第十四章　國 際 金 融

第一節(jié)　文章閱讀與翻譯

Passage 1

Balance of Payments Deficits and Surpluses

國際收支中的逆差與順差

［1］It is common to speak of a country as having a balance of payments deficit or surplus.What does this mean? These terms usually refer to the balance of account excluding changes in balancing account.A balance of payments1 surplus means that the authorities are reducing their liquid liabilities to foreign central authorities or else adding to their holdings of official reserves in such forms as gold and foreign exchange.2 A balance of payments deficit means that the authorities are adding their liquid liabilities to foreign central authorities or else reducing their stocks of official reserves.3 The statement, for example, that a nation had a balance of payments deficit of U.S.$14 billion in 1983 means that the nation's official reserves (net of claims that foreign central authorities held against these reserves) fell by U.S.$14 billion because all other transactions were in deficit by that amount.

［2］A balance of payment deficit means that in aggregate debit items exceed credit items and says nothing about whether this is beneficial or harmful.For example, an investment in foreign countries by an American firm that will yield future profits for American owners is a debit item that will increase a balance of payments deficit, yet there is nothing necessarily bad about the investment4.On the opposite side, the transfer of ownership of American firms to foreigners is a credit item that will decrease a balance of payments deficit, but such loss of control over American firms is not necessarily desirable.When a balance of payments deficit is caused by something considered undesirable (such as heavy dependence on Mid-east oil), it may be that the government will seek a way to decrease such imports.When the same deficit is caused by something considered desirable (such as contributions to developing countries to foster their economic development), the government may be willing to draw down its reserves for the purpose.

［3］It might seem that a permanent surplus could be tolerated, but this is not the case either.If we have a permanent balance of payments surplus, some of our trading partners must have a permanent deficit.Unless we are prepared to give them the money, or allow them to increase their debts to us without limit, that too must be ended.

［4］In the long term, when the balance of payments on current account plus capital account is out of balance in either direction something must be done.6 The government can do something through import or export restrictions, changes in interest rates, or a variety of other methods.

Notes

1.Balance of Payment (BOP): Set of accounts that record a country's international transactions, and which (because double entry bookkeeping is used) always balance out with no surplus or deficit shown on the overall basis.A surplus or deficit, however, can be shown in any of its three component accounts: (1) Current account, covers export and import of goods and services, (2) Capital account, covers investment inflows and outflows, and (3) Gold account, covers gold inflows and outflows.BOP accounting serves to highlight a country's competitive strengths and weaknesses, and helps in achieving balanced economic growth.國際收支

2.譯文：國際收支順差是指官方正減少對外國中央權(quán)力機構(gòu)的流動負債或者是正增加黃金或外匯的官方儲備量。

3.譯文：國際收支逆差是指官方正增加對外國中央權(quán)力機關(guān)的流動負債或者是正減少官方儲備。

4.譯文：例如，一家美國公司在國外的投資到將來會給美國投資商帶來利潤，但現(xiàn)在只能算作借項，并增加國際收支逆差額，然而，這筆貸款未必有什么不好。

5.譯文：長遠地看，當(dāng)國際收支在經(jīng)常項目與資本項目上失去平衡時，無論順差還是逆差，都得采取些相應(yīng)的措施來調(diào)整。

Words and Expressions

1.liquid adj.in the form of money, rather than investments or property, or able to be changed into money easily 流動的

2.liability n.accounts and wages payable, accrued rent and taxes, trade debt, and short and long-term loans.負債

3.aggregate n.something formed by adding together several amounts or things; a total總計

4.yield v.to supply or produce something positive such as a profit, an amount of food or information 產(chǎn)出，生產(chǎn)

5.transfer n.when something or someone moves or is moved from one place, position, etc.to another 轉(zhuǎn)移

6.draw down to reduce 減少

Passage 2

New York Stock Exchange

紐約證券交易所

［1］Since all the exchanges are organized and operate similarly to the NYSE, that exchange will be described in more detail.The NYSE is a corporation governed by a board of 21 directors: 10 chosen from the securities industry, 10 from outside that industry, and the presiding officer of the board, who is selected by the directors.1 The NYSE dose not own securities, buy or sell stocks, or influence their prices.It provides a centrally located place for its members to buy and sell securities.Membership in the exchange numbers 1366 individuals who have bought seats, which allows them to trade securities on the floor of the NYSE.The value of a seat has fluctuated sharply over the years, reaching a high of $625,000 in 1929 and sinking to a low of $4,000 in both 1876 and 1878.Since 1950, a seat's value has ranged from $515,000 in 1968 to $35,000 in 1977.

