制卧爱分贸易+考 金融英语阅读 Among the risks it identifies are a continued widening of the US current account deficit-now running at $665.9 billion per year,or 5.7 percent of GDP-continued rises in oil and other commodity prices,feeding through to the general inflation rate and "negative surprises"for corporate earnings and credit quality. There is no visible sign of a sustained decline in capital inflows into the US.But the report warns that"undue delays"in addressing the present global imbalances or"serious doubts"about the willingness of central banks to continue to accumulate dollars and thereby fund the US deficit "could spark strong incentives for investors,private and possibly even public,to reduce future dollar purchases or even reduce their existing dollar holdings."3 While it does not mention it by name,the report's authors clearly had General Motors in mind when they noted that another area of concern was"the downgrading of a major global company to sub-investment grade for reasons that may not be linked to negative events in the global economy..”4 Over the past decade and a half,the global financial market has seen rapid growth of complex financial instruments aimed at spreading risk and increasing stability.5 These instruments,the report notes,rely on quantitative mathematical models for value,assessments and pricing."Therefore,there is a risk that models that are overly similar in their construction could cause investors to rush to exit at the same time,leading to market liquidity shortages." A.The threat to global financial stability was not because LTCM was a"rogue trader"but the reverse. B.A combination of "low risk premiums,complacency and untested elements of risk management systems with complex financial instruments could ultimately become hazardous to the financial markets." C.However,it then devotes considerable space to outlining the growing dangers posed by the increasing complexity of the entire structure. D.But,in a period of market fluctuations,this process could itself become a source of greater instability. E.Its investments,based on complex mathematical models,were very close to those of other funds. F. Credit rating agencies have threatened to reduce GM debt to "junk bond"status-a move that could lead to financial turbulence as investment funds are forced to sell off GM bonds and shares. G.This could trigger a further significant decline in the dollar,sparking an increase in interest rates,which would dampen economic demand in the US. Translation Translate the English into Chinese. "Financial ecology"does not refer to the internal operation of the financial institutions. Instead,it refers to the external environment,or the basic conditions for financial operations. 第2页共4页金融英语阅读 第 2 页 共 4 页 Among the risks it identifies are a continued widening of the US current account deficit—now running at $665.9 billion per year, or 5.7 percent of GDP—continued rises in oil and other commodity prices, feeding through to the general inflation rate and “negative surprises” for corporate earnings and credit quality. There is no visible sign of a sustained decline in capital inflows into the US. But the report warns that “undue delays” in addressing the present global imbalances or “serious doubts” about the willingness of central banks to continue to accumulate dollars and thereby fund the US deficit “could spark strong incentives for investors, private and possibly even public, to reduce future dollar purchases or even reduce their existing dollar holdings.” 3_______________ While it does not mention it by name, the report’s authors clearly had General Motors in mind when they noted that another area of concern was “the downgrading of a major global company to sub-investment grade for reasons that may not be linked to negative events in the global economy.” 4_______________ Over the past decade and a half, the global financial market has seen rapid growth of complex financial instruments aimed at spreading risk and increasing stability. 5_______________ These instruments, the report notes, rely on quantitative mathematical models for value, assessments and pricing. “Therefore, there is a risk that models that are overly similar in their construction could cause investors to rush to exit at the same time, leading to market liquidity shortages.” A. The threat to global financial stability was not because LTCM was a “rogue trader” but the reverse. B. A combination of “low risk premiums, complacency and untested elements of risk management systems with complex financial instruments could ultimately become hazardous to the financial markets.” C. However, it then devotes considerable space to outlining the growing dangers posed by the increasing complexity of the entire structure. D. But, in a period of market fluctuations, this process could itself become a source of greater instability. E. Its investments, based on complex mathematical models, were very close to those of other funds. F. Credit rating agencies have threatened to reduce GM debt to “junk bond” status—a move that could lead to financial turbulence as investment funds are forced to sell off GM bonds and shares. G. This could trigger a further significant decline in the dollar, sparking an increase in interest rates, which would dampen economic demand in the US. Translation Translate the English into Chinese. "Financial ecology" does not refer to the internal operation of the financial institutions. Instead, it refers to the external environment, or the basic conditions for financial operations