a flow of earnings per unit of time. Money, by contrast, is a stock: It is a certain amount at a given point in time. 收入是某一单位时间内收益的流量， 而货币是一个存量， 即某一时间点上一个特定的金额。

If someone tells you that he has an income of $1 000, you can not tell whether he earned a lot or a little without knowing whether this $1 000 is earned per year, per month, or even per day. But if someone tells you that she has $1 000 in her pocket, you know exactly how much this is.

Keep in mind that the money discussed refers to anything that is generally accepted in payment for goods and services or in the repayment of debts and is distinct from income and wealth.

必须牢牢记住：我们所说的货币是在支付商品和劳务货款或在偿还债务时被普遍接受的任何东西，他与收入和财富是有区别的。

What does money do?

In this section, we will talk about the Functions of Money.

Whether money is shells or rocks or gold or paper, it has three primary functions in any economy: as a medium of exchange(交易媒介), a unit of account（计算单位）, and a store of value（价值的储藏）. Of the three functions, its function as a medium of exchange is what distinguishes money from other assets such as stocks, bonds, and houses.

Medium of Exchange

In almost all market transactions in our economy, money in the form of currency or checks is a medium of exchange; it is used to pay for goods and services. The use of money as a medium of exchange promotes economic efficiency by eliminating（节约） much of the time spent in exchanging goods and services. 在我们经济社会所有的市场交易中，以通货和支票形式出现的货币都是交易媒介， 也就是说我们用它来对商品和劳务进行支付。利用货币作为交易媒介省去了商品和劳务交易所需的大量时间，从而提高了经济效率。

The time spent trying to exchange goods or services is called a transaction cost, In a barter economy, transaction costs are high because people have to satisfy a "double coincidence of wants"（需求的双重巧合）---they have to find someone who has goods or service they want and who also wants the goods or service they have to offer. 在从事商品和劳务交易时所花的时间叫做交易成本。在物物交换的经济中，交易成本很高，因为人们必须满足需求的双重巧合。即他们必须找到某个人拥有自己想要的商品和劳务，而且恰恰需要自己提供的商品和劳务。

Money is therefore essential in an economy it is a lubricant (润滑剂) that allows the economy to run more smoothly by lowering transaction costs, thereby encouraging specialization and the division of labor. 因此，货币在经济社会中，是十分重要的东西；它降低了交易成本，像润滑剂一样，能使经济更为迅捷的运行，并由此鼓励了专业化和劳动分工。

Now let‘s come to see the second function of the money.

Unit of Account

The second role of money is to provide a unit of account; that is, it is used to measure value in the economy. We measure the value of goods and services in terms of money, just as we measure weight in terms of pounds or distance in terms of miles. 货币的第二个职能是：计算单位，就是说在经济社会中人们用钱来计算商品和劳务的价值。就像用磅来称重，用英里来测量距离一样。

Money we use nowadays, no matter in the form of banknotes or coin or electronic money, do not have the same value with the goods and services that it exchanged, but it represent a particular value. That is to say, money we use in the market is fiat money. 不管是纸钞、硬币、还是电子货币，它们本身都与要交换的商品价值并不相等. 这是因为它们本身虽然没有什么价值，但却代表了一定的价值。这也就是说，现代货币是一种名义货币。

名义货币，也叫法定货币。英文是 Fiat money。Fiat 是拉丁文，它的意思是法令、许可、批准。

Fiat money has not only no particular value in use; it doesn't even really have a value in exchange except that which is decreed that it would have.

名义货币不仅仅没有什么特别的价值，而且在商品的交换中它本身根本没有价值。它拥有的只是法律所赋予它的价值。

So fiat money is money which is intrinsically worthless. And its value exists by virtue of the fact that it is generally acceptable. And fiat money, needless to say, is one of the most mysterious

inventions of the human mind, and no economist has managed to explain exactly why it is that people will generally accept something as valuable when it clearly has no value other than that which it is decreed to have.