［2］Members may be either general partners of holders of voting stock in one of the 473 member firms in existence at the end of 1977.Members perform different functions, which fall into four classifications.Roughly half are partners or officers of commission houses, firms that execute trades for the public for which they are paid commissions.Many of the larger firms have several commission brokers handling the public's trading on the exchange floor.

［3］Approximately 200 members function as floor brokers2.Popularly known as $2 brokers because at one time that was their commission for handling a 100-share transaction, these members help commission brokers by executing the latter's buy-and-sell orders when trading activity is high3.Another 100 or so members are registered traders (or registered competitive market makers) who buy and sell for their own account, hoping to profit from their speculations.Their transactions must meet exchange requirements and allegedly increase the market's liquidity.

［4］Finally, about one-fourth of the members are specialists, who act as both dealers and brokers.As dealers, the specialists are charged with maintaining an orderly market in the stocks in which they specialize.In carrying out this responsibility, specialists should be trading against the market—that is, buying if the prices of his stocks are declining and selling if they are rising.The object in both cases is to maintain price continuity and minimize the impact of a divergence of supply and demand.As brokers, specialists record other brokers? buy-and-sell orders that are away from the market—different from the prevailing prices—in their stocks.4

If and when the price of a stock moves up or down to the price on the order, specialists execute

it and receive a commission for their services.5

Notes

1.譯文：紐約證券交易所是一個由21名董事組成的董事會所管理的股份有限公司。其中10名從證券業(yè)內(nèi)選出，10名從證券業(yè)外選出，還有1名由董事們選出的董事會主席。

2.floor broker: Stock exchange member who executes buy-sell orders on behalf of his or her customers on the floor of the exchange.場內(nèi)經(jīng)紀人

3.譯文：當(dāng)交易活動繁忙時，這些會員協(xié)助傭金經(jīng)紀人執(zhí)行后者的買賣訂單。他們在完成100股股票交易時的傭金是兩美元，因此普遍稱他們?yōu)閮擅涝?jīng)紀人。

4.譯文：作為經(jīng)紀人，專家經(jīng)紀人記下其他經(jīng)紀人要按不同于當(dāng)時市價買賣他們所專門經(jīng)管的股票的訂單。

5.譯文：在股票價格漲落到訂單規(guī)定的價格時，這些專家經(jīng)紀人就執(zhí)行訂單，為他們所提供的服務(wù)收取傭金。

Words and Expressions

1.securities n.financing or investment instruments (some negotiable, others not) bought and sold in financial markets, such as bonds, debentures, notes, options, shares (stocks), and warrants.證券

2.preside v.to be in charge of a formal meeting or ceremony 主持

presiding adj.首席的，主持會議的

3.floor n.trading area of an exchange 交易場所

4.fluctuate v.to change or vary, especially continuously and between one level or thing and another 波動

5.commission n.a (system of) payment to someone who sells goods which is directly related to the amount of goods sold 傭金

6.transaction n.agreement, contract, exchange, understanding, or transfer of cash or property that occurs between two or more parties and establishes a legal obligation 交易

7.be charged with to be responsible for 負責(zé)

8.diverge v.to follow a different direction, or to be or become different 分歧

Passage 3

Federal Red Ink1

美國政府財政赤字

［1］“The deficit debate may seem like an esoteric argument among economists and politicians.”Says Irwin Kellner, an economist at New York City's Manufacturers Hanover Trust, “but it is actually very much a part of people's lives.” Indeed, the Government's record deficits are making an almost direct hit today on the average American's checkbook.The major effects:

［2］Interest rates.When consumers borrow money to buy a house, car or dishwasher, they are paying higher rates because of the deficits.Historically, the cost of borrowing funds is about 3% higher than inflation.At present, many loan rates are approximately 7% over inflation.Reason: fear among moneymen that the Government will borrow so heavily that less funds will be available for consumers and businesses2.During the recovery after the 1973—1975 recession, mortgage rates stood at about 9%, but they now average 12%.Says Jack Carlson, chief economist for the National Association of Realtors, “Consumers have to scrounge around for the crumbs.In the process, they are bidding up interest rates.”

