金融英语--金融英语课程电子版教材.doc

金融英语电子讲义
主讲：李勤习
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Unit1 Money
Figures
American oil billionaire J. Paul Getty has a very famous saying, that is “ If you can actually count your money, then you are not really a rich man.” 美国的银行业大亨J. Paul Getty曾经说过一句话：如果你的钱是可以数得清楚的，那么你就不是一个真正的富人。Well, the sentence is interesting, but actually we must know how to count the money before we get rich, especially in English. So, in today’s class, we would first learn to say English numbers.

Most people working in finance, whether it is in accountancy, banking, broking, investment, insurance, or whatever, spend a lot of time dealing with numbers.

I. Let’s talk about the different ways to say 0 in English. Usually, we have the following 5 ways to say 0 in English. They are: OH, ZERO, LOVE, NOUGHT, NIL!
We say oh
after a decimal point 6.03 six point oh three
in telephone numbers 84 08 32 13 eight four oh eight three two one three
in bus numbers No. 708 get the seven oh eight
in hotel room numbers Room 308 I'm in room three oh eight.
in years 1905 nineteen oh five
We say nought
before the decimal point 0.201 nought point two oh one
We say zero
for the number 0 the number zero
for temperature -5~C five degrees below zero
We say nil
in football scores 5-0 Spain won five nil.
We say love
in tennis 15- 0 The score is fifteen love.

Now say the following:
1. The exact figure is 0.002.
a) before the decimal point, read nought;
b) after a decimal point, read oh.
Nought point oh oh two.
2. Can you get back to me on 010 – 5175 – 0123 ? I'll be here all morning.
in telephone numbers, say oh.
Oh one oh five one seven five oh one two three
3. Can you put that on my bill? I'm in room 804.
in hotel room numbers, say oh. Eight oh four
4. The temperature in north-east China is very low in winter. Usually, it's 20 degrees below 0
for temperature, say zero.
5. Basically, tennis scoring proceeds from 0 to 15 to 30 to 40 to game.
love（0）, fifteen（15）, thirty（30）, forty（40）, game（胜局）。
6. The result of the game was 3 – 0
three-nil

II. THE DECIMAL POINT
In English, we use a point (.) and not a comma (,) for decimals. 在英语当中，小数点都是写为一个点，而不是逗号。We use commas in figures only when writing thousands. 我们在表达数字千的时候呢，用逗号来隔开。
10,002 is ten thousand and two.
10.003 is ten point oh oh three
In English all the numbers after a decimal point are read separately. For example:
20.66 twenty point six six Not twenty point sixty six
0.243 nought point two four three
0.005 nought point oh oh five
You will also bear people say:
0.05 zero point oh five or oh point oh five
But if the number after the decimal point is a unit of money, it is read like a normal number:
￡12.50 twelve pounds fifty €5.95 five Euros ninety five

NB. This is very important. When you do business on the phone, say nought point three seven five (0.375) and not nought point three hundred and seventy five. If the listener missed the word point, you might lose a lot of money. So, say the digits separately after the point.

Now say the following:
1. It's somewhere between 3.488 and 3.491.
2. Look, it's less than 0.0001! It's hardly worth worrying about.
3. I changed all those yen into sterling and I only got ￡13.60!
Yen is the standard unit of money in Japan,
Sterling is the standard unit of money in the United Kingdom,
(yen 是日本的货币单位，sterling是英国的标准货币单位)
4. That's about 14.50 in Swiss francs. （瑞士法郎）
5. Did you say 0.225 or 0.229?
6. The dollar is at 1.95. （one point nighty five）
7. No, I meant 15.005 not 15,005.

Say: No, I meant fifteen point oh oh 5, not fifteen thousand and five

III. PER CENT
The stress is on the cent of per cent ten perCENT
Notice the following when talking about interest rates: (利率)
0.5% a half of one per cent
0.25% a quarter of a percentage point
For example:
The Bank of England raised interest rates this morning by a quarter of a percentage point.
Now say the following:
1. What's 20% of 360?
2. They have put the interest rate up by another 0.5%. (a half of one per cent)
3. 0.75% won't make a lot of difference.

IV. HUNDREDS, THOUSANDS, AND MILLIONS
In British English you hear a hundred and twenty three.
In American English you usually hear a hundred twenty three.

So, there are some small differences between British English and American English.
The number 1,999 is said one thousand nine hundred and ninety nine.
The year 1999 is said nineteen ninety nine.
The year 2000 is said the year two thousand.
The year 2001 is said two thousand and one.
The year 2015 is said two thousand and fifteen or twenty fifteen.

Note: It is likely that: different people will refer to the early years of the 21 century in different ways.