因此，名义货币从它的本质来说实际上一钱不值。它的价值只在于它能够获得普遍的接受。毫无疑问，名义货币是人类最神奇的发明之一。任何经济学家都还无法确切解释，为什么人们能够把一种除了法定的价值外显然没有任何价值的东西作为宝贵的东西来普遍接受。

Store of Value

Money also functions as a store of value: it is a repository of purchasing power over time. It is an asset. It's something that we can use to store value away to be retrieved at a later point in time. So we can not consume today, we can hold money instead - and transfer that consumption power to some point in the future. 他是一种超越时间的购买力的储藏。 是一种资产。我们可以用它把价值储存起来，在以后的某个时刻再取回。这样我们不必现在就把它用掉，而是可以存着钱，把这种消费能力转移到将来的某个时刻。

Money is not unique as a store of value; any asset, be it money，stocks, bonds, land, houses, art, or jewelry, can be used to store wealth. Many such assets have advantages over money as a store of Value: They often pay the owner a higher interest rate than money, experience price appreciation, and deliver services such as providing a roof over one's head. If these assets are a more desirable store of value than money, why do people hold money at all?

The answer to this question relates to the important economic concept of liquidity, the relative ease and speed with which an asset can be converted into a medium of exchange. Liquidity is highly desirable. Money is the most liquid asset of all because it is the medium of exchange; it does not have to be converted into anything else in order to make purchases. Other assets involve transaction costs when they are converted into money.

Different Types of Money

Now, let‘s clarify the meaning of some words that are related to ―money‖. Please look at the following words.

These are all different forms of money,

Money, Cash, Currency, Reserves, Salary, Wages, Income, Loan, Pension, Fund, Capital, Instalments, Debt, Subsidy, rebate, Deposit, Aid. Stake.

What are the exact meanings of these words in English? Now, let‘s do some exercises, after that you will have a very clear idea of what they are.

Choose the correct alternative to complete each sentence:

1. Money in notes(banknotes) and coins is called

a. cash b. capital c. reserves

2. The dollar, the mark and the yen are all

a. currencies b. funds c. monies

3. Money borrowed from a bank is a

a. deposit b. income c. loan

4. Borrowed money that has to be paid back constitutes a

a. debt b. fund c. subsidy

5. All the money received by a person or a company is known as

a. aid b. income c. wages

Number 1 the answer should be: a cash. 纸币或者银币形式的钱，我们称之为：现金。 Number 2 the answer should be: a currency 美元，马克，和日元都是：通货 或 货币 Number 3 the answer should be: c loan 从银行借来的钱称之为：贷款

Number 4 the answer should be: a debt 借来的但必须要还回的钱称之为：债务

Number 5 the answer should be: b income 个人或公司所得到的所有的钱称之为：收入

6. The money earned for a week's manual work is called

a. income b. salary c. wages

7. The money paid for a month's (professional) work is a

a. loan b. salary c. wages

8. Money placed in banks and other savings institutions constitutes

a. capital b. deposits c finance

9. Money paid by the government or a company to a retired person is a

a. pension b. rebate c. subsidy

10. The money that will ultimately be used to pay pensions is kept in a

a. budget b. deposit c. fund

Number 6 the answer should be: c wages 一个星期的劳动所得称之为：wages

Number 7 the answer should be: b salary 一个月的工作所得称之为：salary，

由此我们可以看出，汉语里“公资”这个词在英文中根据工作时间的长短是有区分的。salary 和wage. 英文中按月支付的是salary, 按小时、每天、或每周支付的是 wage. 请大家注意区分。

Now, let‘s look at the follow sentence which will tell you the history of salary.

Money's got a very colorful history, because a number of things have been used in the place of what we use as money. Feathers, shells, cloth ...salt. In Roman times when the Roman soldiers were paid in salt and that's how we get the word salary, from the Latin sal for salt.

