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1、Unit 10 Foreign Exchange RateIIITranslate the following professional terms and expressions. / 1. international parity国际比价 2. foreign currency bill外币汇票 3. exchange clearing外汇清算 4. exchange rate quotation 外汇牌价 5. closing rate收盘价6. 单位换算 unit conversion 7. 出口外汇 export exchange 8. 物价水平price level9. 国际储备货
2、币international reserve currency 10. 贸易顺差favorable balance of trade. Translate the following sentences Chinese.1. There is also a foreign exchange rate between American money and the currencies of each and every country 美国货币与各国货币之间也有一个外汇兑换率的问题。2. But the true economics of the problem cannot be graspe
3、d until we find out why the foreign exchange rate is at the level it is.只有弄清楚外汇比率为什么会像它的牌价那样，我们才能掌握这个问题中真正的经济学原理。3. If America used ounces and Chins used grams to measure weight, you would merely have to have a table of unit conversion.如果美国用盎司，而中国用克来衡量重量，你就需要有一张不同重量单位的换算表。4. Under the indirect quota
4、tion method, the rates are quoted in terms of a variable number of foreign currency units to the fixed unit of home currency.按照间接标价法，汇率标价是以一定单位的本国货币为标准，折算出一个随汇率变动而变化的外币数额。5. In the case of direct rates, “low rates” are for us, (favorable from a national viewpoint) and “high rates” are against us (un
5、favorable from a national viewpoint).就直接汇率来说，从国家的角度看，低汇率对我们有利，而高汇率对我们不利。课文参考译文第三单元 外汇汇率 How does trade take place? If an American buys oranges from Florida, he or she naturally wants to pay in dollars. Also, the grower expects to be paid in dollarsfor, after all, their expenses and living costs are
6、settled in dollars. Within a country, economic transactions seem simple. 贸易是如何进行的?如果一个美国人从佛罗里达购买橘子,他自然要用美元付款。橘农也希望收取美元。 因为，他们的开销和日常生活都是用美元结算的。在一个国度内，经济交易显得很简便。 If, however, this American wishes to buy a Chinese sports car directly, matters are more complicated. He or she must pay in Chinese money, o
7、r what is called “RMB”, rather than in dollar. Similarly, the Chinese must somehow give dollars to an American producer if they want American merchandise. Most Americans have never seen a Chinese RMB note.但是，如果这位美国人想从中国直接购买一部赛车，事情就复杂多了。他必须支付中国的货币，或者说“人民币”，而不是美元。同样，如果中国人想购买美国商品，也得付给美国生产商美元。大多数美国人从来没有
8、见过人民币是什么样子。 Therefore, exports and imports of goods between nations with different units of money introduce a new economic factor, the foreign exchange rate, which gives the price of the foreigners unit of money in terms of ones own. Thus, the price of a Chinese RMB is a certain amount of US dollars
9、. There is also a foreign exchange rate between American money and the currencies of each and every country. Business people and tourists do not have to know anything more than exchange rates to get their imports or exports transacted. But the true economics of the problem cannot be grasped until we
10、 find out why the foreign exchange rate is at the level it is.这样一来，在使用不同货币单位的国家之间进出口商品就引起了一个新的经济因素：外汇比率。外汇比率以自己国家货币的形式标出外国货币的价格。因此就有了人民币相当于多少美元，还有美国货币与各国货币的外汇兑换率。商人和旅行家除了完成他们的进出口交易之外，不必一定要了解兑换率之外的任何事情。但是如果不弄清楚外汇比率为什么会像它的牌价那样，我们就不能掌握这个问题当中真正的经济学原理。First, lets look at the working of the gold standard.
11、 Suppose people everywhere insisted on being paid in bits of pure gold metal. Weight alone would count so long as there was guarantee of purity. Then buying a car in China would merely require payment in gold at a price expressed in ounces of gold. By definition there would be no foreign exchange ra
12、te problem. Gold would be the common world currency.首先，我们看一看金本位的原理。假如世界各地的人们都坚持收取一块块的纯金，只要在纯度方面有了保证，剩下最重要的就是重量了。那么在中国购买一部汽车，只要按照标价的若干盎司黄金支付就可以了。从释义角度讲，就不存在外汇兑换率这个问题了。黄金就成了全世界的通用货币。 However, since silver and gold are inconvenient to carry and to assay for purity and for weight, it became customary fo
13、r each state to stamp out in coin form a specified number of ounces of gold carrying the seal of the state to guarantee purity and weight. With gold coins as the exchange medium, would not foreign trade still be like domestic trade? Yes, essentially but with some minor differences: If Americans used
14、 ounces and China used grams to measure weight, you would merely have to have a table of unit conversion. This is essentially how the pre-1914 gold standard actually worked.但是，携带金银和做出的纯度与重量鉴定不方便。所以，通常的做法是每个国家把特定数量盎司的黄金冲压成金币形状，并带有该国的印记一保证纯度和重量。如果以金币作为交换手段，外贸不是与内贸很相似吗？从根本上讲是的。但也有些小区别：如果美国用盎司，中国用克衡量重量，
15、你就需要有一张不同重量单位的换算表。 这正是1914年之前金本位的运作原理。 Gold being quite inconvenient to carry around for spending purposes, inevitably governments issued paper certificates that were pledged to be redeemable in gold metal. People have the right to turn in gold for certificates and certificates for gold.既然为购物携带黄金不方便
16、，各国政府必然会发行纸的保证书，用它可以兑现黄金。人们有权以黄金换取证书，以证书兑现黄金。 Then, will a country lose all its gold in exchange for things made abroad under the gold standard? David Hume asserted in 1752, that there is a four-pronged mechanism that tends to keep in equilibrium the international balance of payments of countries on the gold standard. Briefly, the Hume mechanism is this:
