1. 2 Financial markets

2. Translate: New York Stock Exchange New York City Manhattan Federal Funds Federal Reserve (Bank)

3. Treasury bill Negotiable certificate of deposit Commercial paper Equity market Open market transactions

4. Dialogue 1 A: Good morning, madam. May I help you? B: Good morning, my name is Rosa Faith. I got a call from your bank just now. A: Yes?

5. B: It says my remittance has arrived and I ’ m supposed to come and collect it. A: Rosa Faith …, let me see. Isn ’ t it a 5000 dollar telegraphic transfer from the states? B: Exactly.

6. A: Then how would you like to have the money, in Renminbi or in foreign currency? B: Please give me 500 dollars in RMB and for the rest, please arrange a monthly deposit for me. By the way, what is the exchange rate today?

7. A: It ’ s 830 yuan to 100 dollars. You will have 4150 yuan in RMB. The rest 4500 dollars are to be monthly deposited. The international clearing charge is 50 yuan and I will deduct that amount from your account. B: I see.

8. A: Here is your passbook, your passport, and 4100yuan. B: Thank you for your help. A: My pleasure and thank you for using our services.

9. Dialogue 2 A: Good afternoon, foreign exchange department, china merchants bank. B: Good afternoon. Could you please tell me if I can change foreign currency in your branch?

10. A: Indeed you can and welcome, madam. May I know what foreign currency you are holding? B: Oh, just 20 000 Japanese yen and some small changes. A: All right. We can exchange the bills for you, but we do not deal in coins and sorry for that.

11. B: I understand. But could you tell me the exchange rate today? I hate reading the exchange rate list on the board. A: Of course. The current rate is 12 000 yen to 100 U.S dollars.

12. B: Not bad. By the way, is it time-consuming to do the deal? A: I don ’ t think so. You are just to fill out an exchange request and show us your passport. B: Good. And is there and commission charge?

13. A: No, there is not any charge on the deal. B: Thank you for your information. Good-bye. A: You are welcome and we are looking forward to your coming.

14. Dialogue 3 A: Excuse me, miss. I need some cash for my visit in the city. Can I cash a traveler ’ s check here? B: Certainly. What currency is your check in and how much do you want to cash?

15. A: Well, my traveler's checks are in sterling. Is that OK for you? B: Of course. How much would you like to cash? A: For the time being, 500 pounds.

16. B: That ’ s fine. Please fill in this form and do not forget to write out your name in full. A: Sure. Full name … passport number … nationality … room number … the amount and signature. (handing in the form) here you are.

17. B: Excuse me, I will read your passport number. … All right. Would you please also sign on the left-hand side at the bottom? A: Sure (signing again)

18. B: Mr. Steward, the buying of sterling is 14 yuan per pound. So the amount you get in yuan is 6300 with 1% commission deducted. A: I see. But I ’ d to have some bills and coins. Would you mind helping me?

19. B: No problem. Here are some 10 yuan notes, 5 yuan notes and 1 yuan coins. A: It ’ s very kind of you to do that. I appreciate your help very much. B:Delighted I was able to help. Have a nice day in our city.

20. Dialogue 4 A: Good afternoon. I ’ m Jack King, the manager of the Credit Department. Very nice to meet you. B: Nice to meet you too, Mr. King. I ’ m Cilla Holman. I ’ m interested in the mortgage loan facilities offered by your bank. But I want to know more.

21. A: I ’ m glad to hear that. Please take a seat. Could you tell me what you like to know about our mortgage loans, Ms. Holman? B: Let me explain. My husband and I are planning to purchase a house on Harbor street.

22. We are going to pay the down-payment next week and have to find a mortgage loan to finance the purchase. A: I see. Is the house a newly-built one? B: Not exactly. But it is almost new. It was built 3 years ago.

23. A: Would you mind telling me how much is the house, how much is the down-payment and how much you want to get from our bank? B: Oh, let me see. The seller asks for 1.6 million pounds and the down-payment is at least 60 000 pounds. In this way, we need about 1 million from your bank.

24. A: Let ’ s try to fill out the application form, Ms. Holman. Could I have a look at your ID card? B: Of course. (producing the ID card) A: Good. These are some booklets introducing the program.

25. You can read and know more. Please sign here and I will contact you in 2days. B: That ’ s very kind of you. Thank you very much. A: You are welcome.

26. Exchange rate list Date: 2008/09/17 Currency Name Buying Rate Cash Buying Rate Selling Rate Middle Rate

30. CD Amount: 2 000 000 dollars Issuing date: July 1, 1999 Maturity: July 31 1999 Payee: Daniel Trading Co. Ltd Issuing bank: Chemical Bank Interest rate: 10.25

31. 在货币市场上，企业、政府、有时候是 个人，进行着短期的资金接待，期限一 般为 1-120 天。 美国国债是重要的货币市场工具，其次 是可流通存单和商业票据。 其他货币市场工具虽然在发行售出规模 上没有那么大，但却在它们各自相应的 市场上起重要作用，并代表了货币市场 参与人的各种投资选择。

32. Money markets 1 在货币市场上，企业、政府、有 时候是个人，进行着短期的资金 接待，期限一般为 1-120 天。

33. Money markets 1 In the money markets, businesses, governments, and, sometimes, individuals borrow or lend funds for short periods of time — usually 1 to 120 days. U.S. Treasury bills are the dominant money market instrument.

34. 美国国债是重要的货币市场工具， 其次是可流通存单和商业票据。

35. They are followed by negotiable certificates of deposit and commercial paper.

36. 其他货币市场工具虽然在发行售 出规模上没有那么大，但却在它 们各自相应的市场上起重要作用

37. Other money market instruments, though not as large in volume outstanding, are important in their respective markets and represent investment alternatives for money market participants.

38. 并代表了货币市场参与人的各种 投资选择。

39. It is the close substitutability of market instruments that links all the money markets.

40. Money markets 2 Actually, the money market consists of a collection of markets, each trading a distinctly different financial instrument.

41. There is no formal organization, such as the New York Stock Exchange (NYSE) for the equity markets. Central to the activity of the money markets are the dealers and brokers who specialize in one or more money market instruments.

42. Dealers buy securities for their own position and sell from their security inventories when a trade takes place.

43. Brokers do not actually buy or sell securities and they only execute their clients ’ transactions at the best possible price. Their profits comes from the commission fee charged for their services.

44. Transactions, particularly in the secondary market, are almost always completed by telephone. The market is centered in New York City in downtown Manhattan because of the concentration of financial firms in that area.

45. The major dealers and brokers are tied to each other and to their customers by direct phone lines all over the Unite States and in major European financial centers.

46. Other communication devices, such as teletypes and computers, link large banks, some big corporations, and other participants in the money markets.

47. Money markets 3 The money markets are also distinct from other financial markets in that they are wholesale markets because of the large transactions involed.

48. Though some small transactions do take place, most involve $1 million or more. Money market transactions are called open market transactions because of their impersonal and competitive nature.

49. There are no established “ customer relationships. ” for example, a bank trading in Federal Funds will ask for bids from a number of brokers, welling at the highest price and buying at the lowest.