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单击此处编辑母版标题样式,单击此处编辑母版文本样式,第二级,第三级,第四级,第五级,*,Unit 8 Securities and Futures,Overview,Sentence Interpretation,Interpretation Skills,Passage Interpretation (E-C),Passage Interpretation (C-E),Extra Exercises,Unit 8 Securities and Futures,Sentence Interpretation,Interpretation Skills,Passage Interpretation (E-C),Passage Interpretation (C-E),Extra Exercises,Sentence Interpretation,(1) The futures price is not constant until the contract expires. (期满),(2) If you go short and the futures price goes up, you lose money. (卖空),(3),Tourist industry is one of the fastest growing industries in modern times. Its growing rate has exceeded that of worldwide economy. (超过),Sentence Interpretation,(4)全年进出口总额达2.2万亿美元。(total v.),(5)粮食产量达5.31亿吨，再创历史新高，实现连续六年增产。(consecutive),(6)上海是世界上最大的海港城市之一，也是中国主要的工业，商业，金融业中心。随着经济改革的深入，上海在推动长江三角洲的经济开展中起着领导作用。 (seaport, Yangtze River Delta),Unit 8 Securities and Futures,Sentence Interpretation,Interpretation Skills,Passage Interpretation (E-C),Passage Interpretation (C-E),Extra Exercises,Interpretation,Skills-Figures,数字口译的难点有哪些？,数字口译是经贸类口译中的一大难点之一。首先，数字翻译在经贸口译中出现频率极高，而对于经贸类口译中出现的数字，译者必须保证其精确性。数字翻译，失之毫厘，差之千里，一个小数点的失误都可能造成难以预计的损失。另外经贸口译中经常出现的都是较大的数字，因此这对于听力有着很高的要求，对于数字绝不能出现漏听或误听。其次，由于数字之间并无关联性，没有其他意义，因此难以记忆，所以数字口译对于笔记也有着要求，经贸口译中，数字局部必须做出笔记。再次，由于英语同汉语在数字表达方式，计数单位上的差异，也造成了译者在数字翻译时转换，表达的困难。,Interpretation,Skills- Figures,对于数字口译难点，有何种应对措施？, 通过上述分析，可以看出，数字口译的难点仍旧是集中在口译的三个根本步骤上，即听力，笔记，表达。而在具体实践中，英译汉的数字口译难点主要在于听力和笔记，而汉译英的数字口译难点那么更多的在于转换表达。而要解决上述难点，其应对措施如下：,(i) 数字口译听力技巧：要提高数字听力技能，主要在于熟悉数字的读法，勤加练习，才能在听的过程中，做到精准迅速。,数字根本单位的读法:,英语：Hundred 100,Thousand 1，000,Million 1,000,000,Billion 1,000,000,000,汉语： 百 100,千 1，000,万 10，000,亿 100，000，000,Interpretation,Skills- Figures,整数的读法：在口译中，关于整数的读法要注意的是，英语的百位和十位之间英国人常使用and,美国人那么常常不使用and.,分数读法：英语中分数读法，同汉语相反，先读分子，后读分母。分子用基数词，分母用序数词。口译时，分数线不读当分子大于一，分母使用复数。,如：1/7 七分之一 one seventh,9/10 十分之九 nine tenths,小数的读法：小数点前的数字读法同整数读法相同，而小数点之后的,数字那么是一个个单独读出。汉语中小数点，读作“点，英语中读作,“point。在小数中，如果小数点前一位是零，可读作“zero，也可读作“naught。,如：224.523 二百二十四点五二三 two hundred and twenty four point five two three,0.36 零点三六 Zero/Naught point three six,百分数的读法：英语中，同汉语相反，百分数读法是先读基数词，再读百分号，百分号读作“percent。,如：55.6 百分之五十五点六 fifty five point six percent,Interpretation,Skills- Figures,(ii) 数字口译笔记技巧:在数字口译时，对于笔记的要求在于在极短的时间内，精确地记录下数字，并且所作出的笔记要有助于表达。比方，在听较大数字时，如果仅是将数字记录下来，如：3467790056，那么将造成表达上的极大困难，因为难以分辨翻译应当采用的数字单位。因此，在记录数字时，也要求有相当的技巧。根据英，汉数字表达方式的不同，其笔记技巧如下：,英语：英语数字的根本单位自thousand 以下，仅hundred;而自thousand以上，那么为每三位，变换一次根本单位,即自thousand, ten thousand, hundred thousand, 至million，由million, ten million, hundred million至billion. 因此，在做汉译英时，应领先行记录，而后,从右至左，每隔三个数字做一个标记，用逗号，斜杠等均可，由此方便将数字译成英语。,如：三千四百五十万六千六百七十四，先记录为：34506674，而后画上标记：34/506/674，看到上述笔记，回忆对应的英语数字根本单位，即从右至左数，一杠前为thousand,二杠为million,三杠为billion。那么译为：thirty four million five hundred six thousand six hundred seventy four.,Interpretation,Skills- Figures,汉语: 汉语的数字根本单位在万以下，是十，百，千，万，每一位均有不同的根本单位。而自万以上，那么为万，十万，百万，千万至亿，自亿，十亿，百亿，千亿至兆.可以看出，万以上，是每四位，变换一次根本单位。因此，在做英译汉时，听到英文数字，应先行记录。在记录完后，每隔四个数字做一个标记，由此方便将数字译成汉语。