历史上的货币五花八门。古时候，羽毛、贝壳、布料甚至盐都曾是交换工具。古罗马士兵得到的军饷就是盐。盐这个词也是英文“工资”这个词的起源。拉丁文Sal的意思是盐，英文中工资Salary就是从它演变而来的。

Number 8 the answer should be: b deposit 存在银行或其他储蓄机构钱称之为：存款 Number 9 the answer should be: a pension 有政府或公司支付给退休人员的钱称之为：养老金

Number 10 the answer should be: c fund 最终用来支付养老金的钱是已基金的形式储存的

11. The money needed to start a company is called

a. aid b. capital c. debt_

12. The money paid to lawyers, architects, private schools, etc. is called

a. fees b. instalments c. wages

13. Regular part payments of debts are called

a. deposits b. loans c. instalments

14. Part of a payment that is officially given back is called a

a. gift b. instalment c. rebate

15. Estimated expenditure and income is written in a

a. budget b. reserve c. statement

Number 11 the answer should be: b capital 用于开办公司的钱称之为：资本

Number 12 the answer should be: a fee 支付给律师、建筑师和私立学校的钱是：费用

Number 13 the answer should be: c instalment 定期偿还的部分债务称之为：分期付款

Number 14 the answer should be: c rebate 反还的部分已付款称之为：退款

美国流行一种销售商品的方式叫rebate，意思是购物可获得大部分甚至全部退款。如果说商家承诺退还一部分购物款，无非是借此激励消费者多买自己商品而已，但在许多情况下，退款可以是百分之百，那就有点动机不明了。其实，商家聪明得很。他们事先就预期消费者购买时受到退款的诱惑，事后又不积极寻求退款，那商家不就大赚而特赚了吗？事实的确如此。据消费调查，购买rebate商品的消费者中，有70%以上事后―懒得‖申请退款，余下30%申请了并且获得了退款的消费者，只是商家促销术的一点点微不足道的成本而已。促销的商家只需在申请退款的手续上面稍微制造一点―麻烦‖（当然这些手续要求都是事先言明的），意在提高要求退款的交易费用，就足可以保持退款数额在有利可图的范围内。

Number 15 the answer should be: a budget 预计的支出和消费通常被写在预算里。

16. A person's money in a business is known as his or her

a. deposit b. fund c. stake

17. Money given to producers to allow them to sell cheaply is called a

a. loan b. rebate c. subsidy

18. Money given to developing countries by richer ones is known as

a. aid b. debt c. subsidy

Number 16 the answer should be: c stake 人们投入在生意上的钱叫做：股份

Number 17 the answer should be: c subsidy （政府）给生产某种产品的生产商一些钱从而让厂商低价销售产品。这部分钱叫做：津贴、或补贴

Number 18 the answer should be: a aid 发达国家赠送给发展中国家的：援助款

Ok, now we have a very clear idea of different forms of money in English.

Financial System and Financial Market

The Financial System

金融体系

在英国，每个人都与金融体系有着某种联系。银行、房屋互助协会以及保险公司等金融机构以它们各自的活动为我们的日常生活服务，例如，通过银行可以进行便捷的储蓄，房屋互助协会可以提供住房贷款，保险公司可以提供汽车、房屋、生命保险，等等。

Everyone has some contact with the financial system. We are all aware of financial institutions like banks, building societies, and insurance companies, each providing in its own way for some of our everyday needs. For example, payments facilities through banks, convenient savings and access to home loans from building societies, and car, house, or life insurance. Other financial institutions, such as investment trusts, venture capital companies, and discount houses-to name only a few-are less well-known and carry out more specialized functions. Most people also know something about financial markets, like the Stock Exchange where securities are bought and sold, though comparatively few are directly concerned with their activities. Again, there are other important but less familiar financial markets, like the money market in which large sums are borrowed and lent for very short periods, and the foreign exchange market in which dealings in foreign currencies take place. All these financial institutions and markets fit together into a network which comprises the financial system.

Read this paragraph and then tell me what does this paragraph tell us?

