第一篇：金融英语学习资料17 中英文对照
Some laws are too dangerous to be allowed to remain on the books.Take, for example, the US debt ceiling.It is the legislative equivalent of a nuclear bomb aimed by the US at itself, with the rest of the world within its blast radius.What must never be used should not exist.Regardless of the outcome of the current negotiations, the law needs to be repealed.Orderly government cannot be pursued under so destructive a threat.It is quite different from a partial government shutdown.Albeit foolish and unjust, that is just about manageable.Failure to lift the debt ceiling is not.有些法律太过危险、不应保留，美国的债务上限就是一例。债务上限的立法相当于美国对自己投下了一颗核弹，而整个世界都在其爆炸范围内。绝不能使用的东西根本不应存在。不论目前谈判的结果如何，债务上限的法律都需要废止。面对破坏力如此之强的威胁，政府不可能实现有序的运转。这与政府部分关门有很大区别。政府部分关门虽然愚蠢和不应该，但基本上是可控的。而无法提升债务上限就不一样了。
The imbroglio over the ceiling does have a darkly amusing side.Many will recall Republican insistence that “uncertainty” was thwarting economic recovery.Yet it is difficult to imagine policies better designed to create maximum uncertainty than a possible default by the world’s most important debtor.Asked about the consequences of a failure to reach a deal on the ceiling, Jamie Dimon, chief executive of JPMorgan Chase, responded: “You don’t want to know.” But we must seek to know;the results would be calamitous.关于债务上限的纠葛确实有其黑色幽默的一面。很多人会记得共和党坚称“不确定性”正在阻碍经济复苏。但我们很难想象出，还有什么政策比世界最重要债务国违约更能制造不确定性。当被问及无法就债务上限问题达成妥协将有何后果时，摩根大通(JPMorgan Chase)首席执行官杰米•戴蒙(Jamie Dimon)说：“你肯定不想知道。”但我们必须设法弄清答案。结果将是灾难性的。
Why is the debt ceiling too dangerous to use? This question has two answers.为何债务上限这种步器过于危险、不应使用？可以从两个层面解答这个问题。The first is constitutional.In a recent article, Neil Buchanan of The George Washington University and Michael Dorf of Cornell argue that a binding debt ceiling would create a “trilemma” for the president: “Ignore the debt ceiling and unilaterally issue new bonds, thus usurping Congress’s borrowing power;unilaterally raise taxes, thus usurping Congress’s taxing power;or unilaterally cut spending, thus usurping Congress’s spending power.” Thus, a binding debt ceiling would force the president to violate his obligation to “take care that the laws be faithfully executed”.The authors conclude that the president should choose the “least unconstitutional” course and ignore the debt ceiling.But, inevitably, whatever the president did would create a constitutional crisis.No responsible Congress would seek to put the president in that position.首先是宪法层面。在近期一篇文章中，乔治华盛顿大学(The George Washington University)的尼尔•布坎南(Neil Buchanan)和康奈尔大学(Cornell University)的迈克尔•多尔夫(Michael Dorf)辩称，具有约束力的债务上限为总统带来“三难”局面：“忽略债务上限，单方面发行新债券，将篡夺国会的举债权；单方面增税，将
篡夺国会的税权；单方面减支，将篡夺国会的支出权。”因此，有约束力的债务上限将迫使总统违背其“监护法律得到切实执行”的义务。两位作者的结论是，总统应选择“最不违宪”的道路，忽略债务上限。但无论总统怎么做，都将不可避免地造成宪政危机。一个负责任的国会，是不会寻求让总统陷于如此境地的。
The second reason why the debt ceiling is so dangerous is that the administration could not obey it in a non-destructive way.At some point between October 17 and the end of the month, the administration would lack the money to pay its bills.All choices would be dire.债务上限如此危险的第二个原因是，政府无法在不带来破坏性后果的前提下遵守债务上限。在10月17日到月底之间的某个时点，政府将无钱支付账单。所有的选择都很糟糕。
One much discussed choice is “prioritisation”: the federal government would pay “high priority” claimants, such as the Chinese government, and default to “low priority” claimants, such as beneficiaries of Social Security or Medicare.Yes, the idea is that awful.一个被广泛讨论的选择是“优先支付”：联邦政府将向中国政府等“高优先级”债权人偿还债务，而对社保或联邦医疗保险计划(Medicare)受益人等“低优先级”债权人违约。没错，这个主意就是那么“馊”。