,如：ten billion nine hundred million five hundred ninety nine thousand，记录为：，然后标记为：109/0059/9000，看到上述笔记，回忆对应的英语数字根本单位，即从右至左数，一杠为万,二杠为亿。那么译为：一百零九亿五十九万九千,Tip:在听英文数字时，要注意自thousand以上，每两个根本数字单位之间，实际上隔着两位：如 billion 和million之间隔着ten million和hundred million.这两位数字单位，在记录时，就要注意。,如：seven billion nine million five thousand，此时，记得billion ，million， thousand 各自之间是存在两个位置的，那么可以迅速做出7009005000的记录。,Interpretation,Skills- Figures,(iii) 数字口译表达技巧：口译中数字表达，其关键在于英汉两种语言表达之间的转换。,而要熟练两种语言关于数字表达之间的转换，就必须理清两种语言在表达数字之间的对应关系。对于“千以下，英汉的数字单位是一一对应的，而对于千以上的数字单位，除了“千与“thousand相对应，英汉数字单位的表达那么出现了差异，比方万不同million对应。,其对应关系为：万= ten thousand,十万= one hundred thousand,百万= million,千万= ten million,亿= one hundred million,十亿= billion,在掌握了英汉数字表达之间的对应关系后，就能熟练地进行两者之间的转换和表达了。譬如，在听到万后，即要想到十个千，即ten thousand，如九万四千八百，九万在表达时立刻转换为：ninety thousand。注意：trillion 在美制中是指万亿，即同兆相对应，而英制中，trillion那么指得是百万兆。,Interpretation,Skills- Figures,口译中出现的数量单位应该如何翻译？, 在口译中出现数量单位一般分为两种：第一类是货币单位，度量单位等数字单位。此类数字单位在英语和汉语中的习惯表达是不同的，但是对于此类数量单位，翻译时不需将数量单位进行转换，按照原文翻译即可。如：2000miles 译为 两千英里即可，不需转换成汉语中所用的“米的长度单位。第二类是汉语中特有的量词，如“只“个等。在汉译英时，汉语中的此类量词就不需翻译了。如：10朵玫瑰，译为：ten roses.,总之，数字的口译其难点仍旧是集中在口译的三大环节上。要提高数字口译的熟练度和精确度，就要求在掌握各种技巧的根底上，将理论应用于实践，通过大量的实践，将听，记，说，融合为一体。由此，才能整体提高自己的口译能力，在数字翻译方面到达精确无误。这也是在进行经贸口译时中，极其重要的一点。,Unit 8 Securities and Futures,Sentence Interpretation,Interpretation Skills,Passage Interpretation (E-C),Passage Interpretation (C-E),Extra Exercises,Word Match,volatility,criteria,refer to,pick (v.) stocks,guarantee,machinery and electronics industries,new energy industry,medical equipment industry,perspective,domestic demand and consumption,角度,医疗器械行业,参考，参照,新能源产业,机械和电子产业,国内需求和消费,标准,确保,波动,选择股票,Passage Interpretation (E-C),Facing,both investment,opportunities,and increasing,volatility, many,investors,are,concerned,about how they can,protect,themselves from risks while,not letting opportunities pass,them by,. /,面对,投资,机遇,以及大幅,波动,，许多,投资者,都很,关心,如何在,保护,自己不受风险侵害的同时,不让机遇溜走,。/,volatility: 波动，反复无常,表示市场上扬趋势：The market advances/ gains /rises/ is on the up grade/ is on an upward trend/tends upward/advances(爬升)/ jumps(暴涨)/soars(暴涨)/improves (好转) /picks up (扬升) /hardens (转趋坚挺) /stiffens (坚挺) / revives (复苏) /rebounds (反弹) /regains (恢复) /rallies (重振)/is strong (强劲), firm (坚稳), exciting (活泼), healthy (健康),表示市场下跌趋势：The market declines/falls/loses/is on the down grade/is on a downward trend/tends downward/takes downward/declines/drops(迅速下跌)/becomes dull/ slumps(暴跌)/breaks down(暴跌)/sags(暴跌)/collapses (崩溃)/relaxes(疲软)/is weak (疲软), soft (疲软), easy (缓慢)；表示上下波动：The market fluctuates,表示平稳不变：The market is quiet(静止) /calm (平静) /unchanged (不变) /steady (平稳)/supported (平持),Passage Interpretation (E-C),They want to know how they can determine when to enter the market and which stocks to buy. To get more advice for investors, I talked to Qiu Yanying, chief strategist at Tianxiang Consulting in Beijing./,他们想了解应当如何把握入市时机，应当买哪些股票。为了给投资者获取更多的建议，我同北京天相投资参谋首席策略分析师仇彦英进行了对话。