金融英語雙語閱讀兩篇
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金融英語雙語閱讀：貨幣形式
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.
名義貨幣不僅僅沒有什麼特別的價值，而且在商品的交換中它本身根本沒有價值。它擁有的只是法律所賦予它的價值。
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，名義貨幣從它的本質來說實際上一錢不值。它的價值只在於它能夠獲得普遍的接受。毫無疑問，名義貨幣是人類最神奇的發明之一。任何經濟學家都還無法確切解釋，爲什麼人們能夠把一種除了法定的價值外顯然沒有任何價值的東西作爲寶貴的東西來普遍接受。
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.
信用手段是一種契約。它可以被當作貨幣使用是因爲它也有價值。當然，它的價值是建立在它的信用聲譽之上的。換句話說，也就是要看人們能夠給予這些寫成文字的保證多大程度的信任。我作爲貨幣收取的票據文件是對方的一種債務契約，是保證他們準備爲我做一些事，比如要支付給我法定貨幣。這種保證可能會以支票或匯票的方式來體現。
Notes：
money 名義貨幣，法定貨幣
it money 信用貨幣
it instrument 信用手段，信用安排
it - worthiness 信貸價值，信用聲譽
5.簡單概括來說，名義貨幣實際上是把貨幣形態象徵化，也就是貨幣的實體與額面價值分離，貨幣代表的價值大於貨幣本身材料的價值。
這也就是爲什麼每當出現了金融動盪的時候，人們就會紛紛把手裏的鈔票兌換成老式的、本身擁有價值的貨幣，比如金銀等貴重金屬。
6.名義貨幣，也叫法定貨幣，英文是 Fiat money.
7.現代社會中還有另外一種形態的貨幣，叫做 Credit money，信用貨幣。隨着商品流通的發達，貨幣與商品交易有了時間的間隔，出現了所謂的延期交易，因而也就有了債權債務契約，也就是買賣當事人之間或借貸雙方的信用關係。儘管信用貨幣這一形態早已在人類歷史上出現，但只是在不久以前它纔得到廣泛的使用。
信用貨幣也就是信用手段- credit instrument，或者說是一種當事人雙方或多方都接受的信用安排。它包括用以取得信貸的文件、合同或支票、期票、借據等等。
金融英語雙語閱讀：債務融資
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.
銀行籌資最傳統的形式是銀行存款，包括活期存款和定期存款。然而，隨着存款利率的穩步下降，投資商將錢存在銀行的熱情已開始減退，並且現在投資商還必須爲其任何所得利潤支付20%的稅。對於銀行來說，存款是所有資金來源中最划算的。銀行面臨的最大問題之一在於傾向於將大部分貸款用於住房貸款上，通常期限爲15到30年。另一方面，存款期限則爲1個月到5年。假如銀行向一借款人提供100萬人民幣貸款，爲期20年，那麼銀行就必須找到一個或若干個客戶來支付一筆總數爲100萬人民幣、爲期5年的定期存款。請注意，投資商在利率不穩定或通貨膨脹嚴重時就不會這樣做了。5年到期後，他們還必須找到願意再做3次的投資商，以確保住房貸款資金能夠完全到位。這會給銀行帶來資金籌措風險。銀行的負債管理部門會監督該風險。