The US Treasury has two potent objections.First, prioritisation would not protect the “full faith and credit of the United States” – it would still be a default.Second, the US government’s computer systems do not allow it to choose among the close to 100m payments it makes a month.But Fedwire, the system that handles sovereign debt payments, is distinct from the systems making payments to government agencies and other vendors.So maybe the US Treasury could pay the former obligations first and then use any remaining money for the latter, a possibility it denies even exists, to preserve its bargaining credibility.美国财政部(US Treasury)提出两点有力的反对理由。首先，优先支付不能保护“美国的全部信心和信用”——它仍将是一种违约。其次，美国政府的计算机系统不允许财政部在每月的近1亿笔支付中做出选择。但处理主权债务付款的Fedwire系统与向政府机构和其他供应商付款的系统不同。因此，美国财政部也许能够先向前者偿债、然后用余下的资金向后者支付（但它认为这根本不具可行性），以维持自己讨价还价的信誉。
Even if possible, which is unclear, the politics of prioritisation would be disastrous.Yet the economics of a failure to service debt would be worse.US Treasuries are the world’s most important safe assets.If they were to default, even temporarily, there would be an immediate impact on risk premiums and a quite possibly permanent impact on their role as havens.Haircuts would be imposed on their use as collateral.The result, as my colleague Gillian Tett has noted, might be a huge disruption to market liquidity and credit across the world.A Lehman default is one thing;a US default would be quite another.No wonder the gathering of central bankers and finance ministers in Washington last week for the IMF meeting was so agitated about the issue.优先支付即便可行（可行与否尚不明朗），其政治后果也将是灾难性的。但不偿还债务的经济后果更严重。美国国债是全球最重要的避险资产。如果美国国债违约，哪怕是暂时性的，也将对风险溢价产生即刻影响，并很可能对其避险资产角色产生长期影响。它作为抵押品的价值将打折扣。正如我的同事吉莲•邰蒂(Gillian Tett)所说的，结果可能是严重扰乱全世界的市场流动性和信贷。雷曼兄弟(Lehman Brothers)违约是一回事，美国政府违约是另一回事。难怪上周各国央行行长和财长齐聚华盛顿参加IMF年会时，对此问题感到十分焦虑。
The less economically damaging alternative would seem to be for the US government to default on its non-debt obligations.Indeed, many in the Tea Party apparently believe the ceiling is a clever way to impose a balanced budget, though one that would curtail even the short-term borrowing normal for households.Today, this would require immediate elimination of a deficit of about 4.2 per cent of gross domestic product.An instantaneous cut of this magnitude would lower GDP by far more than the 6 per cent that conventional multipliers might suggest.The reason is that all built-in stabilisers would be cut off.As revenue fell along with GDP, spending would automatically shrink further.GDP could fall 10 per cent.This would inflict a domestic and global disaster.经济危害较小的选择似乎是，让美国政府对非债务义务违约。实际上，不少茶党(Tea Party)成员似乎认定债务上限是一种实现预算平衡的更巧妙方法，尽管就连家庭日常所要进行的短期借款也会因此受到抑制。从目前看，对非债务义务违约将立马削减相当于美国国内生产总值(GDP)约4.2%的赤字。但如果突然进行如此大规模的减赤，GDP的萎缩幅度将远超根据常规乘数推算出的6%。原因是，这样一来，所有的内在稳定器都将被切断。随着财政收入伴随GDP下滑，支出也会自动地进一步收缩。GDP可能萎缩10%，对美国国内和全球造成灾难性影响。