/,stock: 股票,common stock 普通股,preferred stock/preferred shares/preferred shares 优先股,deferred stock 后配股,blue chip 蓝筹股、绩优股,red chip 红筹股,trash stock 垃圾股,Stock Price 股票价格,Stock Price Index 股票价格指数,Shareholders Meeting 股东大会,Sharebroker 股票经纪人,primary market 一级市场、初级市场,secondary market 二级市场,stock market 股票市场,bull market 牛市,bear market 熊市,Passage Interpretation (E-C),1. What are the criteria that investors should refer to when picking stocks? /,1. 投资者选择股票应当参照什么标准呢？/,【Answer:】,We greatly encourage investors to make decisions based on enterprises value or their development potential./,我们非常鼓励投资者在了解企业价值或企业开展潜力的根底上做出决定。/,Passage Interpretation (E-C),Now we see,compared,with other companies in,mature stock markets,like in the United States, the,biggest advantage,that most,Chinese,enterprises have is that they are,guaranteed,further,growth,. /,目前我们可以看到，同诸如美国等一些,成熟股票市场,上的公司,相比,，,中国,企业,最大的优势,就是可以,确保自身,进一步,成长,。/,Passage Interpretation (E-C),Therefore, if investors,judge,a stock from an enterprises,growth path, I believe they can still,find,many promising companies,here in China.,Such companies,can often be found in sectors,such as,the,machinery and electronics,industries,the,new energy,industry,and the,medical equipment,industry,./,因此，投资者在,判断,一支股票时应从企业的,成长路径,出发，我相信投资者们还是能够在中国,找到很多前景良好的公司,的。这些公司常常出现在,机械和电子,产业，,新能源,产业，以及,医疗器械,行业。/,Passage Interpretation (E-C),And from the perspective of expanding domestic demand and consumption, we can also find some well-performing companies./ 此外，从扩大国内需求和消费的角度考虑，我们同样可以发现一些业绩不错的公司。/,2. When will be the appropriate time for investors, especially new ones, to enter the markets this year? I mean what time, to be specific, will be comparatively less risky for them to invest? /,2. 对于投资者，尤其是新手，今年什么时候入市比较适宜？我的意思是，确切地讲，什么时候投资风险会相对小一些？/,Passage Interpretation (E-C),【Answer:】,If we solely consider the markets, the,risks,within the,short term,still,need some time,to be,fully released,.,Plus, the,global markets,are,not steady,at the moment. Therefore, such,adjustments,in the Chinese market would,continue,for a while./,如果我们单单考虑市场，,短期内风险,仍,需要一段时间,才能,完全显现,。再加上当前,全球市场不太稳定,。所以，中国市场的,调整,还会,持续,一段时间。/,Taking into,consideration,all those,foreseeable,factors and risks, the adjustments might,last,until,t,he end of the first quarter,or the,beginning of the second quarter,.,/,考虑,到所有这些可预见的,因素和风险,，调整可能会,持续到一季度末或二季度初,。/,Passage Interpretation (E-C),If investors adhere to value-oriented stock selection, they can cautiously seek investment opportunities now. But from an overall view, to avoid risks, investors can wait until the end of March or early in the second quarter to make their moves./,如果投资者以价值为导向选择股票，他们现在可以谨慎寻求投资机遇。但总的来看，为防止风险，投资者可以等到三月末或二季度初时再行动。/,By that time, I believe, uncertain factors in the markets will become clearer and risks will then decline./,我相信，到那时，市场中的不确定因素会更明朗，风险也会降低。/,Passage Interpretation (E-C),3. Many people are quite,optimistic,about the performance of Chinas stock markets during the,Olympic Games,.,Do you,share this optimism? /,3. 许多人非常,看好奥运期间,中国股市的表现，,你,也这么看吗,？,/,【Answer:】,The Olympic Games, as a,significant,event,affect,s stock markets mainly,because of,the publics,positive expectations,./,奥运会是一大,盛事,，会,影响,股票市场主要是由于公众的,积极预期,。