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1、金融专业英语PartⅠFinancialMarketsChapter1FunctionsofFinancialMarkets Chapter2MoneyMarkets Chapter3CapitalMarkets Chapter4ForeignExchangeMarketsChapter1 FunctionsofFinancialMarkets1.1SignificanceTheword“finance”signifiescapitalinmonetaryform,thatis,intheformoffundslentorborrowed,normallyfo
2、rcapitalpurposes,throughfinancialmarketsorfinancialinstitutions.Whenfinancegoesinternational,itisthenaninternationalfinance.Whatisafinancialmarket?Itisaplacewherefinancialtransactionstakeplace.Financialmarketsfacilitatethelendingoffundsfromsaverstothosewhowishtoundertakeinvestments.
3、Thosethatwishtoborrowtofinanceinvestmentprojectssellfinancialinstrumentstosavers.Whenaninvestorpurchasesthesecuritiesissuedbyultimateborrowers(thosewhousethefundstoinvestinrealassets),capitalmarketoperationsforequities,bondswouldfalllargelyintothiscategory.Whenaninvestorchoosestoinv
4、estintheobligationsoffinancialintermediaries,whichinturnlendthefundstothosewhoinvestinrealassets,theyareoperationsinmoneymarketfortermdepositsandloans,interbanktransactionsofsuchnature.Theprimarydistinctionbetweenthetwochannelsisthat,inthefirstcase,i.e.directfinancing,theinvestorisf
5、aceddirectlywiththecreditriskoftheissuer,whileinthesecondcase,i.e.financingthroughfinancialintermediation,afinancialinstitution,suchasabank,interjectsitselfbetweenusersandprovidersoffunds.Anyanalysisofthesectorofmoneymarketdominatedbyfinancialintermediariesmustbeverymuchconcernedwit
6、hthesefinancialinstitutionsthemselves(theirpolicies,financialconditionsandofficialregulatoryenvironment)inadditiontothosefactorsgoverningthesuppliersandusersoffunds.Internationalfinancialtransactionsincludepurchasesandsalesofforeigncurrency,securities,goldbullion,andlendingandborrow
7、ing.Foreignexchangemarkerdealswiththeexchangesofdifferentmeansofpayment.Theseexchangesarenecessaryforinternationalcapitalflows.Astherelativevaluesamongdifferentcurrencies(theexchangerates)willfluctuateaccordingtoeconomicandpoliticalcircumstancesofthecurrenciesoftherelativecountries,
8、internationalinvest