Thus, if the administration were to obey the debt ceiling, it would have a choice between a debt calamity and an output disaster.Yet Barack Obama is also right that he cannot concede to people wielding this threat because that would increase their incentive to use it and so, in the long run, the likelihood that the bomb would explode.This device needs to be disarmed.Alas, that is not going to happen.因此，如果政府准备遵守债务上限，它将不得不在债务灾难和经济产出灾难之间做出选择。但巴拉克•奥巴马(Barack Obama)也正确地认识到，他不能对那些用这一威胁逼迫他的人让步，因为那会增强他们使用债务上限步器的动力，从而加大长期内这颗核弹爆炸的概率。债务上限步器应被销毁。可惜的是，这是不会发生的。So the administration also needs to decide what it would do if the ceiling were not to be lifted in time – be it now, next month or at a later date.The least bad answer would be: keep borrowing.The president cannot state he would do so, before the fact.Indeed, he must deny it, since knowing this would lower his opponents’ incentive to raise the ceiling.Yet, if it came to the worst, he would have to borrow, invoking the need to preserve the credit of the government, without which it would be permanently damaged.所以，政府还需决定，如果债务上限无法及时解除——不论是现在、下月还是之后——自己应当采取什么行动。负面影响最低的方案是继续举债。总统不能在采取行动前透露这种打算。事实上，他必须否认自己将这么做，因为他的政敌如果得知他有此打算，他们解除债务上限的动力就会减弱。但如果最糟糕的情况发生，总统就必须以“需要维护政府信用”为由举债——如果不这么做，政府的信用将永久受损。
Borrowing under a constitutional cloud would be risky.The simplest way to minimise
these risks would be to borrow short-term.After all, the US Federal Reserve must ensure that the interest rate remains zero, in order to preserve its monetary policy.The House of Representatives might impeach the president for the “high crime” of ensuring the US government fulfils its promises, but this would fail in the Senate.Someone might challenge Mr Obama’s decisions in court.But how could a judge conclude that the president acted unconstitutionally if Congress has given contradictory instructions?
在宪法的阴影下举债将是危险的。把这些风险降到最小的最简单办法是借入短期资金。毕竟，美联储(Fed)必须确保利率维持在零，以维系其货币政策。众议院可能会因总统为保障美国政府履行其承诺而犯下的“重大罪行”弹劾他，但参议院绝不会通过弹劾案。也许有人会在法庭上质疑奥巴马的决定。但既然国会下达的指示自相矛盾，法官又如何能够认定总统的行为违宪呢？
It is insane that such a discussion is even possible.Abolish the ceiling now.It is an invitation to mischief.神志正常的人根本不会进行这样的讨论。赶快废除债务上限吧，它只会引发闹剧。
第二篇：金融英语学习资料4 中英文对照
Emerging markets that had been hardest hit by fears of the US central bank scaling back its stimulus programme climbed the most.Indonesian stocks soared 7 per cent in the first half hour of Jakarta trading, the Philippine stock market climbed 3.6 per cent in Manila, and Singapore’s Straits Times index moved up 1.8 per cent.美联储周三宣布，将维持每月资产采购量在850亿美元不变。这一决定让市场感到意外，更引发新兴市场股市大涨。
美联储联邦公开市场委员会(FOMC)在两天会议之后，调低了对美国经济增长预期，没有像外界广泛预期的那样开始削减第三轮量化宽松的规模。公开市场委员会表示，要在“等到经济企稳的更多信号之后，才会开始调整资产购买的速度”。对美联储将削减量化宽松的担忧，此前让新兴市场股市受到重挫。受到最大冲击的股市，在美联储最新决定之后，成为涨幅最大的股市。印度尼西亚股市在周四开市后半小时内飙升7%，马来西亚股市上涨3.6%，新加坡股指则上涨1.8%。
第三篇：金融英语学习资料41 中英文对照
Angela Merkel, German chancellor, yesterday warned that the spying scandal was putting pressure on talks to forge an EU-US trade pact, the clearest sign yet of the affair’s impact on economic ties.德国总理安格拉•默克尔(Angela Merkel)昨天警告说，间谍丑闻为缔结欧盟(EU)-美国贸易协定的磋商带来了压力，这是这起事件影响经济关系的最明确迹象。Speaking before the German parliament, Ms Merkel urged Washington to provide “a
clarification” of its alleged mass surveillance as “a basis for building new transatlantic trust”.默克尔在德国议会发表讲话时，敦促美国政府对其据称开展的大规模监听行为加以“澄清”，以此作为“建立跨大西洋信任的基础”。
In her toughest words on the scandal so far, the chancellor said: “The relationship with the US and the negotiation of a transatlantic free trade agreement are currently, without doubt, being put to the test by the accusations that have been aired against the US about the gathering of millions of bits of data.”这是默克尔迄今对这一丑闻的最强硬表态，她说：“毫无疑问，德国对美关系和跨大西洋自由贸易协定谈判目前正面临考验，而其肇因正是有关美国搜集海量数据的指控。”