/,Passage Interpretation (E-C),Referring to the,previous,experiences,of,how the Games have affected stock markets in other countries, our investors draw a very,positive conclusion,that the market will,rise,during the period./,根据其他国家股票市场受奥运会影响的,以往经验,来看，我们的投资者对此期间股市看,涨,持,积极态度,。/,Passage Interpretation (E-C),I think such a,psychological indication,serves as a,positive signal,guiding,domestic investors.,Although,its only a,psychological indication, when all investors hold the,same belief, the market will usually be,in accordance with,their,expectations,. /,我认为，这种,心理暗示,是指导国内投资者的一个,积极信号,。尽管这仅仅是一种心理暗示，但当所有投资者都持有一个,共同的信念,，股市往往会,同预期相一致,。/,in accordance with: 与一致,依照,相近含义的词语还有：according to, in the light of, conform to, in line with, follow, abide by, adhere to, follow, abide by; adhere to, on the basis of,相反含义的词语有：violate; go against, run counter to, deviate from, depart from,Passage Interpretation (E-C),4. Do you have any,other advice,for investors? /,4. 你还有什么,其它建议,要给投资者吗？/,【Answer:】,Investing in the stock market,this year,means comparatively,more risks,. Investors,cannot expect,the,same profits,that they earned in,2006 or 2007,. /,今年,在股市投资意味着相对而言,更多的风险,，投资者,不能指望,像,06、07年,那样有,那么多盈利,。/,Passage Interpretation (E-C),More importantly, they should,control,their,investments,from the perspective of risks. Only through risk control can they,realize,an,accumulation,of,profits,. And one thing more to mention is that if they,adhere to,the value-oriented selection of stocks, they will,ultimately profit,in the market./,更重要的是，他们应当从风险的角度,控制,自身的,投资,。只有通过风险控制投资者才能,实现利润积累,。还要说的一点就是，如果投资者,坚持,价值型选股，他们,最终,会在股市上,盈利,。/,Unit 8 Securities and Futures,Sentence Interpretation,Interpretation Skills,Passage Interpretation (E-C),Passage Interpretation (C-E),Extra Exercises,Word Match,B股市场,境外发行上市,合资证券公司,境外证券机构,上海证券交易所,合格境外机构投资者,合格境内机构投资者,国际竞争力,风险隐患,利弊得失,qualified foreign institutional investors (QFII),B shares market,advantages and disadvantages, gains and losses,qualified domestic institutional investors (QDII),hidden risks,international competitiveness,Shanghai Securities Exchange (SSE),foreign securities institution,joint-venture securities company,overseas listing,Passage Interpretation (C-E),女士们、先生们：,十几年来，我国,积极稳妥地,推进,证券业和资本市场,对外开放,。/,Ladies and gentlemen,Over the past 10,-odd,years, China has actively and steadily,promoted,the,opening-up of,the security industry and the,capital market,./,早在上世纪,90年代,证券市场,设立,之初，我国就推出了面向境外投资者的,B股市场,、允许内地企业到,境外发行上市,等开放政策。/,Early in the,1990s,when the securities market was,established, China implemented the opening-up policies including the,B shares market,for foreign investors and permission of domestic enterprises,overseas listing,./,B股市场:B shares market,(人民币特种股票),普通股 common stock,A股(人民币普通股票) A Shares,国家股 state shares,个人股 individual share,法人股 legal shares,外资股 foreign share,新股 new share,买入汇率 buying rate,流通股 circulating shares,非流通股 non-circulation shares,ST股票 Special Treatment,境外上市外资股 overseas listed foreign share,H股 H Shares(注册地在内地、上市地在香港),S股 S Share (核心业务在中国大陆、企业注册地在其他国家和地区，在新加坡交易所上市),N股 N Share (在中国大陆注册、在美国纽约证券交易所上市),Passage Interpretation (C-E),参加世界贸易组织后，我国切实履行证券业对外开放的有关承诺，先后批准设立4家合资证券公司、31家合资基金管理公司。