金融英语双语阅读两篇
金融英语双语阅读：货币形式
Fiat money has not only no particular value in use, it doesn't even really have a value in exchange except that which is decreed that it would have.
名义货币不仅仅没有什么特别的价值，而且在商品的交换中它本身根本没有价值。它拥有的只是法律所赋予它的价值。
So fiat money is money which is intrinsically worthless. And its value exists by virtue of the fact that it is generally acceptable. And fiat money, needless to say, is one of the most mysterious inventions of the human mind, and no economist has managed to explain exactly why it is that people will generally accept something as valuable when it clearly has no value other than that which it is decreed to have.
因此，名义货币从它的本质来说实际上一钱不值。它的价值只在于它能够获得普遍的接受。毫无疑问，名义货币是人类最神奇的发明之一。任何经济学家都还无法确切解释，为什么人们能够把一种除了法定的价值外显然没有任何价值的东西作为宝贵的东西来普遍接受。
A credit instrument is an obligation. And it's used as money because it has value. And the value that it has, of course, is a value which is based upon its credit-worthiness, in other words, how much credit or how much credence people give to the promise which is actually written down. What I'm receiving or using as an instrument for money purposes is somebody else's obligation. Their preparedness to do something for me which might be to give me fiat money. That could be the promise which is incorporated in the cheque or the bill of exchange.
信用手段是一种契约。它可以被当作货币使用是因为它也有价值。当然，它的价值是建立在它的信用声誉之上的。换句话说，也就是要看人们能够给予这些写成文字的保证多大程度的信任。我作为货币收取的票据文件是对方的一种债务契约，是保证他们准备为我做一些事，比如要支付给我法定货币。这种保证可能会以支票或汇票的方式来体现。
Notes：
money 名义货币，法定货币
it money 信用货币
it instrument 信用手段，信用安排
it - worthiness 信贷价值，信用声誉
5.简单概括来说，名义货币实际上是把货币形态象征化，也就是货币的实体与额面价值分离，货币代表的价值大于货币本身材料的价值。
这也就是为什么每当出现了金融动荡的时候，人们就会纷纷把手里的钞票兑换成老式的、本身拥有价值的货币，比如金银等贵重金属。
6.名义货币，也叫法定货币，英文是 Fiat money.
7.现代社会中还有另外一种形态的货币，叫做 Credit money，信用货币。随着商品流通的发达，货币与商品交易有了时间的间隔，出现了所谓的延期交易，因而也就有了债权债务契约，也就是买卖当事人之间或借贷双方的信用关系。尽管信用货币这一形态早已在人类历史上出现，但只是在不久以前它才得到广泛的使用。
信用货币也就是信用手段- credit instrument，或者说是一种当事人双方或多方都接受的信用安排。它包括用以取得信贷的文件、合同或支票、期票、借据等等。
金融英语双语阅读：债务融资
The most traditional form of bank financing is bank deposits, both at call and fixed deposits. However with the steady decrease of the deposit rates, the incentive for investors to leave money sitting in the bank has decreased, even more so now that depositors have to pay 20% tax on any interest earned. For a bank, deposits are the least expensive of all funding sources. One of the biggest problems facing banks is that they tend to do the majority of their lending through housing loans, which is generally for terms between 15 to 30 years. Deposits on the other hand are for terms ranging from 1 month to 5 years. If the bank were to provide a borrower with a 20 year housing loan of 1 million RMB, the bank would need to find a customer or a number of customers to commit to a total fixed deposit of 1 million RMB for 5 years. Note that investors would be unwilling to do this when interest rates are volatile or when inflation is high. After the end of the 5 years, they would need to find investors that are willing to do this another 3 times in order to ensure that the housing loan is fully funded. This results in funding risk to the bank. The liability management department in the bank looks after this risk.
银行筹资最传统的形式是银行存款，包括活期存款和定期存款。然而，随着存款利率的稳步下降，投资商将钱存在银行的热情已开始减退，并且现在投资商还必须为其任何所得利润支付20%的税。对于银行来说，存款是所有资金来源中最划算的。银行面临的最大问题之一在于倾向于将大部分贷款用于住房贷款上，通常期限为15到30年。另一方面，存款期限则为1个月到5年。假如银行向一借款人提供100万人民币贷款，为期20年，那么银行就必须找到一个或若干个客户来支付一笔总数为100万人民币、为期5年的定期存款。请注意，投资商在利率不稳定或通货膨胀严重时就不会这样做了。5年到期后，他们还必须找到愿意再做3次的投资商，以确保住房贷款资金能够完全到位。这会给银行带来资金筹措风险。银行的负债管理部门会监督该风险。