The revelations from Edward Snowden, the former National Security Agency contractor, have caused outrage in Germany after it emerged Ms Merkel’s own mobile phone had allegedly been tapped for a decade.根据美国国家安全局(NSA)前合同工爱德华•斯诺登(Edward Snowden)的爆料，默克尔的手机据称已被监听了十年之久，这一爆料在德国激起了极大愤怒。The chancellor’s statement confirms that, as the Financial Times reported earlier this month, Berlin is making an explicit link between the affair and the trade negotiations.默克尔的声明证实，正如英国《金融时报》本月早些时候报道的，德国政府正在将这一事件与贸易谈判明确联系起来。
Berlin is pressing the European Commission, the EU’s executive arm, to incorporate data safeguards into the negotiations for the planned Transatlantic Trade and Investment
Partnership, launched this year by EU leaders and President Barack Obama.德国政府正在向欧盟执行机构欧盟委员会(European Commission)施加压力，目的是将数据保护纳入《跨大西洋贸易与投资伙伴关系协定》(Transatlantic Trade and Investment Partnership)的谈判。这一谈判今年由欧盟领导人和美国总统巴拉克•奥巴马(Barack Obama)启动。
第四篇：金融英语学习资料43 中英文对照
The first of China’s former bad banks to list on a stock market is set to raise up to $2.5bn as bankers close in on a price range of HK$3.00-HK$3.58 for more than 5bn shares, according to
people familiar with the deal.知情人士称，首家上市的中国前“坏银行”有望筹得25亿美元。银行家们正接近敲定3港元至3.58港元的发行价，发行的股票数量将超过50亿股。The listing of Cinda, which was set up in the late 1990s to take on the non-performing loans of China Construction Bank, will be watched closely by bankers and investors interested in the other so-called asset management companies.中国信达资产管理股份有限公司(Cinda)是上世纪90年代后期为接手中国建设银行(CCB)的不良贷款而成立的。该公司的上市将受到对其它几家资产管理公司感兴趣的银行家和投资者的密切关注。
Cinda is expected to file its prospectus tomorrow, revealing how it has made its money over recent years and what assets it holds.The initial price range is expected to be finalised on
Monday.预计信达将在本周五提交招股说明书，披露其近年如何创收，目前持有哪些资产。初步的发行价区间预计在周一敲定。
Cinda sold strategic stakes worth a total of $1.6bn to UBS, Standard Chartered and two
domestic investors, and has been for months planning its IPO in Hong Kong, which could value it at almost $20bn.信达已向瑞银(UBS)、渣打(Standard Chartered)和两家国内投资者出售了总共16亿美元的战略股份，并已为在香港进行首次公开发行(IPO)筹备了几个月，此次上市可能使该公司的估值达到近200亿美元。
Its rival Huarong, which took on the bad loans of ICBC, has held talks with potential investors including Goldman Sachs about selling a strategic stake.Huarong hopes to conclude that deal within weeks and then to launch an IPO in Hong Kong next year, according to people familiar with the group.信达的竞争对手、接手中国工行(ICBC)坏账的华融资产管理公司(Huarong)已就出售战略股份与高盛(Goldman Sachs)等潜在投资者举行了洽谈。知情人士称，华融希望在几周内达成交易，明年在香港上市。
China’s asset management companies made little to no money for years as they grappled with billions of renminbi of bad loans that were bought at face value.中国的这些资产管理公司曾在多年期间没有盈利，艰难处置着以面值买下的大量不良贷款。
But according to reports from the government and the banks that sold them these loans, these groups have in the past few years begun to make profits and pay down the bonds that funded their set-up.但是，根据政府报告和向它们出售贷款的银行介绍，这些资产管理公司在过去几年里开始赢利，并开始偿还当年为它们的成立提供资金的债券。
Cinda recorded a pre-tax profit of Rmb7.2bn($1.2bn)in 2011 and Rmb4.6bn in the first half of 2012, according to ChinaScope Financial, a research service that compiles data on public and
