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1、Unit 9 Financial Markets After studying this text, you are required to: understand the meaning of finance; name some famous financial markets; learn the definition of foreign exchange and foreign exchange market understand some inportant words and expressions Text A: Financial Markets in General Dis
2、cuss some information about the worlds financial markets. 1. Can you name some typical financial markets? 2. Do you know the characteristics of money. 3. What is finance and financial market? Read Text A and answer the following questions: 1. Is allocation of money in equilibrium at all times? 2. Un
3、der what condition is credit conducted? 3. What are finance and financial markets? 4. What distinguishes money market and capital market? 5. What methods can be used to prevent financial crisis? Check the exercises: 1. Is allocation of money in equilibrium at all times? No, the allocation of money i
4、s lopsided in various areas at different date. Therefore, the quantity of currency is more or less. 2. Under what condition is credit conducted? Credit is conducted on the condition that the principal and the interest should be paid back later. 3. What are finance and financial markets? Finance is u
5、sually defined as financing of money by penetration of payment, borrowing and lending of money. Financial markets are the markets for financing funds. There are two types of financial market: money market and capital market. 4. What distinguishes money market and capital market? A way of distinguish
6、ing markets is on the basis of the maturity of the securities. The money market is a financial market in which only short- term debt instruments are traded while the capital market is the market in which longer- term debt and equity instruments are traded. 5. What methods can be used to prevent fina
7、ncial crisis? We can take measures such as strengthening macroeconomic control, improving foreign trade structure, watching the financial markets closely, and if necessary, we can apply for the help of those international organizations Read the text again and finish the following exercise. Fill in t
8、he blanks with corresponding words in the box. In this rapidly changing economy, (1)_ are linked in a wide network of individuals, enterprises, government agencies, news agencies, commercial banks, the central bank, securities firm, investment companies, insurance companies, and various funds. These
9、 participants have different (2) _ when they operate in financial markets. They use the financial markets to (3) _ the funds for short periods of time or to finance long-term investment. Commercial banks, for example, tend to lend in the money markets to (4) _ their short-term liabilities. Insurance
10、 companies and pension funds tend to lend in the (5) _ to counterbalance their long-term liabilities. Vocabulary 1. tangible adj 有形的 e.g. The buildings and machinery are the companys tangible assets. 建筑物和机器是公司的有形资产。 intangible adj 无形的 e.g. The reputation is the companys intangible assets. 声誉是公司的无形资产
11、。 2. exchange n 交易，交换 e.g. Is five apples for five eggs a fair exchange? 3. lopsided adj 不均衡的 e.g. There is a lopsided ratio of men to women. 男女比例存在失衡 4. inextricable adj 分不开的 e.g. Taiwan is an inextricable part of China. 5. integrate +into/with 融入，（使）成为一体 She has completely integrated into the scho
12、ol life. 她已完全融入学校生活。 sth with sth 结合 The school integrates maths lessons with computer lessons 学校把数学课和计算机课结合 起来。 6. speculative 投机的 e.g. He made a speculative investment in the stock market. 他在股市作了投机性的一笔投资。 7. float v (货币)浮动 Russia floated the ruble on the foreign exchange market. 俄罗斯让卢布在外汇市场上自由浮动。
13、Difficult sentences. 1. As we have noted, there are two types of basic currency activities: payment of currency as well as borrowing and lending of currency. 我们知道,有两种基本的货币活动:货币支付和货 币借贷. 2. The way to raise funds in financial markets can be categorized into the intermediated and the non-intermediated
14、. 在金融市场筹集资金的方式可分为直接筹资和 间接筹资. 3. International financial markets are markets for financial assets traded by residents and non -residents outside the internal markets. 国际金融市场是本国居民与外国居民交易金融 资产的场所. 4. The crisis came under speculative attack by the quantum fund of Soros. 该危机由索罗斯量子基金的投机性袭击直接所 致。 Text B:
15、What is the Foreign Exchange Market? Have a discussion on the following questions: 1. What are the currencies for the United States and Japan respectively? 2. Can you name more currencies of different countries? 3. What are soft currency? 4. Is US dollar a soft currency? Read the following sentences and decide whether they are true (T)or false (F). (1) The existence of the foreign exchange markets is simply because nations have to keep their sovereign right to have and control their own currency. （2）（）The foreign exchange market can be divided into spot and fo
