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　　金融英語(yǔ)雙語(yǔ)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(méi)有什么特別的價(jià)值，而且在商品的交換中它本身根本沒(méi)有價(jià)值。它擁有的只是法律所賦予它的價(jià)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(zhì)來(lái)說(shuō)實(shí)際上一錢(qián)不值。它的價(jià)值只在于它能夠獲得普遍的接受。毫無(wú)疑問(wèn)，名義貨幣是人類(lèi)最神奇的發(fā)明之一。任何經(jīng)濟(jì)學(xué)家都還無(wú)法確切解釋?zhuān)瑸槭裁慈藗兡軌虬岩环N除了法定的價(jià)值外顯然沒(méi)有任何價(jià)值的東西作為寶貴的東西來(lái)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(dāng)作貨幣使用是因?yàn)樗灿袃r(jià)值。當(dāng)然，它的價(jià)值是建立在它的信用聲譽(yù)之上的。換句話說(shuō)，也就是要看人們能夠給予這些寫(xiě)成文字的保證多大程度的信任。我作為貨幣收取的票據(jù)文件是對(duì)方的一種債務(wù)契約，是保證他們準(zhǔn)備為我做一些事，比如要支付給我法定貨幣。這種保證可能會(huì)以支票或匯票的方式來(lái)體現(xiàn)。

　　Notes：

　　1.fiat money 名義貨幣，法定貨幣

　　2.credit money 信用貨幣

　　3.credit instrument 信用手段，信用安排

　　4.credit - worthiness 信貸價(jià)值，信用聲譽(yù)

　　5.簡(jiǎn)單概括來(lái)說(shuō)，名義貨幣實(shí)際上是把貨幣形態(tài)象征化，也就是貨幣的實(shí)體與額面價(jià)值分離，貨幣代表的價(jià)值大于貨幣本身材料的價(jià)值。

　　這也就是為什么每當(dāng)出現(xiàn)了金融動(dòng)蕩的時(shí)候，人們就會(huì)紛紛把手里的鈔票兌換成老式的、本身?yè)碛袃r(jià)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(xiàn)代社會(huì)中還有另外一種形態(tài)的貨幣，叫做 Credit money，信用貨幣。隨著商品流通的發(fā)達(dá)，貨幣與商品交易有了時(shí)間的間隔，出現(xiàn)了所謂的延期交易，因而也就有了債權(quán)債務(wù)契約，也就是買(mǎi)賣(mài)當(dāng)事人之間或借貸雙方的信用關(guān)系。盡管信用貨幣這一形態(tài)早已在人類(lèi)歷史上出現(xiàn)，但只是在不久以前它才得到廣泛的使用。

　　信用貨幣也就是信用手段- credit instrument，或者說(shuō)是一種當(dāng)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(jù)等等。

　　金融英語(yǔ)雙語(yǔ)閱讀：債務(wù)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(tǒng)的形式是銀行存款，包括活期存款和定期存款。然而，隨著存款利率的穩(wěn)步下降，投資商將錢(qián)存在銀行的熱情已開(kāi)始減退，并且現(xiàn)在投資商還必須為其任何所得利潤(rùn)支付20%的稅。對(duì)于銀行來(lái)說(shuō)，存款是所有資金來(lái)源中最劃算的。銀行面臨的最大問(wèn)題之一在于傾向于將大部分貸款用于住房貸款上，通常期限為15到30年。另一方面，存款期限則為1個(gè)月到5年。假如銀行向一借款人提供100萬(wàn)人民幣貸款，為期20年，那么銀行就必須找到一個(gè)或若干個(gè)客戶來(lái)支付一筆總數(shù)為100萬(wàn)人民幣、為期5年的定期存款。請(qǐng)注意，投資商在利率不穩(wěn)定或通貨膨脹嚴(yán)重時(shí)就不會(huì)這樣做了。5年到期后，他們還必須找到愿意再做3次的投資商，以確保住房貸款資金能夠完全到位。這會(huì)給銀行帶來(lái)資金籌措風(fēng)險(xiǎn)。銀行的負(fù)債管理部門(mén)會(huì)監(jiān)督該風(fēng)險(xiǎn)。