［3］Employment.Federal red ink could result in fewer jobs than the recovery had promised.Businessmen wary of high borrowing costs have avoided making expensive capital investments for things like new factories, which create more employment.In addition, the overvalued dollar that has resulted from the deficits and high interest rates is costing Americans work.C.Fred Bergsten of the Institute for International Economics in Washington estimates that the U.S.will perhaps lose as many as 1 million jobs this year because the strong dollar abroad has reduced American exports and increased imports.3

［4］Inflation.Reluctance on the part of businesses to invest more in new factories could lead to faster price rises before long.If the recovery proceeds without sufficient investment, it may mean shortages of some products, and that could push inflation higher than the current rate of about 4%.Moreover, if the Federal Reserve bends to political pressure and increases the money supply in order to help finance the deficit, the inflation level could begin rising quickly.

［5］In the end, deficit spending is a way of robbing from the future to pay for a better standard of living right now4.A future generation will have to cut back on its expectations in order to pay off the debts that are being built up today.

Notes

1.red ink: colloquial term for a deficit or loss; opposite of black ink.赤字

2.譯文：原因：金融家們擔(dān)心，政府（在金融市場上）大量借錢會減少可供消費者和工商業(yè)借用的資金。

3.譯文：此外，由財政赤字和高利率造成的美元價值過高，使美國人失去工作。據(jù)華盛頓的國際經(jīng)濟研究所的C.費雷德·伯格斯頓估計，美國今年也許會損失100萬份工作，因為國外美元堅挺已使美國的出口下降，進口增加。

4.譯文：歸根結(jié)底，赤字支出是一種剝奪將來以支付當(dāng)前比較好的生活標(biāo)準(zhǔn)的手段。

Words and Expressions

1.esoteric adj.very unusual; understood or liked by only a small number of people, especially those with special knowledge.深奧的，難懂的

2.hit v.to have an unpleasant or negative effect on a person or thing.打擊

3.checkbook n.a book of cheques with your name printed on them which is given to you by your bank to make payments with.支票簿

4.mortgage n.an agreement which allows you to borrow money from a bank or similar organization, especially in order to buy a house or apartment, or the amount of money itself.抵押

5.scrounge v.to causes great suffering or a lot of trouble.四處搜尋

6.crumb n.a very small piece of bread, cake or biscuit 面包屑

7.bid v.to offer a particular amount of money for something which is for sale and compete against other people to buy it, especially at a public sale of goods or property出價；bid up 競出高價

8.recover v.to get back something lost, especially health, ability, possessions, etc.恢復(fù)，復(fù)原

9.wary adj.not completely trusting or certain about something or someone 小心的，機警的

10.reluctance n.an unwillingness to do something 不愿，勉強

11.bend v.to unwillingly accept the opinions or decisions of other people 屈服

第二節(jié)　翻譯技巧——語篇的銜接與翻譯（二）

第一章的第二節(jié)講解了語篇銜接語法手段中的照應(yīng)、替代和省略三種手段的使用，以及英漢語篇中這三種手段存在的區(qū)別。這一章中，我們再來了解一下語法手段中的最后一種，即連接，詞匯銜接手段和主、述位在語篇銜接中的應(yīng)用。

一、連接

連接是通過連接詞（connectors）體現(xiàn)語篇中時間關(guān)系，以及各種邏輯關(guān)系的語法手段。連接詞分不僅包括傳統(tǒng)語法中的連詞（conjunctions），還包括具有連接意義的副詞（adverbs）和介詞短語（prepositional phrases）。邏輯關(guān)系包括因果、轉(zhuǎn)折、添加或遞進、選擇、條件、對比和比較等關(guān)系。

例1：Passage 3 的第3段

Employment.Federal red ink could result in fewer jobs than① the recovery had promised.Businessmen wary of high borrowing costs have avoided making expensive capital investments for things like② new factories, which create more employment.In addition③, the overvalued dollar that has resulted from the deficits and④ high interest rates is costing Americans work.C.Fred Bergsten of the Institute for International Economics in Washington estimates that the U.S.will perhaps lose as many as⑤ 1 million jobs this year because⑥ the strong dollar abroad has reduced American exports and⑦ increased imports.