Remember that the year 1999 is always referred to as nineteen ninety nine - not one thousand and nine hundred and ninety nine.
Now, please read the following numbers:
1,000,000 is a million or ten to the power six: (106)
1,000,000,000 is a billion or ten. to the power nine: (109)

Now let’s look at the following numbers:

11，234 is said：
eleven thousand two hundred(and)，thirty—four
155,721 is said：
one hundred(and)fifty-five thousand seven hundred(and)twenty-one
6，155，702 is said：
six million one hundred(and)fifty-five thousand seven hundred and two
26，000，008 is said：
twenty-six million and eight
326，414，718 is said：
three hundred(and)twenty-six million，four hundred(and)fourteen thousand, seven hundred(and)eighteen
4，302，000，000 is said：
four billion three hundred(and)two million

From the above figures, we can see that from right to left, there is a coma every three figures, the function of the coma is very important. It can help us read and remember the numbers.由以上一组数字可以看出，多位数由右向左每3位有一逗号，这个逗号的作用非同小可，在记忆数字时，它可以帮我们很大的忙!

From right to left, the first coma is said thousand逆向第一个逗号读thousand；the second coma is said: million, 第二个逗号读million；the third coma is said: billion, 第三个逗号读billion；第四个逗号就是trillion。这几个逗号的作用在于，当我们听到若干thousand时，立即写下这个数，并在其后打一个逗号，并留出3位；当听到若干million，则写下数字，并在其后打一逗号，留出6位；听到若干billion，方法同上，在后面留出9位，后面的million、thousand依此法类推，让所有数字各就其位。

例如，当你听到“twenty thousand and four\'’写出20，“and four”意为后一组仅有个位，即：004，那么，这个数字完整地写下来就是20，004；若听到“six million twenty thousand four hundred and twenty—three，”则第一步先写：6，020，再将最后一组423写在第一个逗号后面。完整的翠字为6，020，423。若听到“One billion，one hundred and four million，twenty thousand four hundred and twenty-three”：主第一步写出1，104，第二步接下去写第三组020，第三步写423，这样得到的完整数字便是1，104，020，423，由此：见这个三位一逗号的作用有多大。只要我们在平时的训练中加强对三位数读写的训练，能分辨“ty”与“teen\'’，并能借助这个不可缺少的“逗号”，so, in this way no matter how big the number is , we can understand and read it without any problems. 无论数字多么大，也不会对我们造成障碍。

Now, let’s have a brief review of what we learned just now, please say the following sentences:
1. Why do you say 175 in Britain? In the States we usually say 175.
One hundred and seventy five, one hundred seventy five
2. It's got 1001 different uses.
One thousand and one
3. Profits will have doubled by the year 2000.
Two thousand 在2000年时，利润会翻一翻
4. Thanks. You're one in 1,000,000!
5. No, that's 2,000,000,000 not 2,000,000!

V. SQUARES, CUBES, AND ROOTS
102 is ten squared.
103 is ten cubed.
is the square root of 6.

VI. TELEPHONE AND FAX NUMBERS
We usually give telephone and fax numbers as individual digits: 读电话号码时，每个数字一一读出。When two numbers are same, English people usually read as “double – x” 英国人在读两个相同数字时，通常读成“double – x”
01273 736344 oh one two seven three, seven three six, three four four
344 can also be said as three double four
44 26 77 double four, two six, double seven
777 can be said as seven double seven, or seven seven seven

VII. FRACTIONS

分数中分子用基数词表示，分母用序数词表示。先读分子，后读分母。当分子大于1时，分母要加“s”。例如
1/2 is said ：a／one half (口语中更倾向于用“a”代替“one”)
1/3 is said：a／one third
1/8 is saidan／one eighth
1/4 is said：a／one quarter(fourth)
2/3 is said：two thirds
is said one and five ninths
Now read the following news item:
In an opinion poll published today, over 3/4 of the electorate say they intend to vote in next month's referendum. 1/4 of voters say they will definitely vote Yes, while 1/3 will vote No. But that leaves over 2/5 of the voters who haven't made up their minds. Both sides remain hopeful. A spokesman for the 'Yes' campaign said, "At the moment, 2/3 of the electorate won’t vote No." A spokeswoman for the other side replied, "That's true, but 3/4 won't vote Yes!"
在今天发布的一个名义调查显示有超过3/4的选民，（electorate 意思是一个国家的全体选民），表示将在下个月参加全民投票。1/4 的选民表示他们将投赞成票，1/3 的选民表示他们要投反对票，但是还有超过2/5的选民没有表态。双方依然都有盛出的可能。“赞成”阵营的一个发言人说：“目前，有2/3的选民没有投反对”，而“反对”阵营的一个女发言人说：“对，但是有3/4的选民没有投赞成”

VIII. CALCULATING
Remember to pronounce the s in equals as /z/. It is singular; the part on the left equals the part on the right.
10 + 4 = 14 ten plus four is fourteen
ten and four equals fourteen
10 - 4 = 6 ten minus four is six
ten take away four equals six
10×4 = 40 ten times four is (or equals) forty
ten multiplied by four is forty
10÷4 = ten divided by four is two and a half

IX. FOREIGN CURRENCY
Notice these ways of speaking about exchange rates:
How many yen per dollar did you get?
How many RMB are there to the dollar?
The current rate is about 1.6 Euros to the pound.

