2012年金融英语考试之金融阅读辅导:汇率的管理

  • 时间:2012-03-07 来源:http://edu.chinawuliu.com.cn 责任编辑:外语考试论坛

金融英语考试之金融阅读教育:汇率的打点

Exchange controls i.e. restrictions imposed by governments on the freedom with which foreign exchange can be obtained, were first introduced in the 1930’s, following the breakdown

of the go1d standard and the general unwillingness of countries to accept freely floating rates of exchange.Exchange controls are provided for in the statutes of most countries, although often applying only to“capital flows”rather than to current payments (payments for imports and exports).Until

October 1979 a number of such controls were still being operated by the UK authorities.Prior to that date the principal 1egislation was the Exchange Control Act of 1947 which empowered the Treasury,through the Bank of Eng1and,to administer transactions between residents of this country and non—residents including control over the purchase of both gold and foreign currencies.

The justification of the need for exchange control regulations is that large short term capital flows can have an unsettling influence on exchange rates.The Swiss and German authorities, in particular, have been anxious to control the inflow of foreign capital, with the Swiss resorting, until recently, to a system of negative interest rates on non-resident deposit accounts.In the case of the UK,exchange controls were used to protect the balance of payments and international reserves and to vulnerability to rapid movements of volatile funds in and out of the country.Many developing countries and communist nations have different rates of exchange for trade on the one hand and for tourist expenditure on the other.There are also in many countries,widespread control on the availability of currency for tourists.Official attempts to separate the markets for essential and non—essential transactions have in many cases,however,led to black markets which have tended to offset the effect of controls.

New Words & Terms

exchange control外汇打点,外汇管制 restriction n.限制,约束的

obtain v.获得;买到 breakdown

n.失踪败,解体;分类细账

inflow n.流入;流入量 foreign capital外资

standard n.尺度;(货泉轨制的)本位 resort v.乞助;凭借,采纳手段

negative a.消极的,否认的,负的 gold standard金本位制

floating of exchange浮动汇率

vulnerability n.错误谬误,弱点;易损性

statute n.法令,律例,章程 capital flow成本流动

volatile a.易变的 current

payment经常开支

volatile fund游资

legislation[ded3iglei/9n]n.立法

non-essential a.非根基的,非首要的 resident n.居平易近

non-resident n.非居平易近 widespread

a.传布广的;普遍的

foreign currency外汇 offset

v.抵销;抵偿

justification n.合理性 black

market黑市,黑市生意

unsettling a.侵扰的,使人不安 tend v.倾向;趋向

Phrases

provide for划定 in

particular出格是,尤其是

apply…to…合用于 resort

to乞助;凭借,诉诸,采纳某种手段

have an influence on对…有影响

Proper Names

United Kingdom of Great Britain and Northern

Ireland大不列颠及北爱尔兰连系王国(英国)

Exchange Control Act外汇打点法 Treasury英国财政部

Swiss瑞士的

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