分析：原文中共有連接詞七個：① than, ② like, ③ in addition, ④ and, ⑤ as...as, ⑥ because, ⑦ and。在七個連接詞中，⑤ as...as沒有譯出是因為如果用漢語中對應(yīng)比較關(guān)系的詞匯“如”、“像”、“像??一樣”等來直譯，會使?jié)h語語言顯得冗長、啰嗦。其他的連接詞都已譯出：than表示比較關(guān)系，在漢語中對應(yīng)的譯法有“比”、“（前加形容詞）于”；表示比較關(guān)系的like, 在漢語中可譯為“像”、“如”、“像??之類”等；in addition表示添加關(guān)系，多譯為“此外”；④ and表示并列添加成份，多譯為“和”、“與”；because表示因果關(guān)系，譯為“因為”、“由于”；⑦ and實際表示的不僅是添加，由于reduce和increase相對，還含有轉(zhuǎn)折關(guān)系，所以譯為“而”。

譯文：聯(lián)邦政府的財政赤字導(dǎo)致工作機會少于經(jīng)濟恢復(fù)所給予人們的希望。因借錢成本高而小心翼翼的商人避免作像建設(shè)新廠之類花錢多的資本投資，建設(shè)新工廠能創(chuàng)造更多的工作。此外，由財政赤字和高利率造成的美元價值過高，使美國人失去工作。據(jù)華盛頓的國際經(jīng)濟研究所的C·費雷德·伯格斯頓估計，美國今年也許會損失100萬份工作，因為國外美元堅挺已使美國的出口下降，而進口增加。

英語和漢語語篇連接詞相比較有一些相同點，如連接詞的位置大多數(shù)情況下都出現(xiàn)在句首，它們的功能都是在語篇中銜接句子或段落，而且本身是意義明確的詞或詞組。但是，英語和漢語在使用這一手段時也有差異，特別是顯性和隱性的差異，或者說是英語注重形合和漢語注重意合的差異。（楊豐寧，2006：188）

例3：A second aspect of technology transfer concentrates on US high technology exports.China has correctly complained in the past that the US was unnecessarily restrictive in limiting technology sales to China.Recently some liberalization has taken place and① major increases in technology transfers have taken place as the result.However② some items continue to be subject to restrictions and unnecessary delay, in part because③ the US government subunits many items to COCOM for approval.There is significant room for improvement with the US bureaucracy and COCOM.

But④ there is also reason to believe that the flow of technology will continue to grow and⑤that much of the major new technological innovation likely to occur in the US in coming years will be available to China.Also⑥, as⑦ new technology is developed in the US and other industrialized countries, older technologies will become available at a lower price and⑧ export restrictions on them will ease.

分析：如原文所示，這一英語語篇中共用了八個將句子銜接起來的連接詞。其中有三個完全省略不譯：But④, and⑤, also⑥。即使?jié)h語中沒有把But的意思譯出，通過上下段的意思，我們也能推斷出之間的轉(zhuǎn)折關(guān)系；在原文中連接另一個賓語從句的and⑤和表示進一布解釋說明的also⑥在注重形合的英文中是必不可少的。其他連接詞的譯出方式是：and①譯為“因為”，表示前后兩句的因果關(guān)系；However②直譯為“但是”；because③譯為“其中部分原因”；as⑦譯為“隨著”, and⑧譯為“也”。

譯文：技術(shù)轉(zhuǎn)讓第二方面集中在美國的高技術(shù)出口方面。過去中國曾抱怨說，美國不必要地限制對中國出售技術(shù)，這種抱怨是情有可原的。由于近來限制有所放寬，技術(shù)轉(zhuǎn)讓大大增加。但是，還有些項目繼續(xù)限制出口或受到不必要的延誤，其中部分原因是：美國政府要把許多項目提交巴黎統(tǒng)籌委員會批準(zhǔn)。美國的官僚主義和巴黎統(tǒng)籌委員會的做法都大有改進的余地。

我們同樣也有理由相信技術(shù)交流會繼續(xù)發(fā)展；在今后幾年里，美國可能出現(xiàn)的重大技術(shù)革新項目，有許多會轉(zhuǎn)讓給中國。隨著技術(shù)在美國和其他工業(yè)化國家發(fā)展，老一些的技術(shù)將以較低的價格出售，對它們的限制也會放寬。

由此可見，漢語的意合無須借助詞匯語法的銜接手段，僅靠詞語和句子內(nèi)含意義的邏輯聯(lián)系（或靠各種語境和語用因素），便能構(gòu)成連貫的語篇；英語則往往少不了詞匯語法的顯性銜接，即從語言形式上把詞語句子結(jié)合成語篇整體。因此在雙語互譯時，便常見隱顯不一的情況。（何善芬，2002：472）