X. NUMBERS AS ADJECTIVES
When a number is used before a noun - like an adjective - it is always singular. We say:
a fifty-minute English news not a fifty-minutes English news
Here are more examples:
a sixteen-week semester a thirty-five pound book
a fifteen-minute talk a six-week travel plan
a twenty-pound reduction a two and a half liter bottle
a six billion dollar loan
Say the following in a similar way:
1. They lent us ~250,000. They gave us a two hundred fifty thousand - pound loan.
2. Our house is 200 years old. We bought a 200- year-old house.
3. We lost $50,000. We made a fifty thousand – dollar lose
4. The salmon weighed 15 pounds! I caught a fifteen pound salmon

XI. REVIEW
How many of the following can you say aloud in under 1 minute?
1. 234, 567
2. 1,234,567,890
3. 1.234
4. 0.00234%
5. 3.14159
6. $19.50
7. £7.95
8. 19, 999
9. 1, 999 years
10. In 1999
11. I think the phone number is 01227-764000.
12. Have you got a pen? Their fax number is: 00 33 567 32 49.
13. He was born in 1905 and died in 1987.
14. 30 x 25 = 750
15 30÷25 = 1.20
16. x2+y3=z

What is Money ?
As the word money is used in everyday conversation, it can mean many things, but to economists it has a very specific meaning. To avoid confusion, we must clarify how economists' use of the
word money differs from conventional usage.

Economists define money as anything that is generally accepted in payment for goods or services or in the repayment of debts.

Currency, consisting of dollar bills and coins, is one type of money. When most people talk about money, they' re talking about currency. However, to define money merely as currency is much too narrow for economists. 汉语

Because checks are also accepted as payment for purchases, checking account deposits are considered money as well. An even broader definition of money is often needed. As you can see, there is no single, precise definition of money or the money supply, even for economists. 汉语

To complicate matters further, the word money is frequently used synonymously with wealth. When people say, "Joe is rich—he has an awful lot of money," they probably mean that Joe not only has a lot of currency and a high balance in his checking account but also has stocks, bonds, four cars, three houses, and a yacht. 汉语

Balance: the amount of money in an account at a particular time； 帐户存款的余额
For example: Could you tell me what my balance is please? 你能告诉我的帐户余额吗？

Economists make a distinction between money and wealth. Wealth includes not only money but also other assets such as bonds, common stock, art, land, furniture, cars, and houses.

People also use the word money to describe what economists call income, as in the sentence "Susan would be a wonderful catch; she has a good job and earns a lot of money."

Income is a flow of earnings per unit of time. Money, by contrast, is a stock: It is a certain amount at a given point in time. 收入是某一单位时间内收益的流量， 而货币是一个存量， 即某一时间点上一个特定的金额。

If someone tells you that he has an income of $1 000, you can not tell whether he earned a lot or a little without knowing whether this $1 000 is earned per year, per month, or even per day. But if someone tells you that she has $1 000 in her pocket, you know exactly how much this is.

Keep in mind that the money discussed refers to anything that is generally accepted in payment for goods and services or in the repayment of debts and is distinct from income and wealth

必须牢牢记住：我们所说的货币是在支付商品和劳务货款或在偿还债务时被普遍接受的任何东西，他与收入和财富是有区别的。

What does money do?
In this section, we will talk about the Functions of Money.

Whether money is shells or rocks or gold or paper, it has three primary functions in any economy: as a medium of exchange(交易媒介), a unit of account（计算单位）, and a store of value（价值的储藏）. Of the three functions, its function as a medium of exchange is what distinguishes money from other assets such as stocks, bonds, and houses.

Medium of Exchange

In almost all market transactions in our economy, money in the form of currency or checks is a medium of exchange; it is used to pay for goods and services. The use of money as a medium of exchange promotes economic efficiency by eliminating（节约） much of the time spent in exchanging goods and services. 在我们经济社会所有的市场交易中，以通货和支票形式出现的货币都是交易媒介， 也就是说我们用它来对商品和劳务进行支付。利用货币作为交易媒介省去了商品和劳务交易所需的大量时间，从而提高了经济效率。

The time spent trying to exchange goods or services is called a transaction cost, In a barter economy, transaction costs are high because people have to satisfy a "double coincidence of wants"（需求的双重巧合）---they have to find someone who has goods or service they want and who also wants the goods or service they have to offer. 在从事商品和劳务交易时所花的时间叫做交易成本。在物物交换的经济中，交易成本很高，因为人们必须满足需求的双重巧合。即他们必须找到某个人拥有自己想要的商品和劳务，而且恰恰需要自己提供的商品和劳务。

Money is therefore essential in an economy it is a lubricant (润滑剂) that allows the economy to run more smoothly by lowering transaction costs, thereby encouraging speciali