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BankingEnglishUnit3MoneymarketQuestionsofUnitThree:1、Whatisthemoneymarket?andwhatfunctionsdoesithave?2、WhataretheprincipalinstrumentsintheU.S.moneymarket?3、WhatareFedfunds?andwhatisFedfundsrate?4、Howtodistinguishamongbills,notesandbonds?Unit3MoneymarketQuestionsofUnitThree:5、WhatisEurodollar?6、WhatisCD?Howdiditoriginate?7、WhatfeaturesdoestheCD’sinterestratehave?8、WhatisCP?andhowcanissuersrealizepermanentfundingwiththisinstrument?NoImageTermsandParaphrasing:Surplus:a.过剩的；n.剩余额，顺差，盈余a.过剩的1.Fewpeoplehavelargesumsofsurpluscash.2.Thehousesarebeingsoldbecausetheyaresurplustorequirements.3.Ruralindustrieshaveabsorbed50%surplusworkforce.这些因超出需求而闲置的房屋正在出售。n.顺差，盈余，过剩Ifacountryhasatradesurplus,itexportsmorethanitimports.Ifacountryhasabudgetsurplus,ithasspentlessthanitreceivedintaxes.asurplusofsth:某物过剩Tradesurplus:贸易顺差budgetsurplus:预算盈余liquidity（fluidity）surplus:流动性过剩NoImageTermsandParaphrasing:deficit:n.赤字；逆差；亏损；亏空；不足Adeficitistheamountbywhichsomethingislessthanwhatisrequiredorexpected.Budgetdeficit:预算赤字tradedeficit:贸易逆差Adeficitof1billionfrancs:10亿法朗的赤字Tocoverthedeficit:弥补赤字=tomakeupthedeficitThebalanceofpaymentisindeficit.国际收支逆差=Adeficitinthebalanceofpayment.=Balanceofpaymentdeficit.NoImageTermsandParaphrasing:deficit:n.赤字；逆差；亏损；亏空；不足Adeficitistheamountbywhichsomethingislessthanwhatisrequiredorexpected.Budgetdeficit:预算赤字Adeficitof1billionfrancs:10亿法朗的赤字Tocoverthedeficit:弥补赤字=tomakeupthedeficitThebalanceofpaymentisindeficit.国际收支逆差TomovefundsfromsectorswithsurplusfundstothoseInadeficitposition.NoImageTermsandParaphrasing:neutral:a.中立的，中性的，平静的，平淡的；n.中立人，中立国Ifapersonorcountryadoptsaneutralpositionorremainsneutral,theydon’tsupportanyoneinadisagreement,warorcontest.Aneutralissomeonewhoisneutral.中立者，持中立态度的人Inaneutralvoice:用平静的声调NoImageSecuritiesexchange:证券交易所（市场）;场内市场=StockexchangeStockexchangeisanorganizedphysicalcentralizedmarketwherequalifiedmembers(dealersandbrokers)gathertotradelistedsecurities,suchascommonstock、bonds.Itoperatesunderstrictrulesandregulations.NoImage(main)boardmarket:主板市场(场内市场)Secondboardmarket:二板市场=GrowthEnterpriseMarket=GEM创业板=SMEboard中小企业板GEMisastockmarketsetupbyStockExchangeofHongKongforcentralizedfunds-raisingofgrowthenterprisesornewemergingcompaniesfromallindustriesandofallsizeswhoaretemporarilynotqualifiedtobelistedinthemainboard.NoImageNoImageon-floormarket:场内市场floordealer:场内交易商floorbroker:场内经纪人Onfloororder:场内委托Floororderticket:场内委托单off-boardmarket：场外交易市场off-floormarket：场外交易市场Off-exchangemarket:场外市场Over-the-countermarket:场外交易市场Curb(kerb)market:场外市场NoImageOver-the-countermarket:场外交易市场Over-the-countermarketisamarketconsistingofagroupofbrokersanddealerswhoareinter-relatedbyacomputernetworkanddirectlytradesecuritiesthatarenotlistedonanexchange.Itisadecentralizedmarket.NoImageList:上市，获准上市De-list:摘牌1.Thesecompanywillbelistedinnasdaqorlondonstockexchange.Onstockexchange=instockexchange=inmainboardmarketNoImageListedcompany:上市公司=quotedcompanyListedstock:上市股票Listingrequirement:上市条件NoImageOpen-marketoperation:公开市场操作Thebuyingandsellingofgovernmentsecuritiesbyacentralbank,inordertocontrolthemoneysupply.NoImageDealer:交易商=jobberDealermeansanindividualorfirminthesecuritiesbusinesswhobuysandsellsstocksandbondsasaprincipalratherthanasanagent,itbuysorsellsasecurityonitsownaccountandatitsownrisk,itsprofitorlossisthedifferencebetweenthebuyingandsellingpricesforthesamesecurity.onone'sownaccount:为自己的利益NoImageBroker:经纪人Brokermeansanindividualorcompanyactsasanagentforthecustomerstopurchaseorsalesecuritiesfromandtoathirdpartyandacommissionischargedfortheirservices.NoImageEase:(n.v.)放松，放宽，降低Easeofcredit:放宽信贷Easeofmoney:银根松动Easeofinterestrate:降低利率NoImageTighten:(v.)收紧Tightenmoney(supply):收紧银根，紧缩货币供给Tighteningofinterestrate:收紧利率，提高利率Tightmoney:紧银根Tightcredit:信用紧缩NoImageTightmarket:旺市Amarketinwhichtradingvolumeishigh,tradingisactiveandhighlycompetitive,andconsequentlyspreadsbetweenbidandaskpricesarenarrow.=deepmarket=activemarket=liquidmarketNoImageThinmarket:淡市Amarketinwhichtradingvolumeislow,andconsequentlybidandaskedquotesarewideandtheinstrumenttradedisnotveryliquid.=inactivemarketNoImageMarketdepth:市场的深度Infinance,marketdepthisthesizeofanorderneededtomovethemarketpriceagivenamount.Ifthemarketisdeep,alargeorderisneededtochangetheprice.Marketdepthcloselyrelatestothenotionofliquidity,theeasetofindatradingpartnerforagivenorder:adeepmarketisalsoaliquidmarket.NoImageFedfunds:联邦基金FundsdepositedbycommercialbanksatFederalReserveBanks，designedtoenablebankstemporarilyshortoftheirreserverequirementtoborrowreservesfrombankshavingexcessreserves,andalsocalledfederalfunds.NoImageFedfundsrate:联邦基金利率TheinterestratethatbankschargeeachotherfortheuseofFedfunds.ItchangesdailyandisasensitiveindicatorofgeneralinterestratetrendsNoImageBaserate:基准利率Itissynonymouswithprimerate，usedasabasistopriceloans.Amarginofloanrateandbaseratereflectstheriskoftheborrowers.NoImagePrime(interest)rate:优惠利率（基准利率）=favorablerate=concessionalrate=preferentialrateThePrimeInterestRateistheinterestratechargedbybankstotheirmostcreditworthycustomers(usuallythemostprominent