Everyone has some contact with the financial system. 每个人或多或少都与金融部门有着联系， We are all aware of financial institutions like banks, building societies, and insurance companies, each providing in its own way for some of our everyday needs. 我们都了解银行，房屋互助协会和保险公司这样的金融机构，它们都通过自己特有的方式为我们日常生活的需求提供帮助. be aware of 了解

for example, payments facilities through banks, convenient savings and access to home loans from building societies, and car, house, or life insurance. 例如：银行提供的付款工具、房屋互助协会提供便利储蓄和住房信贷，以及保险公司的汽车、房屋或人寿保险。access to home loans：可以得到住房信贷

Other financial institutions, such as investment trusts, venture capital companies, and discount houses-----to name only a few-----are less well-known and carry out more specialized functions. 其他的一些金融机构，如信托投资公司、风险资本公司、贴现银行——这只是其中的一部分——并不为大众所熟知但发挥着更为具体的职能。

Most people also know something about financial markets, like the Stock Exchange where securities are bought and sold, though comparatively few are directly concerned with their activities. Again, there are other important but less familiar financial markets, like the money market in which large sums are borrowed and lent for very short periods, and the foreign exchange market in which dealings in foreign currencies take place. All these financial institutions and markets fit together into a network which comprises the financial system.

Most people also know something about financial markets, like the Stock Exchange where securities are bought and sold, though comparatively few are directly concerned with their activities.大多数人还会对金融市场有些许了解，比如证券交易所——买卖证券的地方，尽管相对比较少的人会真正直接关注其活动。

Again, there are other important but less familiar financial markets, like the money market in which large sums are borrowed and lent for very short periods, and the foreign exchange market in which dealings in foreign currencies take place. 此外，还有其他一些同样很重要，但人们并不熟悉的金融市场，像货币市场——那里发生着大额的极短期借贷，还有外汇市场——那里进行着一笔笔外汇交易。

All these financial institutions and markets fit together into a network which comprises the financial system. 所有的这些金融机构和金融市场会聚在一起交织成网便构成了金融体系.

All right, this paragraph tells us what comprises a financial system.

The quality of the services provided by the financial system affects the performance of the economy as a whole. The most basic function of any financial system is to facilitate payments in the economy. Normally the responsibility for providing the necessary facilities falls on the note-issuing authority-the government or the central bank-and the commercial banking system. Satisfactory payments facilities are something which we are inclined nowadays to take for granted, but productive economic activity is dependent on their existence, and indeed on traders having reasonable access to short-term credit facilities.

The quality of the services provided by the financial system affects the performance of the economy as a whole. 金融系统的服务质量影响着一国经济总体的运行状况。

The most basic function of any financial system is to facilitate payments in the economy. 金融系统最基本的职能是使经济生活中的支付活动更便利。

Normally the responsibility for providing the necessary facilities falls on the note-issuing authority-the government or the central bank-and the commercial banking system. 通常，提供必要支付工具的责任落在一国的货币发行机关——通常是政府或中央银行——以及商业银 行系统的肩上。

Satisfactory payments facilities are something which we are inclined nowadays to take for granted, but productive economic activity is dependent on their existence, and indeed on traders having reasonable access to short-term credit facilities.今天我们想当然地乐于接受某种东西作为令人满意的支付工具，但经济生产活动正是依赖于它们的存在，更依赖于商人们拥有获得短期信贷工具的合理途径。

A properly developed and smooth-running financial system can do much more for the economy. It raises the levels of saving and investment and provides incentives for the allocation of the available resources to those uses where they are likely to give the highest returns. The financial

system thus facilitates effective capital accumulation, one of the major engines of economic growth, and it is the saving/investment aspect which will be the focus of our attention.

A properly developed and smooth-running financial system can do much more for the economy.一个发展适度、运行平稳的金融体系能对经济起到许多其他的作用，

It raises the levels of saving and investment and provides incentives for the allocation of the available resources to those uses where they are likely to give the highest returns. 它可以提高储蓄和投资的水平，并促进了将现有资源配置于那些有可能带来最大收益的用途。

Incentives：鼓励，激励，动机 provides incentives for：促进

The financial system thus facilitates effective capital accumulation, one of the major engines of economic growth, and it is the saving/investment aspect which will be the focus of our attention. 金融体系为有效的资本聚积——经济增长的主要动力之一——提供了便利，而储蓄一投资这方面正是我们关注的焦点。

How well a country's financial system satisfies users' needs is a matter for public concern. By their very nature financial institutions attract criticism: bankers would not be doing their jobs if they did not turn down some requests for loans and those who are denied funds sometimes feel hard done by and are vociferous in their complaints. The control which financial institutions wield over very substantial sums of money also attracts the attention of governments, partly because they may see irresistible opportunities to secure cheap finance for favored borrowers (notably governments themselves), and partly in view of the economic power attached to control of finance.

