[00:00.00]New Words

[00:00.89]新单词

[00:01.78]challenge v.

[00:02.43]引起，要求

[00:03.08]eliminate v.

[00:03.71]消除，抵消

[00:04.34]adverse adj.

[00:04.88]不利的

[00:05.43]premium n.

[00:06.05]保险金

[00:06.66]confirmation n.

[00:07.48]确认书

[00:08.31]Phrases & Expressions

[00:10.24]read one's mind

[00:11.18]看出某人的心思

[00:12.12]sort out

[00:12.81]把...分类，把...整理

[00:13.51]more or less

[00:14.33]或多或少

[00:15.15]run a risk

[00:16.01]冒险

[00:16.88]lose one's patience

[00:18.12]失去耐心

[00:19.36]Z:How are you, Mr. Steward? We haven't seen each other for a whole week.

[00:21.37]张：您好，斯特沃先生。一周末见了，近来好吧?

[00:23.38]S:I'm fine. Yes, time is flying by. How are you, Zhang Jun?

[00:25.78]斯：很好,时间过得真快呀!近来你也挺好吧?

[00:28.19]Z:Not bad.

[00:28.59]张：还行。

[00:29.00]S:Really? I'm afraid you have got a lot more questions to challenge me again.

[00:31.35]斯：真的吗?恐怕这次你来，又有一大堆问题等着我呢!

[00:33.70]S, Z:Ha-ha... (laughing)

[00:34.63]斯与张：哈-哈(一起笑起来)

[00:35.55]Z:Yes, you are reading my mind. Last time when I went back to my dormitory,

[00:38.28]张：是啊，你可真清楚我是怎么想的。上次我回到宿舍，

[00:41.01]I made an effort to sort out the information you provided.

[00:42.84]把您讲的一大堆内容整理了一下，

[00:44.67]I was still a bit confused.

[00:45.56]发现还有一些弄不明白。

[00:46.45]S:Yes? What exactly bothered you?

[00:47.93]斯：是些什么问题呢?

[00:49.42]Z:As you said the forward market of foreign exchange is very helpful for companies of foreign trade to avoid possible loss.

[00:53.13]张：您说过，期货外汇交易可以使外贸公司避免一些可能的损失。

[00:56.84]S:Yes, that's true.

[00:57.53]斯：是的。

[00:58.23]Z:But, how about... you see...

[00:59.69]张：但，是怎样来避免的呢?您想...

[01:01.15]S:You can give me an example to illustrate your disagreement.

[01:02.93]斯：你可以给我一个实例，来讲清楚你的不同意见。

[01:04.71]Z:For instance, a German company knows that it will need an amount of US dollars in three weeks to pay for imports of facility from the United States of America.

[01:11.03]张：比如说，某一德国公司从美国进口一批设备，需要在三周内用美元支付。

[01:17.35]As you said, they can buy the dollars forward to reduce or eliminate the risk of an adverse movement in exchange rates between the Deutsch mark and the US dollar.

[01:23.04]您说过，这家公司可以作外汇期货交易购买美元，以降低甚至抵消德国马克与美元之间汇率的不利变化而产生的风险。

[01:28.74]But exchange rates are changing.

[01:30.20]但是，汇率在不断地波动着。

[01:31.66]Maybe, there will be a favorable movement in exchange rates between Deutschmark and the US dollar.

[01:34.75]也许，德国马克与美元的汇率有可能产生有利的变化。

[01:37.83]Then, why can't the company wait for three weeks to buy the dollars at the spot rate?

[01:40.28]那么为何该公司不可以等到三周后再来作即期交易购买美元呢?

[01:42.74]S:You are realy smart, Zhang Jun. Let me tell you, that's just the original idea of currency options.

[01:46.61]斯：张军，你的分析真是头头是道。我现在告诉你，那只是所谓外汇期权的本来意义，

[01:50.47]Z:Currency options? I have never heard of this term. Would you please give me more detailed information about it?

[01:54.13]张:外汇期权?这个名词我从未听说过.您能否详细地解释一

[01:57.79]S:Sure. What I told you last Saturday is not wrong.

[01:59.80]斯：好的。上周我告诉你的那些没错的

[02:01.81]But let me give you a wider and more complete picture about foreign exchange.

[02:04.40]现在我给你再讲一些外汇交易方面的知识。

[02:06.98]More or less, foreign exchange dealing involves a calculated gamble on exchange rates.

[02:10.13]外汇交易或多或少有点像对汇率来一次有意的赌博。

[02:13.28]Z:Why 'gamble'?

[02:14.11]张：为什么您用“赌博”这个词呢?

[02:14.95]S:Isn't foreign exchange dealing like a gamble? As you described in your example,

[02:17.65]斯：你说，外汇交易像不像赌博?从你举的例子来说，

[02:20.36]the German company may get a better exchange rate if it waits for three weeks to buy the dollars at the spot rate.

[02:24.21]那个德国公司如果等到三周以后再即期购买美元，汇率有可能对他们有利：

[02:28.06]But things will also go against us. Three weeks later, the rate could be worse.

[02:31.39]但也可能事与愿违，三周后的汇率也许变得很糟糕。

[02:34.72]So anyway, either course of action runs a risk.

[02:36.79]因此，不管是前者，还是后者都承担风险。

[02:38.85]Z:But what are all these related to currency options?

[02:40.74]张：但您以上所说的一切与期权有什么关系呢?

[02:42.64]S:Oh, don't lose your patience.Under the currency option,the customer pays a premium to the bank.

[02:46.11]斯：你得沉住气呀!想要取得期权，客户得向银行支付一笔保证金。

[02:49.59]Z:What advantages concerning foreign exchange can the customer enjoy?

[02:51.94]张：那么客户在外汇买卖时享有什么好处呢?

[02:54.29]S:After the customer of the bank pays a premium, the bank send out confirmation of the deal.

[02:57.72]斯：在客户向银行支付了一笔保险费或保证金以后，银行就出具一份外汇期权交易的确认书。