private Chinese companies.数库财务咨询公司(ChinaScope Financial)的数据显示，信达2011年实现税前利润72亿元人民币（合12亿美元），2012年上半年实现税前利润46亿元人民币。数库是一家专业研究机构，汇编中国上市和私有企业的数据。
Beijing set up the four state-funded asset management companies to take over the bad debts of four state-owned banks.Alongside Cinda and Huarong, the other two were China Orient for Bank of China, and Great Wall for Agricultural Bank of China.中国政府当年成立四家资产管理公司，由它们从中国四大银行接手不良贷款。除了信达和华融外，另外两家分别是东方资产管理公司(China Orient)——接手中国银行(Bank of China)的不良贷款；以及长城资产管理公司(Great Wall)——接手中国农业银行(AgBank)的不良贷款。
Comparable profit data for these groups are hard to come by, but Trevor Kalcic, analyst at CIMB, reckons their combined return on equity has increased from 8.9 per cent in 2009 to 15.5 per cent last year.很难获得这些资产管理公司的可比利润数据，但马来西亚联昌国际银行(CIMB)分析师特雷弗•卡尔契奇(Trevor Kalcic)估计，它们的总股本回报率已从2009年的8.9%提高至去年的15.5%。
The companies have made money by turning some of their bad loans into equity stakes as well as by working out problem companies and selling assets.这些资产管理公司把一部分不良贷款转换成股权，并对问题企业采取行动，出售资产，由此实现盈利。
But their biggest value for new investors may be the raft of financial services licences many have acquired in recent years at a time when China is expected to undergo major financial reforms.在中国预计将推行重大金融改革之际，这些资产管理公司近年来获得了多项金融服务牌照。对新投资者来说，这一点或许才是它们的最大价值所在。
第五篇：金融英语学习资料25 中英文对照
The proportion of women reaching top-level management positions in the City has doubled in the past year, research has found.研究表明，在过去一年里，伦敦金融城处于顶级管理岗位的女性所占的比例增长了一倍。
Some 12 per cent of managing directors, the level just below the board, are now women, up from 6 per cent a year ago, while 19 per cent of directors and vice-presidents are female, up from 14 per cent, said the financial recruiter Astbury Marsden.金融猎头公司Astbury Marsden表示，如今大约有12%的董事总经理（其地位仅在董事会之下）是女性，而一年前的这个比例只有6%；此外，如今19%的董事和副总裁为女性，而一年前这一比例只有14%。Women now account for one in five professional-level City employees, up from 18 per cent in 2012.伦敦金融城的专业人士中，如今女性占五分之一，而2012年这一比例为18%。However, women still predominate in non-client facing, non-fee earning jobs – making up 60 per cent of City human resources professionals and 40 per cent of internal auditors, but only 19 per cent of corporate brokers and stockbrokers and 25 per cent of private equity workers.然而，女性占优势的仍然是那些不需要面向顾客、无佣金可赚的岗位。伦敦金融城从事人力资源工作的专业人士中，60%是女性，40%的内部审计人员是女性，而公司经纪人和股票经纪人只有19%是女性，私募股权员工中女性所占比例则为25%。
Mark Cameron, Astbury Marsden’s chief operating officer, said: “Our research demonstrates
[that more] women working in the City are now breaking through the glass ceiling and reaching senior management positions.Astbury Marsden首席运营官马克•卡梅伦(Mark Cameron)表示：“我们的研究表明，如今在伦敦金融城有（更多）女性突破玻璃天花板走上了高级管理岗位。
“However, there is also the question as to why the women have a much lower overall
representation in some of the higher paid areas of financial services such as corporate broking and stockbroking or positions in private equity.”“然而，目前仍存在的一个问题是，在部分薪水较高的金融服务岗位，例如公司经纪、股票经纪、私募股权等领域的工作岗位，为什么女性的占比整体上要低得多？”
The rise of women in the City suggested that gender diversity programmes continued to make progress towards the target of 25 per cent female directors set by Lord Davies in the women on boards initiative, Mr Cameron said.卡梅伦表示，伦敦金融城女性的崛起表明，性别多元化计划仍然在向前推进，距离“争取女性进入董事会”运动中由戴维斯爵士(Lord Davies)所设立的女性董事占25%的目标又近了一步。
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