下表對體現(xiàn)各種關(guān)系的連接詞和詞組進行了簡要匯總

二、詞匯銜接

詞匯銜接指語篇中出現(xiàn)的一部分詞匯相互之間存在語義上的聯(lián)系，或重復(fù)，或由其他詞語替代，或共同出現(xiàn)，即可分為重復(fù)、相似性、上下義詞和詞匯同現(xiàn)四種手段。

重復(fù)：主要指語篇中單詞和詞組的重復(fù)。

例：Passage 2的第一段

Since all the exchanges are organized and operate similarly to the NYSE, that exchange will be described in more detail.The NYSE is a corporation governed by a board of 21 directors: 10 chosen from the securities industry, 10 from outside that industry, and the presiding officer of the board, who is selected by the directors.The NYSE dose not own securities, buy or sell stocks, or influence their prices.It provides a centrally located place for its members to buy and sell securities.Membership in the exchange numbers 1366 individuals who have bought seats, which allows them to trade securities on the floor of the NYSE.

分析：這段中直接重復(fù)的詞匯有：

exchanges→ exchange→ exchange;

the NYSE →the NYSE →the NYSE

從重復(fù)的兩個詞可以看出，文章主要是講與紐約證券交易相關(guān)的事情。所以，重復(fù)手段的使用對突出語篇主題和加深讀者的印象起著十分重要的作用。

譯文：因為所有交易所的組織和營業(yè)方式都與紐約證券交易所相類似，所以就將它詳細介紹一下。紐約證券交易所是一個由21名董事組成的董事會所管理的股份有限公司。其中10名從證券業(yè)內(nèi)選出，10名從證券業(yè)外選出，還有1名由董事們選出的董事會主席。紐約證券交易所本身不擁有證券，不買賣股票，或是影響股票的價格。它為會員買進賣出證券提供一個集中的場所。交易所的會員數(shù)是1366個購得交易所席位的個人。有了席位才允許他們在紐約證券交易所場內(nèi)買賣證券。一個席位的價值多年以來波動甚大，1929年高達62.5萬美元，1876和1878兩年降至4 000美元的低價。自1950年以來，一個席位的價值從1968年的51.5萬美元到1977年的3.5萬美元不等。

相似性：這種詞匯銜接手段包括正反兩方面，既指“同義性”和“近同義性”，也指各種形式的“反義性”。同義性和近同義性指具有同樣意義或相近意義的不同詞項之間的接應(yīng)關(guān)系，不管這個詞的意義是指人、物、過程或性質(zhì)。使用兩個或兩個以上這樣的詞項，也被稱為詞匯鏈。互反義性是指兩個詞項之間可以期待一種意義有區(qū)別的對比關(guān)系。

例1：Passage 2第4段中第2、3句

As dealers, the specialists are charged with maintaining an orderly market in the stocks in which they specialize.In carrying out this responsibility, specialists should be trading against the market—that is, buying if the prices of his stocks are declining and selling if they are rising.

分析：文中的be charged with 雖然是動詞詞組，但和名詞responsibility都表示某種職責(zé)和責(zé)任，因此，具有同樣的意義。

譯文：作為證券商，負責(zé)為他們專門經(jīng)管的股票保持一個有秩序的市場。在履行這一職責(zé)時，專家經(jīng)紀人應(yīng)逆市進行交易，即當(dāng)他專管的股票價格趨跌時買進股票，而當(dāng)他的股票價格看漲時則賣出股票。

上義詞和下義詞：上義詞的含義一般概括且抽象，下義詞的含義一般具體。

例：Top students allow no interruption of their study time.Once the books are open, phone calls go unanswered, TV unwatched and newspaper unread.

分析：interruption可以看作是上義詞，后面的phone calls, TV, newspaper是下義詞，表示比較具體的含義。

譯文：優(yōu)秀的學(xué)生在學(xué)習(xí)時杜絕任何干擾。只要一打開書，從不接聽電話，也不看電視和報紙。

詞匯同現(xiàn)：指經(jīng)常搭配的詞在同一語境中出現(xiàn)。

例：When consumers borrow money to buy a house, car or dishwasher, they are paying higher rates because of the deficits.