How well a country's financial system satisfies users' needs is a matter for public concern. 一国的金融系统满足使用者需求的程度如何是大众所关注的一个话题。

By their very nature financial institutions attract criticism: bankers would not be doing their jobs if they did not turn down some requests for loans and those who are denied funds sometimes feel hard done by and are vociferous in their complaints. 金融机构天生就容易招惹批评：如果银行家不拒绝几份贷款请求，那他就不是在认真工作；而那些被拒绝了的借款人有时会觉得十分委屈甚至大为光火，抱怨不停。

Vociferous: 大叫大嚷（抱怨的时候）

The control which financial institutions wield over very substantial sums of money also attracts the attention of governments, partly because they may see irresistible opportunities to secure cheap finance for favored borrowers (notably governments themselves), and partly in view of the economic power attached to control of finance.

Wield over: 表示对…有权利，有影响等

The control which financial institutions wield over very substantial sums of money：金融机构拥有对大量金钱的管理权 also attracts the attention of governments, 同样也会引来政府部门的目光，partly because they may see irresistible opportunities to secure cheap finance for favored borrowers (notably governments themselves) 一方面是因为它们从中看到了为借款人(特别是政府自己)获取低廉融资的不可抗拒的机会，and partly in view of the economic power attached to control of finance另一方面是政府考虑到金融管理的经济效力。

译文：金融机构拥有对大量金钱的管理权同样也会引来政府部门的目光，一方面是因为它们从中看到了为借款人(特别是政府自己)获取低廉融资的不可抗拒的机会，另一方面是从金融管理的经济效力的角度。

Any evaluation of the financial system should be founded on an understanding of its functions within the economic system as a whole, and the means by which these can be carried out. This must be complemented by knowledge of users' requirements, of the behavior of institutions, and of market practices. Moreover, institutions and markets cannot be viewed in isolation, for it may not be important that one category of financial institution makes no provision for certain needs if these can be satisfied elsewhere in the system. What matters are not the shapes of the individual pieces, but how well the jigsaw fits together and the quality of the picture that emerges? The participants in the system

Any evaluation of the financial system should be founded on an understanding of its functions within the economic system as a whole, and the means by which these can be carried out. 对金融体系的任何评估都应当建立在对它在整个经济体系中所发挥的作用，以及发挥这些作用的途径充分了解的基础上，

This must be complemented by knowledge of users' requirements, of the behavior of institutions, and of market practices. 这必须通过学习那些有关使用者需求、机构实务以及市场实践的知识来补充。

Moreover, institutions and markets cannot be viewed in isolation, for it may not be important that one category of financial institution makes no provision for certain needs if these can be satisfied elsewhere in the system. 此外，不能孤立地看待机构和市场，因为某一类金融机构没有满足某种特定的需求这也许并不重要，只要这种需求能被金融体系中的其他部分满足就可以了。 makes no provision for certain needs=didn‘t meet certain needs: 没有满足特定的需求

What matters are not the shapes of the individual pieces, but how well the jigsaw fits together and the quality of the picture that emerges.重要的不是每一片的形状，而是整幅拼图是否片片匹配，整幅图片是否和谐。

Just now we talked about three aspects of financial system:

1. What comprises a financial system. a financial system.=Financial institutions + financial market

2. The most basic function of any financial system is

1. It facilitates payments in the economy.

2. It raises the levels of saving and investment and provides incentives for the allocation of the available resources to those uses where they are likely to give the highest returns.

3. The most important thing to evaluate the financial system: treat financial system as a whole, don‘t separate institutions from markets.

The participants in the financial system

The participants in the financial system can be classified into five broad groups: savers; investors and other borrowers; financial intermediaries; brokers and advisers; and regulators. The end-users of the financial system are the savers, whose current spending is less than their income and who have money available to lend to others; and the investors, who want to borrow money in order to buy capital goods or increase the scale of their business, as well as other borrowers who want to spend more than their incomes. In between lie the financial institutions and markets. Ensuring that money flows smoothly from savers through institutions and/or markets to investors