/,After joining the World Trade Organization (WTO), China has fulfilled relevant promise of opening up the securities industry, successively approving the establishment of 4 joint-venture securities companies and 31 joint-venture fund management companies./,合资基金管理公司:joint-venture fund management company,三资企业(中外合资、中外合作、外商独资) three kinds of foreign-funded enterprises: sino-foreign joint venture, cooperative businesses, exclusively foreign-owned enterprises in China,允许外商独资经营 allow full foreign equity operatio,招商 attract investment,封闭式基金 close-end funds,开放式基金 open-end funds,开展型基金 development fund,扩张型基金 expansion fund,增长导向型基金 growth-oriented fund,股票指数基金 stock index fund,指数债券基金 bond index fund,货币市场基金 money market fund(MMF),价值型基金 value fund,成长型基金 growth fund,债券基金 bond fund,基金收益 fund income,住房公积金 housing provident fund,非法集资 illegal fund-raising,Passage Interpretation (C-E),在WTO承诺之外，我国还主动实施了合格境外机构投资者、合格境内机构投资者等一系列对外开放的制度安排。/,Besides its promises to the WTO, China has actively carried out a series of opening-up system arrangements including the system of qualified foreign institutional investors (QFII) and that of qualified domestic institutional investors (QDII). /,整体看，我国资本市场对外开放时间虽然不长，但开放度已到达较高水平，与现阶段我国证券业开展状况及资本市场成熟度是根本相适应的。/,In general, the capital market has not opened up for a long time, yet opened up to a large extent, which basically adapts to current development of the securities industry and the maturity of the capital market in China./,Passage Interpretation (C-E),资本市场对外开放在引进管理技术、促进市场开展、提升我国证券经营机构的国际竞争力等方面具有积极作用。/,The opening-up of the capital market plays a positive role in the aspects including introducing management technology, boosting market development and enhancing the international competitiveness of Chinas securities business institutions./,但是，国际经验说明，过度和过快的开放会导致潜在金融风险、对资本市场形成冲击。/,However, according to the international experience, excessive and over-fast opening-up will result in potential financial risks and a strike to the capital market./,促进: boost；冲击: strike,表示“促进的词语还有：promote, advance, accelerate, facilitate, encourage, further, gear up, urge, spur, drive, foster, build up, upgrade,表示“抑制的词语有：restrain, control, hold up, curb, stop, repress, bridle, hamper, rein, hinder, block, impede, baffle, keep down, suppress, restrict, obstruct,表示“冲击的词语还有：shock, impact, blow, hit,提高经济效益 enhance economic performance/returns,抑制炒房地产热 stem frenzied and speculative trading in the property market,相互促进mutual promotion,共同繁荣common prosperity,促进全球经济一体化foster integration with the global economy,Passage Interpretation (C-E),我国将密切,关注,全球经济和国际金融市场的,变化,，深入,分析评估,各项对外开放政策的,风险隐患、利弊得失和外部环境,。/,China will,pay,close,attention to,the changes,in the global economy and the international financial market, and will make some thorough-going,analysis and evaluation,of the opening-up policies,hidden risks, advantages and disadvantages, gains and losses and external environment,. /,Passage Interpretation (C-E),在此根底上进一步完善对外开放政策，逐步提高我国证券业和资本市场的国际竞争力，促进我国资本市场稳定健康开展。