分析：該句中的consumer, money, buy, paying在語義上都有聯(lián)系，這樣可以使語篇含義具有一致性和連貫性。

譯文：消費者借錢買房子、汽車或洗碗機時，會因為財政赤字而支付比較高的利率。

練習(xí)

一、閱讀下文，找出連接詞，并將下文譯成中文。

The Gold Standard

Almost all countries in the world now have some proportion of their international reserves in gold.The gold proportion of Canada's official international reserves is about 17 percent (February 1983).The Canadian dollar is not in any way connected with gold, nor is it expressed in terms of gold, in settling any transactions domestic or international.However, a country was once able to define its standard unit of money in terms of gold.For example, many countries were on gold standard until 1931；that is, the exchange relationship between one currency unit and another was fixed by the definition of each unit in terms of so many grains of pure gold.Even gold coins actually circulated along with other forms of currency.This system was somewhat changed to what is known as the gold-exchange standard system.Under this system, the value of a currency unit was not directly fixed or defined in terms of gold but rather in terms of a currency which was fixed in terms of so much gold.This is exactly what was established in 1944 under the Bretton Woods Agreements, the United States Treasury continued to buy and sell gold at US $35 an ounce in settlement of transactions with foreign governments, central banks, and licensed dealers and users.Thus, the U.S.dollar-gold link in effect played the role (the U.S.dollar as a gold proxy, so to speak) once played by gold only, and the country that used this standard had all the discipline of a gold standard without the expense of maintaining all its international reserves in gold.Currencies of other members of the International Monetary Fund (IMF) were then to have agreed par values in terms of U.S.dollar, with the obligation of the member concerned to keep open market exchange rates within a band of one percent above and one percent below the agreed par value.Under this system, the volume of world trade and investment has expanded substantially, but this success has also created many problems and imbalances among the countries.By the 1960s, the United States was accumulating balance of payments deficits while West Germany was showing balance of payments surpluses.In the face of this major disequilibrium, the United States was being drained of its ability to maintain the key role of the dollar in the international monetary system.The “boiling” point came in 1971: (1) in May 1971,several European countries let their currencies appreciate relative to the U.S.dollar, but others did not, which would have in effect-re-adjusted the U.S.dollar's position in relation to such currencies; (2) on August 15.1971, the president of the United States suspended the international gold convertibility for the U.S.dollar.The U.S.dollar was left to “float” in the foreign exchange markets, and it ceased to be a “key currency” that could be held in official reserves in view of former convertibility on demand into gold.As of 1971, it was believed that a new international monetary system would emerge, emphasizing the role of Special Drawing Rights of the International Monetary Fund.Many countries now express the value of their currency units in terms of SDRs, rather than gold or the U.S.dollar.For example, one unit of SDF is Canadian $1.3418 (February 23, 1983).

二、分析下文中詞匯銜接手法的運用，并將文章譯成中文。

Financial Markets

［1］Finance is the purchase and sale of legal instruments that give owners specified rights to a series of future cash flows.These legal instruments are known as financial assets or securities and include bonds, stocks, and loans made by financial institutions.

［2］The original issuer of a security is referred to as a borrower, and the purchaser is referred to as a lender.Borrowers have an immediate need for cash, whereas lenders have an excess of cash.When the borrower issues a security to the lender, both parties benefit; the borrower obtains the current use of cash and the lender obtains a claim to future cash flows that promises to repay the initial loan as well as to provide a fair rate of profit (in interest).

［3］Transactions between an initial borrower and lender are called primary market transactions.Many financial assets created in the primary market may be sold by the original lender to other people in what are known as secondary markets.The trading of marketable securities in secondary markets has no impact on the original borrower; only the legal owner of the security changes.Examples of formally incorporated secondary markets include the New York Stock Exchange, the American Stock Exchange, and the Tokyo Stock Exchange.Secondary market transactions that do not take place on incorporated exchanges are referred to as over-the-counter transactions.

