[00:00.00]New Words

[00:00.81]新单词

[00:01.62]global adj.

[00:02.27]全球的

[00:02.93]understandable adj.

[00:03.72]可理解的

[00:04.52]fluctuate v.

[00:05.33]波动

[00:06.14]dictate v.

[00:06.94]支配

[00:07.73]intervention n.

[00:08.49]干预

[00:09.25]impose v.

[00:10.24]把...加强

[00:11.23]factor n.

[00:11.95]因素

[00:12.67]isolate v.

[00:13.43]分离，隔离

[00:14.18]Phrases & Expressions

[00:16.46]in terms of

[00:17.16]根据，按照

[00:17.87]balance of payment

[00:18.81]国际收支差额

[00:19.75]purchasing power

[00:20.47]购买力

[00:21.19]spot rate

[00:22.00]即期汇率，现货汇率

[00:22.80]forward rate

[00:23.73]期货汇率

[00:24.66]Z:Good evening, Mr. Steward.

[00:25.67]张：晚上好，斯特沃德先生。

[00:26.67]S:Good evening, Zhang Jun. Come in please. Would you like some coffee or tea?

[00:29.06]斯：晚上好，张军，请进。喝咖啡还是茶?

[00:31.45]Z:Anything will do.

[00:32.20]张：什么都行。

[00:32.94]S:Have some tea, please.

[00:33.65]斯：那么就来点茶吧!

[00:34.35]Z:Thank you.

[00:34.89]张：多谢!

[00:35.42]S:You said on the phone yesterday that you had some questions about foreign exchange dealing.

[00:38.20]斯：昨天的电话里你说要问问有关外币兑换交易方面的问题。

[00:40.99]Z:Yes. With the growth of global trade, Chinese companies need foreign currencies for international transactions.

[00:45.40]张：是的。随着全球贸易的不断发展，中国的企业也需要用外汇来支付外商。

[00:49.82]So, I'd like to learn more about this topic.

[00:51.11]我想多了解一些这方面的情况。

[00:52.40]S:That's understandable since you are a foreign trade student.

[00:54.50]斯:当然了，因为你学的专业就是外贸。

[00:56.61]Z:I understand that exchange rate is the value of one unit of a foreign currency expressed in another currency.

[01:00.93]张：我知道汇率是指一单位以另一国货来表示的价格。

[01:05.25]But how are foreign exchange rates determined?

[01:07.00]但是这些汇率是由什么决定的呢?

[01:08.75]S:The price of one currency in terms of another is called the exchange rate.

[01:11.42]斯：一国货币另一国货币表示的价格称为汇率。

[01:14.08]This rate fluctuates according to the dictates of supply and demand,

[01:16.43]汇率随供求关系而上下波动，

[01:18.79]within the limitations imposed by national and international monetary authorities.

[01:21.87]在国际及内国内金融机构所限定的范围内。

[01:24.95]Z:Well, do central bank interventions and exchange controls affect rates of exchange?

[01:27.78]张：那么，中央银行对外汇交易的干预及控制对汇率是否产生影响呢?

[01:30.62]S:Yes, of course. But there are still other factors which affect the rates of exchange - balance of payments,

[01:34.12]斯：当然。但影响汇率的升降还有其它因素，

[01:37.62]rates of domestic inflation and the relative purchasing power of currencies,

[01:40.23]例如国际收支，通货膨胀率，货币相对购买力

[01:42.84]international interests, rate differentials and other factors.

[01:45.36]国际利率，利率差等等因素。

[01:47.89]Z:Are these factors, which create a demand or lack of demand, for a particular currency easy to identify or isolate?

[01:51.87]张：对某一特定货币来说，影响其供求大小的因素是否很容易单独挑选出来?

[01:55.85]S:No. Very difficult. These factors always work together to affect the rates of exchange.

[01:59.41]斯：不，这是非常难的。这些因素总是混在一起对汇率产生影响的。

[02:02.96]Z:Mr. Steward, what is spot rate?

[02:04.84]张：斯特沃德先生，什么叫即期汇率?

[02:06.72]S:Currencies can be bought or sold in foreign exchange market either for immediate delivery or for delivery later.

[02:10.77]斯：在外汇交易市场上，货币的买进，卖出，既可以作既期交易，也可作期货交易。

[02:14.82]So spot rate is for immediate delivery and forward rate is for delivery later.

[02:18.59]所以即期汇率就是在即期交易时的汇率，而后者就是在期货交易时的汇率。

[02:22.37]Z:Does the forward market help?

[02:23.36]张：那么期货交易市场有何好处?

[02:24.35]S:Yes, the forward market is very useful for companies of foreign trade.

[02:26.95]张：那么期货交易市场有何好处?

[02:29.55]S: For example, if a company knows that it will need a particular foreign currency to pay a bill in a month's time,

[02:33.47]斯：例如，某公司知道将在一个月以后需要用某一种货币支付一份帐单，

[02:37.39]a forward deal enables it to protect itself.

[02:39.31]那么采用外汇期货交易，公司就能避免某些风险。

[02:41.23]Z:How?

[02:41.66]张：嗯?

[02:42.09]S:The rate of exchange of a particular foreign currency is changing all the time because of the factors I have just mentioned.

[02:45.98]斯：我前面提到过，有好几种因素对汇率升降产生影响。因此，某一特定货币的汇率一直在波动着。

[02:49.87]Future adverse movements in the exchange rate would have otherwise had the effect of making the foreign goods more expensive.

[02:54.30]若非如此，期货汇率的升降就有可能使到时所购买的外国货物价格上升。

[02:58.73]Z:Oh, I see. Now, I have a clearer picture of foreign exchange. Thank you very much.

[03:01.66]张：噢，我懂了。现在我对外汇兑换交易有了较清楚的认识了。非常感谢您。

[03:04.58]S:You are welcome any time.

[03:05.40]斯：别客气，随时欢迎你来。

[03:06.23]Z:It is quite late. I'd better leave now. Thank you again, Mr. Steward. Good night.

[03:08.94]张：时间不早了。我得走了，再次感谢您，斯特沃德先生，晚安。

[03:11.66]S:Good night.

[03:12.42]斯：晚安。