/,Based on this, we will further improve the opening-up policies and gradually enhance the risk tolerance capacity of Chinas securities industry and capital market, thus promoting the steady and sound development of Chinas capital market. /,Passage Interpretation (C-E),资本市场,运行机制,得以正常运转，资本市场,交易秩序,得以有效维持，都,离不开,诚信,的支撑。/,If we want the capital market,operation,mechanism,to operate normally or the capital market,transactions,to effectively maintain order, we,can not,do without,the support of,integrity,./,Passage Interpretation (C-E),加强诚信建设有利于加大对违法失信行为的惩戒力度，保护投资者的合法权益，有利于夯实市场信用根底，为资本市场的创新和改革举措提供保障，也有利于降低交易本钱，提高市场效率。/,To strengthen the building of the integrity will help increase the punishment of illegal acts of dishonesty and the protection of the legitimate rights and interests of investors. It will also help lay a solid foundation for market credit and secure the major institutional innovation and reform measures of capital market, and will also be conducive to lower transaction costs and improve market efficiency./,Passage Interpretation (C-E),在我们这样一个“新兴加转轨的市场，监管方式和手段必须不断丰富、开展和完善。在这一过程中，必须善于探索诚信监管的方式，注重诚信监管这一手段的作用，构建健全的诚信监管体系。/,In such an emerging and transitional market, the regulatory methods and means have to be continuously enriched, developed and improved. In this process, we must be adept at seeking for the monitoring approaches of integrity, paying attention to the monitoring function of the integrity, to build a sound integrity regulatory system./,Unit 8 Securities and Futures,Sentence Interpretation,Interpretation Skills,Passage Interpretation (E-C),Passage Interpretation (C-E),Extra Exercises,Extra,Exercises,The various data of the past decade have proved that Chinas venture capital market is flourishing as never before, making it the most active private equity investment market in Asia. /,The Olympic Games in Beijing has driven the growth of various Olympic Games related businesses, and Chinas capital market, under such circumstances is becoming the center of attention of the global capital. /,In the global context of the increasing inflation pressure, will China economy maintain its high-speed growth? Where is the turning point? Where can we find the next wave of investment opportunities? /,On the forthcoming forum we will invite the top VC investors, entrepreneurs, fund investors and the relevant professionals to gather together to share their views and experiences. The Forum will also focus on the hot industries for investment and highly potential projects. /,Extra,Exercises,政府和企业发行期限更长的债务也有不好的一面，因为期限更长的债务本钱也会更高。目前情况尤其如此。企业也许负担得起。但政府不能。/,这些额外的本钱很令人头疼。在金融危机期间，各国政府大幅提高了期限缺乏一年的债券在其融资中所占比例。/,例如在美国，十年前，公众持有的所有债券中，有五分之一是短期债券。如今到达了三分之一。这有一定的好处。/,鉴于短期利率实际上为零，美国政府的混合利息本钱因此下降到大约2.5%。然而，如果是“正常的期限结构，那么利息本钱将会上升至大约3.2%。/,The End!,
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