［4］Most securities traded in the secondary markets belong to one of two broad classifications: bonds or stocks.Bonds are credit instruments redeemable in a given number of dollars and yielding a fixed return.Important characteristics of bonds include face (or par) value, maturity date, and coupon rate.Face values for most bonds are $1,000, although some government issues have $10,000 face values.Face value represents the total amount of cash payable to the owner at the bond's maturity date, which can range from 1 to 30 years.Prior to maturity, yearly coupon payments equal to the coupon rate times the face value are paid.These coupons represent a profit to the bond owner.Coupon rates on newly issued bonds closely follow the level of interest rates in the economy.Once set in the initial primary market sale, however, the coupon on a given issue will not change in response to changing interest rates in the economy.Instead, the market price of the bond changes.When a bond's coupon rate is equal to the general level of interest rates prevailing in the economy, the bond's market price will be equal to its face value.When the coupon rate is higher than prevailing interest rates, the bond will sell at a premium over its face value.When the coupon rate is lower than prevailing interest rates, the bond will sell at a discount from its face value.Interest on bonds constitutes a legal obligation, and failure to pay it may result in bankruptcy.

三、將下文劃線部分譯成中文，并填補空缺的連接詞。

The Securities Exchange

［1］When people buy stock, most do so through one of the securities exchanges or marketplaces for stocks and bonds.These marketplaces are commonly called “stock exchanges” (　　) they provide a meeting place for both the buyer and seller.To understand why such securities or stock exchanges are important in the purchase and sale of stocks and bonds, consider what would happen (　　) you, and everyone who wanted to buy (to sell) securities, had to find your own buyer (or seller).How would you know what a fair price for the security is? More importantly, how would you find out who is interested in selling that stock to you (or buying it from you)? In order to handle this marketing problem, securities exchanges sprung up.These exchanges are nothing more than locations where stocks are bought and sold.And since there is a common meeting place for these transactions, people interested in buying and selling go there (or send their representatives).The result is a very systematic market process, where transactions are handled in an orderly manner and the operations are both supervised and regulated by law.In this way, the buyer (or seller) is ensured that the best price is secured and they are not shortchanged or cheated in any way.

Buying and Selling Securities

［2］The general approach in buying and selling securities, regardless of the exchange where they are purchased, is basically the same.We provide a general picture of how security transactions take place; and for a fuller understanding, we will discuss some of the important terminology and functions of security trading.

How Stocks Are Actually Purchased

［3］How would you go about buying stock in a major corporation? It's really quite simple.(　　), you would decide what you want to buy—such as 100 shares of IBM.(　　) you would place a call to your stockbroker, who would enter an order to buy the 100 shares at the current market price.

［4］Assuming your broker works for a major stock brokerage, the order would be telephoned directly to a company clerk on the floor of the New York Stock Exchange.The clerk would hand the order to a member of the Exchange who is partner in the brokerage.This individual would (　　) go to the appropriate locale on the trading floor (　　) ask for the latest quote on IBM.Let us say it is “70 to a quarter.” This means that someone is currently bidding” $70 for the stock and anther party is willing to sell at $70.25.(　　) your broker wants, a sale can be struck at $70.25 since the order calls for a purchase at the current market price.More likely, (　　), your broker will bid $70.125 and hope to save you one eighth of a point or $12.50.And it is likely that another broker with an order to sell will show up(　　) accept the bid of $70 1/8.The two brokers will (　　) initial each other's sales orders and see that the transaction is relayed to the exchange employee known as the reporter.The reporter sees that the sale is reported and a few minutes later it will come out on the ticker tape.

四、將下面中文譯成英文，注意銜接手段的運用。

多頭與空頭（牛與熊）

“多頭”是什么意思？這個名詞是指指望股票價格上漲的投資者。多頭預(yù)計市場價格會上漲而買進股票。

當(dāng)然，市場價格不會總是上漲。有時，股票下跌并在持續(xù)的一段時間里保持低的價格。指望股票價格下降的投資者被稱為“空頭”。在大蕭條時期，做空頭的賺了大筆的錢。做多頭的買空；做空頭的賣空。

買空是指買進股票以便在價格上漲時賣出。如果市場價格下降，惟一能收回資金的辦法是持留股票，等待市場的回升。賣空是指賣出的不是你所擁有的股票，以便在價格下跌時補進。舉例來說，如果你聽說IBM公司將宣布很低的贏利，估計IBM股票價格將從70美元降至65美元，你就可以賣空IBM股票，即告訴你的經(jīng)紀人從經(jīng)紀行某客戶賬面上借出這種股票，在股票跌到65美元時補進。當(dāng)然，不要忘記，如果股票價格上漲而不是下跌，你將必須以較高的價格補進股票，因而損失賣出價和補進價之間的差額。所以，賣空的做法可能是很危險的。